Ending over-lending: assessing systemic risk with - ECB
... This paper introduces the relationship between the stock of total debt and the flow of gross saving of nations and their economic sectors to macroprudential analysis, particularly as an indicator of systemic risk and vulnerabilities. Data series for sectors’ and nations’ total debt, not only the pub ...
... This paper introduces the relationship between the stock of total debt and the flow of gross saving of nations and their economic sectors to macroprudential analysis, particularly as an indicator of systemic risk and vulnerabilities. Data series for sectors’ and nations’ total debt, not only the pub ...
Foreign Capital and Economic Growth in the First Era of Globalization
... of Argentina and Brazil had high standards of living and witnessed rapid economic growth. Inward investment to these areas, coming largely from Great Britain, was massive prior to 1913. Much of this financing went into fixed interest rate long-term bonds that national governments and local companies ...
... of Argentina and Brazil had high standards of living and witnessed rapid economic growth. Inward investment to these areas, coming largely from Great Britain, was massive prior to 1913. Much of this financing went into fixed interest rate long-term bonds that national governments and local companies ...
Reassessing the Link between the Japanese Yen and Emerging
... mination in this area. Their analysis, therefore, imply that maintaining the stable USD exchange rate should be a key objective of the foreign exchange rate policy in emerging Asian currencies. Following the approach of Frankel and Wei (1994), Bowman (2005) shows that the Australian dollar, in addi ...
... mination in this area. Their analysis, therefore, imply that maintaining the stable USD exchange rate should be a key objective of the foreign exchange rate policy in emerging Asian currencies. Following the approach of Frankel and Wei (1994), Bowman (2005) shows that the Australian dollar, in addi ...
12. Misunderstanding the Great Depression and the Great
... Base” or M0, which is currency plus the reserve accounts of private bank at the Central Bank; next is M1, which is currency plus check accounts but does not include reserve accounts, then M2 which includes M1 plus savings accounts, small (under $100,000) time deposits and individual money-market dep ...
... Base” or M0, which is currency plus the reserve accounts of private bank at the Central Bank; next is M1, which is currency plus check accounts but does not include reserve accounts, then M2 which includes M1 plus savings accounts, small (under $100,000) time deposits and individual money-market dep ...
The_Caribbean_en.pdf
... merchandise purchases. The increase in non-oil imports was another contributing factor, albeit a less significant one. The positive balance in the services account (19.3% of GDP compared with 17.9% in 2004) reflected buoyant tourist activity, yet was only able to partially offset the merchandise tra ...
... merchandise purchases. The increase in non-oil imports was another contributing factor, albeit a less significant one. The positive balance in the services account (19.3% of GDP compared with 17.9% in 2004) reflected buoyant tourist activity, yet was only able to partially offset the merchandise tra ...
NBER WORKING PAPER SERIES ON OVERBORROWING Martin Uribe Working Paper 11913
... A central question in emerging-market macroeconomics is what factors lead countries to accumulate excessive levels of external debt. It is often argued by economic observers and policymakers that emerging markets tend to overborrow when the lending decisions of foreign financial institutions are gui ...
... A central question in emerging-market macroeconomics is what factors lead countries to accumulate excessive levels of external debt. It is often argued by economic observers and policymakers that emerging markets tend to overborrow when the lending decisions of foreign financial institutions are gui ...
No Spending - UMKC Summer Debate Institute
... the central bank had predicted it would take until the end of the year for the jobless rate to reach that level. While the Fed’s program of buying bonds to stimulate the economy is on track to end in October, most economists have been predicting the first increases in short-term rates would not come ...
... the central bank had predicted it would take until the end of the year for the jobless rate to reach that level. While the Fed’s program of buying bonds to stimulate the economy is on track to end in October, most economists have been predicting the first increases in short-term rates would not come ...
2005-10-05 EP Hearing final
... These problems are not new. In the past, the number of EDs has been increased to meet the concerns of under representation. Quota misalignments have been corrected with ad hoc quota changes. Some countries, in particular Europeans, have indicated that these traditional recipes, i.e. ad hoc quota inc ...
... These problems are not new. In the past, the number of EDs has been increased to meet the concerns of under representation. Quota misalignments have been corrected with ad hoc quota changes. Some countries, in particular Europeans, have indicated that these traditional recipes, i.e. ad hoc quota inc ...
Introduction to FX and Python to analyse markets
... • One of team who created Lehman Brother’s MarQCuS FX factor model, which had 2bn USD AUM • Created finmarketpy, findatapy and chartpy open source Python financial analysis libraries (grew out of pythalesians library) – finmarketpy is number 2 Python trading library on GitHub • Co-founded the Thales ...
... • One of team who created Lehman Brother’s MarQCuS FX factor model, which had 2bn USD AUM • Created finmarketpy, findatapy and chartpy open source Python financial analysis libraries (grew out of pythalesians library) – finmarketpy is number 2 Python trading library on GitHub • Co-founded the Thales ...
Currency boards and the euro – An “international role of the euro
... unilaterally by the country that introduces a currency board, it does not involve any commitment from the central bank that issues the anchor currency. However, the analysis of the salient characteristics of various exchange rate regimes has become a key issue in the recent debate on sustainable exc ...
... unilaterally by the country that introduces a currency board, it does not involve any commitment from the central bank that issues the anchor currency. However, the analysis of the salient characteristics of various exchange rate regimes has become a key issue in the recent debate on sustainable exc ...
Chapter 6 Long-run aspects of fiscal policy and
... Very much depends on whether the real interest rate in the long-run is higher than the growth rate of GDP or not. To see this, suppose the country considered has positive government debt at time 0 and that the government levies taxes equal to its non-interest spending: T~t = Gt + Xt ...
... Very much depends on whether the real interest rate in the long-run is higher than the growth rate of GDP or not. To see this, suppose the country considered has positive government debt at time 0 and that the government levies taxes equal to its non-interest spending: T~t = Gt + Xt ...
On the logic, fairness and legality of discriminating
... Domestic agents bear already a large, and greater, part of the crisis and policy adjustment burden relative to foreign investors. This domestic burden on domestic residents is much larger than that on foreign investors for several reasons. First, domestic fiscal adjustment during the crisis period a ...
... Domestic agents bear already a large, and greater, part of the crisis and policy adjustment burden relative to foreign investors. This domestic burden on domestic residents is much larger than that on foreign investors for several reasons. First, domestic fiscal adjustment during the crisis period a ...
Vietnam: 2012 Article IV consultation Staff Report
... inflation peaked at 23 percent y/y in August 2011, and then declined to 10½ percent in April 2012. In the previous episode, inflation had similarly risen to 28½ percent in August 2008 and then declined rapidly to single digits in a space of about eight months. Both episodes appear to have originated ...
... inflation peaked at 23 percent y/y in August 2011, and then declined to 10½ percent in April 2012. In the previous episode, inflation had similarly risen to 28½ percent in August 2008 and then declined rapidly to single digits in a space of about eight months. Both episodes appear to have originated ...
1305501187_526858
... – Investing most of retirement and other savings in one’s home country, which reduces diversification ...
... – Investing most of retirement and other savings in one’s home country, which reduces diversification ...
COUNTRY RISK - Semantic Scholar
... The opening of the capital account was one of the important structural reforms implemented by Argentina. This liberalization increased the linkage of the real economy with the changing conditions of the international financial markets. In particular, recent data show a clear relation between interes ...
... The opening of the capital account was one of the important structural reforms implemented by Argentina. This liberalization increased the linkage of the real economy with the changing conditions of the international financial markets. In particular, recent data show a clear relation between interes ...
Exchange Rates and the International Financial
... An opposite case of a trade surplus would arise when a country has high saving with few productive investments for its saving (as, for example, Saudi Arabia, with vast oil revenues but meager investment opportunities). In addition, services are increasingly important in international trade. Services ...
... An opposite case of a trade surplus would arise when a country has high saving with few productive investments for its saving (as, for example, Saudi Arabia, with vast oil revenues but meager investment opportunities). In addition, services are increasingly important in international trade. Services ...
Moody`s Report - December 5, 2013
... constraints and is more comprehensive. Prior legislation limited debt service payments (interest and principal) to 10% of government revenues. Under the new rules, debt payments made for the public sector as a whole, not just the central government, are included. The People’s Progressive Movement (P ...
... constraints and is more comprehensive. Prior legislation limited debt service payments (interest and principal) to 10% of government revenues. Under the new rules, debt payments made for the public sector as a whole, not just the central government, are included. The People’s Progressive Movement (P ...
Count the Limbs: Designing Robust Aggregation Clauses in
... lending ignored the fact that Mexico’s vulnerability stemmed not from its foreign law bonds, but from dollar-indexed domestic law tesobonos, which might have been restructured unilaterally. The next round of bailouts responded to the crisis in Asia, with roots in cross-border interbank and corporate ...
... lending ignored the fact that Mexico’s vulnerability stemmed not from its foreign law bonds, but from dollar-indexed domestic law tesobonos, which might have been restructured unilaterally. The next round of bailouts responded to the crisis in Asia, with roots in cross-border interbank and corporate ...
An update on Eurokiwi and Uridashi bonds: Reserve Bank of New
... member countries). On the other side of the swap, a New ...
... member countries). On the other side of the swap, a New ...
Tauno Tiusanen
... from easy. In the present-day global economy, traditional means of protection (customs tariffs, import quotas) are in decline. Using them may cause retaliation from trading partners. There is one method of protection principally open to emerging markets: it is called “exchange rate protection”. In t ...
... from easy. In the present-day global economy, traditional means of protection (customs tariffs, import quotas) are in decline. Using them may cause retaliation from trading partners. There is one method of protection principally open to emerging markets: it is called “exchange rate protection”. In t ...
Overborrowing and Systemic Externalities in the Business Cycle†
... Our article is related to the theoretical literature that investigates the role of pecuniary externalities in generating excessive financial fragility, and we borrow extensively from their insights (see, for example, Leonardo Auernheimer and Roberto Garcia-Saltos 2000; Ricardo Caballero and Arvind K ...
... Our article is related to the theoretical literature that investigates the role of pecuniary externalities in generating excessive financial fragility, and we borrow extensively from their insights (see, for example, Leonardo Auernheimer and Roberto Garcia-Saltos 2000; Ricardo Caballero and Arvind K ...
Monetary Policy Coordination, Monetary Integration and Other Essays
... called asymmetric because it increases the quantity demanded for labor and capital in one country (A) and lowers it in the other (B). With flexible prices, the reduction of the quantity demanded lowers real wages and rents in country B, and unemployment is not an issue. If prices are not flexible bu ...
... called asymmetric because it increases the quantity demanded for labor and capital in one country (A) and lowers it in the other (B). With flexible prices, the reduction of the quantity demanded lowers real wages and rents in country B, and unemployment is not an issue. If prices are not flexible bu ...
LCwasL8_en.pdf
... mid-1987, when the World Bank's current dollar index increased from the record low of 74.4 that it had reached in the first quarter of the same year. The last increase in the index amounted to a mini-peak in the first quarter of 1984. Primary commodity prices declined steadily until the second half ...
... mid-1987, when the World Bank's current dollar index increased from the record low of 74.4 that it had reached in the first quarter of the same year. The last increase in the index amounted to a mini-peak in the first quarter of 1984. Primary commodity prices declined steadily until the second half ...
T-Accounts - Knowledge
... has a claim on the Mexican Central Bank (it is recorded as a debit with a minus sign in the ST claims account). 7) Juan begins to work. He sends 125 dollars to his family in Mexico. The money is sent by check drawn on his American bank. From a real current account point of view, again it is an unreq ...
... has a claim on the Mexican Central Bank (it is recorded as a debit with a minus sign in the ST claims account). 7) Juan begins to work. He sends 125 dollars to his family in Mexico. The money is sent by check drawn on his American bank. From a real current account point of view, again it is an unreq ...
Lazard Emerging Markets Debt
... an independent audit was unable to account for about a quarter of the $2 billion of previously undeclared government debt. Bolivia is the only country to have registered a negative return in the first half of 2017, falling 1.0% after failing to recover fully following reports earlier this year that ...
... an independent audit was unable to account for about a quarter of the $2 billion of previously undeclared government debt. Bolivia is the only country to have registered a negative return in the first half of 2017, falling 1.0% after failing to recover fully following reports earlier this year that ...