A Journey to Inflation Targeting: Easier Said than Done
... The level of development and sophistication of domestic financial markets play also an important role. Countries with shallow financial markets and low levels of financial intermediation have typically been able to achieve their objectives under MT.6 Countries with diversified and deep financial mar ...
... The level of development and sophistication of domestic financial markets play also an important role. Countries with shallow financial markets and low levels of financial intermediation have typically been able to achieve their objectives under MT.6 Countries with diversified and deep financial mar ...
Domestic versus External Borrowing and Fiscal Policy in Emerging
... foreign borrowing, with most papers addressing only external debt.5 Furthermore, most studies of sovereign external debt assume that the capacity to raise foreign exchange is the binding constraint in the sovereign’s repayment decision. On the other hand, several authors have focused on the fiscal c ...
... foreign borrowing, with most papers addressing only external debt.5 Furthermore, most studies of sovereign external debt assume that the capacity to raise foreign exchange is the binding constraint in the sovereign’s repayment decision. On the other hand, several authors have focused on the fiscal c ...
Consistency of two major data sources for
... between the US dollar/ Reichsmark spot rates (in logs) available from the considered sources. For this exercise, we use Saturday quotations. Whilst The Chronicle reports the US Dollar/Reichsmark rate, the corresponding rates from Einzig (op.cit.) are inferred as cross rates, using the US dollar/Poun ...
... between the US dollar/ Reichsmark spot rates (in logs) available from the considered sources. For this exercise, we use Saturday quotations. Whilst The Chronicle reports the US Dollar/Reichsmark rate, the corresponding rates from Einzig (op.cit.) are inferred as cross rates, using the US dollar/Poun ...
LCCARL082_en.pdf
... current account position and strengthen the state of the government’s finances. The movement in oil prices increased export receipts and the current account and fiscal surpluses. The bulk of the fiscal surplus was allocated to the Revenue Stabilization Fund (RSF). The RSF was created in 1999. It is ...
... current account position and strengthen the state of the government’s finances. The movement in oil prices increased export receipts and the current account and fiscal surpluses. The bulk of the fiscal surplus was allocated to the Revenue Stabilization Fund (RSF). The RSF was created in 1999. It is ...
Embassy of India Thimphu COUNTRY NOTE ON BHUTAN
... currency debt are concessional loans used to finance various socio economic development projects while 83.4% of INR debt are hydropower debt. The debt-GDP ratio which is 101.3% in June 2014, is expected to go up over the next 3-4 years but will come down after 2018 to sustainable levels as revenues ...
... currency debt are concessional loans used to finance various socio economic development projects while 83.4% of INR debt are hydropower debt. The debt-GDP ratio which is 101.3% in June 2014, is expected to go up over the next 3-4 years but will come down after 2018 to sustainable levels as revenues ...
Abstract - NYU Stern
... was equal to about 5% of GDP in 2002. So while one could have argued that the current account deficit of the 1990s was “good” as it was driven by an investment boom (whose share in GDP rose by 5% in the 1990s), the latest persistence and worsening of the current account is now driven again by the em ...
... was equal to about 5% of GDP in 2002. So while one could have argued that the current account deficit of the 1990s was “good” as it was driven by an investment boom (whose share in GDP rose by 5% in the 1990s), the latest persistence and worsening of the current account is now driven again by the em ...
as a PDF
... Against this institutional background, the bulk of the academic work on foreign exchange market interventions in major currencies has tended to focus on the question of “effectiveness” of the FX market operations against the background of some pre-specified objective that the monetary authorities ar ...
... Against this institutional background, the bulk of the academic work on foreign exchange market interventions in major currencies has tended to focus on the question of “effectiveness” of the FX market operations against the background of some pre-specified objective that the monetary authorities ar ...
Implications of the inflation targeting strategy in some of the
... more vulnerable to systemic shocks. Also, throughout the process of analyzing the academic literature we have observed that among the several studies undertaken on the case of the new Member States of the European Union regarding this subject, the majority treats the inflation targeting strategy as ...
... more vulnerable to systemic shocks. Also, throughout the process of analyzing the academic literature we have observed that among the several studies undertaken on the case of the new Member States of the European Union regarding this subject, the majority treats the inflation targeting strategy as ...
Sovereign Defaults during the Great Depression: New Data
... financial markets is supported in a broader sense than the one hinted above by the finding that countries, which had a higher amount of dollar-denominated debt - both public and private - as a share of GDP were less willing to default on their dollar loans than those with lower ones. This finding is ...
... financial markets is supported in a broader sense than the one hinted above by the finding that countries, which had a higher amount of dollar-denominated debt - both public and private - as a share of GDP were less willing to default on their dollar loans than those with lower ones. This finding is ...
Equilibrium Real Exchange Rate, Misalignment, and Export
... the PPP theory can arise from two main causes. Firstly, a given tradable good does not obey the law of one price. There are several factors that can explain the violation of the law of one price. For example, the increasing importance of differentiated characteristics, especially in manufactured goo ...
... the PPP theory can arise from two main causes. Firstly, a given tradable good does not obey the law of one price. There are several factors that can explain the violation of the law of one price. For example, the increasing importance of differentiated characteristics, especially in manufactured goo ...
An Independent Review of Monetary Policy and Institutions in Norway
... one with (1) a legislated mandate of price stability, (2) operational independence for the central bank in fulfilling the mandate, and (3) accountability structures that make the central bank accountable to the government or the parliament for fulfilling the mandate. During the 1990s, central-bank l ...
... one with (1) a legislated mandate of price stability, (2) operational independence for the central bank in fulfilling the mandate, and (3) accountability structures that make the central bank accountable to the government or the parliament for fulfilling the mandate. During the 1990s, central-bank l ...
Global Macro Risks in Currency Excess Returns
... risk factors are high-minus low (HML) di↵erences in conditional moments of macroeconomic performance indicators between the top and bottom quartiles of countries. These HML conditional moment measures are an enhancement over standard measures of uncertainty because they allow asymmetries in the dist ...
... risk factors are high-minus low (HML) di↵erences in conditional moments of macroeconomic performance indicators between the top and bottom quartiles of countries. These HML conditional moment measures are an enhancement over standard measures of uncertainty because they allow asymmetries in the dist ...
Accepted Manuscript
... In this paper I analyze whether restrictions to capital mobility reduce vulnerability to external shocks. More specifically, I ask if countries that restrict the free flow of international capital have a lower probability of experiencing a large contraction in net capital flows. I use three new inde ...
... In this paper I analyze whether restrictions to capital mobility reduce vulnerability to external shocks. More specifically, I ask if countries that restrict the free flow of international capital have a lower probability of experiencing a large contraction in net capital flows. I use three new inde ...
NBER WORKING PAPER SERIES INFLATION TARGETING IN EMERGING MARKET ECONOMIES Arminio Fraga
... In general, in the more volatile environment in EMEs, some applied and theoretical issues deserve attention: i) how to build credibility when faced with larger shocks? How to balance flexibility and credibility in such instance? ii) how does an inflation targeting regime work in a disinflation proc ...
... In general, in the more volatile environment in EMEs, some applied and theoretical issues deserve attention: i) how to build credibility when faced with larger shocks? How to balance flexibility and credibility in such instance? ii) how does an inflation targeting regime work in a disinflation proc ...
Medium Term Debt Management Strategy 2015
... (PDMO). Strict procedures, accountability and reporting requirements on public debt management have also been laid down for both National and County Government. The Medium Term Debt Management Strategy (MTDS) is one of the important deliverables of the National Treasury as provided under the PFMA. I ...
... (PDMO). Strict procedures, accountability and reporting requirements on public debt management have also been laid down for both National and County Government. The Medium Term Debt Management Strategy (MTDS) is one of the important deliverables of the National Treasury as provided under the PFMA. I ...
What Drives Inflation in a Small European Economy: The
... the Croatian foreign trade in US dollars is several times smaller compared to the trade in euro. We argue that the importance of the US dollar for domestic prices is the result of its signi…cantly greater volatility as opposed to the relatively stable EUR/HRK exchange rate. In addition, the importan ...
... the Croatian foreign trade in US dollars is several times smaller compared to the trade in euro. We argue that the importance of the US dollar for domestic prices is the result of its signi…cantly greater volatility as opposed to the relatively stable EUR/HRK exchange rate. In addition, the importan ...
Public Debt
... As depicted in the table above, almost all public debt indicators improved in 2013-14 as compared with 201213 except for weighted average cost of debt. The weighted average cost of debt increased owing to implicit borrowing strategy of the government to reduce the refinancing / rollover risk by leng ...
... As depicted in the table above, almost all public debt indicators improved in 2013-14 as compared with 201213 except for weighted average cost of debt. The weighted average cost of debt increased owing to implicit borrowing strategy of the government to reduce the refinancing / rollover risk by leng ...
NBER WORKING PAPER SERIES MONETARY POLICY STRATEGY: HOW DID WE GET HERE?
... At first, the Monetarist counterattack was not successful in getting central banks to increase their focus on controlling inflation and money supply growth. In the early 1970s, estimates of the parameters of the Phillips curve did not yet suggest that in the long run the Phillips curve was vertical. ...
... At first, the Monetarist counterattack was not successful in getting central banks to increase their focus on controlling inflation and money supply growth. In the early 1970s, estimates of the parameters of the Phillips curve did not yet suggest that in the long run the Phillips curve was vertical. ...
Industry Price Adjustment to Exchange Rate
... disaggregated level of analysis. I chose the automobile market in Spain because it is an industry open to foreign competition, where product differentiation, strategic interaction and cross markets relationships are present. Moreover, it is an industry where company and even product level data has b ...
... disaggregated level of analysis. I chose the automobile market in Spain because it is an industry open to foreign competition, where product differentiation, strategic interaction and cross markets relationships are present. Moreover, it is an industry where company and even product level data has b ...
NBER WORKING PAPER SERIES CAPITAL CONTROLS, CAPITAL FLOW CONTRACTIONS, AND MACROECONOMIC VULNERABILITY
... Countries that for years had been praised as examples of how to conduct economic policy were subject to abrupt stops of capital inflows and had to devalue their currencies. As the crisis deepened, contagion spread to other emerging nations, affecting countries as far as Latin America. In many ways, ...
... Countries that for years had been praised as examples of how to conduct economic policy were subject to abrupt stops of capital inflows and had to devalue their currencies. As the crisis deepened, contagion spread to other emerging nations, affecting countries as far as Latin America. In many ways, ...
currency boards for developing countries
... Since the final breakup of the Bretton Woods monetary system in 1973, the gap that once existed between the currencies of developed and developing countries has widened into a gulf. During the Bretton Woods system and the "classical," pre-1914 gold standard, and to a lesser extent also between the w ...
... Since the final breakup of the Bretton Woods monetary system in 1973, the gap that once existed between the currencies of developed and developing countries has widened into a gulf. During the Bretton Woods system and the "classical," pre-1914 gold standard, and to a lesser extent also between the w ...
Currency Boards for Developing Countries
... Since the final breakup of the Bretton Woods monetary system in 1973, the gap that once existed between the currencies of developed and developing countries has widened into a gulf. During the Bretton Woods system and the "classical," pre-1914 gold standard, and to a lesser extent also between the w ...
... Since the final breakup of the Bretton Woods monetary system in 1973, the gap that once existed between the currencies of developed and developing countries has widened into a gulf. During the Bretton Woods system and the "classical," pre-1914 gold standard, and to a lesser extent also between the w ...
PERUVIAN ECONOMIC ASSOCIATION Spillovers, capital flows and prudential regulation in
... tradable sector, increasing the leverage in this sector and generating a real appreciation. The opposite is observed in response to a negative tradable productivity shock. These dynamics are consistent with the ones observed in emerging market economies during episodes of capital inflows and outflo ...
... tradable sector, increasing the leverage in this sector and generating a real appreciation. The opposite is observed in response to a negative tradable productivity shock. These dynamics are consistent with the ones observed in emerging market economies during episodes of capital inflows and outflo ...
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.