Rebalancing the Global Economy Stefan Collignon
... Rebalancing the Global Economy A global economy needs global management. This was the lesson from the Global Financial Crisis, when policy makers set up the G20. But very quickly the new global economic governance got stuck in the gridlock of international bureaucracy. Banal and dry Communiqués are ...
... Rebalancing the Global Economy A global economy needs global management. This was the lesson from the Global Financial Crisis, when policy makers set up the G20. But very quickly the new global economic governance got stuck in the gridlock of international bureaucracy. Banal and dry Communiqués are ...
chapter 38 - Spring Branch ISD
... 10. The table below contains the international balance of payments data for the United States in a past year. All figures are in billions. Compute with the appropriate sign (+ or –) and enter in the table the six missing items. What was the condition of the balance of payments in the United States? ...
... 10. The table below contains the international balance of payments data for the United States in a past year. All figures are in billions. Compute with the appropriate sign (+ or –) and enter in the table the six missing items. What was the condition of the balance of payments in the United States? ...
The Current Account, the Spot Exchange Rate and the Demand for
... whether the composition effect does or does not outweigh the growth effect, or whether both are relevant forces in current account determination. This framework accommodates models developed by Kray and Ventura (2000, 2003), Lane and Milesi-Ferreti (2006) and Gourinchas and Rey (2007), among others. ...
... whether the composition effect does or does not outweigh the growth effect, or whether both are relevant forces in current account determination. This framework accommodates models developed by Kray and Ventura (2000, 2003), Lane and Milesi-Ferreti (2006) and Gourinchas and Rey (2007), among others. ...
Purchasing-Power Parity: Definition
... two applications: it was originally developed as a theory of exchange rate determination, but it is now primarily used to compare living standards across countries. From the perspective of exchange rate determination, PPP is useful as a reminder that monetary policy has no long-run impact on the rea ...
... two applications: it was originally developed as a theory of exchange rate determination, but it is now primarily used to compare living standards across countries. From the perspective of exchange rate determination, PPP is useful as a reminder that monetary policy has no long-run impact on the rea ...
ON THE IMF-DIRECTED DISINFLATION PROGRAM IN TURKEY:
... Turkish monetary authorities have successfully implemented the monetary program within the given targets, conditioning the CB operations to net foreign inflows. In this sense the outbreak of the November crisis –and the ultimate collapse of the program in February 2001– can not be accounted to any d ...
... Turkish monetary authorities have successfully implemented the monetary program within the given targets, conditioning the CB operations to net foreign inflows. In this sense the outbreak of the November crisis –and the ultimate collapse of the program in February 2001– can not be accounted to any d ...
Stock prices and the East Asian Financial Crisis
... their capital out of the respective domestic markets. This resulted in a subsequent depreciation of the exchange rate as the domestic currency was sold. However the degree of severity of the crisis varied across East Asia, as did the extent of the decline in the domestic stock markets. ...
... their capital out of the respective domestic markets. This resulted in a subsequent depreciation of the exchange rate as the domestic currency was sold. However the degree of severity of the crisis varied across East Asia, as did the extent of the decline in the domestic stock markets. ...
1 Is a Change in the Renminbi Exchange Rate in China`s Interest?1
... modestly to 8.27 in 1995, where it then remained (see Figure 1). In the second half of the 1990s, as part of developing a system of direct monetary control, the growth of the money stock began replacing credit ceilings as the intermediate target of the PBOC, and a unified interbank money market beg ...
... modestly to 8.27 in 1995, where it then remained (see Figure 1). In the second half of the 1990s, as part of developing a system of direct monetary control, the growth of the money stock began replacing credit ceilings as the intermediate target of the PBOC, and a unified interbank money market beg ...
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... old. In other words, this is a work not on dynamics, but on comparative statics, in economics. Meade criticized the lack of any explicit mathematical account of how the economy gets from one “partial or temporary” equilibrium to another. A related problem, already noted above and highlighted by Mead ...
... old. In other words, this is a work not on dynamics, but on comparative statics, in economics. Meade criticized the lack of any explicit mathematical account of how the economy gets from one “partial or temporary” equilibrium to another. A related problem, already noted above and highlighted by Mead ...
PDF version - Association for the Study of the Cuban Economy
... standard have changed the nature of dual monetary systems. A gold exchange standard, distinguished by extensive intervention by central banks, characterized the 1920's. The Great Depression of the 1930's, followed by World War II, generated changes that led to the Bretton Woods institutions. Finally ...
... standard have changed the nature of dual monetary systems. A gold exchange standard, distinguished by extensive intervention by central banks, characterized the 1920's. The Great Depression of the 1930's, followed by World War II, generated changes that led to the Bretton Woods institutions. Finally ...
The Renminbi`s Dollar Peg at the Crossroads
... One cannot but conclude that expectations of revaluation (and lately, of equitymarket appreciation, promoted by ample domestic liquidty) have been helping to drive capital inflows into China, notwithstanding the administrative controls that are in place.6 The People’s Bank of China (PBOC) has attemp ...
... One cannot but conclude that expectations of revaluation (and lately, of equitymarket appreciation, promoted by ample domestic liquidty) have been helping to drive capital inflows into China, notwithstanding the administrative controls that are in place.6 The People’s Bank of China (PBOC) has attemp ...
NBER WORKING PAPER SERIES THE UNSUSTAINABLE US CURRENT ACCOUNT POSITION REVISITED
... et al., 2004a, b) that the current Asian exchange rate pegs constitute a Bretton Woods II system. Perhaps, but that analysis applies more readily to China than Japan, which accounts for a much bigger share of global current account surpluses. Even for China, current evidence suggests that more marke ...
... et al., 2004a, b) that the current Asian exchange rate pegs constitute a Bretton Woods II system. Perhaps, but that analysis applies more readily to China than Japan, which accounts for a much bigger share of global current account surpluses. Even for China, current evidence suggests that more marke ...
The Renminbi`s Dollar Peg at the Crossroads
... One cannot but conclude that expectations of revaluation (and lately, of equitymarket appreciation, promoted by ample domestic liquidty) have been helping to drive capital inflows into China, notwithstanding the administrative controls that are in place.6 The People’s Bank of China (PBOC) has attemp ...
... One cannot but conclude that expectations of revaluation (and lately, of equitymarket appreciation, promoted by ample domestic liquidty) have been helping to drive capital inflows into China, notwithstanding the administrative controls that are in place.6 The People’s Bank of China (PBOC) has attemp ...
NBER WORKING PAPER SERIES FINANCIAL OPENNESS UNDER ALTERNATIVE REAL EXCHANGE RATE REGIMES
... (and investment) to the development strategy has somehow been taken care of and we may, for our purposes, consider the long-run capital imports as largely determined outside the present framework. ...
... (and investment) to the development strategy has somehow been taken care of and we may, for our purposes, consider the long-run capital imports as largely determined outside the present framework. ...
Estonia: A Macroeconomic Enquiry
... the German mark, especially after experiencing a hyperinflation caused by Russia’s expansionary monetary policy. Also, as long as Estonia was able to maintain a stable pegged value indefinitely, foreign investors could be confident about investing in Estonia, as the fixed exchange rate guaranteed th ...
... the German mark, especially after experiencing a hyperinflation caused by Russia’s expansionary monetary policy. Also, as long as Estonia was able to maintain a stable pegged value indefinitely, foreign investors could be confident about investing in Estonia, as the fixed exchange rate guaranteed th ...
Exchange Rates, Business Cycles, and Macroeconomic Policy in
... • Higher real interest rates increase the demand for the currency, causing the currency to appreciate. • The net effect on the exchange rate is ambiguous. – Typically the interest rate effect is larger. ...
... • Higher real interest rates increase the demand for the currency, causing the currency to appreciate. • The net effect on the exchange rate is ambiguous. – Typically the interest rate effect is larger. ...
International Economics: Feenstra/Taylor 2/e
... Integration and Capital Controls: The Regulation of International Finance Key Topics Why have so many countries made the choice to pursue policies of financial openness? Evading control: For years, What are the potential economic benefits Zimbabwe imposed capital of removing capital controls and ado ...
... Integration and Capital Controls: The Regulation of International Finance Key Topics Why have so many countries made the choice to pursue policies of financial openness? Evading control: For years, What are the potential economic benefits Zimbabwe imposed capital of removing capital controls and ado ...
Chapter Five: Currency Boards - Peterson Institute for International
... mixed. The tests typically attempt to measure independence by estimating the response of domestic interest rates to both US interest rates and to measures of the risk premium facing emerging economies as a group (e.g., the spread in various emerging-market bond indices), with an eye toward gauging w ...
... mixed. The tests typically attempt to measure independence by estimating the response of domestic interest rates to both US interest rates and to measures of the risk premium facing emerging economies as a group (e.g., the spread in various emerging-market bond indices), with an eye toward gauging w ...
EU-China Collaboration in the Reform of the International Monetary
... The global financial crisis initiated in the United States in 2008 has raised doubts about the efficiency of the current dollar-led international monetary system (IMS). Two main structural theories have been put forward to explain the crisis, each with their respective reform solutions. On the one h ...
... The global financial crisis initiated in the United States in 2008 has raised doubts about the efficiency of the current dollar-led international monetary system (IMS). Two main structural theories have been put forward to explain the crisis, each with their respective reform solutions. On the one h ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... Problems occur when short-term market prices do not give the "correct" long-run allocation signals for producers or consumers. Two major sources for such discrepancies may arise in the present context, both working in the same direction. The world financial market may temporarily register very low ( ...
... Problems occur when short-term market prices do not give the "correct" long-run allocation signals for producers or consumers. Two major sources for such discrepancies may arise in the present context, both working in the same direction. The world financial market may temporarily register very low ( ...
An Empirical Study of a ‘Mystery of Currency Exposure’ with the Case of A-Share Listed Companies
... the currency risk exposure of companies in the Shanghai A-share market after the exchange rate reform in 2005, and concluded that 12.6% of the listed companies benefited from the appreciation of the RMB and 4.3% were negatively affected. However, only 17.1% of all companies had significant exposure ...
... the currency risk exposure of companies in the Shanghai A-share market after the exchange rate reform in 2005, and concluded that 12.6% of the listed companies benefited from the appreciation of the RMB and 4.3% were negatively affected. However, only 17.1% of all companies had significant exposure ...
First North Price List
... Advisers shall pay an annual annual fee of 2,000 euros* for the right to provide advisory services to Issuers on First North. The annual fee is payable in advance at the beginning of each year. Adviser who has not signed an agreement with at least one Issuer, whose securities are admitted to trading ...
... Advisers shall pay an annual annual fee of 2,000 euros* for the right to provide advisory services to Issuers on First North. The annual fee is payable in advance at the beginning of each year. Adviser who has not signed an agreement with at least one Issuer, whose securities are admitted to trading ...
The Real Exchange Rate: Issues Of Concept And Measurement, by
... nominee for a RER measure that was tailored to each country’s trade pattern. Why cannot this definition be made into the general canonical measure that everyone uses? The answer is that only a relatively few countries make serious efforts to calculate a reasonably comprehensive index of the world pr ...
... nominee for a RER measure that was tailored to each country’s trade pattern. Why cannot this definition be made into the general canonical measure that everyone uses? The answer is that only a relatively few countries make serious efforts to calculate a reasonably comprehensive index of the world pr ...
The Dual-Listing Law:
... American Stock Exchange, or the London Stock Exchange’s Main Market (Primary Listing) for at least a year since their IPOs are eligible to dual-list. Also eligible are companies that have traded for less than a year but maintain a market value exceeding $150 million. For companies traded on the Nasd ...
... American Stock Exchange, or the London Stock Exchange’s Main Market (Primary Listing) for at least a year since their IPOs are eligible to dual-list. Also eligible are companies that have traded for less than a year but maintain a market value exceeding $150 million. For companies traded on the Nasd ...
Redalyc.Non-Linear Multivariate Dependence between the Mexican
... Much research has been done to examine the relationship between the spot exchange rate and stock price in various economies. Most of the findings state that when the value of the local currency depreciates compared with major currencies, such as the dollar, euro or pound sterling, the local stock ma ...
... Much research has been done to examine the relationship between the spot exchange rate and stock price in various economies. Most of the findings state that when the value of the local currency depreciates compared with major currencies, such as the dollar, euro or pound sterling, the local stock ma ...
W o r k
... The goal of this paper is to quantitatively account for this puzzle by introducing price rigidity and local currency pricing (LCP ) in an otherwise standard dynamic general equilibrium model. In studying the impact on equilibrium allocations of some firms’ ability to price discriminate across count ...
... The goal of this paper is to quantitatively account for this puzzle by introducing price rigidity and local currency pricing (LCP ) in an otherwise standard dynamic general equilibrium model. In studying the impact on equilibrium allocations of some firms’ ability to price discriminate across count ...