DFM Trading Value by Sector
... Dubai Financial Market (DFM) is already one of the biggest exchanges in terms of market capitalization Market Capitalization By Exchange (in USD Billion) (March 31, 2008) ...
... Dubai Financial Market (DFM) is already one of the biggest exchanges in terms of market capitalization Market Capitalization By Exchange (in USD Billion) (March 31, 2008) ...
Week 5
... Figure 12-4. Contrast this result with that which occurs in a closed economy. In the latter case fiscal expansion raises output. However, in an open economy the increase in government expenditures or lower taxes reduces national saving causing net foreign investment to fall and exchange rate to appr ...
... Figure 12-4. Contrast this result with that which occurs in a closed economy. In the latter case fiscal expansion raises output. However, in an open economy the increase in government expenditures or lower taxes reduces national saving causing net foreign investment to fall and exchange rate to appr ...
Political Contagion in Currency Crises
... because “contagious” attacks hit currencies where the bilateral trade volumes just are not large enough. However, this bilateral view is probably too limited, for we should consider multilateral linkages, whereby two countries compete against one another in the same third-country market. Theoretical ...
... because “contagious” attacks hit currencies where the bilateral trade volumes just are not large enough. However, this bilateral view is probably too limited, for we should consider multilateral linkages, whereby two countries compete against one another in the same third-country market. Theoretical ...
NBER WORKING PAPER SERIES THE LIBERALIZATION OF THE CURRENT CAPITAL ACCOUNTS AND
... different policies geared at liberalizing the current and capital accounts of the balance of payments affect the equilibrium real exchange rate (RER). In particular, the effects of a reduction in the level of import tariffs and of a change in the tax on foreign borrowing on the equilibrium RER are i ...
... different policies geared at liberalizing the current and capital accounts of the balance of payments affect the equilibrium real exchange rate (RER). In particular, the effects of a reduction in the level of import tariffs and of a change in the tax on foreign borrowing on the equilibrium RER are i ...
Use of Local Currencies in CIF Projects
... Outcome 1 – Projects/Borrowers take on CIF funds hard currency exposure without hedging. There have been cases in which the projects or borrowers themselves have taken on foreign exchange rate risk in order to access CTF funds. As of July 2012, four of seven IFC projects, all three of EBRD’s project ...
... Outcome 1 – Projects/Borrowers take on CIF funds hard currency exposure without hedging. There have been cases in which the projects or borrowers themselves have taken on foreign exchange rate risk in order to access CTF funds. As of July 2012, four of seven IFC projects, all three of EBRD’s project ...
Choosing an Anchor Currency for the Pacific
... We estimate the composition of the Pacific currency baskets from September 23, 1995 to June 11, 2009. More recent exchange rate data on a daily basis are not available for the Pacific. As shown in table 2 the US dollar is the dominant money in Pacific currency baskets. The coefficients for ß5 range ...
... We estimate the composition of the Pacific currency baskets from September 23, 1995 to June 11, 2009. More recent exchange rate data on a daily basis are not available for the Pacific. As shown in table 2 the US dollar is the dominant money in Pacific currency baskets. The coefficients for ß5 range ...
An Institutional Framework for Comparing Emerging Market
... II. MOTIVATIONS FOR ESTABLISHMENT OF CURRENCY BOARD ARRANGEMENTS (CBAS) Historically, CBAs were set up in small open economies with limited expertise in monetary management, little experience in central banking, or weak financial systems.8 The smaller the economy and the higher its degree of opennes ...
... II. MOTIVATIONS FOR ESTABLISHMENT OF CURRENCY BOARD ARRANGEMENTS (CBAS) Historically, CBAs were set up in small open economies with limited expertise in monetary management, little experience in central banking, or weak financial systems.8 The smaller the economy and the higher its degree of opennes ...
Risk-Premia, Carry-Trade Dynamics, and Speculative
... efficiency perspective, one notes that an average excess return of zero does not only result if α and β exactly correspond to these theoretical values but for any values that satisfy the less restrictive relationship α = −(β − 1)µp . Hence, both parameters might deviate from their hypothesized value ...
... efficiency perspective, one notes that an average excess return of zero does not only result if α and β exactly correspond to these theoretical values but for any values that satisfy the less restrictive relationship α = −(β − 1)µp . Hence, both parameters might deviate from their hypothesized value ...
the relationship between exchange rate volatility and balance of
... operations, cash and liquidity ratios, credit ceilings, and reserve requirements. In the 1990s, the authorities relied more on the indirect instruments, the most active being open market operations Ndung’u (2000). The recurring policy objectives were to maintain an exchange rate that would ensure in ...
... operations, cash and liquidity ratios, credit ceilings, and reserve requirements. In the 1990s, the authorities relied more on the indirect instruments, the most active being open market operations Ndung’u (2000). The recurring policy objectives were to maintain an exchange rate that would ensure in ...
An interest rate defense of a fixed exchange rate?
... see that this requires a departure from uncovered interest parity (UIP), which was a basic KFG building block. UIP implies that the domestic currency interest rate is the passive reflection of devaluation expectations. There is, therefore, no room for active interest rate policy. A policy-responsive ...
... see that this requires a departure from uncovered interest parity (UIP), which was a basic KFG building block. UIP implies that the domestic currency interest rate is the passive reflection of devaluation expectations. There is, therefore, no room for active interest rate policy. A policy-responsive ...
Australian Government Foreign Exchange Risk Management
... pre-pay purchases with the intention of removing foreign exchange risk.4 Hedging Arrangements - Embedded Structures within Contracts, Arrangements or Agreements The following are examples of embedded option structures where there is an impact on the foreign currency exposure. It is important for ent ...
... pre-pay purchases with the intention of removing foreign exchange risk.4 Hedging Arrangements - Embedded Structures within Contracts, Arrangements or Agreements The following are examples of embedded option structures where there is an impact on the foreign currency exposure. It is important for ent ...
International Liquidity and Exchange Rate Dynamics Xavier Gabaix Matteo Maggiori January 19, 2014
... model is the direct relevance of flows, not just stocks, of assets for exchange rate determination. We further show how the core force of the model, limited risk taking by the financiers, can help to rationalize a number of classic issues of international macroeconomics. Based on this framework, we ...
... model is the direct relevance of flows, not just stocks, of assets for exchange rate determination. We further show how the core force of the model, limited risk taking by the financiers, can help to rationalize a number of classic issues of international macroeconomics. Based on this framework, we ...
the short-term effect of economic releases on the exchange rate
... How is news about fundamentals reflected in the foreign exchange market? The topic behind this question is a central issue in financial economics – to understand the determination of prices. Researchers began examining the effects of economic releases1 on exchange rate movements in the early 1980s. ...
... How is news about fundamentals reflected in the foreign exchange market? The topic behind this question is a central issue in financial economics – to understand the determination of prices. Researchers began examining the effects of economic releases1 on exchange rate movements in the early 1980s. ...
The Balance of Payments and the Exchange Rate
... government’s desire to influence the exchange rate and induced transactions as those transactions that are so motivated. When autonomous receipts exceed autonomous payments and the government is mopping up the excess, adding to the stock of official reserves by purchasing foreign currency with domes ...
... government’s desire to influence the exchange rate and induced transactions as those transactions that are so motivated. When autonomous receipts exceed autonomous payments and the government is mopping up the excess, adding to the stock of official reserves by purchasing foreign currency with domes ...
La Follette School of Public Affairs Dollar Real Exchange Rate
... After once again suppressing a risk premium shock, we observe that by combining the Taylor rule with uncovered interest parity we have a relationship that is rather richer than uncovered interest parity. To test uncovered interest parity, one needs a model for the exchange rate. Often such a model i ...
... After once again suppressing a risk premium shock, we observe that by combining the Taylor rule with uncovered interest parity we have a relationship that is rather richer than uncovered interest parity. To test uncovered interest parity, one needs a model for the exchange rate. Often such a model i ...
The Impact of RMB Appreciation on Shandong Foreign Trade Enterprises
... addition, economic growth also means the increase in investment’s opportunities that benefits to attracting foreign capital inflow and improving the capital account. In the long term, high economic growth is the deciding factors of strengthening the currency exchange rate. In recent years, China’s ...
... addition, economic growth also means the increase in investment’s opportunities that benefits to attracting foreign capital inflow and improving the capital account. In the long term, high economic growth is the deciding factors of strengthening the currency exchange rate. In recent years, China’s ...
Free Full Text ( Final Version , 647kb )
... bring increase or decrease in demand for home currency, which again can lead to changes in price or rates of foreign exchange. Another school of thought is that, exchange rates either is fixed or float in the markets. Exchange rate fixed against another currency by the government or monetary author ...
... bring increase or decrease in demand for home currency, which again can lead to changes in price or rates of foreign exchange. Another school of thought is that, exchange rates either is fixed or float in the markets. Exchange rate fixed against another currency by the government or monetary author ...
Ethan Frome - Eurex Exchange
... for Eurex Deutschland and Eurex Zürich. All orders and quotes entered during the trading period, which have not yet been executed at the time of the beginning of the closing auction shall – during the closing auction - remain in the order book unless it is not a matter of combined orders or combined ...
... for Eurex Deutschland and Eurex Zürich. All orders and quotes entered during the trading period, which have not yet been executed at the time of the beginning of the closing auction shall – during the closing auction - remain in the order book unless it is not a matter of combined orders or combined ...
How to treat the exchange rate assumption for an
... assumptions concerning the interest rate and the exchange rate. Thus our published forecasts were not necessarily our best forecasts, but conditional forecasts based on assumptions that were not necessarily expected to materialize. One example is inflation forecasts based on technical assumptions of ...
... assumptions concerning the interest rate and the exchange rate. Thus our published forecasts were not necessarily our best forecasts, but conditional forecasts based on assumptions that were not necessarily expected to materialize. One example is inflation forecasts based on technical assumptions of ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... from 17 to 67 percent of total imports while inventories ranged from 10 to 14 percent of total GNP. If the historical upper limit on foreign exchange reserves is maintained in the simulations, considerable reserves are accumulated for some of the simulation runs. To translate excess reserves into ex ...
... from 17 to 67 percent of total imports while inventories ranged from 10 to 14 percent of total GNP. If the historical upper limit on foreign exchange reserves is maintained in the simulations, considerable reserves are accumulated for some of the simulation runs. To translate excess reserves into ex ...
English
... elasticity for that country’s exporters.3 Jiawen Yang (1997) finds a positive relationship between US import pass-through elasticities for three and four-digit SIC industries and different proxies of product differentiation. Sectoral invoicing data could provide the most convincing evidence, but such ...
... elasticity for that country’s exporters.3 Jiawen Yang (1997) finds a positive relationship between US import pass-through elasticities for three and four-digit SIC industries and different proxies of product differentiation. Sectoral invoicing data could provide the most convincing evidence, but such ...
1This paper was written for the Festschrift volume Money, Factor
... This paper re-formulates Mundell’s analysis from the perspective of modern international macroeconomics. Like Mundell, we study the dynamics of an economy where the likelihood that a currency peg will be maintained depends on the stock of foreign reserves. In contrast with his analysis, however, we ...
... This paper re-formulates Mundell’s analysis from the perspective of modern international macroeconomics. Like Mundell, we study the dynamics of an economy where the likelihood that a currency peg will be maintained depends on the stock of foreign reserves. In contrast with his analysis, however, we ...
Loanable Funds
... Net capital outflow refers to the purchase of foreign assets by domestic residents minus the purchase of domestic assets by ...
... Net capital outflow refers to the purchase of foreign assets by domestic residents minus the purchase of domestic assets by ...
sovereign wealth funds: a developing country perspective
... reserves at least equivalent to short term liabilities, as the risks associated with capital account liberalization are broader than those generated by the volatility of short-term capital flows. Furthermore, it must be emphasized that the associated instability, real or potential, comes not just fr ...
... reserves at least equivalent to short term liabilities, as the risks associated with capital account liberalization are broader than those generated by the volatility of short-term capital flows. Furthermore, it must be emphasized that the associated instability, real or potential, comes not just fr ...
Historia-COLOMBIA TRADE POLICY-version mar06
... induced protectionist policies which later on were reinforced with the effects of World War II and, more importantly, with the interventionist approach to economic policy that arose from the recommendations of Raul Prebisch and ECLAC (The United Nations Economic Commission for Latin America and the ...
... induced protectionist policies which later on were reinforced with the effects of World War II and, more importantly, with the interventionist approach to economic policy that arose from the recommendations of Raul Prebisch and ECLAC (The United Nations Economic Commission for Latin America and the ...