Central Bank Financial Strength in Central America
... Central banks around the world aim to safeguard macroeconomic stability. Before the global financial crisis of 2008–2009, central banks were given some share of the credit for the “great moderation” during which economic activity in many countries was stable at its full employment level and inflatio ...
... Central banks around the world aim to safeguard macroeconomic stability. Before the global financial crisis of 2008–2009, central banks were given some share of the credit for the “great moderation” during which economic activity in many countries was stable at its full employment level and inflatio ...
Global Views 02-07-14
... Council of the Bank of England rolled out last August. He is expected to do so again on Wednesday in the form of the BoE's quarterly inflation report. Markets have tested the Governor in his first eight months on the job in no small part because the initial promise to keep rates on hold until late 2 ...
... Council of the Bank of England rolled out last August. He is expected to do so again on Wednesday in the form of the BoE's quarterly inflation report. Markets have tested the Governor in his first eight months on the job in no small part because the initial promise to keep rates on hold until late 2 ...
What is an Emerging Market? by Ashoka Mody
... strong transaction-specific commitment. However, the goal is to grow out of transactional commitments to achieve commitment through credible institutions. Institutional commitment allows the benefits of flexibility, with the country’s “word” eventually acting as the necessary assurance to behave res ...
... strong transaction-specific commitment. However, the goal is to grow out of transactional commitments to achieve commitment through credible institutions. Institutional commitment allows the benefits of flexibility, with the country’s “word” eventually acting as the necessary assurance to behave res ...
Foreign Currency Exposure and Hedging in Australia
... position by increasing the Australian dollar value of foreign currency assets relative to foreign currency liabilities (the converse is true for an appreciation). This is true even before any hedging of these foreign currency positions is taken into account. Notwithstanding the net foreign currency ...
... position by increasing the Australian dollar value of foreign currency assets relative to foreign currency liabilities (the converse is true for an appreciation). This is true even before any hedging of these foreign currency positions is taken into account. Notwithstanding the net foreign currency ...
Volume 74 No. 4, December 2011 Contents
... young, coming into the housing market, have to pay the higher cost of housing, and find themselves worse off. A landlord will be rather better off (since he or she can sell the house and put the proceeds in the bank). But tenants will be worse off: many will wish to buy a house in the future and in ...
... young, coming into the housing market, have to pay the higher cost of housing, and find themselves worse off. A landlord will be rather better off (since he or she can sell the house and put the proceeds in the bank). But tenants will be worse off: many will wish to buy a house in the future and in ...
... outstanding an opposed to the nominal value of such claims which may find it with receivables whose real value is diminished, thus inflation harms lenders and tend to benefit borrowers (Myers, 1984). This defect is to some extent remedied by indexing interest payments to the prevailing rate of infla ...
del06 mundaca 2762891 en
... substantially. Still the policymakers in these economies face many credibility problems so that an expansionary monetary policy to promote recovery from a financial crisis is likely to lead to higher inflation and depreciation of the national currency. Consequently, the international financial sect ...
... substantially. Still the policymakers in these economies face many credibility problems so that an expansionary monetary policy to promote recovery from a financial crisis is likely to lead to higher inflation and depreciation of the national currency. Consequently, the international financial sect ...
selection from a published volume from the of Economic Research
... In the last fifteen years, following the introduction of the euro and the resulting elimination of exchange rate risk among euro area members, European banks have increasingly “happily owned regional, rather than merely national, government bond portfolios” (The Economist 2012). In particular, banks ...
... In the last fifteen years, following the introduction of the euro and the resulting elimination of exchange rate risk among euro area members, European banks have increasingly “happily owned regional, rather than merely national, government bond portfolios” (The Economist 2012). In particular, banks ...
Dissertation proposal - Arizona State University
... mathematical methods of dynamic optimization and differential equations are widely used to generate some general equilibrium of the economy, based on a set of strict assumptions some of which will be relaxed in variations of the main model. Attention has also been given to the government which play ...
... mathematical methods of dynamic optimization and differential equations are widely used to generate some general equilibrium of the economy, based on a set of strict assumptions some of which will be relaxed in variations of the main model. Attention has also been given to the government which play ...
Characteristics of the 2009/2010 financial crisis in Greece
... Financial crises have been a phenomenon studied for many years, perhaps because of its large impact on society and its unpredictable nature. One of the first crises that can be explained by a failure in the market economy, and thus be labelled a financial crisis, is the ”Panic of 1819”, which lead to ...
... Financial crises have been a phenomenon studied for many years, perhaps because of its large impact on society and its unpredictable nature. One of the first crises that can be explained by a failure in the market economy, and thus be labelled a financial crisis, is the ”Panic of 1819”, which lead to ...
Why the Dollar Needs to Fall Further
... States—is that many of their governments follow interventionist policies in currency markets that short-circuit the type of market correction in the dollar’s value now occurring with the euro and other major currencies. Many East Asian countries either peg their exchange rates at artificially low va ...
... States—is that many of their governments follow interventionist policies in currency markets that short-circuit the type of market correction in the dollar’s value now occurring with the euro and other major currencies. Many East Asian countries either peg their exchange rates at artificially low va ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... growth models, the steady-state properties of fixed (Villanueva 1994) and optimally derived saving-rate models are the same.3 The second development was to open up the Conlisk (1967) model to the global capital markets. An early attempt was made by Otani and Villanueva (1989), followed by Agénor (20 ...
... growth models, the steady-state properties of fixed (Villanueva 1994) and optimally derived saving-rate models are the same.3 The second development was to open up the Conlisk (1967) model to the global capital markets. An early attempt was made by Otani and Villanueva (1989), followed by Agénor (20 ...
Weekly Market Highlights
... weakness in other parts of the globe. We saw USD/JPY broke past 120 handle till Bank of Japan said to see consumer sentiment hurt by any further YEN drop and as of writing, USDJPY made new intraday low of 118.50 The Eurogroup was unable to issue a joint statement yesterday, much less come to any sor ...
... weakness in other parts of the globe. We saw USD/JPY broke past 120 handle till Bank of Japan said to see consumer sentiment hurt by any further YEN drop and as of writing, USDJPY made new intraday low of 118.50 The Eurogroup was unable to issue a joint statement yesterday, much less come to any sor ...
Dealing with debt
... But, typically, something causes spirits to lift, and with them spending and business activity. People become more willing to take the risk of buying a house or farm, of consuming more of their incomes than previously, or of expanding a business. Once credit is growing rapidly, the process tends, fo ...
... But, typically, something causes spirits to lift, and with them spending and business activity. People become more willing to take the risk of buying a house or farm, of consuming more of their incomes than previously, or of expanding a business. Once credit is growing rapidly, the process tends, fo ...
Public Debt sustainability
... on the scenario3 (i.e., the value of a purchasing power unit is the same in all different scenarios), then the new sustainability condition would be one where the present value of government surpluses would be the same (equal to the debt value) for all scenarios discounted at this common rate. Again ...
... on the scenario3 (i.e., the value of a purchasing power unit is the same in all different scenarios), then the new sustainability condition would be one where the present value of government surpluses would be the same (equal to the debt value) for all scenarios discounted at this common rate. Again ...
The Economics of Austerity and the Vicious Spirals of Greece
... receive a bailout package from other European governments and the IMF (International Monetary Fund). But Greece fell into deeper recession and the first bailout package would later be followed by two more. The programmes included several conditionality criteria of structural reforms where fiscal aus ...
... receive a bailout package from other European governments and the IMF (International Monetary Fund). But Greece fell into deeper recession and the first bailout package would later be followed by two more. The programmes included several conditionality criteria of structural reforms where fiscal aus ...
Maintaining Central-Bank Solvency under New-Style Central Banking
... In spite of these two dangers, we find that in almost all conditions the Fed would be able not only to pay a reserve interest rate high enough to keep inflation on target but also to continue paying a substantial positive dividend to the Treasury. The exception is early in the recovery, when capital ...
... In spite of these two dangers, we find that in almost all conditions the Fed would be able not only to pay a reserve interest rate high enough to keep inflation on target but also to continue paying a substantial positive dividend to the Treasury. The exception is early in the recovery, when capital ...
Budget 2017-18 - Budget Paper No. 1
... Alternatively, the AOFM might choose to smooth issuance across several financial years in order to minimise changes in CGS supply from one financial year to the next. In recent years, the AOFM has taken the opportunity to lengthen the CGS yield curve. This has provided for a lower risk profile of ma ...
... Alternatively, the AOFM might choose to smooth issuance across several financial years in order to minimise changes in CGS supply from one financial year to the next. In recent years, the AOFM has taken the opportunity to lengthen the CGS yield curve. This has provided for a lower risk profile of ma ...
Pros and Cons of Structural Models - Berkeley-Haas
... ii) Structural models of credit risk are often contrasted with statistical or “Reduced form” (RF) models of estimating credit spreads and default probabilities. • RF models assume default is not directly based on firms’ cash flows or values, but estimate a jump rate (intensity) to default empiricall ...
... ii) Structural models of credit risk are often contrasted with statistical or “Reduced form” (RF) models of estimating credit spreads and default probabilities. • RF models assume default is not directly based on firms’ cash flows or values, but estimate a jump rate (intensity) to default empiricall ...
Markscheme - Humanities @ IICS
... • when the exchange rate is fixed to a currency that is weak, it can lead to imported inflation when the costs of imported resources rise • low value of US dollar causes relatively cheaper exports and expensive imports hence potential inflationary gap for UAE (paragraph ) • central bank needs large ...
... • when the exchange rate is fixed to a currency that is weak, it can lead to imported inflation when the costs of imported resources rise • low value of US dollar causes relatively cheaper exports and expensive imports hence potential inflationary gap for UAE (paragraph ) • central bank needs large ...
CHAPTER VI INFLATION AND BALANCE OF PAYMENTS (BOPs)
... be said that higher growth in imports than in exports and the negative trade balance always was the result of high domestic inflation. ...
... be said that higher growth in imports than in exports and the negative trade balance always was the result of high domestic inflation. ...
Central bank foreign reserves
... economy, such as short-term debt, long-term debt service and funding of the current account deficit for the ensuing twelve months. Such criteria are considered particularly appropriate for countries that could face a prolonged loss of access to foreign credit, for example if they lost confidence of ...
... economy, such as short-term debt, long-term debt service and funding of the current account deficit for the ensuing twelve months. Such criteria are considered particularly appropriate for countries that could face a prolonged loss of access to foreign credit, for example if they lost confidence of ...
NBER WORKING PAPER SERIES PUBLIC DEBT MANAGEMENT IN BRAZIL Francesco Giavazzi Alessandro Missale
... This paper derives the optimal composition of the Brazilian public debt by looking at the relative impact of the risk and cost of alternative debt instruments on the probability of missing the stabilization target. This allows to price risk against the expected cost of debt service and thus to find ...
... This paper derives the optimal composition of the Brazilian public debt by looking at the relative impact of the risk and cost of alternative debt instruments on the probability of missing the stabilization target. This allows to price risk against the expected cost of debt service and thus to find ...
Corporate Leverage and Currency Crises - S-WoPEc
... pegged to the foreign one. The government can make investments feasible by not defending the currency and thus letting it ‡oat. The resulting equilibrium currency depreciation increases the pro…tability of new investments when revenues from the new investments are in a foreign currency and costs den ...
... pegged to the foreign one. The government can make investments feasible by not defending the currency and thus letting it ‡oat. The resulting equilibrium currency depreciation increases the pro…tability of new investments when revenues from the new investments are in a foreign currency and costs den ...
Long-term Government Bond Yields
... Government bonds are used to fund a government’s expenses including repaying ...
... Government bonds are used to fund a government’s expenses including repaying ...