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The International Financial System: Crises and Reforms
... The crises generated a large literature. Nouriel Roubini of New York University maintains a bibliography of Asian- and financial-crisis related material on his website (www.stern.nyu.edu/~nroubini/asia/AsiaHomepage.html). I will draw heavily in these lectures on two excellent papers by my IMF collea ...
... The crises generated a large literature. Nouriel Roubini of New York University maintains a bibliography of Asian- and financial-crisis related material on his website (www.stern.nyu.edu/~nroubini/asia/AsiaHomepage.html). I will draw heavily in these lectures on two excellent papers by my IMF collea ...
86007026I_en.pdf
... by a boom in bank lending, which in turn has fuelled a boom in consumption spending (Sachs, Tornell and Velasco, 1996). Initially, pegs tend to lower inflation, which in turn produces a rise in real-money balances, both as a result of central bank intervention to peg the currency and of higher money ...
... by a boom in bank lending, which in turn has fuelled a boom in consumption spending (Sachs, Tornell and Velasco, 1996). Initially, pegs tend to lower inflation, which in turn produces a rise in real-money balances, both as a result of central bank intervention to peg the currency and of higher money ...
Regulation Setting, Calculating and Maintaining Overall Open
... 10. For the purpose of this Regulation, the foreign exchange contracts describing foreign exchange transactions shall have the following definitions: a) Spot - a transaction involving a foreign exchange trade at the current market spot rate, on condition of immediate settlement; b) Currency Futures ...
... 10. For the purpose of this Regulation, the foreign exchange contracts describing foreign exchange transactions shall have the following definitions: a) Spot - a transaction involving a foreign exchange trade at the current market spot rate, on condition of immediate settlement; b) Currency Futures ...
Capital Flows and the Balance of Payments
... Trade in goods, services, and income The balance of payments starts with a measurement system for trade in goods and services and related flows of income. We saw one such measure earlier: the NIPA’s net exports of goods and services (exports minus imports). By this measure, the US ran a balance of – ...
... Trade in goods, services, and income The balance of payments starts with a measurement system for trade in goods and services and related flows of income. We saw one such measure earlier: the NIPA’s net exports of goods and services (exports minus imports). By this measure, the US ran a balance of – ...
NBER WORKING PAPER SERIES THE ECONOMY OF ISRAEL Stanley Fischer
... domestic deficit. Nonetheless, the increase in the money base accounts for the financing of a significant component of government spending-— about 2.5% of GNP.1 2 Even though the monetary base in 1931 was under 3.5% of GNP, large amounts of ...
... domestic deficit. Nonetheless, the increase in the money base accounts for the financing of a significant component of government spending-— about 2.5% of GNP.1 2 Even though the monetary base in 1931 was under 3.5% of GNP, large amounts of ...
Weak economy and strong currency: The origins of the strong yen in
... The Japanese yen, which had been appreciating steadily since the breakdown of the Bretton Woods System, was regarded as a symbol of Japan’s economic success. While the dollar was traded for 360 yen in the early 1970’s, at the end of 1988 the rate had reached a value of 126 yen per dollar. The endaka ...
... The Japanese yen, which had been appreciating steadily since the breakdown of the Bretton Woods System, was regarded as a symbol of Japan’s economic success. While the dollar was traded for 360 yen in the early 1970’s, at the end of 1988 the rate had reached a value of 126 yen per dollar. The endaka ...
Currency crises and monetary policy in an economy with credit
... repayment obligations of the )rms, and consequently a fall in pro)ts. 4 Since lower pro)ts reduce net worth, it may result in less investment and lower output in the next period. This, in turn, brings a fall in the demand for money, and thus a currency depreciation. But arbitrage in the foreign exch ...
... repayment obligations of the )rms, and consequently a fall in pro)ts. 4 Since lower pro)ts reduce net worth, it may result in less investment and lower output in the next period. This, in turn, brings a fall in the demand for money, and thus a currency depreciation. But arbitrage in the foreign exch ...
Monetary Policy Fichier
... Quantitative easing has become very frequent expression of the recent financial crisis in the United States. The biggest debate took place during 2008 – 2013 when QE reached the sum of approximately 3000 billion. USD in assets of the Federal Reserve System (the assets may yield interest). Quantitati ...
... Quantitative easing has become very frequent expression of the recent financial crisis in the United States. The biggest debate took place during 2008 – 2013 when QE reached the sum of approximately 3000 billion. USD in assets of the Federal Reserve System (the assets may yield interest). Quantitati ...
QE in the future: the central bank`s balance sheet in a fiscal crisis
... buying many risky assets and giving credit to a wide variety of private agents, but five years later, the balance sheets of the the Bank of England, the Bank of Japan, the ECB, and the Federal Reserve were dominated by only a few items.1 The liabilities consisted largely of reserves that pay interes ...
... buying many risky assets and giving credit to a wide variety of private agents, but five years later, the balance sheets of the the Bank of England, the Bank of Japan, the ECB, and the Federal Reserve were dominated by only a few items.1 The liabilities consisted largely of reserves that pay interes ...
NBER WORKING PAPER SERIES THE INTERNATIONAL MONETARY SYSTEM: Jacob
... zone proposals spoke meinty of monetary polLtytecond—generation proposals have added a specific rule to rein in fiscal policy; contrast Williamson [1985] with Williamson and Miller [1987]. What about floating rates? With high capital mobility, one would again expect fiscal expansion tu prompt apprec ...
... zone proposals spoke meinty of monetary polLtytecond—generation proposals have added a specific rule to rein in fiscal policy; contrast Williamson [1985] with Williamson and Miller [1987]. What about floating rates? With high capital mobility, one would again expect fiscal expansion tu prompt apprec ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... experienced, based on an expansionary demand policy and an ample supply of external financing (Fitzgerald 1989). By 1981, central government expenditure, as a share of GDP, had doubled with respect to levels typical before the revolution. The initial fiscal expansion included many social programswhi ...
... experienced, based on an expansionary demand policy and an ample supply of external financing (Fitzgerald 1989). By 1981, central government expenditure, as a share of GDP, had doubled with respect to levels typical before the revolution. The initial fiscal expansion included many social programswhi ...
Accumulation of Foreign Exchange Reserves and Long Term Growth
... ratios. Japan that was not growing in the 1990s, but accumulated reserves until 1994, may be an exception that proves the rule. Similarly, the ratio of domestic to US prices that was high in Japan, Hong Kong and Singapore in the last quarter of the 20-th century, was much lower in the preceding 25 y ...
... ratios. Japan that was not growing in the 1990s, but accumulated reserves until 1994, may be an exception that proves the rule. Similarly, the ratio of domestic to US prices that was high in Japan, Hong Kong and Singapore in the last quarter of the 20-th century, was much lower in the preceding 25 y ...
currency reform-1 - the School of Economics and Finance
... in Shanghai area in mid 1995.7 One of the major reasons for strong Renminbi since 1994 are due to a sharp devaluation of about 30% from the official exchange rate at the beginning of 1994, a strong performance of export and foreign direct investment and an effective control on import. Under the new ...
... in Shanghai area in mid 1995.7 One of the major reasons for strong Renminbi since 1994 are due to a sharp devaluation of about 30% from the official exchange rate at the beginning of 1994, a strong performance of export and foreign direct investment and an effective control on import. Under the new ...
The central-bank balance sheet as an instrument of monetary policy
... Woodford (2003). Interest and prices: foundations of a theory of monetary policy. Princeton University Press, Princeton. ...
... Woodford (2003). Interest and prices: foundations of a theory of monetary policy. Princeton University Press, Princeton. ...
CESifo Working Paper no. 3164
... moving into the more productive industrial and service sectors, especially in Northern and Western Europe (Buyst and Franaszek 2010). The governments of newly created states, which had their rationale in the growing demand for political participation all aimed for a rapid economic development of the ...
... moving into the more productive industrial and service sectors, especially in Northern and Western Europe (Buyst and Franaszek 2010). The governments of newly created states, which had their rationale in the growing demand for political participation all aimed for a rapid economic development of the ...
IOSR Journal of Economics and Finance (IOSR-JEF)
... differential is statistically significant in explaining changes in exchange rate in the three countries. In addition, interest rate has negative effect on exchange rate in Sweden and the United Kingdom. However, the influence of money supply, industrial production and inflation differential on excha ...
... differential is statistically significant in explaining changes in exchange rate in the three countries. In addition, interest rate has negative effect on exchange rate in Sweden and the United Kingdom. However, the influence of money supply, industrial production and inflation differential on excha ...
DMF model and exchange rate overshooting
... These said to i) fall as the opportunity cost of holding them [the interest rate on a bank account, say] rises; ii) increase as expenditure increases. This is the same as the demand for any other good that you might eat, which has a complement. So if the price goes up, you eat less; and if you expec ...
... These said to i) fall as the opportunity cost of holding them [the interest rate on a bank account, say] rises; ii) increase as expenditure increases. This is the same as the demand for any other good that you might eat, which has a complement. So if the price goes up, you eat less; and if you expec ...
Dollarization - Peterson Institute for International Economics
... Edwards also provides a separate analysis of that country’s relative performance. In short, he finds that whereas inflation has been significantly lower in Panama, there have been no significant differences in growth behavior between Panama and other groups. Of particular interest, he also shows tha ...
... Edwards also provides a separate analysis of that country’s relative performance. In short, he finds that whereas inflation has been significantly lower in Panama, there have been no significant differences in growth behavior between Panama and other groups. Of particular interest, he also shows tha ...
In Order to Form a More Perfect Monetary Union
... their use. We examine two commonly offered explanations for that prohibition and point out where they are lacking. The use of bills of credit began early in the history of the United States. During the colonial period, governments' expenditures quite often exceeded revenues. Since England largely pr ...
... their use. We examine two commonly offered explanations for that prohibition and point out where they are lacking. The use of bills of credit began early in the history of the United States. During the colonial period, governments' expenditures quite often exceeded revenues. Since England largely pr ...
Low Interest Rate Policy and the Use of Reserve Requirements in
... major advanced economies to stabilize financial markets and step-up growth. Not surprisingly, in our integrated global financial system monetary policy reactions in economies with major funding and reserve currencies (the United States and the Euro Area) do not leave the rest of the world unaffected ...
... major advanced economies to stabilize financial markets and step-up growth. Not surprisingly, in our integrated global financial system monetary policy reactions in economies with major funding and reserve currencies (the United States and the Euro Area) do not leave the rest of the world unaffected ...
The effects of currency appreciation on share
... concerned with their currency exposure in China. This paper is to examine whether there is any evidence of causality between the exchange rate and stock price in the long and short run and to capture either one or both of the portfolio balance and goods market approaches that can help to characteris ...
... concerned with their currency exposure in China. This paper is to examine whether there is any evidence of causality between the exchange rate and stock price in the long and short run and to capture either one or both of the portfolio balance and goods market approaches that can help to characteris ...
Convergence Criteria and New Member States
... But loss of a shock absorber Efficiency gains for the euro area through outsourcing and competition ...
... But loss of a shock absorber Efficiency gains for the euro area through outsourcing and competition ...
Spot Market
... • Nominal variables, such as an exchange rate, do not consider changes in prices over time. • Real variables, on the other hand, include price changes. • A real exchange rate, therefore, accounts for relative price changes. Spot Market ...
... • Nominal variables, such as an exchange rate, do not consider changes in prices over time. • Real variables, on the other hand, include price changes. • A real exchange rate, therefore, accounts for relative price changes. Spot Market ...
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.