Productivity Spillovers, Terms of Trade and the `Home Market Effect`
... that output and consumption in these countries are high relative to the rest of the world, but their real exchange rate (appropriately measured as to account for product varieties) tends to be weaker. Analogously, when government spending is biased towards domestic goods, countries with a larger …sc ...
... that output and consumption in these countries are high relative to the rest of the world, but their real exchange rate (appropriately measured as to account for product varieties) tends to be weaker. Analogously, when government spending is biased towards domestic goods, countries with a larger …sc ...
Leading Indicators of Currency Crises
... change in economic fundamentals. These models emphasize that the contingent nature of economic policies may give rise to multiple equilibria and generate self-fulfilling crises. A crucial assumption in these models is that economic policies are not predetermined but respond instead to changes in the ...
... change in economic fundamentals. These models emphasize that the contingent nature of economic policies may give rise to multiple equilibria and generate self-fulfilling crises. A crucial assumption in these models is that economic policies are not predetermined but respond instead to changes in the ...
Taylor Rules and Exchange Rate Predictability in Emerging
... and Germany, they concluded that, in a one- to twelve-month forecasting horizon, the random walk model performs at least as well as the exchange rate models of that time, namely, the flexible price and sticky price monetary models and a hybrid model by Hooper and Morton (1982). A plethora of studies ...
... and Germany, they concluded that, in a one- to twelve-month forecasting horizon, the random walk model performs at least as well as the exchange rate models of that time, namely, the flexible price and sticky price monetary models and a hybrid model by Hooper and Morton (1982). A plethora of studies ...
O D : C E
... Argentina, and the recent surge in interest and practice of a close institutional cousin of official dollarization—the currency boards— five of which were introduced during the past decade: Argentina (1991), Estonia (1992), Lithuania (1994), Bulgaria (1997), and Bosnia and Herzegovina (1998). Recent ...
... Argentina, and the recent surge in interest and practice of a close institutional cousin of official dollarization—the currency boards— five of which were introduced during the past decade: Argentina (1991), Estonia (1992), Lithuania (1994), Bulgaria (1997), and Bosnia and Herzegovina (1998). Recent ...
Chapter 12national Income, Accounting and the Balance of Payments
... eventually results in ongoing price level inflation at the same rate, but changes in this long-run inflation rate do not affect the full-employment output level or the long-run relative prices of goods and services. D. eventually results in ongoing price level inflation at the same rate, but changes ...
... eventually results in ongoing price level inflation at the same rate, but changes in this long-run inflation rate do not affect the full-employment output level or the long-run relative prices of goods and services. D. eventually results in ongoing price level inflation at the same rate, but changes ...
The Libyan Asset Freeze and Its Application to Foreign Government
... extraterritorial effect of a United States asset freeze). 7. See Hoffman & Giddy, Lessons from the Iranian Experience: National Currencies as InternationalMoney, 3 J. COMP. CORP. L. & SEC. REG. 73, 76 (1981) (defining a Eurodollar account as a dollar-denominated bank deposit held in a bank outside t ...
... extraterritorial effect of a United States asset freeze). 7. See Hoffman & Giddy, Lessons from the Iranian Experience: National Currencies as InternationalMoney, 3 J. COMP. CORP. L. & SEC. REG. 73, 76 (1981) (defining a Eurodollar account as a dollar-denominated bank deposit held in a bank outside t ...
Fixed Exchange Rates and the Trilemma
... • International macroeconomics is devoted to the study of largescale economic problems in interdependent economies. • It is macroeconomic because it focuses on key economy-wide variables such as exchange rates, prices, interest rates, income, wealth, and the current account. • It is international be ...
... • International macroeconomics is devoted to the study of largescale economic problems in interdependent economies. • It is macroeconomic because it focuses on key economy-wide variables such as exchange rates, prices, interest rates, income, wealth, and the current account. • It is international be ...
Sterilized Interventions and Capital Controls
... the exchange rate. In particular, sterilization policies in conjunction with capital market restrictions can provide policymakers with an additional policy tool. In the models studied here, policymakers will be able to in uence interest rates, as is typically the case in these models. In addition, t ...
... the exchange rate. In particular, sterilization policies in conjunction with capital market restrictions can provide policymakers with an additional policy tool. In the models studied here, policymakers will be able to in uence interest rates, as is typically the case in these models. In addition, t ...
Emerging market currency composition of reserves
... Personal communication with Marc Flandreau. ...
... Personal communication with Marc Flandreau. ...
IOSR Journal of Business and Management (IOSR-JBM)
... strong as against other currencies of industrial regimes they must reduce inflation and raise the interest rate to a desired level and monetary policy can be used in changing the exchange rate. (Bhatti, 2001). The likely level of output and interest rate are the main purposes of the monetary policy ...
... strong as against other currencies of industrial regimes they must reduce inflation and raise the interest rate to a desired level and monetary policy can be used in changing the exchange rate. (Bhatti, 2001). The likely level of output and interest rate are the main purposes of the monetary policy ...
Monetary unions, external shocks and economic performance: A Latin American perspective
... works on OCA in Latin America). More recently, an important body of work has argued that the traditional OCA criteria are endogenous to the monetary regime. In particular, the degree of trade and financial integration will tend to increase in countries that share a common currency.5 In Table 1 I pre ...
... works on OCA in Latin America). More recently, an important body of work has argued that the traditional OCA criteria are endogenous to the monetary regime. In particular, the degree of trade and financial integration will tend to increase in countries that share a common currency.5 In Table 1 I pre ...
Real equilibrium exchange rates
... however, relatively modest in comparison to the two other real exchange rates which support calculations of a relatively low half-life for the Norwegian real exchange rate compared with typical estimates for other industrial countries. Figure 2 illustrates changes in some real exchange rates that ap ...
... however, relatively modest in comparison to the two other real exchange rates which support calculations of a relatively low half-life for the Norwegian real exchange rate compared with typical estimates for other industrial countries. Figure 2 illustrates changes in some real exchange rates that ap ...
Should Gold-Exporters Peg Their Currencies to
... prone to in recent years. Of these, monetary independence has traditionally been considered the most important. But the last few decades have seen widespread disillusionment, both among academics and practitioners, with the proposition that governments are in practice able to use discretionary monet ...
... prone to in recent years. Of these, monetary independence has traditionally been considered the most important. But the last few decades have seen widespread disillusionment, both among academics and practitioners, with the proposition that governments are in practice able to use discretionary monet ...
Exchange Rate Volatility and Productivity Growth
... First, we describe how, in the presence of credit constraints, growth depends on rms' pro ts and thus on the interplay between liability dollarization and the real exchange rate, but only in a partial equilibrium approach. Second, the model is closed by introducing monetary policy and households. ...
... First, we describe how, in the presence of credit constraints, growth depends on rms' pro ts and thus on the interplay between liability dollarization and the real exchange rate, but only in a partial equilibrium approach. Second, the model is closed by introducing monetary policy and households. ...
Internationalization of Stock Markets: Potential Problems for United
... exists to protect the investor and to fulfill the need for fair and efficient access to and exit from the market. Given that premise, the role of the SEC is to "protect investors (principally, but not exclusively, U.S. investors) and the U.S. securities markets, and in the performance of that role t ...
... exists to protect the investor and to fulfill the need for fair and efficient access to and exit from the market. Given that premise, the role of the SEC is to "protect investors (principally, but not exclusively, U.S. investors) and the U.S. securities markets, and in the performance of that role t ...
ESSAYS ON FLEXIBLE EXCHANGE RATES By Paul Robin Krugman
... who regard the exchange rate as (nothing but) the relative price of two monies, and those who regard it as (also) the relative price of domestic and foreign goods. ...
... who regard the exchange rate as (nothing but) the relative price of two monies, and those who regard it as (also) the relative price of domestic and foreign goods. ...
Not So Disconnected: Exchange Rates and the Capital Stock
... Our model builds on the canonical model of exchange rate determination: households consume a bundle of a freely traded good and a country-specific nontraded good. The nontraded good is produced using capital and labor as inputs, subject to a country-specific productivity shock. This productivity sho ...
... Our model builds on the canonical model of exchange rate determination: households consume a bundle of a freely traded good and a country-specific nontraded good. The nontraded good is produced using capital and labor as inputs, subject to a country-specific productivity shock. This productivity sho ...
Foreign currency borrowing by small firms in emerging markets
... debtor in an environment of free capital flows. Therefore, concerns about regulatory constraints and potential contemporaneous deregulation are mitigated in this study relative to studies of other emerging markets. The main loanable funds of the banking system are in the form of claims by depositors. ...
... debtor in an environment of free capital flows. Therefore, concerns about regulatory constraints and potential contemporaneous deregulation are mitigated in this study relative to studies of other emerging markets. The main loanable funds of the banking system are in the form of claims by depositors. ...
Why Was the Plaza Accord Unique?
... 2014, 171). It appears to be the most effective example of coordinated exchange rate policy in the post–Bretton Woods period, with the dollar appreciating far more against the yen and mark than anticipated.1 What made the Plaza so unique, combining both strong cooperation among major countries and e ...
... 2014, 171). It appears to be the most effective example of coordinated exchange rate policy in the post–Bretton Woods period, with the dollar appreciating far more against the yen and mark than anticipated.1 What made the Plaza so unique, combining both strong cooperation among major countries and e ...
international financial crises
... a paper whose relevance to the problems confronting countries trying to stabilize from high inflation using an exchange rate anchor has grown over the years. The policy economist In the introduction to Exchange Rates and Inflation, written in 1988, Rudi explained: Over time my interests, and some be ...
... a paper whose relevance to the problems confronting countries trying to stabilize from high inflation using an exchange rate anchor has grown over the years. The policy economist In the introduction to Exchange Rates and Inflation, written in 1988, Rudi explained: Over time my interests, and some be ...
A Currency Union Or An Exchange Rate Union
... Although the East Asian countries have increased financial and trade integration through swap agreements and free trade agreements, they have diverse economic structures, relatively isolated labor and financial markets, and different levels of economic development. Economic divergence makes it diffi ...
... Although the East Asian countries have increased financial and trade integration through swap agreements and free trade agreements, they have diverse economic structures, relatively isolated labor and financial markets, and different levels of economic development. Economic divergence makes it diffi ...
Not So Disconnected: Exchange Rates and the Capital Stock∗
... Our model builds on the canonical model of exchange rate determination: households consume a bundle of a freely traded good and a country-specific nontraded good. The nontraded good is produced using capital and labor as inputs, subject to a country-specific productivity shock. This productivity sho ...
... Our model builds on the canonical model of exchange rate determination: households consume a bundle of a freely traded good and a country-specific nontraded good. The nontraded good is produced using capital and labor as inputs, subject to a country-specific productivity shock. This productivity sho ...