Balance Sheets after the EMU - OFCE
... foreign debt results in such a negative growth outcome in the case of devaluation. Similarly, Bebczuk et al. (2006), using a panel of 57 advanced and developing countries, conclude that devaluations are contractionary if more than 84% of foreign debt is denominated in a foreign currency; moreover, i ...
... foreign debt results in such a negative growth outcome in the case of devaluation. Similarly, Bebczuk et al. (2006), using a panel of 57 advanced and developing countries, conclude that devaluations are contractionary if more than 84% of foreign debt is denominated in a foreign currency; moreover, i ...
Crisis mismanagement in the US and Europe: impact on developing
... Although financial stress in the EZ has eased considerably, continued contraction and adjustment fatigue in the periphery could bring it back and even lead to a break-up. However, it is difficult not only to predict the evolution of the EZ in the near future, but also the impact of a break-up, since ...
... Although financial stress in the EZ has eased considerably, continued contraction and adjustment fatigue in the periphery could bring it back and even lead to a break-up. However, it is difficult not only to predict the evolution of the EZ in the near future, but also the impact of a break-up, since ...
documentos de trabajo
... Moreover, financing requirements kept on mounting in many provinces until the situation collapsed at the end of 2001, leading to partial or total default in almost all provinces. However, from 2002 on the fiscal position of the provinces improved. Provincial accounts recovered due to a surge in rece ...
... Moreover, financing requirements kept on mounting in many provinces until the situation collapsed at the end of 2001, leading to partial or total default in almost all provinces. However, from 2002 on the fiscal position of the provinces improved. Provincial accounts recovered due to a surge in rece ...
Scenario Review - Mexico
... estimate for 2013 to 3.5%. Our inflation forecast for 2014 is unchanged, at 3.5%. • The government has recently announced a bill to reform the financial sector. Meanwhile, divisions within the PAN have emerged, posing a new risk for the set of reforms expected to be sent for congressional approval i ...
... estimate for 2013 to 3.5%. Our inflation forecast for 2014 is unchanged, at 3.5%. • The government has recently announced a bill to reform the financial sector. Meanwhile, divisions within the PAN have emerged, posing a new risk for the set of reforms expected to be sent for congressional approval i ...
Foreign exchange intervention in Venezuela
... Under the float, the BCV had the power to intervene in the foreign exchange market to moderate excess volatility of the exchange rate. Policymakers were concerned with negative effects of exchange rate volatility on investment and international trade.4 Likewise, they argued that excess exchange rate ...
... Under the float, the BCV had the power to intervene in the foreign exchange market to moderate excess volatility of the exchange rate. Policymakers were concerned with negative effects of exchange rate volatility on investment and international trade.4 Likewise, they argued that excess exchange rate ...
Hong Kong dollar exchange rate
... at the short end, widened at the intermediate end and remained unchanged at the long end. In particular, the three-month spread narrowed to –97 basis points and the five-year spread widened to –53 basis points, while the 10-year spread remained unchanged at –41 basis points at the end of the period ...
... at the short end, widened at the intermediate end and remained unchanged at the long end. In particular, the three-month spread narrowed to –97 basis points and the five-year spread widened to –53 basis points, while the 10-year spread remained unchanged at –41 basis points at the end of the period ...
Currency Crises in Asia and Lain America: A Comparison Shoji
... serious or if capital inflows halt for some reason, foreign investors regard the dollar peg system unsustainable and have incentives for a currency attack. Comparing with the base year of 1994 in which the real exchange rate (evaluated by wholesale price index) is normalized to one, Table 2 clearly ...
... serious or if capital inflows halt for some reason, foreign investors regard the dollar peg system unsustainable and have incentives for a currency attack. Comparing with the base year of 1994 in which the real exchange rate (evaluated by wholesale price index) is normalized to one, Table 2 clearly ...
THE U.S. CURRENT ACCOUNT DEFICIT: NOTHING TO FEAR BUT
... The U.S. CA was last in surplus in 1991, creating two distinct episodes of a protracted CAD: 1981-1991 (1980s) and 1991-present (today). The 1980s deficit actually has its origin in the 1970s, when high oil prices left oil exporters flush with cash. Deposited in commercial banks, these funds facilit ...
... The U.S. CA was last in surplus in 1991, creating two distinct episodes of a protracted CAD: 1981-1991 (1980s) and 1991-present (today). The 1980s deficit actually has its origin in the 1970s, when high oil prices left oil exporters flush with cash. Deposited in commercial banks, these funds facilit ...
emerging economies are less dependent on debt, less vulnerable to
... The changing structure of emerging market balance sheets was striking in the years leading up to the recent financial crisis. Over the period 2000–07, changes in FDI liabilities alone accounted for nearly half of the increase in overall liabilities. FDI and portfolio liabilities together account for ...
... The changing structure of emerging market balance sheets was striking in the years leading up to the recent financial crisis. Over the period 2000–07, changes in FDI liabilities alone accounted for nearly half of the increase in overall liabilities. FDI and portfolio liabilities together account for ...
Latin American Examples to Analyze the Euro Question
... different, but only to a degree.8 Any external financing shortfall imposed by the crisis on peripheral economies that is not offset by liquidity support from external sources needs to be accommodated; therefore adjustment remains a problem. While the ability of the ECB to do what it takes to provide ...
... different, but only to a degree.8 Any external financing shortfall imposed by the crisis on peripheral economies that is not offset by liquidity support from external sources needs to be accommodated; therefore adjustment remains a problem. While the ability of the ECB to do what it takes to provide ...
Chapter 6 International Investment and Financing Decisions
... ABC plc is considering whether to establish a subsidiary in the USA, at a cost of $2,400,000. This would be represented by non-current assets of $2,000,000 and working capital of $400,000. The subsidiary would produce a product which would achieve annual sales of $1,600,000 and incur cash expenditur ...
... ABC plc is considering whether to establish a subsidiary in the USA, at a cost of $2,400,000. This would be represented by non-current assets of $2,000,000 and working capital of $400,000. The subsidiary would produce a product which would achieve annual sales of $1,600,000 and incur cash expenditur ...
NBER WORKING PAPER SERIES DEFICIT AND INTERGENERATIONAL WELFARE IN OPEN ECONOMIES Torsten Persson
... January-February 1983 and he wishes to thank the Bureau for its hospitality. Thanks also to Elhanan Helpinan and Lars Svensson for helpful discussions and to participants in seminars at the Institute for International Economic Studies, at the Universities of Western Ontario and Rochester, and at the ...
... January-February 1983 and he wishes to thank the Bureau for its hospitality. Thanks also to Elhanan Helpinan and Lars Svensson for helpful discussions and to participants in seminars at the Institute for International Economic Studies, at the Universities of Western Ontario and Rochester, and at the ...
The Totally Mad World of Low Rates
... Not Just the Flow, but the Stock: Does More Debt Lower the Equilibrium Level of Interest Rates? We have a suspicion about the shift from low rates to ultra low rates: has the elevated level of debt itself lowered the equilibrium level of interest rates? To explain what we mean, let's do a brief thou ...
... Not Just the Flow, but the Stock: Does More Debt Lower the Equilibrium Level of Interest Rates? We have a suspicion about the shift from low rates to ultra low rates: has the elevated level of debt itself lowered the equilibrium level of interest rates? To explain what we mean, let's do a brief thou ...
SPECIAL DRAWING RIGHTS ncn
... 2009 – IMF again issued SDRs to the tune of 310 billion increasing the SDRs circulation by 850% - price of gold stood at $1,900 per ounce – remember !! The Fed in the meantime had printed $3 trillion in paper money. SDRs can and will replace the USD in time….it’s happening MOST COUNTRIES peg their c ...
... 2009 – IMF again issued SDRs to the tune of 310 billion increasing the SDRs circulation by 850% - price of gold stood at $1,900 per ounce – remember !! The Fed in the meantime had printed $3 trillion in paper money. SDRs can and will replace the USD in time….it’s happening MOST COUNTRIES peg their c ...
zambia*s eurobond debt management
... For the global perspective, we see countries like Greece that is still facing economical instability, Greece once a soaring economy but according to Wikipedia, it is now plunged in debt, this depression was triggered by structural weaknesses in the Greek economy and the revelation that previous data ...
... For the global perspective, we see countries like Greece that is still facing economical instability, Greece once a soaring economy but according to Wikipedia, it is now plunged in debt, this depression was triggered by structural weaknesses in the Greek economy and the revelation that previous data ...
International Business Chapter 10 The Determination of Exchange
... 26) A black market exists when ________. A) a country closely monitors and adjusts the foreign-exchange rate B) people pay more for hard currency than the official rate C) a country is running a budget surplus D) a country is experiencing a recession Answer: B ...
... 26) A black market exists when ________. A) a country closely monitors and adjusts the foreign-exchange rate B) people pay more for hard currency than the official rate C) a country is running a budget surplus D) a country is experiencing a recession Answer: B ...
Economic and Strategy Viewpoint
... president’s intervention may prove timely. There is no doubt that the dollar is strong. The Fed’s broad trade weighted index fell in the wake of the president’s comments, but is still trading at levels not seen since 2002 (see chart front page). On this measure, the currency has risen nearly 23% sin ...
... president’s intervention may prove timely. There is no doubt that the dollar is strong. The Fed’s broad trade weighted index fell in the wake of the president’s comments, but is still trading at levels not seen since 2002 (see chart front page). On this measure, the currency has risen nearly 23% sin ...
Devaluation of Indian Economy with special reference to RBI
... The fall of the rupee has been a regular event since last three months and recently the rupee hit an exchange rate of 61.80 against the USD which is its lowest value ever. The fall started last year with fluctuation between INR 45 to 55 per dollar and in the first quarter of FY2014, the rupee has fa ...
... The fall of the rupee has been a regular event since last three months and recently the rupee hit an exchange rate of 61.80 against the USD which is its lowest value ever. The fall started last year with fluctuation between INR 45 to 55 per dollar and in the first quarter of FY2014, the rupee has fa ...
Presentation (1 MB )
... Democratic accountability Government stability Law&Order Socioeconomic conditions ...
... Democratic accountability Government stability Law&Order Socioeconomic conditions ...
THE LEVEL OF THE EXCHANGE RATE AND THE BALANCE
... currency market through its liquidity and its profoundness is close more and more of “perfect market” concept, but when raised levels of deficit goes together with appreciation of national currency the problem raised is how much time will continue the process, and when will be over what will be happ ...
... currency market through its liquidity and its profoundness is close more and more of “perfect market” concept, but when raised levels of deficit goes together with appreciation of national currency the problem raised is how much time will continue the process, and when will be over what will be happ ...
Debt Reporting Template
... – Stock of principal arrears before HIPC relief – Stock of interest arrears before HIPC relief ...
... – Stock of principal arrears before HIPC relief – Stock of interest arrears before HIPC relief ...
Tunisia: Letter of Intent, Memorandum on Economic Financial
... The memorandum on economic and financial policies (MEFP), hereto annexed, sets out the principal elements of the program of reforms and policies that the government and the central bank intend to carry out during the period 2016 to 2019. It also describes macroeconomic objectives, structural reforms ...
... The memorandum on economic and financial policies (MEFP), hereto annexed, sets out the principal elements of the program of reforms and policies that the government and the central bank intend to carry out during the period 2016 to 2019. It also describes macroeconomic objectives, structural reforms ...
Implications of the Dollar as the World Reserve Currency
... increasing the amount of US Treasuries (or other dollar assets) by the Federal Reserve. For the purpose of this model, liquidity remains the only variable of the US dollar supply curve. The US dollar asset demand curve has a negative downward slope: When the exchange rate rises, the demand for US do ...
... increasing the amount of US Treasuries (or other dollar assets) by the Federal Reserve. For the purpose of this model, liquidity remains the only variable of the US dollar supply curve. The US dollar asset demand curve has a negative downward slope: When the exchange rate rises, the demand for US do ...
Sovereign Debt and Debt Crises
... 1921-1940. 39 events. Great Depression and WWII. 1941-1970. 6 events (but little lending) 1971-1981. 15 events. Boom in syndicated bank loans 1982-1990. 70 events. The “Debt Crisis” 1991-2004. 40 events. Lending booms and Sudden Stops ...
... 1921-1940. 39 events. Great Depression and WWII. 1941-1970. 6 events (but little lending) 1971-1981. 15 events. Boom in syndicated bank loans 1982-1990. 70 events. The “Debt Crisis” 1991-2004. 40 events. Lending booms and Sudden Stops ...
Australia in Hock?
... economy. We will have to cut through all the hype to get to the truth. One issue which has already attracted a good deal of media coverage is the extent of indebtedness in Australia. Whether the focus is on foreign debt, government debt or the corporate debt excesses of the late 1980s, the tone is a ...
... economy. We will have to cut through all the hype to get to the truth. One issue which has already attracted a good deal of media coverage is the extent of indebtedness in Australia. Whether the focus is on foreign debt, government debt or the corporate debt excesses of the late 1980s, the tone is a ...