This PDF is a selection from an out-of-print volume from... of Economic Research
... This paper develops a dynamic model of inflation and external capital flows that incorporates some key macroeconomic features of the more advanced industrializing economies. Although the model is quite general, it is motivated by recent events in the Southern Cone of Latin America, where wide-rangin ...
... This paper develops a dynamic model of inflation and external capital flows that incorporates some key macroeconomic features of the more advanced industrializing economies. Although the model is quite general, it is motivated by recent events in the Southern Cone of Latin America, where wide-rangin ...
Reaction Function - NRI Financial Solutions
... manner within the history of monetary policy by the BOJ. At the same time, the modified QQE since “comprehensive review” may have become closer to conventional policy both in terms policy instruments and policy strategy. If such modification is well received by the markets and the public, it would b ...
... manner within the history of monetary policy by the BOJ. At the same time, the modified QQE since “comprehensive review” may have become closer to conventional policy both in terms policy instruments and policy strategy. If such modification is well received by the markets and the public, it would b ...
e ≡ exchange rate
... money stock increases that doesn’t move the domestic money market at all, but will move the RoR* curve in the interest parity graph. ...
... money stock increases that doesn’t move the domestic money market at all, but will move the RoR* curve in the interest parity graph. ...
Why Canada Needs a Flexible Exchange Rate
... paper first reviews the theoretical arguments advanced in the economics literature in support of fixed and flexible currency arrangements. A discussion of Canada's past experience with the two exchange rate systems follows, after which there is a survey of the empirical evidence published on Canada' ...
... paper first reviews the theoretical arguments advanced in the economics literature in support of fixed and flexible currency arrangements. A discussion of Canada's past experience with the two exchange rate systems follows, after which there is a survey of the empirical evidence published on Canada' ...
Foreign Exchange Intervention Since the Plaza Accord
... Many economists and officials were, and remain, skeptical that intervention can have significant sustained effects on exchange rates and current account balances. The evidence from the 1980s does not refute that skepticism. However, the experience of the past 15 years shows that intervention can hav ...
... Many economists and officials were, and remain, skeptical that intervention can have significant sustained effects on exchange rates and current account balances. The evidence from the 1980s does not refute that skepticism. However, the experience of the past 15 years shows that intervention can hav ...
Crisis Response Policies in Russia, Ukraine, Kazakhstan and Belarus
... buttressed by subsidized energy deliveries from Russia (as mentioned above), even if the latter subsidies have been steadily rolled back since early 2007, which rendered Belarus’ financial situation more difficult.3 The Belarusian economy to some degree constitutes an exception in that the authoriti ...
... buttressed by subsidized energy deliveries from Russia (as mentioned above), even if the latter subsidies have been steadily rolled back since early 2007, which rendered Belarus’ financial situation more difficult.3 The Belarusian economy to some degree constitutes an exception in that the authoriti ...
Crises in Asia or Crisis of Globalisation? Heribert Dieter November 1998
... markets, but for the economy of a country this collective behaviour may result in a risky situation. It is interesting to note the comments Stanley Fischer made on that issue before he became Deputy Managing Director of the IMF: "... domestic firms should not be given unrestricted access to foreign ...
... markets, but for the economy of a country this collective behaviour may result in a risky situation. It is interesting to note the comments Stanley Fischer made on that issue before he became Deputy Managing Director of the IMF: "... domestic firms should not be given unrestricted access to foreign ...
No Slide Title
... Focus: links between banking and exchange rate crises. Covers period 1970-95. Based on a group of 20 countries (14 developing countries); total of 26 banking crises. Incidence of both types of crises increased sharply since the early 1980s. Average number per year of banking crises in the sample ros ...
... Focus: links between banking and exchange rate crises. Covers period 1970-95. Based on a group of 20 countries (14 developing countries); total of 26 banking crises. Incidence of both types of crises increased sharply since the early 1980s. Average number per year of banking crises in the sample ros ...
Monetary - Harvard Kennedy School
... Answer: Because the former group are the countries that have institutions, such as rule of law, that assure investors they will be able to reap the returns on their investments. ...
... Answer: Because the former group are the countries that have institutions, such as rule of law, that assure investors they will be able to reap the returns on their investments. ...
Interpreting recent movements in sterling
... which determines currency movements in the near term. In principle, such shorter-term exchange rate movements should be consistent with the asset markets parity condition (UIP) discussed above and hence be affected by factors influencing financial markets. Shorter-term exchange rate movements can, h ...
... which determines currency movements in the near term. In principle, such shorter-term exchange rate movements should be consistent with the asset markets parity condition (UIP) discussed above and hence be affected by factors influencing financial markets. Shorter-term exchange rate movements can, h ...
BULLETIN
... dropped to zero or close-to-zero levels. However, since the policy implementations fell short of reviving the domestic demand, non-conventional monetary policies were adopted. Thus, the global crisis led to a change in the conventional central banking concept; advanced economies’ central banks injec ...
... dropped to zero or close-to-zero levels. However, since the policy implementations fell short of reviving the domestic demand, non-conventional monetary policies were adopted. Thus, the global crisis led to a change in the conventional central banking concept; advanced economies’ central banks injec ...
Central Bank of Nigeria Communique No. 102 of the Monetary
... On the external front, the adverse effect of the protracted decline in global crude oil prices on the fiscal position of government is becoming increasingly ...
... On the external front, the adverse effect of the protracted decline in global crude oil prices on the fiscal position of government is becoming increasingly ...
Answers to Homework #5
... of the homework (legibly). Make sure you write your name as it appears on your ID so that you can receive the correct grade. Late homework will not be accepted so make plans ahead of time to insure your homework is turned in on time. Please show your work. Good luck! 1. Use the AD/AS model for this ...
... of the homework (legibly). Make sure you write your name as it appears on your ID so that you can receive the correct grade. Late homework will not be accepted so make plans ahead of time to insure your homework is turned in on time. Please show your work. Good luck! 1. Use the AD/AS model for this ...
This PDF is a selection from a published volume from... Bureau of Economic Research
... Edwards’s paper shows that despite the fact that the URR may affect the short-run response of interest rates, it does not appear to have long-run effects. Similarly, De Gregorio, Edwards, and Valdes (1998) also find in VARs that “transitory shocks” to the URR have “transitory” effects on the real in ...
... Edwards’s paper shows that despite the fact that the URR may affect the short-run response of interest rates, it does not appear to have long-run effects. Similarly, De Gregorio, Edwards, and Valdes (1998) also find in VARs that “transitory shocks” to the URR have “transitory” effects on the real in ...
January`s currency movements will probably not be
... the loonie lately. First, the agreement among many oilproducing countries to cut production has pushed crude prices back between US$50 and US$55 per barrel. Among other things, this has helped the loonie by stimulating foreign investors’ appetite for the Canadian energy sector. The generally positiv ...
... the loonie lately. First, the agreement among many oilproducing countries to cut production has pushed crude prices back between US$50 and US$55 per barrel. Among other things, this has helped the loonie by stimulating foreign investors’ appetite for the Canadian energy sector. The generally positiv ...
This PDF is a selection from a published volume from... Economic Research Volume Title: NBER International Seminar on Macroeconom
... some empirical issues: there are some endogeneity issues that are hard to deal with. Indeed, foreign aid is not randomly assigned and targeted toward countries that most need it. In particular, in periods of large current account deficits, low‐income countries should receive more aid; this can bias ...
... some empirical issues: there are some endogeneity issues that are hard to deal with. Indeed, foreign aid is not randomly assigned and targeted toward countries that most need it. In particular, in periods of large current account deficits, low‐income countries should receive more aid; this can bias ...
The Currency Blocks: The Euro Zone and the CFA Franc
... to achieve further convergence of national policies and by the creation of a temporary entity, the European Monetary Institute (EMI), was to encourage the coordination of macroeconomic policies and plan the transition to a monetary union. If a majority of countries met the preconditions for unificat ...
... to achieve further convergence of national policies and by the creation of a temporary entity, the European Monetary Institute (EMI), was to encourage the coordination of macroeconomic policies and plan the transition to a monetary union. If a majority of countries met the preconditions for unificat ...
The Adjustment Mechanism: Theory and Problems Rudiger Dornbusch*
... There is also, of course, disintermediation. Countries that can no longer borrow in world capital markets are forced into involuntary trade surpluses. Deficits resulting from structural change in the world economy. Traditionally this was called "loss of markets." In the case of the United States, th ...
... There is also, of course, disintermediation. Countries that can no longer borrow in world capital markets are forced into involuntary trade surpluses. Deficits resulting from structural change in the world economy. Traditionally this was called "loss of markets." In the case of the United States, th ...
Quiz 8
... b. rate at which a person can trade the currency of one country for the currency of another. c. price of a good in one country divided by the price of the same good in another. d. the number of goods a person can trade for a similar good in another country. ____ 13. If the exchange rate is 5 units o ...
... b. rate at which a person can trade the currency of one country for the currency of another. c. price of a good in one country divided by the price of the same good in another. d. the number of goods a person can trade for a similar good in another country. ____ 13. If the exchange rate is 5 units o ...
International Capital Flows and Domestic Financial Conditions: Lessons for Emerging Asia
... NIIP re‡ected signi…cant cumulative current account surpluses over this period (in addition to the operation of valuation e¤ects). Moreover, Figure 4 illustrates that the composition of the international balance sheet is quite asymmetric. In terms of foreign liabilities, the debt-equity ratio has d ...
... NIIP re‡ected signi…cant cumulative current account surpluses over this period (in addition to the operation of valuation e¤ects). Moreover, Figure 4 illustrates that the composition of the international balance sheet is quite asymmetric. In terms of foreign liabilities, the debt-equity ratio has d ...
The Current Account, the Spot Exchange Rate and the Demand for
... theory of money, where the exchange rate is made dependent on relative money supplies, velocities and real incomes. A second version substitutes relative velocities with relative interest rates. Empirical studies have used both forms, though Dornbusch (1980), among others, shows the velocity model e ...
... theory of money, where the exchange rate is made dependent on relative money supplies, velocities and real incomes. A second version substitutes relative velocities with relative interest rates. Empirical studies have used both forms, though Dornbusch (1980), among others, shows the velocity model e ...
NBER WORKING PAPER SERIES EXCHANGE CURRENT DYNAMICS UNDER RATIONAL EXPECTATIONS:
... The model is then estimated for Japan, using quarterly data since the advent of generalized floating in 1973. The estimation results accord well with the theory, with most of the structural and policy coefficients of the expected sign and significant. The estimates, which incorporate the constraints ...
... The model is then estimated for Japan, using quarterly data since the advent of generalized floating in 1973. The estimation results accord well with the theory, with most of the structural and policy coefficients of the expected sign and significant. The estimates, which incorporate the constraints ...
Emerging market currency composition of reserves
... 2. Explaining the currency composition of forex reserves How should reserve managers choose the currency composition of their reserves? The numeraire that is used to measure risks and returns has a very strong influence on calculated optimal currency allocations (Papaioannou et al (2006), Borio et a ...
... 2. Explaining the currency composition of forex reserves How should reserve managers choose the currency composition of their reserves? The numeraire that is used to measure risks and returns has a very strong influence on calculated optimal currency allocations (Papaioannou et al (2006), Borio et a ...
Monetary Policy & Aggregate Demand
... expand the economy by channeling more saving into investment. Contractionary monetary policy tries to reduce inflationary pressures by restricting demand for consumer loans and investment ...
... expand the economy by channeling more saving into investment. Contractionary monetary policy tries to reduce inflationary pressures by restricting demand for consumer loans and investment ...
Foreign-exchange reserves
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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.