NBER WORKING PAPER SERIES IS FINANCIAL GLOBALIZATION BENEFICIAL? Frederic S. Mishkin
... benefits from free capital mobility are not persuasive.” (Also see Bhagwati, 1998 and 2002.) George Soros, one of the world’s most prominent financiers, opens his book, On Globalization (Soros, 2002), with an introductory chapter entitled, “The Deficiencies of Global Capitalism.”5,6 ...
... benefits from free capital mobility are not persuasive.” (Also see Bhagwati, 1998 and 2002.) George Soros, one of the world’s most prominent financiers, opens his book, On Globalization (Soros, 2002), with an introductory chapter entitled, “The Deficiencies of Global Capitalism.”5,6 ...
תאריך עדכון:
... introduction to macroeconomics, the branch of economics that analyzes economy-wide problems like inflation and unemployment, and which studies the forces underlying economic growth. Course description: The course begins with 3-4 lessons to complete the introduction to microeconomics that was the top ...
... introduction to macroeconomics, the branch of economics that analyzes economy-wide problems like inflation and unemployment, and which studies the forces underlying economic growth. Course description: The course begins with 3-4 lessons to complete the introduction to microeconomics that was the top ...
General government gross debt in Brazil
... different impact on the central banks balance sheets. In countries that follow an inflation targeting regime, as is the case of Brazil, open market operations may play an essential role in the task of controlling interest rates and liquidity. The Brazilian institutional arrangement set adequate seg ...
... different impact on the central banks balance sheets. In countries that follow an inflation targeting regime, as is the case of Brazil, open market operations may play an essential role in the task of controlling interest rates and liquidity. The Brazilian institutional arrangement set adequate seg ...
dealing with foreign exchange
... The Institute of Governance Studies (IGS), established in 2005, is an institute of BRAC University, a private institution of higher education in Dhaka, Bangladesh. The University, established in 2001, has a goal to provide a high quality, broad-based education with a focus on professional developme ...
... The Institute of Governance Studies (IGS), established in 2005, is an institute of BRAC University, a private institution of higher education in Dhaka, Bangladesh. The University, established in 2001, has a goal to provide a high quality, broad-based education with a focus on professional developme ...
del06 tirelli 2762910 en
... a contribution to the optimal taxation problem. However, in order to derive a linear-quadratic optimal policy problem and focus on analytical solutions the model neglects the existence of non-Ricardian consumers. Galì and Monacelli (2005) analyse fiscal policy within a monetary union, with a large n ...
... a contribution to the optimal taxation problem. However, in order to derive a linear-quadratic optimal policy problem and focus on analytical solutions the model neglects the existence of non-Ricardian consumers. Galì and Monacelli (2005) analyse fiscal policy within a monetary union, with a large n ...
O Policy Forum
... the bailouts of South Korea, Indonesia, crisis a 5- or 10-year period. Second, the IMF and Thailand. But I don’t know if you realize that those bailouts are possibly the happening at the micro level in the United should be charged with obtaining the folbeginning of something much larger. In my State ...
... the bailouts of South Korea, Indonesia, crisis a 5- or 10-year period. Second, the IMF and Thailand. But I don’t know if you realize that those bailouts are possibly the happening at the micro level in the United should be charged with obtaining the folbeginning of something much larger. In my State ...
Short-Term Capital Flows, The Real Economy and Income
... be dampened on the one hand, and of the gains in efficiency from transfers of competitive technology and financial skills on the other (IMF, 1997). None the less, there is increasing concern as to the destabilizing effect of short-term capital flows after financial liberalization, which can bring ab ...
... be dampened on the one hand, and of the gains in efficiency from transfers of competitive technology and financial skills on the other (IMF, 1997). None the less, there is increasing concern as to the destabilizing effect of short-term capital flows after financial liberalization, which can bring ab ...
China’s Financial Market Innovation and the Development of Tianjin
... Shanghai, Shenzhen and other financial developed cities, even lower than Jiangsu Province. 3.2.3 Lack of qualified personnel in finance Domestic financial professionals tend to choose Beijing, Shanghai as the top priority choice. Owing to lack of obvious advantages in both volume and level, Tianjin’ ...
... Shanghai, Shenzhen and other financial developed cities, even lower than Jiangsu Province. 3.2.3 Lack of qualified personnel in finance Domestic financial professionals tend to choose Beijing, Shanghai as the top priority choice. Owing to lack of obvious advantages in both volume and level, Tianjin’ ...
IOSR Journal of Economics and Finance (IOSR-JEF)
... hence, the removal of all forms of restrictions on the financial sector has clear policy implications such as increasing savings, investment and growth. In addition, such strategy will deepen the integration of the financial sector as well as other sectors (Shaw, 1973), raise allocative efficiency a ...
... hence, the removal of all forms of restrictions on the financial sector has clear policy implications such as increasing savings, investment and growth. In addition, such strategy will deepen the integration of the financial sector as well as other sectors (Shaw, 1973), raise allocative efficiency a ...
GLOBALIZATION Liquids, Flows and Structures
... most observers there was a previous global epoch), it could be argued that one of the things that characterized people, things, information, places, and much else was their greater solidity. O That is, all of them tended to be hard or to harden (metaphorically, figuratively, not literally, of course) ...
... most observers there was a previous global epoch), it could be argued that one of the things that characterized people, things, information, places, and much else was their greater solidity. O That is, all of them tended to be hard or to harden (metaphorically, figuratively, not literally, of course) ...
View/Open
... Introduction Currency exchange rates can play an important role in agricultural markets. In the United States, the relative strength of the U.S. dollar against currencies of other countries can have important impacts on prices for U.S. agricultural commodities. For example, when the U.S. dollar appr ...
... Introduction Currency exchange rates can play an important role in agricultural markets. In the United States, the relative strength of the U.S. dollar against currencies of other countries can have important impacts on prices for U.S. agricultural commodities. For example, when the U.S. dollar appr ...
solutions - Department of Economics
... (i.e., an asset bubble bursts) and households and businesses suddenly find themselves with their liabilities far outweighing their assets. Understandably, in this situation households and businesses stop borrowing and start paying down their debt, i.e., they start deleveraging. This is the classical ...
... (i.e., an asset bubble bursts) and households and businesses suddenly find themselves with their liabilities far outweighing their assets. Understandably, in this situation households and businesses stop borrowing and start paying down their debt, i.e., they start deleveraging. This is the classical ...
Economics 8186 Quantitative Macroeconomics Ellen McGrattan
... I do not plan on working through any papers section by section; I prefer to think about the ideas and claims in these papers and think about future research projects. My goal is to get all students to the point that they can quickly and easily evaluate the promise of a new project before wasting man ...
... I do not plan on working through any papers section by section; I prefer to think about the ideas and claims in these papers and think about future research projects. My goal is to get all students to the point that they can quickly and easily evaluate the promise of a new project before wasting man ...
International Aspects of the Great Depression and the Crisis of 2007
... characterized by smaller banks. Large banks might be less prone to failure than smaller institutions because they are better able to diversify their loan and investment portfolios and thereby reduce the risk from any one nonperforming component. Additionally, if leading nonfinancial firms require la ...
... characterized by smaller banks. Large banks might be less prone to failure than smaller institutions because they are better able to diversify their loan and investment portfolios and thereby reduce the risk from any one nonperforming component. Additionally, if leading nonfinancial firms require la ...
Central Bank Models: Lessons from the Past and
... bound), and the equilibrium interest rate was 2% real and 4% nominal. The development of this simple rule was not a curve fitting exercise in which various instruments of policy were regressed on other variables. This simple rule was derived from first generation New Keynesian monetary models of ty ...
... bound), and the equilibrium interest rate was 2% real and 4% nominal. The development of this simple rule was not a curve fitting exercise in which various instruments of policy were regressed on other variables. This simple rule was derived from first generation New Keynesian monetary models of ty ...
Sawyer/Sprinkle Chapter 18
... effective in changing the equilibrium level of output or the price level The effects of fiscal policy are not irrelevant, however Fiscal policy can affect interest rates, exchange rates, capital flows and current account balances and the effects are noticeable in the economy and have an effect on bu ...
... effective in changing the equilibrium level of output or the price level The effects of fiscal policy are not irrelevant, however Fiscal policy can affect interest rates, exchange rates, capital flows and current account balances and the effects are noticeable in the economy and have an effect on bu ...
PDF Download
... recent trends are unsustainable, not, as is usually said, that the deficit is unsustainable. Consider by contrast the first claim above, that the large US deficit of, say, $500 billion a year cannot last indefinitely. To examine this claim, suppose the US economy has a trend rate of growth in nomina ...
... recent trends are unsustainable, not, as is usually said, that the deficit is unsustainable. Consider by contrast the first claim above, that the large US deficit of, say, $500 billion a year cannot last indefinitely. To examine this claim, suppose the US economy has a trend rate of growth in nomina ...
Translation Exposure
... growth and health of specific types of trade or financial transactions by country and regions of the world against the home country ...
... growth and health of specific types of trade or financial transactions by country and regions of the world against the home country ...
Globalization
... The source and destinations of FDI has also dramatically changed over recent years, with the US and industrialized countries becoming less important (although still dominant) as developing countries are becoming increasingly considered as an attractive and stable location for investment. A number of ...
... The source and destinations of FDI has also dramatically changed over recent years, with the US and industrialized countries becoming less important (although still dominant) as developing countries are becoming increasingly considered as an attractive and stable location for investment. A number of ...
Nr. 34 The Precarious Fiscal Foundations of EMU (PDF: 158.6
... clearly have been risky, and would thereby have acquired a fiscal dimension. The Federal Reserve System would have been taking on risk, and if the result was substantial losses, there would have been a need for Congressional approval of appropriations to restore Federal Reserve solvency.1 We see thi ...
... clearly have been risky, and would thereby have acquired a fiscal dimension. The Federal Reserve System would have been taking on risk, and if the result was substantial losses, there would have been a need for Congressional approval of appropriations to restore Federal Reserve solvency.1 We see thi ...
Response of Output to Macroeconomic Policies and Conditions in
... in the monetary policy regime from targeting monetary aggregates in 1990 to targeting inflation in 2005 and argued that the new monetary policy was inconsistent with the conditions of Romania’s economy. Kasman, Kirbas-Kasman, and Turgutlu (2008) found that there was monetary policy convergence betwe ...
... in the monetary policy regime from targeting monetary aggregates in 1990 to targeting inflation in 2005 and argued that the new monetary policy was inconsistent with the conditions of Romania’s economy. Kasman, Kirbas-Kasman, and Turgutlu (2008) found that there was monetary policy convergence betwe ...
Transmission of Monetary Policy with Heterogeneity in Household
... monetary shocks, while indirect effects account for the remaining 65%. Indirect effects mainly work through equilibrium changes in labor income (about 85%), which represents the most important income source for the majority of households. The revaluation of nominal claims, including debt deflation, ...
... monetary shocks, while indirect effects account for the remaining 65%. Indirect effects mainly work through equilibrium changes in labor income (about 85%), which represents the most important income source for the majority of households. The revaluation of nominal claims, including debt deflation, ...
Foundations of the future What is holding back business investment in
... developed economies. While some of emerging Asia is attracting this needed investment, it is painfully clear that some countries are not. In Pakistan, for example, total investment in fixed assets only amounts to 12% of GDP. In Cambodia it is only 20%. Some observers argue that India, with an invest ...
... developed economies. While some of emerging Asia is attracting this needed investment, it is painfully clear that some countries are not. In Pakistan, for example, total investment in fixed assets only amounts to 12% of GDP. In Cambodia it is only 20%. Some observers argue that India, with an invest ...
IOSR Journal of Economics and Finance (IOSR-JEF)
... 7%, and then enters into a swap to convert the dollar loan into INR. The counterparty of the swap may likely be an Indian company (Party B) that requires $2 million in U.S. funds. Likewise, the Indian company will be able to attain a cheaper borrowing rate domestically than abroad – let's say that t ...
... 7%, and then enters into a swap to convert the dollar loan into INR. The counterparty of the swap may likely be an Indian company (Party B) that requires $2 million in U.S. funds. Likewise, the Indian company will be able to attain a cheaper borrowing rate domestically than abroad – let's say that t ...
Real Exchange Rate
... which individuals are willing to trade money through time. 3. An economy’s real interest rate captures the price at which individuals are willing to trade goods through time. 4. The Fisher Effect captures a relationship between each of these prices - which is enforced through risky arbitrage activit ...
... which individuals are willing to trade money through time. 3. An economy’s real interest rate captures the price at which individuals are willing to trade goods through time. 4. The Fisher Effect captures a relationship between each of these prices - which is enforced through risky arbitrage activit ...
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.