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Foreign exchange intervention and exchange rate volatility in Peru
... Exchange rate literature has discussed extensively on the purpose of o¢ cial intervention, both sterilised and non-sterilised1 and has advanced many arguments in favour of (and against) it.2 One argument supporting intervention is the adjustment criteria. On the basis of an (implicit or explicit) a ...
... Exchange rate literature has discussed extensively on the purpose of o¢ cial intervention, both sterilised and non-sterilised1 and has advanced many arguments in favour of (and against) it.2 One argument supporting intervention is the adjustment criteria. On the basis of an (implicit or explicit) a ...
Earlier versions of
... We derive optimal money supply rules in a model of considerable simplicity. Firstly, we consider two economies in which the deviation of actual output from ...
... We derive optimal money supply rules in a model of considerable simplicity. Firstly, we consider two economies in which the deviation of actual output from ...
Document
... Fischer and Reisen (1994): Fiscal control is needed before the capital account is opened up, because without such control financial repression will result in capital outflows or inflation. Possible loss of monetary autonomy with a fully open capital account would leave no instruments for stabil ...
... Fischer and Reisen (1994): Fiscal control is needed before the capital account is opened up, because without such control financial repression will result in capital outflows or inflation. Possible loss of monetary autonomy with a fully open capital account would leave no instruments for stabil ...
A Suggested Monetary Policy for Brazil
... Brazilian government paper at their discount windows (On Globalization, p. 136). In terms of the above model, it would have the effect of shifting up the E(R) function. The reason is that it would increase the perceived liquidity of Brazilian paper to international investors since they would be able ...
... Brazilian government paper at their discount windows (On Globalization, p. 136). In terms of the above model, it would have the effect of shifting up the E(R) function. The reason is that it would increase the perceived liquidity of Brazilian paper to international investors since they would be able ...
The monetisation of Japan`s government debt
... levels of Italy or Belgium but still one of the highest in the industrial world. At present, these debt levels do not translate into unusually high debt service costs because of the very low levels of interest rates; the Japanese government’s net interest payments as a share of GDP are well below th ...
... levels of Italy or Belgium but still one of the highest in the industrial world. At present, these debt levels do not translate into unusually high debt service costs because of the very low levels of interest rates; the Japanese government’s net interest payments as a share of GDP are well below th ...
LATIN AMERICA
... • Capital is like cholesterol • Good cholesterol FDI – Brings technology, market access, managerial ...
... • Capital is like cholesterol • Good cholesterol FDI – Brings technology, market access, managerial ...
Effects of U.S. Quantitative Easing on Latin American Economies
... the fact that most central banks in these economies have implemented macroprudential policies with the purpose of mitigating any potential systematic risk. Unconventional monetary policy measures were implemented in developed countries with the purpose of stimulating economic activity, since standar ...
... the fact that most central banks in these economies have implemented macroprudential policies with the purpose of mitigating any potential systematic risk. Unconventional monetary policy measures were implemented in developed countries with the purpose of stimulating economic activity, since standar ...
OCA criteria - Erasmus University Thesis Repository
... The countries will not have the possibility to adjust its monetary policy to adjust for devaluations and revaluation anymore. Instead, there is a central bank that manages the monetary policy. For the EMU it is controlled by the ECB. This could be a problem when a country wants to adjust their mone ...
... The countries will not have the possibility to adjust its monetary policy to adjust for devaluations and revaluation anymore. Instead, there is a central bank that manages the monetary policy. For the EMU it is controlled by the ECB. This could be a problem when a country wants to adjust their mone ...
Economic commentaries 3/2012
... estimated monthly transfer would imply. Building up the petroleum buffer portfolio in this way is intended to avoid upward adjustments in foreign exchange purchases later in the year. Norges Bank can also purchase less foreign exchange than estimated transfers imply, if economic devel ...
... estimated monthly transfer would imply. Building up the petroleum buffer portfolio in this way is intended to avoid upward adjustments in foreign exchange purchases later in the year. Norges Bank can also purchase less foreign exchange than estimated transfers imply, if economic devel ...
G97/1 A measure of monetary conditions Richard Dennis
... When estimating equations for gap2 and gap3 (equations A and B respectively) we correct for autocorrelation using interactive CochraneOrcutt. We also correct for autocorrelation when gap4 is the dependent variable (equation C) using maximum likelihood estimation. Maximum likelihood is not used to es ...
... When estimating equations for gap2 and gap3 (equations A and B respectively) we correct for autocorrelation using interactive CochraneOrcutt. We also correct for autocorrelation when gap4 is the dependent variable (equation C) using maximum likelihood estimation. Maximum likelihood is not used to es ...
PPT
... • How would the exchange rate move? – Because, the domestic interest is now lower than the foreign interest rate, according to the interest parity condition, R-R* = (Ee-E)/E, the expected rate of depreciation must be negative. – I.e., the domestic currency must be expected to appreciate! (B) – (A) a ...
... • How would the exchange rate move? – Because, the domestic interest is now lower than the foreign interest rate, according to the interest parity condition, R-R* = (Ee-E)/E, the expected rate of depreciation must be negative. – I.e., the domestic currency must be expected to appreciate! (B) – (A) a ...
bank of Mau PDF - Bank of Mauritius
... The nominal exchange rate (s t ) used is the indicative Rs/US$ exchange rate because banks in Mauritius first adjust the rupee against the US dollar, taking into account daily movements in the US dollar on the international market and the liquidity situation of the domestic foreign exchange market, ...
... The nominal exchange rate (s t ) used is the indicative Rs/US$ exchange rate because banks in Mauritius first adjust the rupee against the US dollar, taking into account daily movements in the US dollar on the international market and the liquidity situation of the domestic foreign exchange market, ...
The Financial Crises in East Asia: The cases of Japan, China, South
... fiscal policy measures, such as a 2% rise in consumption taxes in April 1997. From the beginning of 1997, the Japanese economy has experienced a severe downturn. In only one year (fiscal year from April 1 1997 through March 31 1998), its GDP has decreased by 1.8%, the largest drop ever in Japan in o ...
... fiscal policy measures, such as a 2% rise in consumption taxes in April 1997. From the beginning of 1997, the Japanese economy has experienced a severe downturn. In only one year (fiscal year from April 1 1997 through March 31 1998), its GDP has decreased by 1.8%, the largest drop ever in Japan in o ...
solution 2
... demand curve cuts the X axis. When demand for a product is perfectly elastic, the level of consumer surplus is zero since the price that people pay matches precisely the price they are willing to pay. There must be perfect substitutes in the market for this to be the case. When demand is perfectly i ...
... demand curve cuts the X axis. When demand for a product is perfectly elastic, the level of consumer surplus is zero since the price that people pay matches precisely the price they are willing to pay. There must be perfect substitutes in the market for this to be the case. When demand is perfectly i ...
MPC - Reserve Bank of Malawi
... signals the start of the agricultural marketing season. In addition investors have been unwinding their investment with discount houses and shifting their funds into commercial banks in anticipation for foreign exchange availability since tobacco proceeds that go directly to commercial banks. 1.25 T ...
... signals the start of the agricultural marketing season. In addition investors have been unwinding their investment with discount houses and shifting their funds into commercial banks in anticipation for foreign exchange availability since tobacco proceeds that go directly to commercial banks. 1.25 T ...
Private Client Broker Order Book Trading Scheme
... 1. is in the UK and does not carry out a regulated activity within the meaning of the Financial Services and Markets Act 2000; or 2. is not in the UK (including the Republic of Ireland) and is not required to be regulated or supervised by a body concerned with regulation or supervision of investment ...
... 1. is in the UK and does not carry out a regulated activity within the meaning of the Financial Services and Markets Act 2000; or 2. is not in the UK (including the Republic of Ireland) and is not required to be regulated or supervised by a body concerned with regulation or supervision of investment ...
Chapter 16 Output and the Exchange Rate: the Short-Run
... Permanent shifts in the money supply cause sharper exchange rate movements and therefore have stronger short-run effects on output than transitory shifts. If exports and imports adjust gradually to real exchange rate changes, the current account may follow a J-curve pattern after a real currency dep ...
... Permanent shifts in the money supply cause sharper exchange rate movements and therefore have stronger short-run effects on output than transitory shifts. If exports and imports adjust gradually to real exchange rate changes, the current account may follow a J-curve pattern after a real currency dep ...
Ilter(309).pdf
... Economic volatility affects of Foreign Direct Investments in developing countries, and alternative presentations of foreign currency denominated accounts of subsidiaries in foreign countries rather than by consolidation has been the subject of many studies(e.g. Ghose, 2004; Holt, 2004;). Documents s ...
... Economic volatility affects of Foreign Direct Investments in developing countries, and alternative presentations of foreign currency denominated accounts of subsidiaries in foreign countries rather than by consolidation has been the subject of many studies(e.g. Ghose, 2004; Holt, 2004;). Documents s ...
70013029I_en.pdf
... –of the type of self-fulfilling prophecies– in situations with multiple equilibria. It is thus assumed in advance that such variables are objectively definable (subject only to the availability of sufficiently complete and up-to-date information), and it is also assumed that the expectations are alw ...
... –of the type of self-fulfilling prophecies– in situations with multiple equilibria. It is thus assumed in advance that such variables are objectively definable (subject only to the availability of sufficiently complete and up-to-date information), and it is also assumed that the expectations are alw ...
ch21_5e
... The case for devaluation is that, in a fixed exchange rate regime, a devaluation (an increase in the nominal exchange rate) leads to a real depreciation (an increase in the real exchange rate), and thus to an increase in output. A devaluation of the right size can return an economy in recession back ...
... The case for devaluation is that, in a fixed exchange rate regime, a devaluation (an increase in the nominal exchange rate) leads to a real depreciation (an increase in the real exchange rate), and thus to an increase in output. A devaluation of the right size can return an economy in recession back ...
How does the Exchange Rate React to a Cost-Push
... expected inflation and e is the logarithm for the real exchange rate, i.e. the price for foreign goods measured in NOK relative to the price of Norwegian goods. In addition, the variables ε, η and ν are shocks (or disturbances) and the β-, α- and θ parameters are positive constants. Equation (2) is ...
... expected inflation and e is the logarithm for the real exchange rate, i.e. the price for foreign goods measured in NOK relative to the price of Norwegian goods. In addition, the variables ε, η and ν are shocks (or disturbances) and the β-, α- and θ parameters are positive constants. Equation (2) is ...
01pr - Eco 101
... _______5a. At what level of Ya does Sd = 0 and Id =0. Calculate & enter on right. _______6a. Now assume that investors raise their Id from 0 to 200. Solve Id = 200 and Sd= -800+.2Ya for Ya. 6b. First draw a horizontal line representing that Id= 200 and look at what level it intercepts the S-line. __ ...
... _______5a. At what level of Ya does Sd = 0 and Id =0. Calculate & enter on right. _______6a. Now assume that investors raise their Id from 0 to 200. Solve Id = 200 and Sd= -800+.2Ya for Ya. 6b. First draw a horizontal line representing that Id= 200 and look at what level it intercepts the S-line. __ ...
Foreign-exchange reserves
Foreign-exchange reserves (also called forex reserves or FX reserves) are assets held by a central bank or other monetary authority, usually in various reserve currencies, mostly the United States dollar, and to a lesser extent the euro, the pound sterling, and the Japanese yen, and used to back its liabilities—e.g., the local currency issued, and the various bank reserves deposited with the central bank by the government or by financial institutions.