Making Sense of the Great Divergence. The Limits and Challenges
... was the first area to develop modern, rational institutions: a modern state-system, a modern bureaucracy, an efficient military apparatus while also promoting individual property rights, and a more or less efficient and ‘free’ market economy. Within this framework, strong arguments have been made fo ...
... was the first area to develop modern, rational institutions: a modern state-system, a modern bureaucracy, an efficient military apparatus while also promoting individual property rights, and a more or less efficient and ‘free’ market economy. Within this framework, strong arguments have been made fo ...
Modern Macroeconomics and Monetary Policy
... did not matter much. • Monetarists challenged the Keynesian view during the1960s and 1970s. • Monetarists argued that changes in the money supply caused both inflation and economic instability. • While minor disagreements remain, the modern view emerged from this debate. • Modern Keynesians and mone ...
... did not matter much. • Monetarists challenged the Keynesian view during the1960s and 1970s. • Monetarists argued that changes in the money supply caused both inflation and economic instability. • While minor disagreements remain, the modern view emerged from this debate. • Modern Keynesians and mone ...
CH_14_13th
... did not matter much. • Monetarists challenged the Keynesian view during the1960s and 1970s. • Monetarists argued that changes in the money supply caused both inflation and economic instability. • While minor disagreements remain, the modern view emerged from this debate. • Modern Keynesians and mone ...
... did not matter much. • Monetarists challenged the Keynesian view during the1960s and 1970s. • Monetarists argued that changes in the money supply caused both inflation and economic instability. • While minor disagreements remain, the modern view emerged from this debate. • Modern Keynesians and mone ...
Crowding Out Redefined: The Role of Reserve Accumulation
... Japan, Korea, Malaysia, Philippines, Singapore, and Thailand); and a comparison group composed of Europe and the United States. For Asia, we compare 1987–97 (the 11-year period in the run-up to the Asian crisis) with 1998–2012— the 15-year aftermath. We avoid extending the comparison further back, a ...
... Japan, Korea, Malaysia, Philippines, Singapore, and Thailand); and a comparison group composed of Europe and the United States. For Asia, we compare 1987–97 (the 11-year period in the run-up to the Asian crisis) with 1998–2012— the 15-year aftermath. We avoid extending the comparison further back, a ...
Global Financial Stability Report(Chapter 1): Potent Policies for
... mobilization of savings, dissemination of information, and pricing of assets would struggle with low profitability and impaired balance sheets for a sustained period. Financial stagnation would erode soundness to such an extent that both economic growth and financial stability would be negatively af ...
... mobilization of savings, dissemination of information, and pricing of assets would struggle with low profitability and impaired balance sheets for a sustained period. Financial stagnation would erode soundness to such an extent that both economic growth and financial stability would be negatively af ...
Monetary Conditions in the Kingdom of Serbia (1884-1914)
... specified».1 The founding of the National Bank prompted the development of credit institutions in Serbia, most notably, money bureaus, which received preferential treatment from the National Bank all through to 1920, meaning that they were granted credits at an interest rate which was several percen ...
... specified».1 The founding of the National Bank prompted the development of credit institutions in Serbia, most notably, money bureaus, which received preferential treatment from the National Bank all through to 1920, meaning that they were granted credits at an interest rate which was several percen ...
From unconventional monetary to unconventional fiscal policies
... days. Modeling a separate balance sheet for the central bank and a constraint for the government obliges one to make explicit the restrictions of having an independent central bank, as well as the vulnerabilities created by having the private sector holding an increasing amount of assets (reserves). ...
... days. Modeling a separate balance sheet for the central bank and a constraint for the government obliges one to make explicit the restrictions of having an independent central bank, as well as the vulnerabilities created by having the private sector holding an increasing amount of assets (reserves). ...
Inflation Targeting and The Need for a New Central Banking
... economists and policy-makers (see Goodfriend, 2007; Woodford, 2009). However, this new monetary policy framework did not go uncriticized on different grounds, particularly after the 2008-9 global financial crisis (see Arestis, 2011; Arestis & Sawyer, 2010; Fontana & Palacio‐Vera, 2007; Lavoie, 2006; ...
... economists and policy-makers (see Goodfriend, 2007; Woodford, 2009). However, this new monetary policy framework did not go uncriticized on different grounds, particularly after the 2008-9 global financial crisis (see Arestis, 2011; Arestis & Sawyer, 2010; Fontana & Palacio‐Vera, 2007; Lavoie, 2006; ...
How the full opening of the capital account to highly liquid financial
... Latin America (LA) has experienced three cycles of capital inflows since the mid-1970s, the first two ending in major financial crises. The first cycle took place between the mid1970s and the 1982 ‘debt-crisis’, with Chile (the only country that had already fully opened up its capital account) being ...
... Latin America (LA) has experienced three cycles of capital inflows since the mid-1970s, the first two ending in major financial crises. The first cycle took place between the mid1970s and the 1982 ‘debt-crisis’, with Chile (the only country that had already fully opened up its capital account) being ...
Chief economic advisor to George W. Bush during his first two years
... even into the '60s was that we would have a replay of the 1930s. INTERVIEWER: And how about the ideas of the opposition? LARRY LINDSEY: For a lot of this period there was no battle. Keynes was so completely dominant in the academy that all other ideas—Hayek, Friedman—were really viewed as fringe. Wh ...
... even into the '60s was that we would have a replay of the 1930s. INTERVIEWER: And how about the ideas of the opposition? LARRY LINDSEY: For a lot of this period there was no battle. Keynes was so completely dominant in the academy that all other ideas—Hayek, Friedman—were really viewed as fringe. Wh ...
Monetary Policy and Real Estate Prices: A Disaggregated
... goals. While the primary goal of most central banks is price stability, many central banks also care about real activity (output, unemployment).1 Moreover, contributing or even guaranteeing domestic financial stability often belongs to the catalogue of objectives of numerous modern central banks, su ...
... goals. While the primary goal of most central banks is price stability, many central banks also care about real activity (output, unemployment).1 Moreover, contributing or even guaranteeing domestic financial stability often belongs to the catalogue of objectives of numerous modern central banks, su ...
International Monetary Review
... economies and China in macro-control level. This very stage of the global economy entering further correction phase and China approaching a new normal makes it necessary to make a summary on the theoretical and practical progress achieved in macro-control during the past years. Firstly, the accurat ...
... economies and China in macro-control level. This very stage of the global economy entering further correction phase and China approaching a new normal makes it necessary to make a summary on the theoretical and practical progress achieved in macro-control during the past years. Firstly, the accurat ...
Cours 6 - Solvay Brussels School
... A critique of the IMF approach (7) The effects of stabilisation programmes A main methodological problem of testing the effects of an IMF programme is to what compare the observed situation. Four approaches may be used : • “Before and after”. The problem is here that the economic environment has ...
... A critique of the IMF approach (7) The effects of stabilisation programmes A main methodological problem of testing the effects of an IMF programme is to what compare the observed situation. Four approaches may be used : • “Before and after”. The problem is here that the economic environment has ...
here
... Most of exchange rate discussions, however, refer to scenarios of controlling depreciation to curb higher inflation. From some time, Albania like several other ...
... Most of exchange rate discussions, however, refer to scenarios of controlling depreciation to curb higher inflation. From some time, Albania like several other ...
Entire Unit Module - Tippie College of Business
... natural rate leads to lower national output. High and unanticipated inflation rates distort the distribution of income and create uncertainty for investors and financial markets. Consistency and stability of the dollar’s exchange rate make international trade less risky. Hence, in addition to monit ...
... natural rate leads to lower national output. High and unanticipated inflation rates distort the distribution of income and create uncertainty for investors and financial markets. Consistency and stability of the dollar’s exchange rate make international trade less risky. Hence, in addition to monit ...
H D A N
... wealth and made people concerned that the government might confiscate a large part of existing wealth. Better policies can help Argentina end its long recession and restore the economy to growth. This study discusses some of the policies necessary to restore growth. Because uncertainty about the fut ...
... wealth and made people concerned that the government might confiscate a large part of existing wealth. Better policies can help Argentina end its long recession and restore the economy to growth. This study discusses some of the policies necessary to restore growth. Because uncertainty about the fut ...
H D A N
... wealth and made people concerned that the government might confiscate a large part of existing wealth. Better policies can help Argentina end its long recession and restore the economy to growth. This study discusses some of the policies necessary to restore growth. Because uncertainty about the fut ...
... wealth and made people concerned that the government might confiscate a large part of existing wealth. Better policies can help Argentina end its long recession and restore the economy to growth. This study discusses some of the policies necessary to restore growth. Because uncertainty about the fut ...
COMMON MARKET FOR EASTERN AND SOUTHERN AFRICAN
... currencies at fixed rates to either the US dollar or the Euro or a basket of currencies, where the basket is formed from the currencies of major trading or financial partners and weights reflect the geographical distribution of trade, services, or capital flows. Of the 68 countries, 36 and 16 have r ...
... currencies at fixed rates to either the US dollar or the Euro or a basket of currencies, where the basket is formed from the currencies of major trading or financial partners and weights reflect the geographical distribution of trade, services, or capital flows. Of the 68 countries, 36 and 16 have r ...
Exchange rate volatility and economic performance in Peru: A firm
... countries during a period of 1990-1999, found evidence that firms holding dollar-denominated debt during a exchange rate realignment consistently increased their capital expenditures. This finding is at odds with the predictions of the theory, given the deterioration of firms´ net worth. In their v ...
... countries during a period of 1990-1999, found evidence that firms holding dollar-denominated debt during a exchange rate realignment consistently increased their capital expenditures. This finding is at odds with the predictions of the theory, given the deterioration of firms´ net worth. In their v ...
Monetary Policy Statement September 2004 Contents
... inflation pressures. This could be compounded by continuing strength in the labour market. So far, inflation has been kept in check by the rising New Zealand dollar, which has pushed import prices lower. We expect domestic inflation to remain strong due to tight production capacity. Assuming the exchan ...
... inflation pressures. This could be compounded by continuing strength in the labour market. So far, inflation has been kept in check by the rising New Zealand dollar, which has pushed import prices lower. We expect domestic inflation to remain strong due to tight production capacity. Assuming the exchan ...
Woodford and Wicksell: a Cashless Economy or a Moneyless
... as the first important contribution to Wicksell’s thesis, it seems interesting to examine thoroughly Wicksell and Woodford respective moneyless frameworks4 . Starting with the title, Wicksell and Woodford seem to have close similarities. At first sight, the one that comes directly into the head is t ...
... as the first important contribution to Wicksell’s thesis, it seems interesting to examine thoroughly Wicksell and Woodford respective moneyless frameworks4 . Starting with the title, Wicksell and Woodford seem to have close similarities. At first sight, the one that comes directly into the head is t ...
Central Bank Financial Strength in Central America
... losses and improvement in balance sheet structure, as net foreign currency positions have increased and assets not earning interest have been reduced. However, book (accounting) capital is low, and if claims on the government were valued according to their cash flow, capital would be negative for al ...
... losses and improvement in balance sheet structure, as net foreign currency positions have increased and assets not earning interest have been reduced. However, book (accounting) capital is low, and if claims on the government were valued according to their cash flow, capital would be negative for al ...
Economic Growth Controlling Capital : focusing on the 1960s
... importance of regulation and institutional development, their main thrust is still toward liberalization. They underestimate problems of international financial markets and the limits of national regulation following opening. Setting up prudential regulation in developing countries takes years, and ...
... importance of regulation and institutional development, their main thrust is still toward liberalization. They underestimate problems of international financial markets and the limits of national regulation following opening. Setting up prudential regulation in developing countries takes years, and ...
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.