The Lender of Last Resort in the Eurozone
... The monetary union is based upon a two-level monetary system consisting of the ECB and the NCBs (Article 282, para. 1, sent. 2 TFEU). The core task of this European System of Central Banks (ESCB) is determining and operating a standard monetary policy for the Eurosystem (Article 127 para. 2 TFEU). T ...
... The monetary union is based upon a two-level monetary system consisting of the ECB and the NCBs (Article 282, para. 1, sent. 2 TFEU). The core task of this European System of Central Banks (ESCB) is determining and operating a standard monetary policy for the Eurosystem (Article 127 para. 2 TFEU). T ...
Economics: Explore and Apply 1/e by Ayers and Collinge Chapter
... and supply. The money supply curve is drawn as a vertical line because we are assuming that this is the quantity of money supplied to the economy by the Fed. A vertical money supply curve implies that the money supply is independent of the interest rate. The intersection of demand and supply esta ...
... and supply. The money supply curve is drawn as a vertical line because we are assuming that this is the quantity of money supplied to the economy by the Fed. A vertical money supply curve implies that the money supply is independent of the interest rate. The intersection of demand and supply esta ...
Balance of Payments: Accounts and Analysis
... order to translate into the chosen unit of account the data that are expressed in the unit of transaction, the exchange rate at the time of the transaction is used To translate the balance of payments from one unit of account to another (e.g., from US$ to national currency) we use the average exch ...
... order to translate into the chosen unit of account the data that are expressed in the unit of transaction, the exchange rate at the time of the transaction is used To translate the balance of payments from one unit of account to another (e.g., from US$ to national currency) we use the average exch ...
Is China Leading the World into Recession?
... scenario is that of a recession of moderate depth and duration, without a major regional or global financial crisis. We conclude that if the global economy slides into a recession of moderate depth and duration during 2016 and stays there for most of 2017 before staging a recovery, it will most like ...
... scenario is that of a recession of moderate depth and duration, without a major regional or global financial crisis. We conclude that if the global economy slides into a recession of moderate depth and duration during 2016 and stays there for most of 2017 before staging a recovery, it will most like ...
This PDF is a selection from a published volume from... National Bureau of Economic Research Volume Title: Globalization in Historical Perspective
... terms of their economic growth and their participation and status in the world economy? Our reading of modern economic history is that countries that developed such good financial systems early in their histories grew rapidly thereafter and often attracted foreign capital inflows that served to enha ...
... terms of their economic growth and their participation and status in the world economy? Our reading of modern economic history is that countries that developed such good financial systems early in their histories grew rapidly thereafter and often attracted foreign capital inflows that served to enha ...
Financial Stability, the Trilemma, and International Reserves
... combination of internal drains (runs from bank deposits to currency) and external drains (flight to foreign currency or banks) can place extraordinary demands on a central bank’s foreign exchange reserves. In the empirically prevalent scenarios of “twin” internal and external drains (Kaminsky and Re ...
... combination of internal drains (runs from bank deposits to currency) and external drains (flight to foreign currency or banks) can place extraordinary demands on a central bank’s foreign exchange reserves. In the empirically prevalent scenarios of “twin” internal and external drains (Kaminsky and Re ...
United States: 2016 Article IV Consultation
... fiscal resources, they should be funded from new revenues or a reallocation of spending priorities and fit within a path for the fiscal deficit that ensures a steady decline in the public debt-to-GDP ratio. It will be important also to find institutional mechanisms to avoid self-inflicted wounds suc ...
... fiscal resources, they should be funded from new revenues or a reallocation of spending priorities and fit within a path for the fiscal deficit that ensures a steady decline in the public debt-to-GDP ratio. It will be important also to find institutional mechanisms to avoid self-inflicted wounds suc ...
The Microeconomic Perils of Monetary Policy Experiments
... dramatic change, and (5) the Fed seemed to be following an implicit rule that linked its federal funds target to current levels of inflation and unemployment. In the current environment, however, it is very hard to know how to gauge the consequences of Fed actions, many of which make use of policy i ...
... dramatic change, and (5) the Fed seemed to be following an implicit rule that linked its federal funds target to current levels of inflation and unemployment. In the current environment, however, it is very hard to know how to gauge the consequences of Fed actions, many of which make use of policy i ...
I. International and Domestic Developments Affecting Financial Stability
... growth, there is a policy divergence between the Fed and the ECB. However, the monetary easing policies implemented to ...
... growth, there is a policy divergence between the Fed and the ECB. However, the monetary easing policies implemented to ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... Second, all prices, public and private, were frozen at the level prevailing on 14 June 1985. For some sectors, however, prices were frozen at the level they had held some weeks before 14 June. This occurred because there had been some anticipation of price controls, and several firms (if not all) in ...
... Second, all prices, public and private, were frozen at the level prevailing on 14 June 1985. For some sectors, however, prices were frozen at the level they had held some weeks before 14 June. This occurred because there had been some anticipation of price controls, and several firms (if not all) in ...
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... may have disappeared despite previous expectations in the 1990s (see Artis, 2003). On the other hand, the exposure to globalization, which can be proxied by trade intensity with China and India, is very different between the EU countries. The UK, Germany, Finland and the ...
... may have disappeared despite previous expectations in the 1990s (see Artis, 2003). On the other hand, the exposure to globalization, which can be proxied by trade intensity with China and India, is very different between the EU countries. The UK, Germany, Finland and the ...
Economics of exchange rates and policy options
... concessions, food, drugs, and cloths for short periods of survival. Many African people, however, do not know how to use the movie for mass education and to utilize the machinery for self subsistance. Lack of education, infrastructure, democratic voting or referendum leads to persistence of wars and ...
... concessions, food, drugs, and cloths for short periods of survival. Many African people, however, do not know how to use the movie for mass education and to utilize the machinery for self subsistance. Lack of education, infrastructure, democratic voting or referendum leads to persistence of wars and ...
NATIONAL BANK OF POLAND WORKING PAPER No. 135
... results, by significantly underestimating the volatility of velocity of the circulation of money or by leading to other results that are inconsistent with empirical observations (cf. e.g. Hodrick et al. 1991, Christiano and Eichenbaum 1992). 2 In the case of an open economy, in addition to these equ ...
... results, by significantly underestimating the volatility of velocity of the circulation of money or by leading to other results that are inconsistent with empirical observations (cf. e.g. Hodrick et al. 1991, Christiano and Eichenbaum 1992). 2 In the case of an open economy, in addition to these equ ...
China`s exchange rate policy
... focused on the fact that export growth has been slowing down in China. Therefore, a depreciation of the yuan is needed to make Chinese exports more competitive. The present paper argues that now in China, the exchange rate is actually more useful as a nominal anchor than as an expenditure-switching ...
... focused on the fact that export growth has been slowing down in China. Therefore, a depreciation of the yuan is needed to make Chinese exports more competitive. The present paper argues that now in China, the exchange rate is actually more useful as a nominal anchor than as an expenditure-switching ...
CHAPTER 18. OPENNESS IN GOODS
... investment income received from abroad, and transfers. As such, the current account is a record of net income received from the rest of the world. The second component of the balance of payments, the capital account, measures the purchase and sale of foreign assets. The capital account is defined as ...
... investment income received from abroad, and transfers. As such, the current account is a record of net income received from the rest of the world. The second component of the balance of payments, the capital account, measures the purchase and sale of foreign assets. The capital account is defined as ...
New Critical Urban Theory
... Yet, contemporary urban theories have never taken a financial crisis seriously. When they have actually taken it into consideration, the lack of historical and theoretical perspective of the crisis has failed them to reckon the importance of the crisis in capitalist urban society. The other is their ...
... Yet, contemporary urban theories have never taken a financial crisis seriously. When they have actually taken it into consideration, the lack of historical and theoretical perspective of the crisis has failed them to reckon the importance of the crisis in capitalist urban society. The other is their ...
Reproducing the North-South Divide: the role of
... linchpin of the equanimity with which liberal theorists view trade deficits. If these capital flows are market transactions in financial assets between willing (income-maximizing) buyers and sellers, then the judgment of the investors that provide such capital would seem to certify that the imbalanc ...
... linchpin of the equanimity with which liberal theorists view trade deficits. If these capital flows are market transactions in financial assets between willing (income-maximizing) buyers and sellers, then the judgment of the investors that provide such capital would seem to certify that the imbalanc ...
The US deficit from the inside and the outside
... accelerated relocation of production of tradeable goods and services to low income regions. The USA may also need to take action to save energy and build up export industries ...
... accelerated relocation of production of tradeable goods and services to low income regions. The USA may also need to take action to save energy and build up export industries ...
Monetary Policy Report. May 2016
... growth by its trading partners and commodity prices, recorded a weak performance in year-onyear terms, although with significant improvements in the margin in the case of agricultural goods prices. On the other, global financial conditions, significant in determining access to external financing and ...
... growth by its trading partners and commodity prices, recorded a weak performance in year-onyear terms, although with significant improvements in the margin in the case of agricultural goods prices. On the other, global financial conditions, significant in determining access to external financing and ...
GLOBALISATION AND REGIONALISATION IN INTERNATIONAL
... Primacy of economy paradigm assigns singular importance to economy, finance, money, trade and investment both within the framework of WTO and regional economic groupings as a guiding force in the new international order. The European Union has a larger economy than the United States and "will act as ...
... Primacy of economy paradigm assigns singular importance to economy, finance, money, trade and investment both within the framework of WTO and regional economic groupings as a guiding force in the new international order. The European Union has a larger economy than the United States and "will act as ...
Yip, Paul SL, (2005). The Exchange Rate Systems in Hong
... channeled to the US, helping to finance its huge current account deficit and exacerbating “global imbalances”. This calls for the strengthening of the financial system of the regional countries that would facilitate the unwinding of Asia’s savings-investment imbalance. The limited development of reg ...
... channeled to the US, helping to finance its huge current account deficit and exacerbating “global imbalances”. This calls for the strengthening of the financial system of the regional countries that would facilitate the unwinding of Asia’s savings-investment imbalance. The limited development of reg ...
Monetary Policy Frameworks in the SAARC
... everywhere a monetary phenomenon. Subsequent developments in economic literature, especially regarding the role of expectations and central bank independence, have further enriched the understanding of the role of monetary policy. The earlier belief that there is a tradeoff between inflation and une ...
... everywhere a monetary phenomenon. Subsequent developments in economic literature, especially regarding the role of expectations and central bank independence, have further enriched the understanding of the role of monetary policy. The earlier belief that there is a tradeoff between inflation and une ...
the yen depreciation and its implications for east and southeast asia
... suggesting that they would be affected more adversely by a yen depreciation, other things being equal. However, many of the currencies of the East and Southeast Asian economies have also continued to maintain their depreciating trends. Thus, it would be difficult to argue that, for example, Indonesi ...
... suggesting that they would be affected more adversely by a yen depreciation, other things being equal. However, many of the currencies of the East and Southeast Asian economies have also continued to maintain their depreciating trends. Thus, it would be difficult to argue that, for example, Indonesi ...
International monetary systems
International monetary systems are sets of internationally agreed rules, conventions and supporting institutions, that facilitate international trade, cross border investment and generally the reallocation of capital between nation states. They provide means of payment acceptable between buyers and sellers of different nationality, including deferred payment. To operate successfully, they need to inspire confidence, to provide sufficient liquidity for fluctuating levels of trade and to provide means by which global imbalances can be corrected. The systems can grow organically as the collective result of numerous individual agreements between international economic factors spread over several decades. Alternatively, they can arise from a single architectural vision as happened at Bretton Woods in 1944.