![Approaching storm. Report on transformation Central and Eastern Europe and the eurozone crisis](http://s1.studyres.com/store/data/008873449_1-623d4139ede249fd0ca68ebcda730faf-300x300.png)
Approaching storm. Report on transformation Central and Eastern Europe and the eurozone crisis
... the country which is most vulnerable to a crisis is Latvia, followed by Slovenia, Hungary, and Belarus. Very serious threats jeopardize the development of Bulgaria, Serbia, and Ukraine. Strong caution is also required in the case of Lithuania, Croatia, Slovakia, Romania, Estonia, and Poland, and to ...
... the country which is most vulnerable to a crisis is Latvia, followed by Slovenia, Hungary, and Belarus. Very serious threats jeopardize the development of Bulgaria, Serbia, and Ukraine. Strong caution is also required in the case of Lithuania, Croatia, Slovakia, Romania, Estonia, and Poland, and to ...
AbootalebiShahrooz1979
... of an appropriate exchange rate, the selection of appropriate methods of translation, and the treatment of exchange adjustment. In attempting to solve these problems, careful consideration should be given to the concept and the fundamen-· tal objectives underlying the translation for the specific us ...
... of an appropriate exchange rate, the selection of appropriate methods of translation, and the treatment of exchange adjustment. In attempting to solve these problems, careful consideration should be given to the concept and the fundamen-· tal objectives underlying the translation for the specific us ...
A theory of the currency denomination of international trade
... and pass-through for a set of seven industrialized countries.2 The main objective of this paper is to derive and understand the optimal invoicing decisions in the context of bnew open economy macroeconomicsQ models. While most of the literature has assumed exogenously that firms set prices either in ...
... and pass-through for a set of seven industrialized countries.2 The main objective of this paper is to derive and understand the optimal invoicing decisions in the context of bnew open economy macroeconomicsQ models. While most of the literature has assumed exogenously that firms set prices either in ...
Chapter 14: Money, Banking, and the Fed
... 18 months in circulation. The introduction of the Sacagawea dollar coin was part of an attempt to make the money supply even more durable by replacing the $1 bill, a low-denomination currency, with longerlasting coins. Modern money is divisible. The penny, which is the smallest denomination of coin, ...
... 18 months in circulation. The introduction of the Sacagawea dollar coin was part of an attempt to make the money supply even more durable by replacing the $1 bill, a low-denomination currency, with longerlasting coins. Modern money is divisible. The penny, which is the smallest denomination of coin, ...
argentina: the anatomy of a crisis
... Advisor to the Executive Director, International Monetary Fund. The views expressed here are authors’ own and do not represent the official position of the IMF. Author would like to thank Isabelle Mateos y Lago for valuable comments on an earlier draft of the paper. ...
... Advisor to the Executive Director, International Monetary Fund. The views expressed here are authors’ own and do not represent the official position of the IMF. Author would like to thank Isabelle Mateos y Lago for valuable comments on an earlier draft of the paper. ...
U.S. MartinJ. Bailey and George S. Tavias TRADE AND INVESTMENT UNDER FLOATING
... however, that this fact establishes that speculation was either irrational or insufficient. Overshooting: The Case of Sticky Prices Overshooting can occur in any portfolio model in which some markets do not adjust instantaneously. For example, Branson (1977), Dornbusch (1976), and Kouri (1976) have ...
... however, that this fact establishes that speculation was either irrational or insufficient. Overshooting: The Case of Sticky Prices Overshooting can occur in any portfolio model in which some markets do not adjust instantaneously. For example, Branson (1977), Dornbusch (1976), and Kouri (1976) have ...
as a PDF
... analyzing the proposal more formally. Here we attempt to prove a very simple point that should be considered as the hardest lesson ever learnt by emergent economies: no stability is achieved without fiscal sustainability. The purpose of devaluation has been usually to find a way to finance a deficit ...
... analyzing the proposal more formally. Here we attempt to prove a very simple point that should be considered as the hardest lesson ever learnt by emergent economies: no stability is achieved without fiscal sustainability. The purpose of devaluation has been usually to find a way to finance a deficit ...
Estimating the Size of the Hidden Economy in Peru: A Currency
... aim of having a sufficiently broad sample period which is usual under this approach.11 As shown in Figure A.1 in Appendix 1, the currency held by the public in Peru (hereinafter currency) has behaved some way different from what could have been expected, particularly during recent years. After a per ...
... aim of having a sufficiently broad sample period which is usual under this approach.11 As shown in Figure A.1 in Appendix 1, the currency held by the public in Peru (hereinafter currency) has behaved some way different from what could have been expected, particularly during recent years. After a per ...
The impact of the Real Effective Exchange Rate on South Africa`s
... payments. These trade-associated problems have affected several emerging economies including South Africa. According to Mohr, Fourie and Associates (2009), when trade deficits arise, they can be balanced out by inflows of foreign capital into the economy, but as noted in Oyinlola, Adeniyi and Omisak ...
... payments. These trade-associated problems have affected several emerging economies including South Africa. According to Mohr, Fourie and Associates (2009), when trade deficits arise, they can be balanced out by inflows of foreign capital into the economy, but as noted in Oyinlola, Adeniyi and Omisak ...
The euro-dollar exchange rate and Dutch imports and exports
... statements about the past. For prognoses as the one above the CPB uses an error correction model (see for example Engle and Granger, 1987), that among others, contains the relevant world trade, the price of domestically produced fabricates and the price of competing exports. This model is part of th ...
... statements about the past. For prognoses as the one above the CPB uses an error correction model (see for example Engle and Granger, 1987), that among others, contains the relevant world trade, the price of domestically produced fabricates and the price of competing exports. This model is part of th ...
Does it pay to defend – The dynamics of financial crises
... of rational investors with the central bank mechanically depleting its reserves in an unsuccessful attempt to defend the currency. These models thus analyze scenario (B) - no attack, stable exchange rate - vs. (A2a) - attack, unsuccessful defense, and subsequent devaluation. Second generation models ...
... of rational investors with the central bank mechanically depleting its reserves in an unsuccessful attempt to defend the currency. These models thus analyze scenario (B) - no attack, stable exchange rate - vs. (A2a) - attack, unsuccessful defense, and subsequent devaluation. Second generation models ...
The Exchange Rate, Productivity, and the Standard of Living
... may need to sell some of the additional output abroad. To increase foreign sales, part of the productivity gains would be passed on to foreign consumers through lower prices. In effect, this would amount to a real depreciation of the currency (which could also be achieved with an equivalent nominal ...
... may need to sell some of the additional output abroad. To increase foreign sales, part of the productivity gains would be passed on to foreign consumers through lower prices. In effect, this would amount to a real depreciation of the currency (which could also be achieved with an equivalent nominal ...
S024285_en.pdf
... of markets, the features of expectations-formation processes and the characteristics of price-setting practices are likely to vary between economies. This observation would lead to arguments stressing that there is no single monetary or exchange rate system that would be right for all countries at a ...
... of markets, the features of expectations-formation processes and the characteristics of price-setting practices are likely to vary between economies. This observation would lead to arguments stressing that there is no single monetary or exchange rate system that would be right for all countries at a ...
IOSR Journal of Business and Management (IOSRJBM)
... percent (hyperinflation) Odusola (2006). On an annual basis, inflation rose from 57 per cent in 1994 to 72.8 percent in 1995, dropped to 29.3 percent in 1996 and 8.5 per cent in 1997, rose to 10 percent in 1998. In 1999, it was 6.6 percent and rose consistently from 6.6 per cent in 1999 to 6.9 perce ...
... percent (hyperinflation) Odusola (2006). On an annual basis, inflation rose from 57 per cent in 1994 to 72.8 percent in 1995, dropped to 29.3 percent in 1996 and 8.5 per cent in 1997, rose to 10 percent in 1998. In 1999, it was 6.6 percent and rose consistently from 6.6 per cent in 1999 to 6.9 perce ...
mmi14-Mueller 19106649 en
... currency upon exit. In order to eliminate arbitrage possibilities, yields on these securities will need to rise prior to exit, if the new currency is expected to depreciate vis-à-vis the former common currency. In this paper, we ask how expectations of both, exit and depreciation, emerge within a m ...
... currency upon exit. In order to eliminate arbitrage possibilities, yields on these securities will need to rise prior to exit, if the new currency is expected to depreciate vis-à-vis the former common currency. In this paper, we ask how expectations of both, exit and depreciation, emerge within a m ...
The International Financial Intregration of China and India Philip R. Lane
... integration of China and India is highly asymmetric. On the asset side, they both mostly hold low-yield foreign reserves: by 2004, these countries accounted for 20 percent of global official reserves. Higher-return equity instruments feature more prominently on the liability side, primarily taking t ...
... integration of China and India is highly asymmetric. On the asset side, they both mostly hold low-yield foreign reserves: by 2004, these countries accounted for 20 percent of global official reserves. Higher-return equity instruments feature more prominently on the liability side, primarily taking t ...
CHAPTER 6 TEXT ET AL
... deficit, was perceived by policy makers as jeopardizing economic stability, and prompted them—with the aim also of attaining the inflation target—to implement restrictive fiscal and monetary policies. These contributed to a marked improvement in the current account, but with a notable slowdown in ec ...
... deficit, was perceived by policy makers as jeopardizing economic stability, and prompted them—with the aim also of attaining the inflation target—to implement restrictive fiscal and monetary policies. These contributed to a marked improvement in the current account, but with a notable slowdown in ec ...
Choosing an Anchor Currency for the Pacific
... Analyses of Pacific development widely agree that despite large aid flows, living standards have improved only slightly since independence in the 1970s (Hughes 2003, Stewart 2006, Hughes and Sodhi 2008). Most Pacific states are richly endowed with agricultural land, marine and mineral resources and ...
... Analyses of Pacific development widely agree that despite large aid flows, living standards have improved only slightly since independence in the 1970s (Hughes 2003, Stewart 2006, Hughes and Sodhi 2008). Most Pacific states are richly endowed with agricultural land, marine and mineral resources and ...
3. Composite indicator and the probability of a crisis - Hal-SHS
... Central and Eastern European countries’ exports, as well as Foreign Direct Investment, thereby inducing an important slowdown of their activity from 1998 onwards. Moreover, internal issues such as faster growth and higher inflation, as well as fiscal problems, put pressures on these countries’ excha ...
... Central and Eastern European countries’ exports, as well as Foreign Direct Investment, thereby inducing an important slowdown of their activity from 1998 onwards. Moreover, internal issues such as faster growth and higher inflation, as well as fiscal problems, put pressures on these countries’ excha ...
ECONOMIC SURVEY OF NORWAY 2007: MONETARY
... vulnerable groups.7 A house price bust would amplify the shock while reducing perceptions of wealth more generally.8 Even if prices stabilise, rents could suddenly catch up with past price rises as speculative fervour subsides.8 Financial conditions may be much less fragile than in the early 1990s, ...
... vulnerable groups.7 A house price bust would amplify the shock while reducing perceptions of wealth more generally.8 Even if prices stabilise, rents could suddenly catch up with past price rises as speculative fervour subsides.8 Financial conditions may be much less fragile than in the early 1990s, ...
Australia`s Medium-run Exchange Rate: A Macroeconomic Balance
... elasticities may be different for exports and imports. Then, even if domestic output grows at the same trend rate as foreign output, the trade balance (and therefore the underlying current account) would change. Fourth, the approach does not impose a stock equilibrium. A non-zero current account tar ...
... elasticities may be different for exports and imports. Then, even if domestic output grows at the same trend rate as foreign output, the trade balance (and therefore the underlying current account) would change. Fourth, the approach does not impose a stock equilibrium. A non-zero current account tar ...
! Export Supply and Import Demand Models for the Turkish Economy
... for determining the number of cointegrating vectors in addition to their estimates. An important feature we observe in Bahmani-Oskooee and Niroomand (1998) and BahmaniOskooee (1998) is the emphasis put on the match between the long-run characteristics of the Marshall-Lerner Condition and the cointeg ...
... for determining the number of cointegrating vectors in addition to their estimates. An important feature we observe in Bahmani-Oskooee and Niroomand (1998) and BahmaniOskooee (1998) is the emphasis put on the match between the long-run characteristics of the Marshall-Lerner Condition and the cointeg ...
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.