The future of the euro
... or measures announced by some governments may waver. Moreover, unsustainable fiscal policy and the urgent need for medium-term consolidation in a number of Western economies might add further problems. One should therefore be prepared for deficit targets not being achieved. All this could increase p ...
... or measures announced by some governments may waver. Moreover, unsustainable fiscal policy and the urgent need for medium-term consolidation in a number of Western economies might add further problems. One should therefore be prepared for deficit targets not being achieved. All this could increase p ...
Can Monetary Policy Affect Economic Activity under Surplus Liquidity?
... for stabilizing output. The mainstream approach for analysing monetary policy effectiveness is through observing if there is a link between the main instrument of the central bank, its interest rate, and real economic activity (see Sims, 1980b, Bernanke and Blinder, 1992, Leeper et al, 1996, Baglian ...
... for stabilizing output. The mainstream approach for analysing monetary policy effectiveness is through observing if there is a link between the main instrument of the central bank, its interest rate, and real economic activity (see Sims, 1980b, Bernanke and Blinder, 1992, Leeper et al, 1996, Baglian ...
Pegging the future West African single currency in regard to
... Source: UN Comtrade database. The exporting commodity shares are averaged index during the period of 1999-2006. We refer to only the shares more than 10%. ...
... Source: UN Comtrade database. The exporting commodity shares are averaged index during the period of 1999-2006. We refer to only the shares more than 10%. ...
Investment opportunities for foreign capital and International financial Crisis: Evidence from Russia and Hong Kong
... capital inflows on a developing country. After 1980’s Turkey experienced an urgent and quick liberalization of markets where the restrictions on capital flows eliminated prior to a regulatory framework. As Gazioğlu and Başdaş (2007) suggest this economic nature of Turkey forces the economy to be mor ...
... capital inflows on a developing country. After 1980’s Turkey experienced an urgent and quick liberalization of markets where the restrictions on capital flows eliminated prior to a regulatory framework. As Gazioğlu and Başdaş (2007) suggest this economic nature of Turkey forces the economy to be mor ...
understanding monetary policy series no 27 the nigerian money
... sustain the stability of the financial system, it is essential for the regulatory and supervisory authorities to maintain surveillance and orderly development of the financial system. The regulatory and supervisory bodies of the money market are the Central Bank of Nigeria, the Nigerian Deposit Insu ...
... sustain the stability of the financial system, it is essential for the regulatory and supervisory authorities to maintain surveillance and orderly development of the financial system. The regulatory and supervisory bodies of the money market are the Central Bank of Nigeria, the Nigerian Deposit Insu ...
IMF Regional Economic Outlook: Western Hemisphere
... dampening global demand as well as nonoil commodity prices. Over the medium term, persistent fiscal imbalances in the U.S. and Japan could unsettle financial markets if unaddressed, while a hard landing in China could downshift global growth and trigger a rout in commodities prices. Notwithstanding ...
... dampening global demand as well as nonoil commodity prices. Over the medium term, persistent fiscal imbalances in the U.S. and Japan could unsettle financial markets if unaddressed, while a hard landing in China could downshift global growth and trigger a rout in commodities prices. Notwithstanding ...
IOSR Journal Of Humanities And Social Science (IOSR-JHSS)
... During World War 1 the international market largely disappeared with the break out. During worldwide discrepancy, monetary resistance called to account all capital flows at development markets, Asia and United States (Martin & Taddei, 2013). In the recent year more than a few developing countries ha ...
... During World War 1 the international market largely disappeared with the break out. During worldwide discrepancy, monetary resistance called to account all capital flows at development markets, Asia and United States (Martin & Taddei, 2013). In the recent year more than a few developing countries ha ...
Financial Development, Economic Growth and Collateral Effect of Capital Account Liberalization
... a cross-sectional regression, which simply test the long term relationship. Considering the marginal capital diminishing, it is the dynamic of capital account liberalization that needs emphasis. The problems addressed by Henry (2007) are not easy to settle down by merely connecting capital account p ...
... a cross-sectional regression, which simply test the long term relationship. Considering the marginal capital diminishing, it is the dynamic of capital account liberalization that needs emphasis. The problems addressed by Henry (2007) are not easy to settle down by merely connecting capital account p ...
The global context
... Globalisation is the process enabling financial and investment markets to operate internationally, largely as a result of deregulation and improved communications’ (Collins). Increased trade and cultural exchange make the world increasingly interconnected. Globalisation has been taking place for hun ...
... Globalisation is the process enabling financial and investment markets to operate internationally, largely as a result of deregulation and improved communications’ (Collins). Increased trade and cultural exchange make the world increasingly interconnected. Globalisation has been taking place for hun ...
Foreign exchange intervention in Venezuela
... magnitude of its impact on the economy is not taken into account, international reserves may be depleted when the exchange rate experiences a sharp increase. One of the implications of systematic interventions in the exchange market is that the floating system tends to a regime with a fixed exchange ...
... magnitude of its impact on the economy is not taken into account, international reserves may be depleted when the exchange rate experiences a sharp increase. One of the implications of systematic interventions in the exchange market is that the floating system tends to a regime with a fixed exchange ...
P aper ing P
... domestic aggregate demand. The real effective exchange rate of the United States did, indeed, decline by about 17 per cent between 2002 and 2004.7 But both exports and imports were slow to respond. Instead of improving, the U.S. balance on current account worsened, widening from -3.7 per cent of GDP ...
... domestic aggregate demand. The real effective exchange rate of the United States did, indeed, decline by about 17 per cent between 2002 and 2004.7 But both exports and imports were slow to respond. Instead of improving, the U.S. balance on current account worsened, widening from -3.7 per cent of GDP ...
The Sequence of Capital Account Liberalization: a Microcosmic Model
... Since the early of the 20 century 80s, the financial crises owing to the incorrect sequence of the capital account liberalization have swept the world. So, McKinnon (1984) and Edwards (1994) argue that according to the general theory of the second best and the theory of hysteresis the economy reform ...
... Since the early of the 20 century 80s, the financial crises owing to the incorrect sequence of the capital account liberalization have swept the world. So, McKinnon (1984) and Edwards (1994) argue that according to the general theory of the second best and the theory of hysteresis the economy reform ...
Monetary Policy - Federal Reserve Bank of Philadelphia
... it exports more than it imports; it has a deficit in this indicator when it imports more than its exports. The indicator reflects a variety of factors, including the strength or weakness of the dollar against other currencies. When U.S. economic growth is more rapid than economic growth abroad, this ...
... it exports more than it imports; it has a deficit in this indicator when it imports more than its exports. The indicator reflects a variety of factors, including the strength or weakness of the dollar against other currencies. When U.S. economic growth is more rapid than economic growth abroad, this ...
Liquidity Traps, Capital Flows and Currency Wars
... in a small open economy involves devaluing the currency, and temporarily adopting a peg and a price-level target. Jeanne (2009), Haberis and Lipinska (2012) and Fujiwara et al. (2013) study two-country models in which a large shock in one country can lead to a worldwide liquidity trap. In a similar ...
... in a small open economy involves devaluing the currency, and temporarily adopting a peg and a price-level target. Jeanne (2009), Haberis and Lipinska (2012) and Fujiwara et al. (2013) study two-country models in which a large shock in one country can lead to a worldwide liquidity trap. In a similar ...
Determinants of Inflation and Feasibility of Inflation Targeting in a
... In recent years, several developing countries have adopted structural reforms that have enhanced the role of markets in their economies. Fiscal consolidation has also cleared the way for their central banks to adopt independent monetary instruments to conduct monetary policy. The apparent success of ...
... In recent years, several developing countries have adopted structural reforms that have enhanced the role of markets in their economies. Fiscal consolidation has also cleared the way for their central banks to adopt independent monetary instruments to conduct monetary policy. The apparent success of ...
NBER WORKING PAPER SERIES OPTIMAL MONETARY GROWTH WITH ACCOMODATING FISCAL POLICY
... We assume that the domestic economy is small. It produces a single traded good, the foreign price of which is given on the world market. In percentage change terms, the PPP ...
... We assume that the domestic economy is small. It produces a single traded good, the foreign price of which is given on the world market. In percentage change terms, the PPP ...
The role of fiscal policy in EMU: a simulation with EUROMON
... countries. It is fiscal policy – and perhaps wage policy – that is now called to deal with country specificities. The important implication of this arrangement is that there is now greater scope for an otherwise ‘excessive’ use of the fiscal instrument (see Hughes Hallett and Vines, 1993). And if mo ...
... countries. It is fiscal policy – and perhaps wage policy – that is now called to deal with country specificities. The important implication of this arrangement is that there is now greater scope for an otherwise ‘excessive’ use of the fiscal instrument (see Hughes Hallett and Vines, 1993). And if mo ...
Money and Its Role of Income Stabilization: An Econometric Diagnosis
... become less attractive relative to deposits denominated in foreign currencies. The result is a fall in the value of domestic deposits relative to foreign currency deposits. This means there is a fall in the exchange rate of domestic currency, which causes a rise in net exports and hence in aggregate ...
... become less attractive relative to deposits denominated in foreign currencies. The result is a fall in the value of domestic deposits relative to foreign currency deposits. This means there is a fall in the exchange rate of domestic currency, which causes a rise in net exports and hence in aggregate ...
Presentation by Liqing Zhang, Zhigang Huang
... changes in theoretical. High economic growth brings high income of household, so the demand of house increases, and pulls asset prices up. Unfortunately, this effect is not significant in China (Figure 6). It might be existed other factor to diminish this effect. ...
... changes in theoretical. High economic growth brings high income of household, so the demand of house increases, and pulls asset prices up. Unfortunately, this effect is not significant in China (Figure 6). It might be existed other factor to diminish this effect. ...
Chapter 16
... can either be over-employed or underemployed. When resources are employed at their normal (or long run) level, the economy operates at full employment” YF. – If Y
... can either be over-employed or underemployed. When resources are employed at their normal (or long run) level, the economy operates at full employment” YF. – If Y
The Costs of Losing Monetary Independence: The Case of Mexico1
... interventions in both countries have liquidity effects. That is, a monetary expansion induces a fall in the domestic nominal interest rate. The fall in the nominal interest rate, then, affects the real sector of the economy. For monetary policy interventions to have liquidity effects, we have to imp ...
... interventions in both countries have liquidity effects. That is, a monetary expansion induces a fall in the domestic nominal interest rate. The fall in the nominal interest rate, then, affects the real sector of the economy. For monetary policy interventions to have liquidity effects, we have to imp ...
Asymmetrical Effects of the European Monetary Policy
... a) all variables in y t are (weakly) stationary; then is a matrix of full rank r = 4; b) all variables in y t are integrated of order 1 but not co-integrated; then is a zero matrix and model (2) has only differences as variables; c) at least 2 variables in y t are integrated of order 12 and all ...
... a) all variables in y t are (weakly) stationary; then is a matrix of full rank r = 4; b) all variables in y t are integrated of order 1 but not co-integrated; then is a zero matrix and model (2) has only differences as variables; c) at least 2 variables in y t are integrated of order 12 and all ...
Does Financial Repression Inhibit Economic Growth? Empirical
... Other economic studies, however, raise questions about this definitive theoretical prediction. Prasad et al. (2003), for instance, find no clear-cut relationship between economic growth and financial globalization by examining a global dataset of emerging market economies. In addition, the period of ...
... Other economic studies, however, raise questions about this definitive theoretical prediction. Prasad et al. (2003), for instance, find no clear-cut relationship between economic growth and financial globalization by examining a global dataset of emerging market economies. In addition, the period of ...
Newsletter 30/2013
... unbranded condoms are available for free in health clinics, while a subsidized brand is sold through NGOs. Yet, in rural areas, these subsidized condoms are not available and clinics are far from where people live. Little evidence exists regarding the extent to which the costs for acquiring condoms ...
... unbranded condoms are available for free in health clinics, while a subsidized brand is sold through NGOs. Yet, in rural areas, these subsidized condoms are not available and clinics are far from where people live. Little evidence exists regarding the extent to which the costs for acquiring condoms ...
5. Interest Rates7
... promissory notes, a credit line mostly associated with foreign trade. Thus, the stock reached US$4 billion by the end of March. It is worth mentioning that the increase in these loans occurred in a context in which interest rates charged on loans arranged through unsecured promissory notes in foreig ...
... promissory notes, a credit line mostly associated with foreign trade. Thus, the stock reached US$4 billion by the end of March. It is worth mentioning that the increase in these loans occurred in a context in which interest rates charged on loans arranged through unsecured promissory notes in foreig ...
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.