The Euro Crisis and the Job Guarantee: A Proposal for Ireland
... Iceland. In both cases, these nations adopted the neoliberal attitude toward banks that was pushed by policymakers in Europe and America, with disastrous results. The banks blew up in a speculative fever and then expected their governments to absorb all the losses. The situation was similar in the U ...
... Iceland. In both cases, these nations adopted the neoliberal attitude toward banks that was pushed by policymakers in Europe and America, with disastrous results. The banks blew up in a speculative fever and then expected their governments to absorb all the losses. The situation was similar in the U ...
Brazil and the G20: Recent Development Strategy and Strength
... forum for international economic coordination, replacing the G7. For the first time in modern history, leading emerging nations have a real chance to shape the evolution of the international monetary system (Dailami and Masson 2009), and the debate around the subject is ever more aroused given the m ...
... forum for international economic coordination, replacing the G7. For the first time in modern history, leading emerging nations have a real chance to shape the evolution of the international monetary system (Dailami and Masson 2009), and the debate around the subject is ever more aroused given the m ...
Foreign exchange rate policy
... underlying demand and supply conditions to determine the exchange rate movements over a period in an orderly manner. Subject to this predominant objective, the Reserve Bank of India's intervention in the foreign exchange market has been driven by the objectives of reducing excess volatility, maintai ...
... underlying demand and supply conditions to determine the exchange rate movements over a period in an orderly manner. Subject to this predominant objective, the Reserve Bank of India's intervention in the foreign exchange market has been driven by the objectives of reducing excess volatility, maintai ...
Country Profile: Turkey Macroeconomic Policy and
... slow to adjust. The real rate of interest remained above 10% over 2004 and generated heavy pressures against the fiscal authority in meeting its debt obligations. The persistence of the real interest rates, on the other hand, had also been responsible in attracting heavy flows of short term speculat ...
... slow to adjust. The real rate of interest remained above 10% over 2004 and generated heavy pressures against the fiscal authority in meeting its debt obligations. The persistence of the real interest rates, on the other hand, had also been responsible in attracting heavy flows of short term speculat ...
China`s Progress Towards Capital Account Convertibility
... Long-term Renminbi-denominated loans from Chinese financial institutions to borrowers outside of China. At this time, it is not clear that there is a strong demand for borrowers outside of China to borrow Renminbi to be used outside of China. Nor is it clear that the Chinese government wants to enco ...
... Long-term Renminbi-denominated loans from Chinese financial institutions to borrowers outside of China. At this time, it is not clear that there is a strong demand for borrowers outside of China to borrow Renminbi to be used outside of China. Nor is it clear that the Chinese government wants to enco ...
Balanced Global Economy Growth: Responsibility and Policy of China and USA
... 4 How to Realize Balanced Growth for the Global Economy The global economic imbalance under the globalization is the result of interaction of the economic activities of the countries, so all the countries shall take common action and adopt comprehensive policies and measures for regulating the globa ...
... 4 How to Realize Balanced Growth for the Global Economy The global economic imbalance under the globalization is the result of interaction of the economic activities of the countries, so all the countries shall take common action and adopt comprehensive policies and measures for regulating the globa ...
Assessing reserve management during economic crises
... the main driver of countries’ reserve demand, rather than the export-driven mercantilist motive. The build-up in emerging and developing country reserves following the 2008 financial crisis is such an example (BIS, 2016). There are multiple costs to holding foreign exchange reserves, which limit dem ...
... the main driver of countries’ reserve demand, rather than the export-driven mercantilist motive. The build-up in emerging and developing country reserves following the 2008 financial crisis is such an example (BIS, 2016). There are multiple costs to holding foreign exchange reserves, which limit dem ...
Financial instability in Latin America Sebastian Edwards 5
... currency denominated liabilities. The argument works along the following lines: if domestic firms have debt denominated in foreign currency, exchange rate depreciation will generate a major increase in the (real) domestic currency value of liabilities. This, in turn, could contribute to massive bankr ...
... currency denominated liabilities. The argument works along the following lines: if domestic firms have debt denominated in foreign currency, exchange rate depreciation will generate a major increase in the (real) domestic currency value of liabilities. This, in turn, could contribute to massive bankr ...
Contractual_Savings_Sep4_2011
... One of the arguments against fully funded pension funds is that they become captive source of financing the government deficits. This is what is happening to even bank deposits today in Pakistan. So fiscal discipline and reduced demand from the government and the public sector are sine quo non for t ...
... One of the arguments against fully funded pension funds is that they become captive source of financing the government deficits. This is what is happening to even bank deposits today in Pakistan. So fiscal discipline and reduced demand from the government and the public sector are sine quo non for t ...
Chapter II (pdf format)
... That is, under free international capital mobility, the monetary policy of a central bank has to be consistent with the fixed exchange rate. Otherwise, market forces will force the central bank to change the official parity. For example, suppose a central bank suddenly increases the money supply. Un ...
... That is, under free international capital mobility, the monetary policy of a central bank has to be consistent with the fixed exchange rate. Otherwise, market forces will force the central bank to change the official parity. For example, suppose a central bank suddenly increases the money supply. Un ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... cumulated in London, whence, according to long tradition and practice, they could be instantly withdrawn. This added both to the strength of sterling and the need for liquidity felt by the London bankers with whom these balances were held. Germany, though called upon to remit heavily not only to Lon ...
... cumulated in London, whence, according to long tradition and practice, they could be instantly withdrawn. This added both to the strength of sterling and the need for liquidity felt by the London bankers with whom these balances were held. Germany, though called upon to remit heavily not only to Lon ...
Economics, by R. Glenn Hubbard and Anthony Patrick O'Brien
... © 2006 Prentice Hall Business Publishing Economics R. Glenn Hubbard, Anthony Patrick O’Brien—1st ed. ...
... © 2006 Prentice Hall Business Publishing Economics R. Glenn Hubbard, Anthony Patrick O’Brien—1st ed. ...
ON THE ECONOMICS OF "OPEN ECONOMY" DE-INDUSTRIALIZATION Prabhat Patnaik
... at the Annual Conference of the Indian Society of Labour Economics. Shri Giri was not only a committed trade unionist but a social thinker of note who sought to build a bridge between his Gandhian outlook and his struggles on behalf of the working class. As Labour Minister in Pandit Jawaharlal Nehru ...
... at the Annual Conference of the Indian Society of Labour Economics. Shri Giri was not only a committed trade unionist but a social thinker of note who sought to build a bridge between his Gandhian outlook and his struggles on behalf of the working class. As Labour Minister in Pandit Jawaharlal Nehru ...
Michael D. Bordo and AnnaJ. Schwartz TRANSMISSION OF REAL AND MONETARY
... exports and imports to adjust. However, relative prices of traded and nontraded goods are altered. Since the initial effects of increases in the money supply tend to lower interest rates, capital flows abroad are also a channel of transmission. A short-term capital inflow, however, may provide tempo ...
... exports and imports to adjust. However, relative prices of traded and nontraded goods are altered. Since the initial effects of increases in the money supply tend to lower interest rates, capital flows abroad are also a channel of transmission. A short-term capital inflow, however, may provide tempo ...
The Road to Financialization in Central and Eastern Europe
... quantitative criteria for domestic (central bank) credit and spending + floors for international reserves. Calculated as residuals by setting a target for money supply (Easterly, 2004). ...
... quantitative criteria for domestic (central bank) credit and spending + floors for international reserves. Calculated as residuals by setting a target for money supply (Easterly, 2004). ...
Forecasting outstanding debt securities in Europe
... 4. Égert, B., Halpern, L. and R. MacDonald (2006) Equilibrium exchange rates in transition economies: Taking stock of the issues, Journal of Economic Surveys, 20(2), 253-324. 5. Gutierrez, E. (2006), "Export Performance and External Competitiveness in the Former Yugoslav Republic of Macedonia", IMF ...
... 4. Égert, B., Halpern, L. and R. MacDonald (2006) Equilibrium exchange rates in transition economies: Taking stock of the issues, Journal of Economic Surveys, 20(2), 253-324. 5. Gutierrez, E. (2006), "Export Performance and External Competitiveness in the Former Yugoslav Republic of Macedonia", IMF ...
Thailand
... IMF projects that at the broader public sector level, which also includes off-budget investment projects undertaken by other public entities, deficits would have widened to 4.2% of GDP by the end of fiscal year 2014, up from 1.5% of GDP in fiscal year 2011.10 As a result, public debt including guara ...
... IMF projects that at the broader public sector level, which also includes off-budget investment projects undertaken by other public entities, deficits would have widened to 4.2% of GDP by the end of fiscal year 2014, up from 1.5% of GDP in fiscal year 2011.10 As a result, public debt including guara ...
Chapter 5
... How does the level of prices effect exchange rates? It doesn’t. All changes in a nation’s price level will be fully incorporated into the nominal exchange rate. It is the law of one price applied to the international marketplace. Purchasing-Power Parity suggests that nominal exchange rate movements ...
... How does the level of prices effect exchange rates? It doesn’t. All changes in a nation’s price level will be fully incorporated into the nominal exchange rate. It is the law of one price applied to the international marketplace. Purchasing-Power Parity suggests that nominal exchange rate movements ...
Global Imbalances? What Global Imbalances?
... A reduction in the trade balance deficit by six percentage points of GDP requires a depreciation of the real exchange rate of 2.9 percent (and, of course, a reduction in the ratio of domestic demand to GDP by six percentage points) ...
... A reduction in the trade balance deficit by six percentage points of GDP requires a depreciation of the real exchange rate of 2.9 percent (and, of course, a reduction in the ratio of domestic demand to GDP by six percentage points) ...
THE GLOBAL IMBALANCES: WHAT IS THE PROBLEM? Economic Affairs
... but must be allowed to work themselves out in this world market system. This does not rule out short or medium term interventions by particular countries. To come back to Cooper, he points out that the net international investment position (net debtor position) of the US at the end of 2006 was 16% ...
... but must be allowed to work themselves out in this world market system. This does not rule out short or medium term interventions by particular countries. To come back to Cooper, he points out that the net international investment position (net debtor position) of the US at the end of 2006 was 16% ...
This PDF is a selection from a published volume from... Bureau of Economic Research Volume Title: NBER International Seminar on Macroeconomics
... substantial tensions, with consequences for the market ’s assessment of what is now called peripheral sovereign debt. In other words, this is very much a typical model as it is used in most central banks (see Galí and Gertler 2007). What is remarkable, however, is that the zero lower bound arises ou ...
... substantial tensions, with consequences for the market ’s assessment of what is now called peripheral sovereign debt. In other words, this is very much a typical model as it is used in most central banks (see Galí and Gertler 2007). What is remarkable, however, is that the zero lower bound arises ou ...
Foreign-exchange reserves
.PNG?width=300)
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.