The Politics of Monetary Leadership and
... monetary leadership has been weak and, at times, failing. Leading and Following in International Monetary Cooperation There are at least two factors that distinguish international cooperation in money from international cooperation in trade. First, unlike cooperation in international trade, cooperat ...
... monetary leadership has been weak and, at times, failing. Leading and Following in International Monetary Cooperation There are at least two factors that distinguish international cooperation in money from international cooperation in trade. First, unlike cooperation in international trade, cooperat ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... forces behind the imposition of capital restrictions in a score of countries.5 Rodrik (1998) used a similar index to investigate the effects of capital controls on growth, inflation, and investment between 1979 and 1989. His results suggest that, after controlling for other variables, capital restric ...
... forces behind the imposition of capital restrictions in a score of countries.5 Rodrik (1998) used a similar index to investigate the effects of capital controls on growth, inflation, and investment between 1979 and 1989. His results suggest that, after controlling for other variables, capital restric ...
mmi11 Sturm 15004126 en
... XDEBTGNI (external debt scaled to Gross National Income, GNI): First, a high debt ratio may reduce the creditworthiness of the country concerned and, hence, increase its demand for IMF credit. Second, so-called “highly-indebted poor countries” are only eligible for debt relief, if they maintain macr ...
... XDEBTGNI (external debt scaled to Gross National Income, GNI): First, a high debt ratio may reduce the creditworthiness of the country concerned and, hence, increase its demand for IMF credit. Second, so-called “highly-indebted poor countries” are only eligible for debt relief, if they maintain macr ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Reducing Inflation: Motivation and Strategy
... with an indexed tax system might be less opposed to inflation, other things equal, than one without such indexation. Other factors along these lines include the degree of wage indexation and the prevalence of long-term contracts. Each of the factors is endogenous with respect to inflation over a suf ...
... with an indexed tax system might be less opposed to inflation, other things equal, than one without such indexation. Other factors along these lines include the degree of wage indexation and the prevalence of long-term contracts. Each of the factors is endogenous with respect to inflation over a suf ...
Capital Controls: Gates and Walls
... account restrictions could help achieve this external goal by enabling its government to manage its real exchange rate (Jeanne 2011). Episodic controls on capital inflows could, theoretically, enable monetary authorities to fight inflation by raising interest rates without simultaneously facing the ...
... account restrictions could help achieve this external goal by enabling its government to manage its real exchange rate (Jeanne 2011). Episodic controls on capital inflows could, theoretically, enable monetary authorities to fight inflation by raising interest rates without simultaneously facing the ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... the financial weaknesses in Mexico and East Asia, and when the crises erupted almost every observer was surprised by their intensity.1 This inability to predict major financial collapses is viewed as an embarrassment of sorts by the economics profession. As a result, during the last few years macroe ...
... the financial weaknesses in Mexico and East Asia, and when the crises erupted almost every observer was surprised by their intensity.1 This inability to predict major financial collapses is viewed as an embarrassment of sorts by the economics profession. As a result, during the last few years macroe ...
This PDF is a selection from a published volume from
... central points of inflation targets be higher in EMEs? (5) How should International Monetary Fund (IMF) conditionality be designed with an inflation-targeting country? This paper discusses these monetary policy issues. Its focus, therefore, is more applied. For that purpose, our analysis is based on ...
... central points of inflation targets be higher in EMEs? (5) How should International Monetary Fund (IMF) conditionality be designed with an inflation-targeting country? This paper discusses these monetary policy issues. Its focus, therefore, is more applied. For that purpose, our analysis is based on ...
Current Account Reversals: Always a Problem?
... as years of instability: reversals were frequent and large and had major output costs. Under Bretton Woods, in contrast, reversals were few and small; in both respects this period resembles the gold standard years. These facts are presumably explicable in part by the prevalence of capital controls a ...
... as years of instability: reversals were frequent and large and had major output costs. Under Bretton Woods, in contrast, reversals were few and small; in both respects this period resembles the gold standard years. These facts are presumably explicable in part by the prevalence of capital controls a ...
Working Paper 23 – Will Asymmetric Shocks Pose a Serious
... It has also been argued that thanks to the enlargement of the currency area and the pooling of foreign exchange reserves, exchange rate variations vis-à-vis third currencies may decrease as well. ...
... It has also been argued that thanks to the enlargement of the currency area and the pooling of foreign exchange reserves, exchange rate variations vis-à-vis third currencies may decrease as well. ...
Spillover Implications of Differences in Monetary Conditions in
... in real and monetary conditions in the United States and the euro area requires a consistent framework to jointly identify shocks in the two economies. Second, the model must encompass a broad definition of money shocks, as both the Federal Reserve and the ECB have engaged in unconventional monetary ...
... in real and monetary conditions in the United States and the euro area requires a consistent framework to jointly identify shocks in the two economies. Second, the model must encompass a broad definition of money shocks, as both the Federal Reserve and the ECB have engaged in unconventional monetary ...
Theme 1: Debt, Monetary Policy and the Financial Sector
... costs” associated with a large domestic debt stock, arising from the incentives it creates for governments to act in an opportunistic fashion. The problems associated with domestic debt are therefore legitimate components of fiscal sustainability, and hence consideration should be given to the domes ...
... costs” associated with a large domestic debt stock, arising from the incentives it creates for governments to act in an opportunistic fashion. The problems associated with domestic debt are therefore legitimate components of fiscal sustainability, and hence consideration should be given to the domes ...
NBER WORKING PAPER SERIES MACROECONOMIC POLICIES IN THE OECD Warwick McKibbin
... a substantial increase in complexity of the model). Second. real high—powered money balances are also not counted as part of wealth. This change would be easy to make but would probably not cause any major quantitative change to the model. ...
... a substantial increase in complexity of the model). Second. real high—powered money balances are also not counted as part of wealth. This change would be easy to make but would probably not cause any major quantitative change to the model. ...
Principles of Macroeconomics
... Principles of Macroeconomics provides complete, concise coverage of introductory macroeconomic theory and policy. It examines the Canadian economy as an economic system, and embeds current Canadian institutions and approaches to monetary policy and fiscal policy within that system. Particular attent ...
... Principles of Macroeconomics provides complete, concise coverage of introductory macroeconomic theory and policy. It examines the Canadian economy as an economic system, and embeds current Canadian institutions and approaches to monetary policy and fiscal policy within that system. Particular attent ...
Rating agencies` signals during the European
... The European sovereign debt crisis brought increased attention to the role of credit rating agencies (CRAs) and the interdependence between financial markets during crises. IMF (2010a) stated that sovereign default was the most pressing risk facing the global economy. Many sovereign ratings, particul ...
... The European sovereign debt crisis brought increased attention to the role of credit rating agencies (CRAs) and the interdependence between financial markets during crises. IMF (2010a) stated that sovereign default was the most pressing risk facing the global economy. Many sovereign ratings, particul ...
EM Currency Handbook 2014
... across EM. Asia is trading mildly stronger than precrisis levels, but it has also posted the fastest pace of productivity. EMEA FX lies in the middle, while LatAm FX is most concerning, with productivity clearly lagging currency appreciation. Country-wise, the contrast between China and Brazil is mo ...
... across EM. Asia is trading mildly stronger than precrisis levels, but it has also posted the fastest pace of productivity. EMEA FX lies in the middle, while LatAm FX is most concerning, with productivity clearly lagging currency appreciation. Country-wise, the contrast between China and Brazil is mo ...
A Primer on Inflation
... economy, rendering decision-making and forward planning by consumers, businesses, and government difficult. Eventually, inflation may strain a country’s social fabric as each group in society competes with other groups to ensure its wages are keeping up with the rising level of prices. The social an ...
... economy, rendering decision-making and forward planning by consumers, businesses, and government difficult. Eventually, inflation may strain a country’s social fabric as each group in society competes with other groups to ensure its wages are keeping up with the rising level of prices. The social an ...
Medium Term Debt Management Strategy (2011
... By the end of 2008, the outstanding amount of debt has reached 11.6 billion lei (18.4% of GDP). During 2008–2010, this balance has followed an upward trend. The growth owes to the increase of the domestic debt, but also of the external debt expressed in Moldavian lei. This ascending trend is due to ...
... By the end of 2008, the outstanding amount of debt has reached 11.6 billion lei (18.4% of GDP). During 2008–2010, this balance has followed an upward trend. The growth owes to the increase of the domestic debt, but also of the external debt expressed in Moldavian lei. This ascending trend is due to ...
SOVEREIGN DEBT CRISIS: CONCEPTUAL AND EMPIRICAL ANALYSIS
... governments, and therefore, the linkage of these two crises is very important. Laeven and Valencia (2012) state that banking crises usually result in larger output losses and higher increases in government debt in advanced economies due to deeper banking systems. Another potential cause of the twin ...
... governments, and therefore, the linkage of these two crises is very important. Laeven and Valencia (2012) state that banking crises usually result in larger output losses and higher increases in government debt in advanced economies due to deeper banking systems. Another potential cause of the twin ...
EmErging CurrEnCy - Societe Generale
... Hong Kong Notice: This document is distributed in Hong Kong by SG Securities (HK) Limited and Societe Generale Hong Kong Branch, which is regulated by Securities and Futures Commission and Hong Kong Monetary Authority. This document is issued solely to “professional investors” within the meaning of ...
... Hong Kong Notice: This document is distributed in Hong Kong by SG Securities (HK) Limited and Societe Generale Hong Kong Branch, which is regulated by Securities and Futures Commission and Hong Kong Monetary Authority. This document is issued solely to “professional investors” within the meaning of ...
Currency internationalisation and exchange rate dynamics in
... relationship with short-term capital flows over recent years. In addition, the econometric results present evidence that despite different structural characteristics, the Brazilian Real exhibits a strong co-movement with other internationally traded currencies, confirming the currency‘s internationa ...
... relationship with short-term capital flows over recent years. In addition, the econometric results present evidence that despite different structural characteristics, the Brazilian Real exhibits a strong co-movement with other internationally traded currencies, confirming the currency‘s internationa ...
Policy Analysis with the MSG2 Model
... 3. The use of rational expectations in the foreign exchange market has also recently been implemented in an Australian model by Murphy (1986) in the AMPS model. The crucial role of expectations is also recognised in the RBII model (Jonson et al) (1976)) which assumes expectations are driven by signa ...
... 3. The use of rational expectations in the foreign exchange market has also recently been implemented in an Australian model by Murphy (1986) in the AMPS model. The crucial role of expectations is also recognised in the RBII model (Jonson et al) (1976)) which assumes expectations are driven by signa ...
the impact of the global financial and economic crisis - UN
... with the already large ranks of the poor growing by nearly 10 million people by 2010. Conservative estimates put lost income in 2009 alone at over 70 billion dollars, more than twice the amount of net development assistance received by the Least Developed Countries in 2006. In these circumstances, t ...
... with the already large ranks of the poor growing by nearly 10 million people by 2010. Conservative estimates put lost income in 2009 alone at over 70 billion dollars, more than twice the amount of net development assistance received by the Least Developed Countries in 2006. In these circumstances, t ...
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.