NBER WORKING PAPER SERIES PRICE
... tion for real cash balances derived from this nodel is estimated using the tile series data for the period 1960—75 for Canada, United States, United Kingdom, and Germany. The results indicate that foreign tronetary developrents affect demand for noney significantly, and considerable mis-specificatio ...
... tion for real cash balances derived from this nodel is estimated using the tile series data for the period 1960—75 for Canada, United States, United Kingdom, and Germany. The results indicate that foreign tronetary developrents affect demand for noney significantly, and considerable mis-specificatio ...
Information Asymmetry and Foreign Currency Borrowing by Small
... currency exposure, using forward contracts and derivatives for example. But many developing country currencies have no forward markets; and even in those that do, there are substantial costs to hedging (Frankel (2004)). And even in developed countries small firms rarely use derivatives to hedge thei ...
... currency exposure, using forward contracts and derivatives for example. But many developing country currencies have no forward markets; and even in those that do, there are substantial costs to hedging (Frankel (2004)). And even in developed countries small firms rarely use derivatives to hedge thei ...
A Century of Purchasing Power Parity - uc
... ∗ denotes significance at the 10% level; ∗∗ denotes significance at the 5% level; ∗ ∗ ∗ denotes significance at the 1% level. ...
... ∗ denotes significance at the 10% level; ∗∗ denotes significance at the 5% level; ∗ ∗ ∗ denotes significance at the 1% level. ...
Japanese yen and East-Asian currencies: before and after the Asian
... rupiah, the South Korean won, the Philippines peso and the Thai baht. The Malaysian ringgit which also sharply depreciated during the course of the financial crisis is excluded in this research, because its nominal exchange rate have been pegged to the US dollar since September, 1998. The role of th ...
... rupiah, the South Korean won, the Philippines peso and the Thai baht. The Malaysian ringgit which also sharply depreciated during the course of the financial crisis is excluded in this research, because its nominal exchange rate have been pegged to the US dollar since September, 1998. The role of th ...
IOSR Journal of Economics and Finance (IOSR-JEF)
... The Impact of Exchange Rate Fluctuations on Private Domestic Investment Performance in Nigeria instability. People have not been investing due to exchange rate volatility. This instability and continued depreciation of the naira in the foreign exchange market has resulted in declines in the investm ...
... The Impact of Exchange Rate Fluctuations on Private Domestic Investment Performance in Nigeria instability. People have not been investing due to exchange rate volatility. This instability and continued depreciation of the naira in the foreign exchange market has resulted in declines in the investm ...
Some hypotheses related to the mexican 1994
... This period culminated with rapidly rising inflation, a collapse in the stock exchange, more uncertainty arid rekindled capital flight, all of which led to a new abrupt devaluation in November of 1987. At that point an integral set of reforms was introduced which included the acceleration of the tra ...
... This period culminated with rapidly rising inflation, a collapse in the stock exchange, more uncertainty arid rekindled capital flight, all of which led to a new abrupt devaluation in November of 1987. At that point an integral set of reforms was introduced which included the acceleration of the tra ...
Halpern-Wyplosz
... Union, prior to joining the monetary union, a country must have achieved a high and sustainable degree of nominal convergence with the euro area. This is to be assessed on the basis of the convergence criteria laid down in Article 121 and the Protocol on the Convergence Criteria. In particular a can ...
... Union, prior to joining the monetary union, a country must have achieved a high and sustainable degree of nominal convergence with the euro area. This is to be assessed on the basis of the convergence criteria laid down in Article 121 and the Protocol on the Convergence Criteria. In particular a can ...
Does the Purchasing Power Parity Hold in Emerging
... the real exchange rate using black market rates of this dimension has not been previously undertaken. Thus this study extends the test of PPP into new directions. We use a battery of new heterogeneous panel unit root and cointegration tests which have greater power than the time series tests normal ...
... the real exchange rate using black market rates of this dimension has not been previously undertaken. Thus this study extends the test of PPP into new directions. We use a battery of new heterogeneous panel unit root and cointegration tests which have greater power than the time series tests normal ...
Chapter 20: Output, the Interest Rate, and the Exchange Rate
... • In chapter 19, we treated the exchange rate as one of the policy instruments of the government. • But it’s not a policy instrument: it’s a price, determined by the (foreign exchange) market. • The main questions we try to solve are: What determines the exchange rate? How can policy makers affe ...
... • In chapter 19, we treated the exchange rate as one of the policy instruments of the government. • But it’s not a policy instrument: it’s a price, determined by the (foreign exchange) market. • The main questions we try to solve are: What determines the exchange rate? How can policy makers affe ...
Schmidt-del05 1101825 de
... assumed to consist of the non-U.S. G-7 countries. In this setting, I find that a monetary expansion in the U.S. raises production as well as aggregate demand in the foreign country. These results indicate that the suggested asymmetric price-setting behavior provides an explanation to the empirical e ...
... assumed to consist of the non-U.S. G-7 countries. In this setting, I find that a monetary expansion in the U.S. raises production as well as aggregate demand in the foreign country. These results indicate that the suggested asymmetric price-setting behavior provides an explanation to the empirical e ...
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... optimal domestic policy does not react to policy shocks and cyclical conditions in the world economy. This may be the case, for instance, when goods are produced with domestic inputs only and are priced in the producers’ currency, or when exporters are fully insured against currency volatility. Othe ...
... optimal domestic policy does not react to policy shocks and cyclical conditions in the world economy. This may be the case, for instance, when goods are produced with domestic inputs only and are priced in the producers’ currency, or when exporters are fully insured against currency volatility. Othe ...
A Small Economic Model for Argentina (Summary)
... worth» invariably remains at zero.8 This is to say that, in every period, the sustainability of government debt. 7 See Escudé (2006) 8 For model operation purposes, it is enough to assume that such "net worth" remains constant but, for simpli…cation’s sake, we have made it zero. ...
... worth» invariably remains at zero.8 This is to say that, in every period, the sustainability of government debt. 7 See Escudé (2006) 8 For model operation purposes, it is enough to assume that such "net worth" remains constant but, for simpli…cation’s sake, we have made it zero. ...
Asian Currency and Financial Crises: Lessons from Vulnerability
... happened in the region suggest that financial intermediaries systematically downplayed the risks associated in the expansion of their balance sheets in this manner. This is the problem to which Krugman (1998a) has drawn attention. He argues that the problem with such financial intermediaries — insti ...
... happened in the region suggest that financial intermediaries systematically downplayed the risks associated in the expansion of their balance sheets in this manner. This is the problem to which Krugman (1998a) has drawn attention. He argues that the problem with such financial intermediaries — insti ...
Foreign Exchange Intervention Since the Plaza Accord
... Many economists and officials were, and remain, skeptical that intervention can have significant sustained effects on exchange rates and current account balances. The evidence from the 1980s does not refute that skepticism. However, the experience of the past 15 years shows that intervention can hav ...
... Many economists and officials were, and remain, skeptical that intervention can have significant sustained effects on exchange rates and current account balances. The evidence from the 1980s does not refute that skepticism. However, the experience of the past 15 years shows that intervention can hav ...
THE RENMINBI ON THE INTERNATIONALISATION TRAIL
... foreign-invested enterprises (FIEs)2. Preferential treatment was granted to ‘export promoting trade’ in the sense that imported inputs were exempted from customs duties provided that they were used in the export processes. During a short period, China operated a dual exchange rate system, whereby ex ...
... foreign-invested enterprises (FIEs)2. Preferential treatment was granted to ‘export promoting trade’ in the sense that imported inputs were exempted from customs duties provided that they were used in the export processes. During a short period, China operated a dual exchange rate system, whereby ex ...
Argentina`s Monetary and Exchange Rate Policies after the
... place to an illiquid and insolvent financial scenario a la Minsky (1975). The rise in the real interest rate, an endogenous consequence of increasing external fragility, sharpens the contraction of economic activity, creating additional sources of financial tensions. Finally, the exchange rate regim ...
... place to an illiquid and insolvent financial scenario a la Minsky (1975). The rise in the real interest rate, an endogenous consequence of increasing external fragility, sharpens the contraction of economic activity, creating additional sources of financial tensions. Finally, the exchange rate regim ...
One Country, One Currency? Dollarization and the Case for
... mainly from Washington. However, developments in Quito and Guyaquil will still affect the risk premium imposed on Ecuadorians issuers of dollar-denominated liabilities. This premium applies not only to the private sector but also to the government of Ecuador. The country’s fiscal policy will hencefo ...
... mainly from Washington. However, developments in Quito and Guyaquil will still affect the risk premium imposed on Ecuadorians issuers of dollar-denominated liabilities. This premium applies not only to the private sector but also to the government of Ecuador. The country’s fiscal policy will hencefo ...
exchange agreement - Magellan Aviation Group
... Returned Exchange Units accepted by Magellan will be subject to a re-stocking charge of 5% of the outright sales price or $600 whichever is higher. Exchange Units which are returned having been used or without the original certification, will be considered to be exchange transactions, and the custom ...
... Returned Exchange Units accepted by Magellan will be subject to a re-stocking charge of 5% of the outright sales price or $600 whichever is higher. Exchange Units which are returned having been used or without the original certification, will be considered to be exchange transactions, and the custom ...
International Monetary Reform and the Stabilization Problem J. Marcus Fleming
... certain compromise arrangements have been suggested in Annexes 5 and 6 of that document. Even if it had been possible to agree on a reasonably tight system of asset settlement, with no more than a moderate degree of flexibility, the effectiveness of international control over reserve supply would ha ...
... certain compromise arrangements have been suggested in Annexes 5 and 6 of that document. Even if it had been possible to agree on a reasonably tight system of asset settlement, with no more than a moderate degree of flexibility, the effectiveness of international control over reserve supply would ha ...
Paul R. Krugman Working DEINDUSTRIALIZATION, REINDUSTRIALIZATION, AND THE REAL
... reallocation to real exchange rate movements. In turn, this reluctance of factors to move widens the range of real exchange rate variation, so that larger movements of the real exchange rate are needed to accommodate transitory, unpredictable capital flows ...
... reallocation to real exchange rate movements. In turn, this reluctance of factors to move widens the range of real exchange rate variation, so that larger movements of the real exchange rate are needed to accommodate transitory, unpredictable capital flows ...
5th Edition
... repurchase agreements: purchases/sales of securities with an agreement to sell/purchase them later. trade credits and debits: temporary loans or adjustments in deposits to finance trade of goods and services ...
... repurchase agreements: purchases/sales of securities with an agreement to sell/purchase them later. trade credits and debits: temporary loans or adjustments in deposits to finance trade of goods and services ...
Causes of Capital Inflows and Policy Responses to Them
... by a shift in the money demand function and those driven by exogenous factors include asset prices, monetary and credit aggregates, balance of payments data, and key international variables, such as interest rates (Table 1). Data on asset prices, both domestic and international, are likely to be mor ...
... by a shift in the money demand function and those driven by exogenous factors include asset prices, monetary and credit aggregates, balance of payments data, and key international variables, such as interest rates (Table 1). Data on asset prices, both domestic and international, are likely to be mor ...
Legal and Institutional Aspects of the International Monetary System
... floating exchange rates as a matter of international monetary law, while another section analyzes the political and economic realities which provided an impetus to restore more flexibility to the international monetary system. Viewed from these two different perspectives, one has a greater appreciat ...
... floating exchange rates as a matter of international monetary law, while another section analyzes the political and economic realities which provided an impetus to restore more flexibility to the international monetary system. Viewed from these two different perspectives, one has a greater appreciat ...
Capital Account Liberalization and Exchange Rate Flexibility
... and accompanied process of openness. The goal of this gradual strategy is to avoid macroeconomic imbalances associated with trade and financial openness and to ensure economic competitiveness. Morocco’s efforts in capital account liberalization are reflected mainly by the liberalization of foreign i ...
... and accompanied process of openness. The goal of this gradual strategy is to avoid macroeconomic imbalances associated with trade and financial openness and to ensure economic competitiveness. Morocco’s efforts in capital account liberalization are reflected mainly by the liberalization of foreign i ...
Expectations, Risk, Interest Rates and Consequences for External
... Given essentially perfect capital mobility, Australian interest rates and the expected exchange rate change should satisfy international arbitrage conditions. We examine an arbitrage condition for a US investor, with a view to explaining the large short-term real interest differential between Austra ...
... Given essentially perfect capital mobility, Australian interest rates and the expected exchange rate change should satisfy international arbitrage conditions. We examine an arbitrage condition for a US investor, with a view to explaining the large short-term real interest differential between Austra ...