NBER WORKING PAPER SERIES CAUSES OF APPRECIATION AND VOLATILITY OF THE DOLLAR
... In 1981 real interest rates in the United States increased spectacularly, and the dollar appreciated in real terms by about 20 percent. Since the end of 1981, long-term real interest rates have remained in the range of 5-10 percent, with nominal long rates above short rates. The dollar appreciated f ...
... In 1981 real interest rates in the United States increased spectacularly, and the dollar appreciated in real terms by about 20 percent. Since the end of 1981, long-term real interest rates have remained in the range of 5-10 percent, with nominal long rates above short rates. The dollar appreciated f ...
PART V - Georgia College & State University
... ownership of the underlying assets at the time the contract is initiated. A derivative represents an agreement to transfer ownership of underlying assets at a specific place, price, and time specified in the contract. Its value (or price) depends on the value of the underlying assets. The underlying ...
... ownership of the underlying assets at the time the contract is initiated. A derivative represents an agreement to transfer ownership of underlying assets at a specific place, price, and time specified in the contract. Its value (or price) depends on the value of the underlying assets. The underlying ...
Currency Misalignments and Growth: A New Look using ∗ Sophie Béreau
... notable for China. Chinese authorities have been frequently accused of maintaining the value of the yuan against major currencies at a very low level to finance China’s spectacular growth. Among other things, such long-lasting misalignment would facilitate China’s exports and thus economic growth. A ...
... notable for China. Chinese authorities have been frequently accused of maintaining the value of the yuan against major currencies at a very low level to finance China’s spectacular growth. Among other things, such long-lasting misalignment would facilitate China’s exports and thus economic growth. A ...
wiwi.uni-frankfurt.de
... • Thai banks lend foreign borrowed money to domestic banks • Oversupply in construction sector – 50% of loans are non-performing; banks having trouble to service their foreign debt • 1994: Depreciation of Chinese Yuan by one third – reduction in Thai ...
... • Thai banks lend foreign borrowed money to domestic banks • Oversupply in construction sector – 50% of loans are non-performing; banks having trouble to service their foreign debt • 1994: Depreciation of Chinese Yuan by one third – reduction in Thai ...
NBER WORKING PAPER SERIES ECONOMIC EFFECTS OF CURRENCY UNIONS Silvana Tenreyro
... its commitment. In addition, the model shows that, under reasonable assumptions, client countries benefit more from adopting the currency of an anchor with which they would naturally trade more, that is, an anchor with which trading costs —other than the ones associated with the use of different curr ...
... its commitment. In addition, the model shows that, under reasonable assumptions, client countries benefit more from adopting the currency of an anchor with which they would naturally trade more, that is, an anchor with which trading costs —other than the ones associated with the use of different curr ...
Exchange Rate Management within the Middle East
... countries been choosing the appropriate exchange rate arrangements? The question is complex. A great deal of research has been devoted to improving our understanding of how exchange rate regime choices are made, with two major branches of research emerging. The first branch has produced models of ex ...
... countries been choosing the appropriate exchange rate arrangements? The question is complex. A great deal of research has been devoted to improving our understanding of how exchange rate regime choices are made, with two major branches of research emerging. The first branch has produced models of ex ...
Ronald I. McKinnon AN INTERNATIONAL GOLD STANDARD WITHOUT GOLD
... of England was restricted one-for-one to any marginal changes in its gold reserves. Thus, internal inflation or deflation was ensured so as to maintain external equilibrium through changes in the net trade balance. Consider a more precise example of a disturbance in the flow of international payment ...
... of England was restricted one-for-one to any marginal changes in its gold reserves. Thus, internal inflation or deflation was ensured so as to maintain external equilibrium through changes in the net trade balance. Consider a more precise example of a disturbance in the flow of international payment ...
Economic Effects of Currency Unions ∗ Silvana Tenreyro Robert J. Barro
... countries. Similarly, countries willing to share a common currency may also take additional (unmeasured) policies to foster integration and facilitate trade. These omitted characteristics could lead to a positive bias in simple OLS estimates. Other omitted variables may cause a downward bias in OLS ...
... countries. Similarly, countries willing to share a common currency may also take additional (unmeasured) policies to foster integration and facilitate trade. These omitted characteristics could lead to a positive bias in simple OLS estimates. Other omitted variables may cause a downward bias in OLS ...
Advanced Accounting Project Group #3
... Costco’s operating segments are divided or identified based on geographic locations. These locations include USA, Mexico, Canada, UK, Japan, and many other countries. On Costco’s financial statements, they broke it up into United States, Canada, and other International Operating Locations. According ...
... Costco’s operating segments are divided or identified based on geographic locations. These locations include USA, Mexico, Canada, UK, Japan, and many other countries. On Costco’s financial statements, they broke it up into United States, Canada, and other International Operating Locations. According ...
mmi09 Beine2 9070836 en
... currencies. We show that this assumption is highly rejected by the data and as a result, tackling this issue requires another approach. Will the use of effective exchange rates do the job? Effective exchange rates are very often used as indexes of the strength of a particular currency. Unfortunately ...
... currencies. We show that this assumption is highly rejected by the data and as a result, tackling this issue requires another approach. Will the use of effective exchange rates do the job? Effective exchange rates are very often used as indexes of the strength of a particular currency. Unfortunately ...
Reconciling Switzerland`s minimum exchange rate and current
... The massive Swiss franc appreciation left the SNB with few options to combat the restrictive monetary conditions. As a result of the response to the global financial crisis of 2008/2009, our policy rate was already at the lower bound. In August 2011, in a first step to counter the excessively tight ...
... The massive Swiss franc appreciation left the SNB with few options to combat the restrictive monetary conditions. As a result of the response to the global financial crisis of 2008/2009, our policy rate was already at the lower bound. In August 2011, in a first step to counter the excessively tight ...
Exchange Rate, Inflation and Interest Rates Relationships
... of Romanian against the most important currencies (EUR, USD) for the period 2000 to 2010 and found an inverse relationship between exchange rate (EUR/RON), GDP, and money supply. On the order hand a directrelationshipwas found between EUR/RON, Inflation and Interest rate. The validation of the corre ...
... of Romanian against the most important currencies (EUR, USD) for the period 2000 to 2010 and found an inverse relationship between exchange rate (EUR/RON), GDP, and money supply. On the order hand a directrelationshipwas found between EUR/RON, Inflation and Interest rate. The validation of the corre ...
Which Anchor Will Hold?
... global role has expanded even further following the collapse of the ruble zone. The euro is a distant second. From the early 1980s until the introduction of the euro, the German Deutschemark’s (DM) sphere expanded first in Western Europe and later in the East. The euro consolidated the French franc ...
... global role has expanded even further following the collapse of the ruble zone. The euro is a distant second. From the early 1980s until the introduction of the euro, the German Deutschemark’s (DM) sphere expanded first in Western Europe and later in the East. The euro consolidated the French franc ...
End-of-Chapter Question Solutions 25 i2
... The amount of required forward cover for paying points forward for 120 days is 50% of the exposure, or Ps.1,000,000. Chalmers could choose to cover more, but this is the minimum required. If Chalmers expects the spot rate to be Ps.8.1920/$ in 120 days, Chalmers would likely cover only what is requir ...
... The amount of required forward cover for paying points forward for 120 days is 50% of the exposure, or Ps.1,000,000. Chalmers could choose to cover more, but this is the minimum required. If Chalmers expects the spot rate to be Ps.8.1920/$ in 120 days, Chalmers would likely cover only what is requir ...
Demand Imbalances, Exchange Rate Misalignment and Monetary Policy
... lighting the forward-looking nature of exchange rate determination.5 With a complete set of Arrow-Debreu securities – the case studied by DE – goods price stabilization, the same monetary policy that would be optimal in the face of standard, unanticipated technology shocks, is also optimal in respo ...
... lighting the forward-looking nature of exchange rate determination.5 With a complete set of Arrow-Debreu securities – the case studied by DE – goods price stabilization, the same monetary policy that would be optimal in the face of standard, unanticipated technology shocks, is also optimal in respo ...
Exchange-Rate Determination: A Survey of
... portation and other transactions costs in reality leave room for substantial purchasing-power disparities to occur before residents in any one country would find it economical to exchange an "overvalued" local currency for currencies to use in purchasing goods and services abroad. Similarly, advoca ...
... portation and other transactions costs in reality leave room for substantial purchasing-power disparities to occur before residents in any one country would find it economical to exchange an "overvalued" local currency for currencies to use in purchasing goods and services abroad. Similarly, advoca ...
Dual Currency Investment – Important Facts Statement
... RMB Conversion Limitation Risk (if applicable) – RMB investments are subject to exchange rate fluctuations which may provide both opportunities and risks. The fluctuation in the exchange rate of RMB may result in losses in the event that the customer converts RMB into HKD or other foreign currencies ...
... RMB Conversion Limitation Risk (if applicable) – RMB investments are subject to exchange rate fluctuations which may provide both opportunities and risks. The fluctuation in the exchange rate of RMB may result in losses in the event that the customer converts RMB into HKD or other foreign currencies ...
Energy prices and the real exchange rate of commodity
... the economy produces three goods, energy products and manufactured or agricultural products, all aimed at exports, plus a non-tradable good.8 The production process requires labor for all three outputs and a specific factor to each industry (mobility is restricted to the country). For simplication p ...
... the economy produces three goods, energy products and manufactured or agricultural products, all aimed at exports, plus a non-tradable good.8 The production process requires labor for all three outputs and a specific factor to each industry (mobility is restricted to the country). For simplication p ...
The Evolution of Price Dispersion in the European Car Market¤
... and restrain them from reselling to anyone but end-users or approved sellers. Many manufacturers have in the past instructed their dealers (threatening to withdraw their concessions) not to sell to independent resellers, in particular if the purchase was intended for export. Discrimination against ...
... and restrain them from reselling to anyone but end-users or approved sellers. Many manufacturers have in the past instructed their dealers (threatening to withdraw their concessions) not to sell to independent resellers, in particular if the purchase was intended for export. Discrimination against ...
PDF
... the economy produces three goods, energy products and manufactured or agricultural products, all aimed at exports, plus a non-tradable good.8 The production process requires labor for all three outputs and a specific factor to each industry (mobility is restricted to the country). For simplication p ...
... the economy produces three goods, energy products and manufactured or agricultural products, all aimed at exports, plus a non-tradable good.8 The production process requires labor for all three outputs and a specific factor to each industry (mobility is restricted to the country). For simplication p ...
PDF
... money neutrality hypothesis1, concentration is limited on short-term changes of relative agricultural prices. We insist in this paper that, in an open economy, the U.S. dollar movements have been important role in explaining the long-term movements of relative agricultural price because the changes ...
... money neutrality hypothesis1, concentration is limited on short-term changes of relative agricultural prices. We insist in this paper that, in an open economy, the U.S. dollar movements have been important role in explaining the long-term movements of relative agricultural price because the changes ...
DP2014/01 Exchange rates, expected returns and risk Anella Munro April 2014
... across currency areas. Lustig and Verdelhan (2007) extend that analysis and show that portfolios of high interest currencies depreciate when consumption is low, while portfolios of low interest currencies provide hedging of consumption risk. Those papers support the idea that risk needs to be endog ...
... across currency areas. Lustig and Verdelhan (2007) extend that analysis and show that portfolios of high interest currencies depreciate when consumption is low, while portfolios of low interest currencies provide hedging of consumption risk. Those papers support the idea that risk needs to be endog ...
NBER WORKING PAPER SERIES ADJUSTMENT IN THE WORLD ECONOMY
... that might lead one to suspect this First, even wi t h p erfect capit al mobility one should not expect the US budget defic it to crowd out only the trade balance, with no effect on domestic investment. The US is rou ghly a third of the world ...
... that might lead one to suspect this First, even wi t h p erfect capit al mobility one should not expect the US budget defic it to crowd out only the trade balance, with no effect on domestic investment. The US is rou ghly a third of the world ...
- ANU Repository
... risk-adjusted productivity of capital is low, despite capital scarcity. As a result, returns to investment are low and investment is minimal. But economic reforms and opening up to international trade changes this situation. The process involves putting in place sound macroeconomic policies, to pro ...
... risk-adjusted productivity of capital is low, despite capital scarcity. As a result, returns to investment are low and investment is minimal. But economic reforms and opening up to international trade changes this situation. The process involves putting in place sound macroeconomic policies, to pro ...