NBER WORKING PAPER SERIES MONETARY POLICIES FOR DEVELOPING COUNTRIES: Haizhou Huang
... incentive in fighting corruption and improving fiscal capacity from a political economy perspective. Several interesting results emerge from our analysis. First, generally speaking, the optimal inflation target is higher for a high-corruption country than for a lowcorruption country. Hence, an infla ...
... incentive in fighting corruption and improving fiscal capacity from a political economy perspective. Several interesting results emerge from our analysis. First, generally speaking, the optimal inflation target is higher for a high-corruption country than for a lowcorruption country. Hence, an infla ...
Factors Determining a `Safe` Level of Public Debt
... For this reason, many governments are trying to determine a ‘safe’ level of fiscal deficit and public debt. However, this is not an easy task. There is no single standard of fiscal safety for all economies. Besides, a globalized economy and irregular business cycle make it difficult to find out in w ...
... For this reason, many governments are trying to determine a ‘safe’ level of fiscal deficit and public debt. However, this is not an easy task. There is no single standard of fiscal safety for all economies. Besides, a globalized economy and irregular business cycle make it difficult to find out in w ...
Why Do Emerging Economies Import Direct Investment and
... our model still allows a domestic capital market to emerge. Indeed, in our framework, the domestic capital market is perfect at insuring domestic idiosyncratic shocks for domestic residents and is still used as a source of financing. Second, Ju and Wei explore domestic institutions more generally ra ...
... our model still allows a domestic capital market to emerge. Indeed, in our framework, the domestic capital market is perfect at insuring domestic idiosyncratic shocks for domestic residents and is still used as a source of financing. Second, Ju and Wei explore domestic institutions more generally ra ...
Juha Tervala Learning by Devaluating
... emphasises supply-side effects that come from the presence of technical progress through learning by doing (LBD). 1 He argues that “[i]f the level of total factor productivity depends on past levels of output, then a fall in output today, due to, say, a loss in competitiveness, will lower productivi ...
... emphasises supply-side effects that come from the presence of technical progress through learning by doing (LBD). 1 He argues that “[i]f the level of total factor productivity depends on past levels of output, then a fall in output today, due to, say, a loss in competitiveness, will lower productivi ...
Interest Rates and the Exchange Rate: A Non
... actively by a number of central banks to defend against speculative attacks on their currencies. In contrast, the period 2001-2007 was one of relative tranquility in international currency markets. As a result interest rates were much less volatile during the latter phase relative to the first sub-s ...
... actively by a number of central banks to defend against speculative attacks on their currencies. In contrast, the period 2001-2007 was one of relative tranquility in international currency markets. As a result interest rates were much less volatile during the latter phase relative to the first sub-s ...
Australian Government Foreign Exchange Risk Management
... exchange risk. Hedging is not limited to definitions in accounting standards and is not necessarily linked to securities and other financial instruments. Other arrangements that may be viewed as mitigating foreign exchange risk are also prohibited under the policy, where that arrangement does not re ...
... exchange risk. Hedging is not limited to definitions in accounting standards and is not necessarily linked to securities and other financial instruments. Other arrangements that may be viewed as mitigating foreign exchange risk are also prohibited under the policy, where that arrangement does not re ...
NBER WORKING PAPER SERIES PRNATE CONSUMPTION,
... foreign countries are cointegrated. The empirical evidence suggests that private consumption in the home and foreign countries accounts for a significant fraction of the long run movements of real exchange rate in South Korea and Taiwan. Accounting for real government consumption does not overturn t ...
... foreign countries are cointegrated. The empirical evidence suggests that private consumption in the home and foreign countries accounts for a significant fraction of the long run movements of real exchange rate in South Korea and Taiwan. Accounting for real government consumption does not overturn t ...
Mauritius - COMESA Monetary Institute (CMI)
... The advent of inflation-targeting, emergence of ‘Taylor’s rule’ and more work on the benefits of independent central bank have brought new light on the coordination framework between monetary policy and fiscal policy. Investigating how fiscal policy affects monetary policy through estimates of their ...
... The advent of inflation-targeting, emergence of ‘Taylor’s rule’ and more work on the benefits of independent central bank have brought new light on the coordination framework between monetary policy and fiscal policy. Investigating how fiscal policy affects monetary policy through estimates of their ...
The Yugoslav Hyperinflation of 1992-1994
... The problem with the monetarist view that money growth is endogenous in a state of fiscal dominance is that it cannot explain the runaway inflation associated with the large and growing deficit that has been observed in most hyperinflations, including the Yugoslav one. The monetarist model predicts ...
... The problem with the monetarist view that money growth is endogenous in a state of fiscal dominance is that it cannot explain the runaway inflation associated with the large and growing deficit that has been observed in most hyperinflations, including the Yugoslav one. The monetarist model predicts ...
Exchange rate policy and export performance in a landlocked
... reliance can be reduced by the use of air transport. Higher transport costs typically increase the costs of goods from landlocked countries, placing them at a disadvantage in international markets. This is particularly so for developing countries, the economies of which are often focused on the prod ...
... reliance can be reduced by the use of air transport. Higher transport costs typically increase the costs of goods from landlocked countries, placing them at a disadvantage in international markets. This is particularly so for developing countries, the economies of which are often focused on the prod ...
Real Exchange Rates and International Competitiveness
... a rise in demand for import substitutes as the prices of imports in domestic currency terms increases. The contractionary impact comes when higher value of payments on imported inputs reduces domestic income and demand through fall in propensity to consume or invest. Krugman and Taylor (1978) show t ...
... a rise in demand for import substitutes as the prices of imports in domestic currency terms increases. The contractionary impact comes when higher value of payments on imported inputs reduces domestic income and demand through fall in propensity to consume or invest. Krugman and Taylor (1978) show t ...
Money and Monetary Policy for the 21st Century
... the past decade demonstrated, financial institutions are “potential output” of the economy, which is the social paynot sound and payments systems are not efficient when the off for policies that maintain sound money. The frequently value of money is not stable. Decades of experience have referred to, bu ...
... the past decade demonstrated, financial institutions are “potential output” of the economy, which is the social paynot sound and payments systems are not efficient when the off for policies that maintain sound money. The frequently value of money is not stable. Decades of experience have referred to, bu ...
Title The Restoration of the Gold Standard after the US Civil War: A
... copper pennies and notes issued by state or private banks. All non- specie money could principally be converted into gold. There was no paper money issued by the government. However, the U.S. was practically on a gold standard since the relative price of gold to silver was higher than the world- mar ...
... copper pennies and notes issued by state or private banks. All non- specie money could principally be converted into gold. There was no paper money issued by the government. However, the U.S. was practically on a gold standard since the relative price of gold to silver was higher than the world- mar ...
CURRENCY DEVALUATION AND POVERTY IN NIGERIA (PDF
... volatility that devaluation cause in the exchange rate has translated a major impact on the increasing of inflation in the country (Bakare, 2014). That is, the currency devaluation of Naira has contributed to inflationary trends in Nigeria (Imimole & Enoma, 2011). Besides, Ogundipe et al., (2013) fo ...
... volatility that devaluation cause in the exchange rate has translated a major impact on the increasing of inflation in the country (Bakare, 2014). That is, the currency devaluation of Naira has contributed to inflationary trends in Nigeria (Imimole & Enoma, 2011). Besides, Ogundipe et al., (2013) fo ...
Can Foreign Exchange Intervention Stem Exchange Rate Pressures
... From an empirical perspective, estimating the effect of (sterilized) intervention on the exchange rate has been a major methodological challenge for the literature, as the decision to intervene is often driven by contemporaneous exchange rate developments, and is thus endogenous. See, for example, t ...
... From an empirical perspective, estimating the effect of (sterilized) intervention on the exchange rate has been a major methodological challenge for the literature, as the decision to intervene is often driven by contemporaneous exchange rate developments, and is thus endogenous. See, for example, t ...
University of Lethbridge — Department of Economics
... 30) The current overnight loans rate is 3 percent, with the Bank of Canada's operating band set at 2.75 to 3.25 percent. If the Bank of Canada lowers their operating band to 2.25 to 2.75 percent, which of the following is one of the reasons the overnight rate will fall to within this new range? A) ...
... 30) The current overnight loans rate is 3 percent, with the Bank of Canada's operating band set at 2.75 to 3.25 percent. If the Bank of Canada lowers their operating band to 2.25 to 2.75 percent, which of the following is one of the reasons the overnight rate will fall to within this new range? A) ...
Board of Governors of the Federal Reserve System IFDP 1058
... This paper reviews the raw data available for measuring international banknote flows and presents updates on indirect methods of estimating the stock of currency held abroad: the seasonal method and the biometric method. These methods require some adjustments, but they continue to indicate that a la ...
... This paper reviews the raw data available for measuring international banknote flows and presents updates on indirect methods of estimating the stock of currency held abroad: the seasonal method and the biometric method. These methods require some adjustments, but they continue to indicate that a la ...
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... (1998), Montiel and Reinhart (1999), De Gregorio et al. (2000)). There are several possible reasons why policymakers might want to impose controls on capital inflows (e.g., Dooley (1996)). The reason considered in this paper underlies many of the country experiences discussed above. Namely, taxing c ...
... (1998), Montiel and Reinhart (1999), De Gregorio et al. (2000)). There are several possible reasons why policymakers might want to impose controls on capital inflows (e.g., Dooley (1996)). The reason considered in this paper underlies many of the country experiences discussed above. Namely, taxing c ...
Chapter Twelve - McGraw Hill Higher Education
... We had sold out almost our entire inventory and, to our amazement, had nothing to show for it except a worthless bank account and a few suitcases full of currency not even good enough to paper our walls with. We tried at first to sell and then buy again as quickly as possible—but the inflation easil ...
... We had sold out almost our entire inventory and, to our amazement, had nothing to show for it except a worthless bank account and a few suitcases full of currency not even good enough to paper our walls with. We tried at first to sell and then buy again as quickly as possible—but the inflation easil ...
Quasi-Commodity Money
... historical gold standard, it does apply to proposals for 100-percent commodity money regimes, including those proposed by Murray Rothbard (1962) and James Buchanan (1962) in their own contributions to In Search of a Monetary Constitution. 3 In practice, as Friedman (1986) himself eventually conceded ...
... historical gold standard, it does apply to proposals for 100-percent commodity money regimes, including those proposed by Murray Rothbard (1962) and James Buchanan (1962) in their own contributions to In Search of a Monetary Constitution. 3 In practice, as Friedman (1986) himself eventually conceded ...
Chapter 15
... PowerPoint® Slides t/a Principles of Macroeconomics by Bernanke, Olekalns and Frank ...
... PowerPoint® Slides t/a Principles of Macroeconomics by Bernanke, Olekalns and Frank ...
Principles of Money, Banking, and Financial Markets, 12e
... B) travelers' checks. C) large-denomination certificates of deposit. D) small-denomination certificates of deposit. Answer: B Diff: 3 Skill: Factual 13) The difference between M1 and M2 definitions of the money supply is that M2 includes A) demand deposits at banks. B) large denomination time deposi ...
... B) travelers' checks. C) large-denomination certificates of deposit. D) small-denomination certificates of deposit. Answer: B Diff: 3 Skill: Factual 13) The difference between M1 and M2 definitions of the money supply is that M2 includes A) demand deposits at banks. B) large denomination time deposi ...
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.