Japanese Foreign Exchange Intervention
... be delayed until the true magnitude was revealed. Finally, it is often difficult to tell whether exchange rates move because of an intervention or because the fundamentals changed. For example, the strengthening of the yen in August 2003 may be due to the cessation of intervention activity that mont ...
... be delayed until the true magnitude was revealed. Finally, it is often difficult to tell whether exchange rates move because of an intervention or because the fundamentals changed. For example, the strengthening of the yen in August 2003 may be due to the cessation of intervention activity that mont ...
DOCUMENTOS DE TRABAJO Serie Economía
... borrowers. On the other hand, under weak competition, we have both high margins on loans but also low rates paid on deposits, i.e., financial repression. When financial openness occurs some savers have access to international capital markets and the cost of funds for the domestic banks goes up. The ...
... borrowers. On the other hand, under weak competition, we have both high margins on loans but also low rates paid on deposits, i.e., financial repression. When financial openness occurs some savers have access to international capital markets and the cost of funds for the domestic banks goes up. The ...
CHAPTER 1
... 9. Compared to a monetary system of exchange, the barter system does which of the following? a. Increases transaction costs b. Lowers the volume of exchange in the economy c. Promotes inefficient use of time and energy d. All of the above ANSWER: d 10. Barter systems tend to be found most often in w ...
... 9. Compared to a monetary system of exchange, the barter system does which of the following? a. Increases transaction costs b. Lowers the volume of exchange in the economy c. Promotes inefficient use of time and energy d. All of the above ANSWER: d 10. Barter systems tend to be found most often in w ...
Banking in Sub-Saharan Africa
... Africa) and recovery from drought in the Sahel and the Horn of Africa, have contributed to a significant slowing of inflation, which declined to a (weighted) average rate of below 8 percent as of end-2012, with some further easing expected in 2013. Fiscal positions have weakened across most of SSA s ...
... Africa) and recovery from drought in the Sahel and the Horn of Africa, have contributed to a significant slowing of inflation, which declined to a (weighted) average rate of below 8 percent as of end-2012, with some further easing expected in 2013. Fiscal positions have weakened across most of SSA s ...
Global Market Outlook 2017 - State Street Global Advisors
... corresponds to the blip in productivity growth — world trade grew at an average 6.7% a year as value chains linking suppliers in many countries formed. This effectively forced firms to become super-efficient because they faced global, not just domestic, competition. Since the GFC, world trade has gr ...
... corresponds to the blip in productivity growth — world trade grew at an average 6.7% a year as value chains linking suppliers in many countries formed. This effectively forced firms to become super-efficient because they faced global, not just domestic, competition. Since the GFC, world trade has gr ...
1 Financial Instability, Reserves, and Central Bank Swap Lines in
... has been called, to the demand for international reserves. In previous work, we have shown that international reserve demand can be rationalized by a central bank’s desire to backstop the broad money supply to avert the possibility of an internal/external double drain (a bank run combined with capit ...
... has been called, to the demand for international reserves. In previous work, we have shown that international reserve demand can be rationalized by a central bank’s desire to backstop the broad money supply to avert the possibility of an internal/external double drain (a bank run combined with capit ...
International Interdependence and Macroeconomic
... Macroeconomic policy transmissions among nations have brought many concerns. How much of a macroeconomic policy practice abroad can be internalized? Which are the channels these policies being transmitted? How broad is the extension, or spillover effects, of national macroeconomic policies to world ...
... Macroeconomic policy transmissions among nations have brought many concerns. How much of a macroeconomic policy practice abroad can be internalized? Which are the channels these policies being transmitted? How broad is the extension, or spillover effects, of national macroeconomic policies to world ...
Global Market Outlook 2017 - State Street Global Advisors
... corresponds to the blip in productivity growth — world trade grew at an average 6.7% a year as value chains linking suppliers in many countries formed. This effectively forced firms to become super-efficient because they faced global, not just domestic, competition. Since the GFC, world trade has gr ...
... corresponds to the blip in productivity growth — world trade grew at an average 6.7% a year as value chains linking suppliers in many countries formed. This effectively forced firms to become super-efficient because they faced global, not just domestic, competition. Since the GFC, world trade has gr ...
Hangzhou, China
... Almost a decade after the global financial crisis, working people continue to suffer its consequences. Nearly 2.2 billion people worldwide still live on less than $2 per day, 8 and global unemployment9 and inequality are rising. This year, 1% of the population will control 50% of the world’s wealth. ...
... Almost a decade after the global financial crisis, working people continue to suffer its consequences. Nearly 2.2 billion people worldwide still live on less than $2 per day, 8 and global unemployment9 and inequality are rising. This year, 1% of the population will control 50% of the world’s wealth. ...
Understanding Bilateral Exchange Rate Volatility
... rich economies, we would anticipate that ϕ would be very small, and hence γ negligible. But for developing economies, we might expect higher values of ϕ and hence γ . With free entry into the intermediate importing sector, the price of intermediate imports charged to export producing firms must then ...
... rich economies, we would anticipate that ϕ would be very small, and hence γ negligible. But for developing economies, we might expect higher values of ϕ and hence γ . With free entry into the intermediate importing sector, the price of intermediate imports charged to export producing firms must then ...
D.C.A. Curtis. Monetary Policy Rules in Canada in the 1990s.
... experience the stability of economic growth and the low levels of unemployment that were enjoyed south of the border. Indeed, in contrast to the ongoing Long Boom in the United States, Canada experienced what Fortin (1996) called the “Great Canadian Slump”. This contraction in the economy was deep e ...
... experience the stability of economic growth and the low levels of unemployment that were enjoyed south of the border. Indeed, in contrast to the ongoing Long Boom in the United States, Canada experienced what Fortin (1996) called the “Great Canadian Slump”. This contraction in the economy was deep e ...
MERCATUS RESEARCH THE CASE FOR NOMINAL GDP TARGETING Scott Sumner
... The recent financial crisis exposed serious flaws with inflation-targeting monetary policy regimes. Because of inflation fears, the Fed did not provide enough monetary stimulus in late 2008, allowing the largest decline in nominal spending since the 1930s. This demand shock intensified the financial ...
... The recent financial crisis exposed serious flaws with inflation-targeting monetary policy regimes. Because of inflation fears, the Fed did not provide enough monetary stimulus in late 2008, allowing the largest decline in nominal spending since the 1930s. This demand shock intensified the financial ...
The Mexican Peso Crisis - Federal Reserve Bank of Atlanta
... U.S. Congress, NAFTA was slated to take effect at the beginning of 1994. By lowering trade barriers between the United States and Mexico, NAFTA was expected to encourage foreign investors to take advantage of Mexico’s privileged access to the U.S. market. Moreover, NAFTA merely culminated a series o ...
... U.S. Congress, NAFTA was slated to take effect at the beginning of 1994. By lowering trade barriers between the United States and Mexico, NAFTA was expected to encourage foreign investors to take advantage of Mexico’s privileged access to the U.S. market. Moreover, NAFTA merely culminated a series o ...
Persistent Macroeconomic Imbalances in the Euro Area: Causes
... Until the start of the global financial crisis in 2008, ECB monetary policy did succeed in keeping inflation low and stable. On the fiscal side, the picture is more mixed; by 2002-03 it had become apparent that central EU enforcement of the agreed-upon fiscal constraints was difficult. When the two ...
... Until the start of the global financial crisis in 2008, ECB monetary policy did succeed in keeping inflation low and stable. On the fiscal side, the picture is more mixed; by 2002-03 it had become apparent that central EU enforcement of the agreed-upon fiscal constraints was difficult. When the two ...
Paul de Grauwe
... Jan Bohets, Cláudia Costa, Hans Dewachter and Benn Steil for helpful comments. I am also indebted to an anonymous referee who suggested many improvements. ...
... Jan Bohets, Cláudia Costa, Hans Dewachter and Benn Steil for helpful comments. I am also indebted to an anonymous referee who suggested many improvements. ...
The euro—fragmentation and the financial markets
... As a member of the eurozone, these prescriptions are denied to Greece since a single currency requires a single monetary policy and, under the Treaty on the Functioning of the European Union (TFEU), this competence lies exclusively in the hands of the European System of Central Banks (ESCB).4 The pr ...
... As a member of the eurozone, these prescriptions are denied to Greece since a single currency requires a single monetary policy and, under the Treaty on the Functioning of the European Union (TFEU), this competence lies exclusively in the hands of the European System of Central Banks (ESCB).4 The pr ...
Money and Monetary Policy for the 21st Century
... Modern market economies would not be possible without formation about relative prices and conducting transacfinancial stability. However, as events around the world in tions. Those resources could have been used to raise the the past decade demonstrated, financial institutions are “potential output” o ...
... Modern market economies would not be possible without formation about relative prices and conducting transacfinancial stability. However, as events around the world in tions. Those resources could have been used to raise the the past decade demonstrated, financial institutions are “potential output” o ...
RAI DIEZ a feb 27.indd - Sistema abierto de publicaciones seriadas
... In this research work we attempt an academic overview of some of the inspiring proposals made by scholars on this topic of the formation of a “one world-one single market” system where analysts’ foresight views about this emerging historical event. The rising literature on the globalization issue is ...
... In this research work we attempt an academic overview of some of the inspiring proposals made by scholars on this topic of the formation of a “one world-one single market” system where analysts’ foresight views about this emerging historical event. The rising literature on the globalization issue is ...
Open Economy Macroeconomics
... Cross Rates • Note that most currency prices are related to the dollar. For example, the British pound sells for $1.93/GBP • We can use any two dollar exchange rates to find the “cross rates” (non-dollar exchange rates) • For example, if the exchange rate for Japanese yen is Y109.62/$, then the pri ...
... Cross Rates • Note that most currency prices are related to the dollar. For example, the British pound sells for $1.93/GBP • We can use any two dollar exchange rates to find the “cross rates” (non-dollar exchange rates) • For example, if the exchange rate for Japanese yen is Y109.62/$, then the pri ...
UNHAPPY FAMILIES ARE ALL ALIKE: MINSKYAN CYCLES
... to more recent experiences, the dramatic one of the so-called “credible EMS” between 1987 and 1992 (Frankel and Phillips, 1992). All these experiences occurred, at different points in time, in Europe, and they all ended up in the same way: the “strong currency policy”, whatever its intended motivati ...
... to more recent experiences, the dramatic one of the so-called “credible EMS” between 1987 and 1992 (Frankel and Phillips, 1992). All these experiences occurred, at different points in time, in Europe, and they all ended up in the same way: the “strong currency policy”, whatever its intended motivati ...
Núm. 862 2015 - Banco de la República
... a substantial effect of interventions, especially during the day in which they are conducted. Most authors however, find scant evidence of any significant effects. ...
... a substantial effect of interventions, especially during the day in which they are conducted. Most authors however, find scant evidence of any significant effects. ...
A power GARCH examination of the gold market
... out on information transmission to the gold market. There are two recent papers in this area; the first is an examination of macroeconomic news releases on gold and silver prices by ChristieDavid et al. (2000) and the second a paper by Cai et al. (2001), both using gold futures intra-day data. Chris ...
... out on information transmission to the gold market. There are two recent papers in this area; the first is an examination of macroeconomic news releases on gold and silver prices by ChristieDavid et al. (2000) and the second a paper by Cai et al. (2001), both using gold futures intra-day data. Chris ...
No. 278 Distortionary Fiscal Policy and Monetary Policy Goals
... of policymakers has received much attention following the seminal work of Kydland and Prescott (1977) and Barro and Gordon (1983). In particular, to overcome the in‡ationary bias caused by discretionary conduct of monetary policy, Rogo¤ (1985) proposed appointing a conservative central banker, who d ...
... of policymakers has received much attention following the seminal work of Kydland and Prescott (1977) and Barro and Gordon (1983). In particular, to overcome the in‡ationary bias caused by discretionary conduct of monetary policy, Rogo¤ (1985) proposed appointing a conservative central banker, who d ...
Problems with Current EMU Arrangements
... Monetary Policy: ECB monetary policy was initially assigned a quantitative definition of price stability in the form of a 0-2 per cent target for the annual increase in the Harmonised Index of Consumer Prices (HICP) for the euro area. The „two-pillar‟ monetary strategy was adopted from the beginning ...
... Monetary Policy: ECB monetary policy was initially assigned a quantitative definition of price stability in the form of a 0-2 per cent target for the annual increase in the Harmonised Index of Consumer Prices (HICP) for the euro area. The „two-pillar‟ monetary strategy was adopted from the beginning ...
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.