43_THE READER2004
... while, output and growth opportunities are foregone during the process (Borio, 2003). The literature identifies three categories of triggers which have often coincided at the beginning of a financial crisis. These are a worsening of the ability to repay loans which effectively lessens the capacity o ...
... while, output and growth opportunities are foregone during the process (Borio, 2003). The literature identifies three categories of triggers which have often coincided at the beginning of a financial crisis. These are a worsening of the ability to repay loans which effectively lessens the capacity o ...
NBER WORKING PAPER SERIES MACROECONOMIC POLICY DESIGN IN AN INTERDEPENDENT WORLD ECONOMY-
... competitiveness will (given 1d, d d, fd d rd) raise the effective demand for tT.S. ...
... competitiveness will (given 1d, d d, fd d rd) raise the effective demand for tT.S. ...
Management & Engineering Internationalization Based on SVAR Model
... internationalization is depending as well. From the aspect of measure of value, a currency’s internationalization needs its value to be stable and denomination to be sizable; from the aspect of medium of exchange, a currency’s internationalization depends on the domestic country’s economy, foreign t ...
... internationalization is depending as well. From the aspect of measure of value, a currency’s internationalization needs its value to be stable and denomination to be sizable; from the aspect of medium of exchange, a currency’s internationalization depends on the domestic country’s economy, foreign t ...
Initiative for Policy Dialogue Working Paper Series Resilience
... that have domestic expansionary effects. During crises, capital outflow restrictions or relaxing inflow limitations help counter the rise in interest rates while avoiding disorderly exchange rate depreciation that may have adverse balance-sheet effects, as well as reserve losses that may lead to a ...
... that have domestic expansionary effects. During crises, capital outflow restrictions or relaxing inflow limitations help counter the rise in interest rates while avoiding disorderly exchange rate depreciation that may have adverse balance-sheet effects, as well as reserve losses that may lead to a ...
Central Bank of the Republic of Turkey No: 2006-37
... indicated that the impact of depreciation on prices might go way beyond a relative price adjustment, calling an immediate policy response. CBT reacted decisively by holding an extraordinary MPC meeting on the 7th of June in which the policy rates were hiked by 175 basis points. The decision was well ...
... indicated that the impact of depreciation on prices might go way beyond a relative price adjustment, calling an immediate policy response. CBT reacted decisively by holding an extraordinary MPC meeting on the 7th of June in which the policy rates were hiked by 175 basis points. The decision was well ...
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... the booming sector (Kutan and Wyzan, 2005). Accounting for a potential income effect is therefore essential. Corden and Neary (1982) and Corden (1984) propose a theoretical framework considering a small open economy. Unlike the models mentioned in the previous section, the economy produces three goo ...
... the booming sector (Kutan and Wyzan, 2005). Accounting for a potential income effect is therefore essential. Corden and Neary (1982) and Corden (1984) propose a theoretical framework considering a small open economy. Unlike the models mentioned in the previous section, the economy produces three goo ...
Research Department Working Paper No:05/07
... as budget deficits and the credit expansion continued to grow even after the announcement of the stabilization programs. Monetary disequilibrium models are useful to explain interactions in these economies where the major source of disturbances is the disequilibrium in the money market. With these ...
... as budget deficits and the credit expansion continued to grow even after the announcement of the stabilization programs. Monetary disequilibrium models are useful to explain interactions in these economies where the major source of disturbances is the disequilibrium in the money market. With these ...
Energy prices and the real exchange rate of commodity
... the booming sector (Kutan and Wyzan, 2005). Accounting for a potential income effect is therefore essential. Corden and Neary (1982) and Corden (1984) propose a theoretical framework considering a small open economy. Unlike the models mentioned in the previous section, the economy produces three goo ...
... the booming sector (Kutan and Wyzan, 2005). Accounting for a potential income effect is therefore essential. Corden and Neary (1982) and Corden (1984) propose a theoretical framework considering a small open economy. Unlike the models mentioned in the previous section, the economy produces three goo ...
6. Balance of Payments
... country consumes an amount equal to its income. However, a country’s savings or borrowing behavior affects domestic employment and future levels of national wealth. ...
... country consumes an amount equal to its income. However, a country’s savings or borrowing behavior affects domestic employment and future levels of national wealth. ...
NBER WORKING PAPER SERIES FISCAL VERSUS NET CAPITAL FLOW CONCERNS
... allocate savings to preferred sectors. Capital outflow controls help prevent capital flight in response to domestic regulations, and therefore are a key ingredient of financial repression. The revenues from financial repression can be substantial. Giovannini and de Melo (1993) showed that for some 2 ...
... allocate savings to preferred sectors. Capital outflow controls help prevent capital flight in response to domestic regulations, and therefore are a key ingredient of financial repression. The revenues from financial repression can be substantial. Giovannini and de Melo (1993) showed that for some 2 ...
The Effects of Exchange Rate Volatility on Exports
... evidence is best characterized as mixed as the results are sensitive to the choices of sample period, model specification, proxies for exchange rate volatility, and countries considered (developed, developing, Asia, ASEAN, etc). Yet, the relationship is still important enough to be explored especial ...
... evidence is best characterized as mixed as the results are sensitive to the choices of sample period, model specification, proxies for exchange rate volatility, and countries considered (developed, developing, Asia, ASEAN, etc). Yet, the relationship is still important enough to be explored especial ...
Cross-Currency Exposures to the Swiss Franc*
... Switzerland were heavily influenced by bank-driven flows and, to a lesser extent, Swiss residents reducing purchases of foreign debt securities. As per the currency dimension, this literature shows that Swiss securities were preferred by investors to international securities denominated in Swiss Fra ...
... Switzerland were heavily influenced by bank-driven flows and, to a lesser extent, Swiss residents reducing purchases of foreign debt securities. As per the currency dimension, this literature shows that Swiss securities were preferred by investors to international securities denominated in Swiss Fra ...
Financial stability and the design of monetary policy (923 KB )
... Financial stability is an elusive concept to define, as proven by the fact that practically no explicit definition exists and most often the opposite concept, financial instability, is used5 . The main reason for this difficulty is that, at first sight, “stability” is associated with no volatility w ...
... Financial stability is an elusive concept to define, as proven by the fact that practically no explicit definition exists and most often the opposite concept, financial instability, is used5 . The main reason for this difficulty is that, at first sight, “stability” is associated with no volatility w ...
Macro Economics - RuralNaukri.com
... The system is guided and controlled by the central bank of the country. The Central Bank, commercial banks and other institutions which deals with the financial assets like the Non Banking Financial Intermediaries (NBFIs) together constitute the financial system. The monetary policy of a country is ...
... The system is guided and controlled by the central bank of the country. The Central Bank, commercial banks and other institutions which deals with the financial assets like the Non Banking Financial Intermediaries (NBFIs) together constitute the financial system. The monetary policy of a country is ...
Mathematical Analysis of the Transmission Mechanism of Monetary
... The response of the GDP is in line with the appreciating exchange rate, increasing inflation and the positive development of the trade balance. On the other hand, the results are in contradiction with the expected effect of a restrictionary monetary policy shock. It is increasing with the peak after ...
... The response of the GDP is in line with the appreciating exchange rate, increasing inflation and the positive development of the trade balance. On the other hand, the results are in contradiction with the expected effect of a restrictionary monetary policy shock. It is increasing with the peak after ...
nafta toward a common currency: an economic feasibility study
... rival to the U.S. dollar’s market leadership throughout the world as the leading international currency. Though the U.S. dollar, also known as the greenback, is “indisputably the market leader among world monies,” 1 the Euro has become a recent threat to its power. The U.S. dollar accounts for nearl ...
... rival to the U.S. dollar’s market leadership throughout the world as the leading international currency. Though the U.S. dollar, also known as the greenback, is “indisputably the market leader among world monies,” 1 the Euro has become a recent threat to its power. The U.S. dollar accounts for nearl ...
Who Gains and Who Loses from the Exchange Rate System in
... providing subsidization through the exchange system. For the balance of payments purpose, MERs can prevent large exchange rate depreciations from affecting the domestic price of essential commodities, or prevent sudden pressures on the capital account from affecting trade ...
... providing subsidization through the exchange system. For the balance of payments purpose, MERs can prevent large exchange rate depreciations from affecting the domestic price of essential commodities, or prevent sudden pressures on the capital account from affecting trade ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... the composition of the currency basket has been 55-60% of the U.S. dollar, 35-40% of European currencies, and about 5% of Japanese yen. Consequently, the real exchange rate against nondollar components of the basket depreciated at 10% in 1986 and 6% in 1987, and it appreciated at 10% in 1988.* The c ...
... the composition of the currency basket has been 55-60% of the U.S. dollar, 35-40% of European currencies, and about 5% of Japanese yen. Consequently, the real exchange rate against nondollar components of the basket depreciated at 10% in 1986 and 6% in 1987, and it appreciated at 10% in 1988.* The c ...
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... For example, in May 1998 the CPI in the United States was 162.8 on a base of 1982-1984 {the period in which the original survey was done). Thus the price level had risen by 62.8 percent over the preceding 13 years, an average annual rate of increase of 3.82 percent. The CPI is not a perfect measure ...
... For example, in May 1998 the CPI in the United States was 162.8 on a base of 1982-1984 {the period in which the original survey was done). Thus the price level had risen by 62.8 percent over the preceding 13 years, an average annual rate of increase of 3.82 percent. The CPI is not a perfect measure ...
Monetary Policy Rules for Managing Aid Surges in Africa
... sterilizing the full domestic currency counterpart of aid-financed non-import spending through foreign exchange sales as it occurs.4 When aid is the only source of volatility on the budget and there is no recourse to bond financing, the reserve buffer plus float is tantamount to targeting base money ...
... sterilizing the full domestic currency counterpart of aid-financed non-import spending through foreign exchange sales as it occurs.4 When aid is the only source of volatility on the budget and there is no recourse to bond financing, the reserve buffer plus float is tantamount to targeting base money ...
Chapter 15 Monetary Policy
... It does have an “announcement effect.” 2. Reserve Requirement (10%)-has changed one time in 2 decades (12% to 10% in 1992). It would affect bank profits so is seldom used. 3. Open-market operations – evolved as the most effective tool of monetary policy because of flexibility. Securities can be boug ...
... It does have an “announcement effect.” 2. Reserve Requirement (10%)-has changed one time in 2 decades (12% to 10% in 1992). It would affect bank profits so is seldom used. 3. Open-market operations – evolved as the most effective tool of monetary policy because of flexibility. Securities can be boug ...
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.