Dollarization in Cambodia: Causes and Policy Implications
... mid-to-late 1990s to over 9 percent in the 2000s, surpassing that of other low-income countries (LICs) in Asia (Figure 1). This growth was partly possible through major reconstruction efforts following decades of civil war and the Khmer Rouge Regime and significant dollar inflows. The establishment ...
... mid-to-late 1990s to over 9 percent in the 2000s, surpassing that of other low-income countries (LICs) in Asia (Figure 1). This growth was partly possible through major reconstruction efforts following decades of civil war and the Khmer Rouge Regime and significant dollar inflows. The establishment ...
NBER WORKING PAPER SERIES RISK, UNCERTAINTY AND EXCHANGE RATES Robert J. Hodrick
... for delivery at the time t asset market conditional on the state being x. The resources available to the agent in the asset market are any unspent monies from the two consumption goods markets, the payoffs on the shares to the endowments that they own plus the ability to resell the shares, and the ...
... for delivery at the time t asset market conditional on the state being x. The resources available to the agent in the asset market are any unspent monies from the two consumption goods markets, the payoffs on the shares to the endowments that they own plus the ability to resell the shares, and the ...
The Usefulness of factor models in forecasting the exchange
... Following the collapse of Bretton Woods at the beginning of the 1970s and the adoption of floating exchange rate regimes by most developed countries, the behavior of exchange rates has been a frequent topic of analysis as this variable exerts a significant impact on countries’ trade balance, price l ...
... Following the collapse of Bretton Woods at the beginning of the 1970s and the adoption of floating exchange rate regimes by most developed countries, the behavior of exchange rates has been a frequent topic of analysis as this variable exerts a significant impact on countries’ trade balance, price l ...
Stock Market Statistics.qxd
... Five basic concepts are available per exchange, based on current and previous adjusted close price (accounting for currency changes and corporate actions). J Advanced: If the trade adjusted price is greater than the previous adjusted close, then it is considered an advance. For each issue that is ca ...
... Five basic concepts are available per exchange, based on current and previous adjusted close price (accounting for currency changes and corporate actions). J Advanced: If the trade adjusted price is greater than the previous adjusted close, then it is considered an advance. For each issue that is ca ...
MACROECONOMIC POLiCiES AND EXCHANGE RATES
... suggested path to that final result differs from one model to another; some models suggest that there will be initial "overshooting" of the rate, with subsequent gradual correction, though the empirical evidence here is not strong. In the long run, countries with relatively rapid money growth will t ...
... suggested path to that final result differs from one model to another; some models suggest that there will be initial "overshooting" of the rate, with subsequent gradual correction, though the empirical evidence here is not strong. In the long run, countries with relatively rapid money growth will t ...
chapter one 1. introduction
... The major objective of this thesis has been to describe the foreign exchange risk management practices of selected software companies. In this respect the study has provided objective evidence on what kind of relationships exist between the firm characteristic variables (type of the firm, form of ow ...
... The major objective of this thesis has been to describe the foreign exchange risk management practices of selected software companies. In this respect the study has provided objective evidence on what kind of relationships exist between the firm characteristic variables (type of the firm, form of ow ...
The interest rate rules
... in more stable macroeconomic outcomes. However, practioners do not in general concur. The governor of the Bank of England has argued that even a 20 percent appreciation of Sterling early on in the inflation targeting period of the UK did not a ect the e ectiveness of inflation targeting to achieve sta ...
... in more stable macroeconomic outcomes. However, practioners do not in general concur. The governor of the Bank of England has argued that even a 20 percent appreciation of Sterling early on in the inflation targeting period of the UK did not a ect the e ectiveness of inflation targeting to achieve sta ...
Downlaod File
... Bank X. Assume the bid rate of the New Zealand dollar is $.32 while the ask rate is $.325 at Bank Y. Given this information, what would be your gain if you use $1,000,000 and execute locational arbitrage? That is, how much will you end up with over and above the $1,000,000 you started with? a. $15,3 ...
... Bank X. Assume the bid rate of the New Zealand dollar is $.32 while the ask rate is $.325 at Bank Y. Given this information, what would be your gain if you use $1,000,000 and execute locational arbitrage? That is, how much will you end up with over and above the $1,000,000 you started with? a. $15,3 ...
NBER WORKING PAPER SERIES
... so. The situation is exactly the same in the exchange market. It is far simpler to allow one price to change, namely, the price of foreign exchange, than to rely upon changes in the multitude of prices that together constitute the internal price structure.” In his case against the euro, Feldstein ( ...
... so. The situation is exactly the same in the exchange market. It is far simpler to allow one price to change, namely, the price of foreign exchange, than to rely upon changes in the multitude of prices that together constitute the internal price structure.” In his case against the euro, Feldstein ( ...
Madagascar: A Competitiveness and Exchange Rate Assessment
... international markets, the REER constitutes an improvement over the nominal exchange rate because changes in competitiveness depend not only on exchange rate variations but also on cost and price trends. As a first approximation, an appreciation of the REER may be interpreted as a deterioration of c ...
... international markets, the REER constitutes an improvement over the nominal exchange rate because changes in competitiveness depend not only on exchange rate variations but also on cost and price trends. As a first approximation, an appreciation of the REER may be interpreted as a deterioration of c ...
Alessio Anzuini, Martina Cecioni and
... the sovereign debt crisis was the fear of a break-up of the euro area, as a result of which international investors shied away from financial assets issued by some member countries, thus contributing to the single currency’s depreciation. Although not directly measurable, this risk weighed on the mo ...
... the sovereign debt crisis was the fear of a break-up of the euro area, as a result of which international investors shied away from financial assets issued by some member countries, thus contributing to the single currency’s depreciation. Although not directly measurable, this risk weighed on the mo ...
S0212088_en.pdf
... have being discussed more recently. One is creating foreign demand for assets denominated in the national currency inspired in the Australia and New Zealand cases. The degree of international financial integration of these two OECD countries is not comparable with a typical emerging economy. Among o ...
... have being discussed more recently. One is creating foreign demand for assets denominated in the national currency inspired in the Australia and New Zealand cases. The degree of international financial integration of these two OECD countries is not comparable with a typical emerging economy. Among o ...
The Political Economy of Exchange Rate Policy in the Caribbean
... English-speaking Caribbean ranged from under US$100 for the countries that now constitute the OECS to about US$650 for Trinidad and Tobago. The 1960s saw the rapid growth of tourism, with the introduction of jet transport and the US blockade of Cuba, previously the main Caribbean magnet for North Am ...
... English-speaking Caribbean ranged from under US$100 for the countries that now constitute the OECS to about US$650 for Trinidad and Tobago. The 1960s saw the rapid growth of tourism, with the introduction of jet transport and the US blockade of Cuba, previously the main Caribbean magnet for North Am ...
Open Economy Macro - Exchange Rates
... The interest rate in an open economy, as in a closed economy, is determined by the supply and demand for loanable funds. National saving is the source of the supply of loanable funds. Domestic investment and net capital outflow are the sources of the demand for loanable funds. At the equilibrium int ...
... The interest rate in an open economy, as in a closed economy, is determined by the supply and demand for loanable funds. National saving is the source of the supply of loanable funds. Domestic investment and net capital outflow are the sources of the demand for loanable funds. At the equilibrium int ...
File
... The interest rate in an open economy, as in a closed economy, is determined by the supply and demand for loanable funds. National saving is the source of the supply of loanable funds. Domestic investment and net capital outflow are the sources of the demand for loanable funds. At the equilibrium int ...
... The interest rate in an open economy, as in a closed economy, is determined by the supply and demand for loanable funds. National saving is the source of the supply of loanable funds. Domestic investment and net capital outflow are the sources of the demand for loanable funds. At the equilibrium int ...
Exchange Rate Regimes in East Asia – Recent Trends
... The monetary authorities of East Asian countries learnt a lesson that it is inadequate for a country with close economic relationships not only with the United States but also other countries to adopt either an official or de facto dollar-peg system from the experience of the Asian currency crisis i ...
... The monetary authorities of East Asian countries learnt a lesson that it is inadequate for a country with close economic relationships not only with the United States but also other countries to adopt either an official or de facto dollar-peg system from the experience of the Asian currency crisis i ...
Chapter 15 Price Levels and the Exchange Rate in the Long Run
... explain exchange rates. Both monetary factors and real factors influence nominal exchange rates: 1a. changes in monetary levels, leading to temporary inflation and changes in expectations about inflation. 1b. changes in monetary growth rates, leading to persistent inflation and changes in expectatio ...
... explain exchange rates. Both monetary factors and real factors influence nominal exchange rates: 1a. changes in monetary levels, leading to temporary inflation and changes in expectations about inflation. 1b. changes in monetary growth rates, leading to persistent inflation and changes in expectatio ...
Exchange Rates
... 18. There are certain exchange rate scenarios to consider when dealing with EC-funded projects: a. When UNDP does pre-financing at the start of the project; b. When the EC pays on time, but, given exchange rate fluctuations, UNDP incurs exchange gain/losses. This can be minimized by running the budg ...
... 18. There are certain exchange rate scenarios to consider when dealing with EC-funded projects: a. When UNDP does pre-financing at the start of the project; b. When the EC pays on time, but, given exchange rate fluctuations, UNDP incurs exchange gain/losses. This can be minimized by running the budg ...
Slide 1
... Average daily turnover in global FOREX: Apr 2010 = USD3.98 tn; Apr 2007 = USD3.21 tn We are basically measuring the external position by looking at changes in EMP QE1, QE2 & QE3 – supply glut/flow of capital into the emerging economies (EMs) like ...
... Average daily turnover in global FOREX: Apr 2010 = USD3.98 tn; Apr 2007 = USD3.21 tn We are basically measuring the external position by looking at changes in EMP QE1, QE2 & QE3 – supply glut/flow of capital into the emerging economies (EMs) like ...
Monetary and Financial Policies in Emerging Markets
... Indonesia (SBIs) debts. Also the central bank increased the maturity range of its debt instruments by issuing longer maturity SBIs (9-month and 12-month from the original 6-month) to encourage investors to hold their securities for longer periods. In addition, new regulations were introduced on bank ...
... Indonesia (SBIs) debts. Also the central bank increased the maturity range of its debt instruments by issuing longer maturity SBIs (9-month and 12-month from the original 6-month) to encourage investors to hold their securities for longer periods. In addition, new regulations were introduced on bank ...
CHAPTER 1
... and quotas save jobs in the industries being protected, they cost jobs in other industries and lower the income of the country as a whole. After World War II, the United States and Europe negotiated treaties to reduce the high tariff rates imposed during the Great Depression. Recent discussions have ...
... and quotas save jobs in the industries being protected, they cost jobs in other industries and lower the income of the country as a whole. After World War II, the United States and Europe negotiated treaties to reduce the high tariff rates imposed during the Great Depression. Recent discussions have ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Exchange Rate Theory and Practice
... with intertemporal optimization, zero savings is an implication of the stationary state, achieved when the interest rate equals the rate of time preference. We now address the question whether this prcperty is truly general or whether it follows from some special assumptions introduced into the mode ...
... with intertemporal optimization, zero savings is an implication of the stationary state, achieved when the interest rate equals the rate of time preference. We now address the question whether this prcperty is truly general or whether it follows from some special assumptions introduced into the mode ...
Monetary and Financial Policies in Emerging Markets
... Indonesia (SBIs) debts. Also the central bank increased the maturity range of its debt instruments by issuing longer maturity SBIs (9-month and 12-month from the original 6-month) to encourage investors to hold their securities for longer periods. In addition, new regulations were introduced on bank ...
... Indonesia (SBIs) debts. Also the central bank increased the maturity range of its debt instruments by issuing longer maturity SBIs (9-month and 12-month from the original 6-month) to encourage investors to hold their securities for longer periods. In addition, new regulations were introduced on bank ...
ge07 Egert 4676541 en
... growth (potential). The debt increases due to current account deficits in the early years. The accumulation of foreign debt is followed by debt repayment in subsequent periods. While sustainable current account imbalances can be rather large, as suggested by the intertemporal model, no size of the c ...
... growth (potential). The debt increases due to current account deficits in the early years. The accumulation of foreign debt is followed by debt repayment in subsequent periods. While sustainable current account imbalances can be rather large, as suggested by the intertemporal model, no size of the c ...
Interest rates and exchange rates
... Capital can nowadays move freely between the world’s main financial centres, which means that we would expect rates of return on similar assets to be the same in different countries: if they were not, then investors would move funds from the low-yielding asset to the high-yielding one. Because asset ...
... Capital can nowadays move freely between the world’s main financial centres, which means that we would expect rates of return on similar assets to be the same in different countries: if they were not, then investors would move funds from the low-yielding asset to the high-yielding one. Because asset ...