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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 ...
WHY FOREIGN SAVINGS FAIL TO CAUSE GROWTH Luiz Carlos Bresser-Pereira Paulo Gala
... are capital poor, current account deficits (foreign savings), financed either by loans or by foreign direct investments, will not usually increase the rate of capital accumulation or will have little impact on it in so far as current account deficits will be associated with appreciated exchange rate ...
... are capital poor, current account deficits (foreign savings), financed either by loans or by foreign direct investments, will not usually increase the rate of capital accumulation or will have little impact on it in so far as current account deficits will be associated with appreciated exchange rate ...
1 THE POSSIBILITIES OF BUDGET DEFICIT FINANCING Karel Vít1
... In this case values with positive sign represent budget surplus and values with negative sign represent budget deficit. ...
... In this case values with positive sign represent budget surplus and values with negative sign represent budget deficit. ...
PDF
... countries (Germany, Argentina, Chile, China, Japan, Holland and the USA) fit the group of the most important commercial partners of Brazil in the aggregate and by sector, highlighting that in the past 20 years, they represented an expressive participation in the commercial flow (exportations and imp ...
... countries (Germany, Argentina, Chile, China, Japan, Holland and the USA) fit the group of the most important commercial partners of Brazil in the aggregate and by sector, highlighting that in the past 20 years, they represented an expressive participation in the commercial flow (exportations and imp ...
Hyperinflation in Zimbabwe Money Demand, Seigniorage and Aid shocks Tara McIndoe
... currency in Zimbabwe, to deflate money balances and establish an inflation series. This new price series does not suffer from the issues surrounding the domestic price series, especially the publication delays of the CPI in recent years. Until mid-2008 (beyond the estimation period of this paper) al ...
... currency in Zimbabwe, to deflate money balances and establish an inflation series. This new price series does not suffer from the issues surrounding the domestic price series, especially the publication delays of the CPI in recent years. Until mid-2008 (beyond the estimation period of this paper) al ...
NBER WORKING PAPER SERIES Craig Burnside Martin Eichenbaum
... expenditures rise at the same rate as domestic inßation. This is because post-crisis inßation rates are often much lower than the rate of depreciation (see Table 2). Our empirical analysis indicates that debt deßation and implicit Þscal reforms are more important than seigniorage, at least in the Þ ...
... expenditures rise at the same rate as domestic inßation. This is because post-crisis inßation rates are often much lower than the rate of depreciation (see Table 2). Our empirical analysis indicates that debt deßation and implicit Þscal reforms are more important than seigniorage, at least in the Þ ...
Crisis Prevention through Global Surveillance: A Task beyond the IMF
... Swaminathan S. Anklesaria Aiyar In early 2008, the future of the International Monetary Fund was in doubt. The world was awash with dollars since the United States ran an enormous current account deficit, the mirror image of which was trade surpluses in most other countries. Hence, few countries had ...
... Swaminathan S. Anklesaria Aiyar In early 2008, the future of the International Monetary Fund was in doubt. The world was awash with dollars since the United States ran an enormous current account deficit, the mirror image of which was trade surpluses in most other countries. Hence, few countries had ...
DP2006/08 What do robust policies look like for open economy inflation targeters?
... Throughout the paper, monetary policy is examined from the perspective of the linear-quadratic optimal control framework. The central bank is assumed to possess a set of goals or objectives for monetary policy. These goals are achieved by setting the interest rate using a rule that responds to the v ...
... Throughout the paper, monetary policy is examined from the perspective of the linear-quadratic optimal control framework. The central bank is assumed to possess a set of goals or objectives for monetary policy. These goals are achieved by setting the interest rate using a rule that responds to the v ...
Eco 460: International Finance Administrivia Readings
... • Linkages between international economics and politics – Trade and financial policies often driven by domestic interests – Politics may lead to deviations from optimal ...
... • Linkages between international economics and politics – Trade and financial policies often driven by domestic interests – Politics may lead to deviations from optimal ...
accounting implications of foreign currency transactions translation
... corresponding currency hedging are the most complex and the most controversial aspects of international financial reporting. A number of studies dedicated to the exploration of the relative importance of specific problems in the international accounting area have been pointing out their priority for ...
... corresponding currency hedging are the most complex and the most controversial aspects of international financial reporting. A number of studies dedicated to the exploration of the relative importance of specific problems in the international accounting area have been pointing out their priority for ...
Chapters 13 14 15
... would revert to either specie metals or barter once inflation reached a certain level. The widespread use of fiat money created the possibility of hyperinflation as governments often tended to print larger amounts of money to finance their expenses. Inflation results where such an increase in money ...
... would revert to either specie metals or barter once inflation reached a certain level. The widespread use of fiat money created the possibility of hyperinflation as governments often tended to print larger amounts of money to finance their expenses. Inflation results where such an increase in money ...
Forthcoming in Journal of Monetary Economics
... reason for the stabilisation of the nominal exchange rate in response to other shocks than those that affect foreign prices. The reason is that such movements in the nominal exchange rate create relative price distortions in the imported goods sector. Another important implication is that the combin ...
... reason for the stabilisation of the nominal exchange rate in response to other shocks than those that affect foreign prices. The reason is that such movements in the nominal exchange rate create relative price distortions in the imported goods sector. Another important implication is that the combin ...
Information Asymmetry and Foreign Currency Borrowing by Small
... may be particularly relevant regarding small firms in transition and developing countries. Banks may not necessarily know the currency in which (small) firms have contracted their sales, and/or the firms' actual or prospective revenue levels, when they evaluate the firms’ loan applications. Though a ...
... may be particularly relevant regarding small firms in transition and developing countries. Banks may not necessarily know the currency in which (small) firms have contracted their sales, and/or the firms' actual or prospective revenue levels, when they evaluate the firms’ loan applications. Though a ...
THE THEORY OF THE GLOBAL “SAVINGS GLUT”
... An increase in ex ante savings in the EMEs at base values of income, interest rate and exchange rate, will have, as we have seen, an income contracting effect for the world economy. If incomes do not contract because of countervailing measures, even then there is no reason for the base values of th ...
... An increase in ex ante savings in the EMEs at base values of income, interest rate and exchange rate, will have, as we have seen, an income contracting effect for the world economy. If incomes do not contract because of countervailing measures, even then there is no reason for the base values of th ...
mmi-funke 221764 en
... GDP deflator was created through weighting the national rates by national real GDP to Euroland real GDP, and adding them up. The corresponding GDP and GDP deflator data for the UK were obtained from Economic Trends Annual Supplement. Finally, the nominal exchange rate st is approximated by the ECU/ ...
... GDP deflator was created through weighting the national rates by national real GDP to Euroland real GDP, and adding them up. The corresponding GDP and GDP deflator data for the UK were obtained from Economic Trends Annual Supplement. Finally, the nominal exchange rate st is approximated by the ECU/ ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... contractionary in the context of the “fear of floating” debate (Calvo and Reinhart 2002). These authors, among others, have argued that because in emerging countries many firms issue dollar-denominated debt, a large depreciation generates significant “balance sheet effects.” These may be so large tha ...
... contractionary in the context of the “fear of floating” debate (Calvo and Reinhart 2002). These authors, among others, have argued that because in emerging countries many firms issue dollar-denominated debt, a large depreciation generates significant “balance sheet effects.” These may be so large tha ...
NBER WORKING PAPER SERIES SUDDEN STOPS, FINANCIAL CRISES AND ORIGINAL
... The pattern of sudden stops in capital flows to emerging market countries in the 1990s and early 2000s has great resonance to events in the first era of globalization between 1880-1914, especially the events in the late 1880s and early 1890s. In those years many emerging countries were beset by a dr ...
... The pattern of sudden stops in capital flows to emerging market countries in the 1990s and early 2000s has great resonance to events in the first era of globalization between 1880-1914, especially the events in the late 1880s and early 1890s. In those years many emerging countries were beset by a dr ...
Macroeconomic Policy Coordination in a Competitive Real
... government policy may be crucial. If the government uses its instruments to further stimulate the demand for non-tradable goods, prices would tend to rise faster and the undervaluation incentive would tend to evaporate rapidly. On the contrary, if it uses its instruments to lower down the growth of ...
... government policy may be crucial. If the government uses its instruments to further stimulate the demand for non-tradable goods, prices would tend to rise faster and the undervaluation incentive would tend to evaporate rapidly. On the contrary, if it uses its instruments to lower down the growth of ...
impact of exchange rate on trade and gdp for india a study of last
... 1973-1990, find evidence of the J-curve in bilateral trade with US and Japan only. Bahmani-Oskoose (2001) investigate the long-run response of Middle Eastern countries’ trade balance to devaluation by applying the Engle-Ganger and JohansenJuselius co integration methodology and find a favorable long ...
... 1973-1990, find evidence of the J-curve in bilateral trade with US and Japan only. Bahmani-Oskoose (2001) investigate the long-run response of Middle Eastern countries’ trade balance to devaluation by applying the Engle-Ganger and JohansenJuselius co integration methodology and find a favorable long ...
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.