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THE DOWNSIDE OF DEBT REDUCTION
... (1) Carry out a “base” scenario projection over (say) five years, assuming that the government will maintain its net external borrowing so that the ratio of government debt to GDP remains what it was at the end of the last historical year. (2) Carry out a second projection, with a reduction in the e ...
... (1) Carry out a “base” scenario projection over (say) five years, assuming that the government will maintain its net external borrowing so that the ratio of government debt to GDP remains what it was at the end of the last historical year. (2) Carry out a second projection, with a reduction in the e ...
ECO/WK
... monetary authorities, which, in turn, requires a perception that the central bank will not be influenced by political factors. However, studies carried out before the regime switch showed that Iceland ranked near the bottom amongst industrialised nations in terms of central bank independence (Fry et ...
... monetary authorities, which, in turn, requires a perception that the central bank will not be influenced by political factors. However, studies carried out before the regime switch showed that Iceland ranked near the bottom amongst industrialised nations in terms of central bank independence (Fry et ...
International Dimensions Of Monetary And Fiscal Policy
... International Phenomena and Domestic Goals Monetary and fiscal policy can work the other way around. The monetary and fiscal policies of other countries can have significant effects on Canadian domestic economy. ...
... International Phenomena and Domestic Goals Monetary and fiscal policy can work the other way around. The monetary and fiscal policies of other countries can have significant effects on Canadian domestic economy. ...
Chapter 2: Introduction to Exchange Rates and Foreign
... individuals, corporations, and some public institutions that buy and sell currencies. Volume is enormous: 2010 $4 trilion per day. US GDP? Highly integrated internationally: there is not a moment in the day when foreign exchange is not being traded somewhere in the world. Concentrated in major FOREX ...
... individuals, corporations, and some public institutions that buy and sell currencies. Volume is enormous: 2010 $4 trilion per day. US GDP? Highly integrated internationally: there is not a moment in the day when foreign exchange is not being traded somewhere in the world. Concentrated in major FOREX ...
The impact of international capital flows on the South Africa
... one may associate the surge in net capital flows with maintaining exuberance that leads to higher share price indices, more imports, growth in private consumption and high levels of capital flight. All of these factors have the potential to weaken the economy over time. The 2001 South African rand c ...
... one may associate the surge in net capital flows with maintaining exuberance that leads to higher share price indices, more imports, growth in private consumption and high levels of capital flight. All of these factors have the potential to weaken the economy over time. The 2001 South African rand c ...
Exploring the Relationship between Population Age Structure and Real Exchange Rate in OECD Countries
... another (Dwyer and Lowe, 1993). It influences consumption and resource allocation decisions between tradable and non-tradable goods, and also represents a country‟s comparative advantage. Different real (i.e. terms of trade, productivity) and nominal (i.e. money supply) shocks cause the real exchang ...
... another (Dwyer and Lowe, 1993). It influences consumption and resource allocation decisions between tradable and non-tradable goods, and also represents a country‟s comparative advantage. Different real (i.e. terms of trade, productivity) and nominal (i.e. money supply) shocks cause the real exchang ...
Cours 6 - Solvay Brussels School
... International Monetary Fund Introduction Set up in 1944 as part of the Bretton Woods agreements to deal with the exchange rate arrangements in the world economy, and to aid in the financing of balance payments deficits. US had often been reluctant to provide large funds, fearing that deficit cou ...
... International Monetary Fund Introduction Set up in 1944 as part of the Bretton Woods agreements to deal with the exchange rate arrangements in the world economy, and to aid in the financing of balance payments deficits. US had often been reluctant to provide large funds, fearing that deficit cou ...
Adjustment Difficulties and Debt Overhangs in the Eurozone Periphery
... The following analysis shall show that these five economies in reality are quite different. Portugal and Greece share two key features, namely high external debt and an extremely low rate of national savings. The latter implies that these two countries have to rely continuously on large inflows of c ...
... The following analysis shall show that these five economies in reality are quite different. Portugal and Greece share two key features, namely high external debt and an extremely low rate of national savings. The latter implies that these two countries have to rely continuously on large inflows of c ...
3 - Munich Personal RePEc Archive
... price stickiness for at least one period, and high risk aversion can replicate the fluctuations in the real exchange rate between the US and a European aggregate. They also show that adding real shocks (in the form total factor productivity (TFP) and government spending shocks) to their stylized mo ...
... price stickiness for at least one period, and high risk aversion can replicate the fluctuations in the real exchange rate between the US and a European aggregate. They also show that adding real shocks (in the form total factor productivity (TFP) and government spending shocks) to their stylized mo ...
NBER WORKING PAPER SERIES
... going forward, in practice a low rate of in‡ation for some real world price index) in terms of that numéraire. The plausibility of both assumptions is questionable. This matters not just in the Eisler universe, which does have a means of payment/medium of exchange (currency, for short), although it ...
... going forward, in practice a low rate of in‡ation for some real world price index) in terms of that numéraire. The plausibility of both assumptions is questionable. This matters not just in the Eisler universe, which does have a means of payment/medium of exchange (currency, for short), although it ...
GUATEMALA: a country overview Mario Marroquín Rivera February
... • without volatility • growing at per capita level (last US$ 2,513.00) • low fiscal deficit (av. 1.6%) • single digit inflation, stable (av. 7.4%) ...
... • without volatility • growing at per capita level (last US$ 2,513.00) • low fiscal deficit (av. 1.6%) • single digit inflation, stable (av. 7.4%) ...
Determinants of Inflation and Feasibility of Inflation Targeting in a
... The successes of inflation targeting monetary policies in established market economies have generated an interest among policy makers in some emerging market economies to explore the feasibility of adopting the same in order to overcome the recent inflationary trends. Using the data for Pakistan, th ...
... The successes of inflation targeting monetary policies in established market economies have generated an interest among policy makers in some emerging market economies to explore the feasibility of adopting the same in order to overcome the recent inflationary trends. Using the data for Pakistan, th ...
Sebastian NEER WORKING PAPER SERIES OF CAPITAL CONTROLS AND ROLE
... In addition to the direct interaction between capital controls and exogenous disturbances, we argue that an additional important component of the welfare cost of disturbances stems from the endogenous response of ...
... In addition to the direct interaction between capital controls and exogenous disturbances, we argue that an additional important component of the welfare cost of disturbances stems from the endogenous response of ...
5 Chartalism and the tax-driven approach to money
... (b) the power to declare what it will accept in payment of taxes. Thus the state delimits money to be that which will be accepted at government pay offices for extinguishing debt to the state. The purpose of taxation is not to finance government spending but to create demand for the currency – hence t ...
... (b) the power to declare what it will accept in payment of taxes. Thus the state delimits money to be that which will be accepted at government pay offices for extinguishing debt to the state. The purpose of taxation is not to finance government spending but to create demand for the currency – hence t ...
LCCARL252_en.pdf
... This is a matter of concern, as in the new world economy the two growth patterns outlined above will only be capable of delivering growth rates slower than pre-2008 rates, because of lower demand for commodities and tourism services from the rest of the world. This calls for productive diversificati ...
... This is a matter of concern, as in the new world economy the two growth patterns outlined above will only be capable of delivering growth rates slower than pre-2008 rates, because of lower demand for commodities and tourism services from the rest of the world. This calls for productive diversificati ...
October Michael THE IFLATIO NARY PROCESS IN ISRAEL:
... Taking as given successive governments' reluctance to force the inflation rate down through restrictive policy that might produce a major recession, there remain serious economic questions about the forces driving the inflationary process and the institutional adaptations that permit the economy to ...
... Taking as given successive governments' reluctance to force the inflation rate down through restrictive policy that might produce a major recession, there remain serious economic questions about the forces driving the inflationary process and the institutional adaptations that permit the economy to ...
currency crises, capital-account liberalization, and selection bias
... currency crises since 1975 despite having controls over most of this period; and so on. Dooley (1996), summarizing the literature, concludes: “Capital controls or dual exchange rate systems have been effective in generating yield differentials, covered for exchange rate risk, for short periods of ti ...
... currency crises since 1975 despite having controls over most of this period; and so on. Dooley (1996), summarizing the literature, concludes: “Capital controls or dual exchange rate systems have been effective in generating yield differentials, covered for exchange rate risk, for short periods of ti ...
T h e R e s e r v... b u s i n e s s c...
... so. In particular, the authors would like to thank AnneMarie Brook who co-ordinated the Department’s effort in producing much of the background material. Bruce White and Michael Reddell have also contributed significant editing comments. We would also thank Leo Bonato, Paul Conway, Sharon McCaw, Ala ...
... so. In particular, the authors would like to thank AnneMarie Brook who co-ordinated the Department’s effort in producing much of the background material. Bruce White and Michael Reddell have also contributed significant editing comments. We would also thank Leo Bonato, Paul Conway, Sharon McCaw, Ala ...
Building a Kenyan Monetary Regime for the 21 Century
... ‗impossible trinity‘ or ‗trilemma‘ which states that beyond the short-run no country can simultaneously maintain an open capital account, target the exchange rate and pursue an independent monetary policy. One of the three must be abandoned even though each is ...
... ‗impossible trinity‘ or ‗trilemma‘ which states that beyond the short-run no country can simultaneously maintain an open capital account, target the exchange rate and pursue an independent monetary policy. One of the three must be abandoned even though each is ...
Money, inflation and interest rates
... The most restrictive (narrow) measure of the money supply (M0) counts only governmentissued currency held by the non-bank public. This aggregate is included in all broader definitions of money and is called the currency component of the money supply. A somewhat broader definition of the money supply ...
... The most restrictive (narrow) measure of the money supply (M0) counts only governmentissued currency held by the non-bank public. This aggregate is included in all broader definitions of money and is called the currency component of the money supply. A somewhat broader definition of the money supply ...
PDF
... This approach trades off the loss of power, which results from including unnecessary lags, against the bias that results from excluding necessary lags (Beaulieu and Miron 1993). We have also combined the Akaike Information Criterion (AIC), the Corrected Akaike Information Criterion (AICC), and the S ...
... This approach trades off the loss of power, which results from including unnecessary lags, against the bias that results from excluding necessary lags (Beaulieu and Miron 1993). We have also combined the Akaike Information Criterion (AIC), the Corrected Akaike Information Criterion (AICC), and the S ...
3. Debt Dynamics and Long
... As for an investment function, PK economists usually present that an accumulation rate of capital stock is a linear function of capacity utilization and a profit factor. The positive effects of capacity utilization on investment denote the familiar Harrodian principle of accelerator. The positive ef ...
... As for an investment function, PK economists usually present that an accumulation rate of capital stock is a linear function of capacity utilization and a profit factor. The positive effects of capacity utilization on investment denote the familiar Harrodian principle of accelerator. The positive ef ...
Prioritizing Economic Growth: Enhancing Macroeconomic Policy
... developing countries with enormous numbers of people in poverty left behind by insufficient and unsustained rates of economic growth. Selective Pragmatism Markets are extraordinarily powerful mechanisms. No set of people knows this better than those who are or have been ministers of finance or centr ...
... developing countries with enormous numbers of people in poverty left behind by insufficient and unsustained rates of economic growth. Selective Pragmatism Markets are extraordinarily powerful mechanisms. No set of people knows this better than those who are or have been ministers of finance or centr ...
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.