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... Thus compared to the recent past there is no particular reason for a portfolio shift in favour of euro assets. Nor is there any clear evidence that growth prospects are better in Europe than in the United States: the crisis is at least as severe as in the US, the aging problem is worse, and, despite ...
... Thus compared to the recent past there is no particular reason for a portfolio shift in favour of euro assets. Nor is there any clear evidence that growth prospects are better in Europe than in the United States: the crisis is at least as severe as in the US, the aging problem is worse, and, despite ...
Dollarization Versus a National Currency
... economy because they do not address the root problems that drive economic agents to hold alternative currencies. Clearly the most effective route to de-dollarization is through the use of effective macroeconomic policies that encourage citizens to save, invest, and conduct transactions using their o ...
... economy because they do not address the root problems that drive economic agents to hold alternative currencies. Clearly the most effective route to de-dollarization is through the use of effective macroeconomic policies that encourage citizens to save, invest, and conduct transactions using their o ...
Capital Inflows, Inflation and Exchange Rate Volatility
... monetary target, as M3 growth rate was 15 to 16 percent during this period, was overshot and monetary base expended in both nominal and real terms. Empirical evidence shows that domestic private sector credit is the only variable that can be used effectively to control inflation in case of large cap ...
... monetary target, as M3 growth rate was 15 to 16 percent during this period, was overshot and monetary base expended in both nominal and real terms. Empirical evidence shows that domestic private sector credit is the only variable that can be used effectively to control inflation in case of large cap ...
Monetary Policy Council Medium-Term Strategy of Monetary Policy
... - it is very difficult to determine the equilibrium exchange rate, particularly in the presence of external shocks, advancing liberalisation of foreign exchange transactions and accelerated structural changes in the economy; - under the fixed exchange rate regime, monetary policy has a limited abili ...
... - it is very difficult to determine the equilibrium exchange rate, particularly in the presence of external shocks, advancing liberalisation of foreign exchange transactions and accelerated structural changes in the economy; - under the fixed exchange rate regime, monetary policy has a limited abili ...
Presented
... language and disseminate best practices to build models. Are we able to model the complexity of the business and the risks to a good level of accuracy? Do we have the methods and data in place? Is the requirement for transparency (Pillar III of Solvency II and IFRS) going too far and introducing art ...
... language and disseminate best practices to build models. Are we able to model the complexity of the business and the risks to a good level of accuracy? Do we have the methods and data in place? Is the requirement for transparency (Pillar III of Solvency II and IFRS) going too far and introducing art ...
Chapter 12
... 1. A country’s GNP is roughly equal to the income received by its factors of production. 2. In an open economy, GNP equals the sum of consumption, investment, government purchases, and the current account. 3. GDP is equal to GNP minus net receipts of factor income from abroad. It measures the output ...
... 1. A country’s GNP is roughly equal to the income received by its factors of production. 2. In an open economy, GNP equals the sum of consumption, investment, government purchases, and the current account. 3. GDP is equal to GNP minus net receipts of factor income from abroad. It measures the output ...
DP2006/09 Uncovering the Hit-list for Small Inflation Targeters: A Bayesian Structural Analysis
... targeters conditioned on a microfounded DSGE model. Estimates of macroeconomic policy objectives can potentially enhance both the transparency and accountability of the practical implementation of monetary policy. Most inflation targeting central banks describe themselves as “flexible” in their appr ...
... targeters conditioned on a microfounded DSGE model. Estimates of macroeconomic policy objectives can potentially enhance both the transparency and accountability of the practical implementation of monetary policy. Most inflation targeting central banks describe themselves as “flexible” in their appr ...
The duration of fixed exchange rate regimes Sébastien Wälti Trinity College Dublin
... in some regime parameter. The sample of countries varies across studies, including either OECD countries, or Latin American countries, or a selection of developed, emerging market and other economies, or all countries. Most of the literature, e.g. Detragiache, Mody and Okada (2005), makes use of log ...
... in some regime parameter. The sample of countries varies across studies, including either OECD countries, or Latin American countries, or a selection of developed, emerging market and other economies, or all countries. Most of the literature, e.g. Detragiache, Mody and Okada (2005), makes use of log ...
P aper ing P
... domestic aggregate demand. The real effective exchange rate of the United States did, indeed, decline by about 17 per cent between 2002 and 2004.7 But both exports and imports were slow to respond. Instead of improving, the U.S. balance on current account worsened, widening from -3.7 per cent of GDP ...
... domestic aggregate demand. The real effective exchange rate of the United States did, indeed, decline by about 17 per cent between 2002 and 2004.7 But both exports and imports were slow to respond. Instead of improving, the U.S. balance on current account worsened, widening from -3.7 per cent of GDP ...
International Accounting Standard 29
... financial statements of any such subsidiary need to be restated by applying a general price index of the country in whose currency it reports before they are included in the consolidated financial statements issued by its parent. Where such a subsidiary is a foreign subsidiary, its restated financia ...
... financial statements of any such subsidiary need to be restated by applying a general price index of the country in whose currency it reports before they are included in the consolidated financial statements issued by its parent. Where such a subsidiary is a foreign subsidiary, its restated financia ...
Leading Indicators of Currency Crises
... “signals” approach, include: output, exports, deviations of the real exchange rate from trend, equity prices, and the ratio of broad money to gross international reserves. Furthermore, on average, these and other indicators provide signals with sufficient advance so as to allow for pre-emptive polic ...
... “signals” approach, include: output, exports, deviations of the real exchange rate from trend, equity prices, and the ratio of broad money to gross international reserves. Furthermore, on average, these and other indicators provide signals with sufficient advance so as to allow for pre-emptive polic ...
supplement/ancillary title - Amazon Simple Storage Service (S3)
... the most recent example, go to {http://www.economist.com/blogs/graphicdetail/2012/07/daily-chart-17}. Money Supply and Price Inflation E) There is a positive relationship between the inflation rate and the level of money supply. When the growth in a country’s money supply is greater than the growth ...
... the most recent example, go to {http://www.economist.com/blogs/graphicdetail/2012/07/daily-chart-17}. Money Supply and Price Inflation E) There is a positive relationship between the inflation rate and the level of money supply. When the growth in a country’s money supply is greater than the growth ...
Global Imbalances and the Financial Crisis: Products of Common Causes
... largest economy, the United States. Second, a number of countries were simultaneously running high and rising current account deficits, including the world’s largest economy, the United States. Third, leverage had built up to extraordinary levels in many sectors across the globe, notably among consu ...
... largest economy, the United States. Second, a number of countries were simultaneously running high and rising current account deficits, including the world’s largest economy, the United States. Third, leverage had built up to extraordinary levels in many sectors across the globe, notably among consu ...
EXCHANGE RATE FLEXIBIUTY, VOLATILITY, AND THE PATTERNS Joshua Paper No. 3953
... income is, in turn, supporting higher domestic investment and FDI. For real shocks, flexible ...
... income is, in turn, supporting higher domestic investment and FDI. For real shocks, flexible ...
A Simple Model of Income, Aggregate Demand, and the Process of
... to their customers, they create money by crediting their customers' accounts. The usual role of a central bank is to limit this rate of money creation, so that an excessive expansion of money spending does not lead to inflation." (Bank of England, 2012b) ...
... to their customers, they create money by crediting their customers' accounts. The usual role of a central bank is to limit this rate of money creation, so that an excessive expansion of money spending does not lead to inflation." (Bank of England, 2012b) ...
Inflation Developments 1.
... policies focused on stability. In the last four years, thanks to the increased confidence in economic policies, inflation targets have become a variable that is increasingly referred to in pricing decisions. The reversal of this tendency stands as one of the significant risks for the upcoming period ...
... policies focused on stability. In the last four years, thanks to the increased confidence in economic policies, inflation targets have become a variable that is increasingly referred to in pricing decisions. The reversal of this tendency stands as one of the significant risks for the upcoming period ...
c. crises in peripheral eurozone economies
... rates and exchange rates in real terms. As a result, in the Eurozone peripheral countries the lower real interest rates and the more appreciated real exchange rates stimulated capital inflows, growth, external deficit and external debt. These capital inflows accelerated because risk convergence took ...
... rates and exchange rates in real terms. As a result, in the Eurozone peripheral countries the lower real interest rates and the more appreciated real exchange rates stimulated capital inflows, growth, external deficit and external debt. These capital inflows accelerated because risk convergence took ...
On the Link between Dollarization and Inflation: Evidence from Turkey* by
... Turkish experience of financial liberalization began along with the structural adjustment program initiated in 1980, under the auspices of the World Bank and the International Monetary Fund. At the beginning of the stabilization program, interest rate ceilings on loans and deposits were lifted. In t ...
... Turkish experience of financial liberalization began along with the structural adjustment program initiated in 1980, under the auspices of the World Bank and the International Monetary Fund. At the beginning of the stabilization program, interest rate ceilings on loans and deposits were lifted. In t ...
On the Link between Dollarization and Inflation: Evidence
... Turkish experience of financial liberalization began along with the structural adjustment program initiated in 1980, under the auspices of the World Bank and the International Monetary Fund. At the beginning of the stabilization program, interest rate ceilings on loans and deposits were lifted. In t ...
... Turkish experience of financial liberalization began along with the structural adjustment program initiated in 1980, under the auspices of the World Bank and the International Monetary Fund. At the beginning of the stabilization program, interest rate ceilings on loans and deposits were lifted. In t ...
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... Drawing on the European experience, we discuss in Section 5 arrangements that allow for the Chinese RMB to gradually assume a more important role in the regional process and to become an anchor currency over time. Such a system has to be designed in a way that minimizes the dangers of speculative at ...
... Drawing on the European experience, we discuss in Section 5 arrangements that allow for the Chinese RMB to gradually assume a more important role in the regional process and to become an anchor currency over time. Such a system has to be designed in a way that minimizes the dangers of speculative at ...
NBER WORKING PAPER SERIES THE OPEN ECONOMY: IMPLICATIONS FOR FISCAL Stanley Fischer
... reductions in imports of semi—finished goods and exports of agricultural goods following the tariff, suggesting that the fact that bank failures in 1930 and 1931 were concentrated in agricultural regions was in part a consequence of the ...
... reductions in imports of semi—finished goods and exports of agricultural goods following the tariff, suggesting that the fact that bank failures in 1930 and 1931 were concentrated in agricultural regions was in part a consequence of the ...
Gold, the renminbi and the multi
... For much of the post-Second World War era, this has not been a particularly relevant consideration. However, the world is still in the grip of a financial crisis primarily induced by excess debt. Widespread inflation is unlikely to be a possible or attractive solution to this.3 This means that the s ...
... For much of the post-Second World War era, this has not been a particularly relevant consideration. However, the world is still in the grip of a financial crisis primarily induced by excess debt. Widespread inflation is unlikely to be a possible or attractive solution to this.3 This means that the s ...
Chapter 15
... regulates a nation’s depository institutions and controls the quantity of the nation’s money. The degree of independence the central bank has from the government of the day varies a great deal from one country to another. ...
... regulates a nation’s depository institutions and controls the quantity of the nation’s money. The degree of independence the central bank has from the government of the day varies a great deal from one country to another. ...
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.