■' ■Æi.'ÿUw * S^pSsSSíií HÎKSfeïiiii
... Financial liberalisation was widely implemented in most industrial countries over the last three decades. It resulted in the breakdown of barriers between the financial systems o f these countries and those established in offshore centres around the world. These developments led to an increase in th ...
... Financial liberalisation was widely implemented in most industrial countries over the last three decades. It resulted in the breakdown of barriers between the financial systems o f these countries and those established in offshore centres around the world. These developments led to an increase in th ...
M o n e t a r y ... C o n t e n t s 1 March 1999
... Internationally, we see average growth in our trading partners picking up over the next two years, with slowing growth in the United States and Australia being offset by a pick-up in growth in some other markets. But this international growth will not be as robust as that experienced in the early ni ...
... Internationally, we see average growth in our trading partners picking up over the next two years, with slowing growth in the United States and Australia being offset by a pick-up in growth in some other markets. But this international growth will not be as robust as that experienced in the early ni ...
External Shocks, Banks and Optimal Monetary Policy in an Open
... modeling of non-financial firms’ and banks’ balance sheets simultaneously. The former shows that a spread-augmented Taylor rule stabilizes the adverse effects of shocks that widens the credit spreads and the latter finds that LATW-type interest rate rules that respond to asset prices improve upon th ...
... modeling of non-financial firms’ and banks’ balance sheets simultaneously. The former shows that a spread-augmented Taylor rule stabilizes the adverse effects of shocks that widens the credit spreads and the latter finds that LATW-type interest rate rules that respond to asset prices improve upon th ...
Unconventional Central Bank Measures for Emerging
... GDP and broad money, to capture the country and financial sector size; (ii) international reserves, current account balance, external debt, and credit growth, to capture vulnerabilities; and (iii) the magnitude of exchange rate depreciation and changes in credit-default-swap (CDS) spreads as shock s ...
... GDP and broad money, to capture the country and financial sector size; (ii) international reserves, current account balance, external debt, and credit growth, to capture vulnerabilities; and (iii) the magnitude of exchange rate depreciation and changes in credit-default-swap (CDS) spreads as shock s ...
Macroeconomic Performance - Federal Reserve Bank of San
... ofthe two key assumptions made above do not hold. If flexible exchange rates fully insulate the domestic econorny, the external sector will not stabilize the domestic price level. Price instability is also possible if banks passively accommodate money demand rather than limit money supply at any giv ...
... ofthe two key assumptions made above do not hold. If flexible exchange rates fully insulate the domestic econorny, the external sector will not stabilize the domestic price level. Price instability is also possible if banks passively accommodate money demand rather than limit money supply at any giv ...
NBER WORKING PAPER SERIES DISINFLATION AND FISCAL REFORM: A NEOCLASSICAL PERSPECTIVE
... recomposition are common in the Latin American experience, and are an important component of their reform processes. Third, the disinflation program can be thought as a commitment or disciplinary device to encourage fiscal responsibility. If there is a conflict between the central bank and the gover ...
... recomposition are common in the Latin American experience, and are an important component of their reform processes. Third, the disinflation program can be thought as a commitment or disciplinary device to encourage fiscal responsibility. If there is a conflict between the central bank and the gover ...
Do China and oil exporters influence major currency configurations?
... estimates is economically relevant. Calculating the cumulated effect of EME statements by year shows that statements by EME officials led to an appreciation of the euro against the US dollar by as much as 7 percentage points in 2006. This indeed seems very substantial. Nevertheless, there is strong ...
... estimates is economically relevant. Calculating the cumulated effect of EME statements by year shows that statements by EME officials led to an appreciation of the euro against the US dollar by as much as 7 percentage points in 2006. This indeed seems very substantial. Nevertheless, there is strong ...
Chapter 9
... • This is constant as long as the cost of production rises at the German rate of inflation ...
... • This is constant as long as the cost of production rises at the German rate of inflation ...
Relationship of Sino-US Trade Balance and RMB Exchange Rate
... abroad generally concentrated on whether the ML condition is set up and the J-curve effect is in existence. flexibility under the circumstance of partial equilibrium is employed in ML condition. That is to say, assume other conditions remain unchanged, when sum of exchange rate flexibility of export ...
... abroad generally concentrated on whether the ML condition is set up and the J-curve effect is in existence. flexibility under the circumstance of partial equilibrium is employed in ML condition. That is to say, assume other conditions remain unchanged, when sum of exchange rate flexibility of export ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... Table 5.3 shows alternative measures for the budget.’ When inflation rises or abruptly falls, different budget concepts are strongly affected. The borrowing requirement of the public sector (PSBR), which moves dramatically with inflation because of the inflationary component of interest payments, is ...
... Table 5.3 shows alternative measures for the budget.’ When inflation rises or abruptly falls, different budget concepts are strongly affected. The borrowing requirement of the public sector (PSBR), which moves dramatically with inflation because of the inflationary component of interest payments, is ...
a stable money demand function for zimbabwe as a pre
... The analysis of monetary aggregates is one of the pillars of Zimbabwe’s monetary policy strategy since money growth is highly correlated with inflation. Consequently monetary authorities use money growth as one indicator for future risks to price stability. A stable money demand function is therefor ...
... The analysis of monetary aggregates is one of the pillars of Zimbabwe’s monetary policy strategy since money growth is highly correlated with inflation. Consequently monetary authorities use money growth as one indicator for future risks to price stability. A stable money demand function is therefor ...
MPSAS 4 The Effects of Changes In Foreign Exchange Rates
... of one currency into another currency at different exchange rates. Exchange rate is the ratio of exchange for two currencies. Foreign currency is a currency other than the functional currency of the entity. Foreign operation is an entity that is a controlled entity, associate, joint venture, or bran ...
... of one currency into another currency at different exchange rates. Exchange rate is the ratio of exchange for two currencies. Foreign currency is a currency other than the functional currency of the entity. Foreign operation is an entity that is a controlled entity, associate, joint venture, or bran ...
A. The Impact on Mainland China`s Economy (continued)
... account restrictions on transactions. In 1979, it began to reform and open to the outside world. In 1996, it established current account liberalization. ...
... account restrictions on transactions. In 1979, it began to reform and open to the outside world. In 1996, it established current account liberalization. ...
intertemporal analysis of foreign borrowing An for developing economies* –
... modern intertemporal framework. In particular, this paper investigates the implications of different lending policies of international financial institutions. Along this line of inquiry, the present paper develops a dynamic optimizing model of consumption and foreign borrowing for a developing econo ...
... modern intertemporal framework. In particular, this paper investigates the implications of different lending policies of international financial institutions. Along this line of inquiry, the present paper develops a dynamic optimizing model of consumption and foreign borrowing for a developing econo ...
Master of Science in Economics and Business Administration
... The Planning Commission priority was to increase the Indian savings rate, to raise to 20%, after which the economy could have been able to grow at 5% per year, as stated by the Commission’s initial documents. It is interesting to understand the way the assumptions underlying the underdevelopment of ...
... The Planning Commission priority was to increase the Indian savings rate, to raise to 20%, after which the economy could have been able to grow at 5% per year, as stated by the Commission’s initial documents. It is interesting to understand the way the assumptions underlying the underdevelopment of ...
NBER WORKING PAPER SERIES
... balance of payments is set equal to zero by a central bank policy of not intervening in the foreign exchange market. The most important channel is international capital flows, which have become even more important in the 1 970s and 1 980s than in the 1 960s. A foreign fiscal expansion, for example, ...
... balance of payments is set equal to zero by a central bank policy of not intervening in the foreign exchange market. The most important channel is international capital flows, which have become even more important in the 1 970s and 1 980s than in the 1 960s. A foreign fiscal expansion, for example, ...
Assessing the Impact of Exchange Rate Risk on Banks Performance
... exposure according to Spiro (1980) refers to the sensitivity of a bank market value to an unanticipated exchange rate movements. Consequently exchange rate movement is estimated by the regression, coefficient describing the market value of the bank. This explains why export-oriented firms’ use of cu ...
... exposure according to Spiro (1980) refers to the sensitivity of a bank market value to an unanticipated exchange rate movements. Consequently exchange rate movement is estimated by the regression, coefficient describing the market value of the bank. This explains why export-oriented firms’ use of cu ...
IDEAs Conference on ‘Reforming the Financial System: Proposals, Constraints
... extension to the private sector without commensurate rise in private business investment over 2000-08. While a large part of the increased liquidity went to financing the growing household consumption, the other part went in for acquisition of financial assets, much larger than net capital formatio ...
... extension to the private sector without commensurate rise in private business investment over 2000-08. While a large part of the increased liquidity went to financing the growing household consumption, the other part went in for acquisition of financial assets, much larger than net capital formatio ...
Monetary Policy in the Post Keynesian Theoretical Framework
... licy aiming “at stability of [money] value in terms of an international standard”, that is, the exchange rate stability. Given the fact that “any policy on interest rates is inevitable circumscribed by global financial markets” (Arestis and Sawyer, 1998, pp. 187), every time the central bank change ...
... licy aiming “at stability of [money] value in terms of an international standard”, that is, the exchange rate stability. Given the fact that “any policy on interest rates is inevitable circumscribed by global financial markets” (Arestis and Sawyer, 1998, pp. 187), every time the central bank change ...
NBER WORKING PAPER SERIES CURRENT ACCOUNT DYNAMICS AND MONETARY POLICY Andrea Ferrero
... in domestic spending required to bring the current account into line. These rapid and large adjustments could potentially create a complex balancing act for the Federal Reserve. Even if such a circumstance is remote, it is certainly worth exploring policy options under this kind of worst-case scenar ...
... in domestic spending required to bring the current account into line. These rapid and large adjustments could potentially create a complex balancing act for the Federal Reserve. Even if such a circumstance is remote, it is certainly worth exploring policy options under this kind of worst-case scenar ...
NBER WORKING PAPER SERIES CURRENT ACCOUNT DYNAMICS AND MONETARY POLICY Andrea Ferrero
... in domestic spending required to bring the current account into line. These rapid and large adjustments could potentially create a complex balancing act for the Federal Reserve. Even if such a circumstance is remote, it is certainly worth exploring policy options under this kind of worst-case scenar ...
... in domestic spending required to bring the current account into line. These rapid and large adjustments could potentially create a complex balancing act for the Federal Reserve. Even if such a circumstance is remote, it is certainly worth exploring policy options under this kind of worst-case scenar ...
The Rationale for Inflation Targeting
... (1995), however, a fixed exchange rate regime is not without its costs and limitations. With a fixed exchange rate regime, a country no longer exercises control over its own monetary policy. Not only is the country unable to use monetary policy to respond to domestic shocks, but it is also vulnerabl ...
... (1995), however, a fixed exchange rate regime is not without its costs and limitations. With a fixed exchange rate regime, a country no longer exercises control over its own monetary policy. Not only is the country unable to use monetary policy to respond to domestic shocks, but it is also vulnerabl ...
Cash Dollars Abroad - Federal Reserve Bank of New York
... latter independently. Such work has been substantially impeded by lack of data availability, particularly for developing countries. Several exceptions include Mongardini and Mueller (2000) who use data on secondary cash holdings to estimate currency-substitution ratios for the Kyrgyz Republic; Grube ...
... latter independently. Such work has been substantially impeded by lack of data availability, particularly for developing countries. Several exceptions include Mongardini and Mueller (2000) who use data on secondary cash holdings to estimate currency-substitution ratios for the Kyrgyz Republic; Grube ...
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.