trento 25/3 1998 - Department of Economics
... In the design of policy regimes, the choice of a nominal anchor is crucial. A nominal anchor is a nominal variable that serves as a target for monetary and fiscal policy. Under specie-convertible regimes, the rule fixing the currency-price of specie (gold and/or silver coin) is the nominal anchor. ...
... In the design of policy regimes, the choice of a nominal anchor is crucial. A nominal anchor is a nominal variable that serves as a target for monetary and fiscal policy. Under specie-convertible regimes, the rule fixing the currency-price of specie (gold and/or silver coin) is the nominal anchor. ...
Unrestrained Credit In A Credit Economy, The Credit Cycle, And Fiat
... money is an endogenous variable. If inflation is not induced by fiat money, then monetary control based upon the quantity theory of money is likely to confound the signalling ability of nominal money prices leaving anomalies in its wake. A proper functioning of the economy requires sound monetary po ...
... money is an endogenous variable. If inflation is not induced by fiat money, then monetary control based upon the quantity theory of money is likely to confound the signalling ability of nominal money prices leaving anomalies in its wake. A proper functioning of the economy requires sound monetary po ...
Empirical Exchange Rate Equations for the Commodity Currencies
... market in forestry products, and Australia holds significant shares of the global exports in wool and iron ore. However, while each country has some market power for a few key goods, they are, on the whole, price takers in world markets for the vast majority of their commodity exports. In terms of m ...
... market in forestry products, and Australia holds significant shares of the global exports in wool and iron ore. However, while each country has some market power for a few key goods, they are, on the whole, price takers in world markets for the vast majority of their commodity exports. In terms of m ...
MEASURING EXCHANGE MARKET PRESSURE IN MONGOLIA
... Many empirical studies suggest that it has substantial risks to lead to unfavorable consequences such as further real exchange rate appreciation, loosened competitiveness of national producers in foreign and domestic markets, increased vulnerability of banking and financial sector, bubble price of r ...
... Many empirical studies suggest that it has substantial risks to lead to unfavorable consequences such as further real exchange rate appreciation, loosened competitiveness of national producers in foreign and domestic markets, increased vulnerability of banking and financial sector, bubble price of r ...
FX Options and Structured Products
... • Graduate students and Faculty of Financial Engineering Programs, who can use this book as a textbook for a course named structured products or exotic currency options. ...
... • Graduate students and Faculty of Financial Engineering Programs, who can use this book as a textbook for a course named structured products or exotic currency options. ...
Foreign Exchange Market Organization in Selected
... absence of a yield curve on which to base forward prices or shallow money markets in which market-making banks can hedge the maturity risks implicit in forward positions. In turn, shallow money markets may reflect limitations on short-term capital mobility. These markets also reflect the fact that f ...
... absence of a yield curve on which to base forward prices or shallow money markets in which market-making banks can hedge the maturity risks implicit in forward positions. In turn, shallow money markets may reflect limitations on short-term capital mobility. These markets also reflect the fact that f ...
Monetary Darwinism: The Political Economy of
... andWilkins in Flandreau et al. are testament to the effectiveness of markets in creating monetary order in a period without either strong international institutions or robust domestic economic regulation. They demonstrate that both short-term portfolio investment and longer-term industrial investmen ...
... andWilkins in Flandreau et al. are testament to the effectiveness of markets in creating monetary order in a period without either strong international institutions or robust domestic economic regulation. They demonstrate that both short-term portfolio investment and longer-term industrial investmen ...
current politics and economics of europe
... journals which study Europe, we aim to publish articles that incorporate elements of both politics and economics. In many respects our approach is an interdisciplinary one, in that we aim to publish articles that will receive an audience in both the political science and economics subject areas – an ...
... journals which study Europe, we aim to publish articles that incorporate elements of both politics and economics. In many respects our approach is an interdisciplinary one, in that we aim to publish articles that will receive an audience in both the political science and economics subject areas – an ...
Global Macro Risks in Currency Excess Returns
... The exchange rate, Sj,t , is expressed as USD per foreign currency units so that a higher exchange rate represents an appreciation of the foreign currency relative to the USD. In the early part of the sample, exchange rates and interest rates for Australia, Belgium, Canada, France, Germany, Italy, J ...
... The exchange rate, Sj,t , is expressed as USD per foreign currency units so that a higher exchange rate represents an appreciation of the foreign currency relative to the USD. In the early part of the sample, exchange rates and interest rates for Australia, Belgium, Canada, France, Germany, Italy, J ...
The Political Economy of Monetary Institutions
... Sam Nunn School of International Affairs at The Georgia Institute of Technology for their kind support of a conference entitled “Explaining Monetary Commitment Technologies: The Political Foundations of EMU” that took place in Atlanta on 1 September 1999. The seeds of the current volume, and a numbe ...
... Sam Nunn School of International Affairs at The Georgia Institute of Technology for their kind support of a conference entitled “Explaining Monetary Commitment Technologies: The Political Foundations of EMU” that took place in Atlanta on 1 September 1999. The seeds of the current volume, and a numbe ...
the relationship between exchange rate volatility and balance of
... controls were an easy response to contain balance of payments and inflationary pressures, but they created major distortions in the economy that were not evident until the early 1980s. The major instruments of monetary policy in Kenya have been open market operations, cash and liquidity ratios, cred ...
... controls were an easy response to contain balance of payments and inflationary pressures, but they created major distortions in the economy that were not evident until the early 1980s. The major instruments of monetary policy in Kenya have been open market operations, cash and liquidity ratios, cred ...
Lecture Note on the Gold Standard
... notes, they present the excess to the Bank of France for exchange into gold.4 They then take the gold to the Bank of England and get more sterling notes. The domestic money supply rises, and the same adjustment as before, takes place. The systems works pretty much like it does with coin. Gold flows ...
... notes, they present the excess to the Bank of France for exchange into gold.4 They then take the gold to the Bank of England and get more sterling notes. The domestic money supply rises, and the same adjustment as before, takes place. The systems works pretty much like it does with coin. Gold flows ...
Weak Dollar, Strong Dollar: Causes and Consequences
... Many would argue that the great virtue of floating over fixed exchange rates is that in that regime the monetary authority, free from the need to use monetary policy to maintain the fixed rate, can make domestic stabilization its primary focus. ...
... Many would argue that the great virtue of floating over fixed exchange rates is that in that regime the monetary authority, free from the need to use monetary policy to maintain the fixed rate, can make domestic stabilization its primary focus. ...
The currency union effect on trade - Inter
... Economic and Monetary Union in Europe (EMU). As a result of the EMU, 12 countries in the European Union have abandoned their own national currencies,and adopted a new single currency, the Euro. One of the main hopes, as Europe advanced toward monetary integration, was that the single currency would ...
... Economic and Monetary Union in Europe (EMU). As a result of the EMU, 12 countries in the European Union have abandoned their own national currencies,and adopted a new single currency, the Euro. One of the main hopes, as Europe advanced toward monetary integration, was that the single currency would ...
Currency
A currency (from Middle English: curraunt, ""in circulation"", from Latin: currens, -entis) in the most specific use of the word refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins. A more general definition is that a currency is a system of money (monetary units) in common use, especially in a nation. Under this definition, British pounds, U.S. dollars, and European euros are examples of currency. These various currencies are stores of value, and are traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, and each type has limited boundaries of acceptance.Other definitions of the term ""currency"" are discussed in their respective synonymous articles banknote, coin, and money. The latter definition, pertaining to the currency systems of nations, is the topic of this article. Currencies can be classified into two monetary systems: fiat money and commodity money, depending on what guarantees the value (the economy at large vs. the government's physical metal reserves). Some currencies are legal tender in certain jurisdictions, which means they cannot be refused as payment for debt. Others are simply traded for their economic value. Digital currency arose with the popularity of computers and the Internet.