50 The LC Gupta Committee Report: Some Observations
... the sentiments prevailing in the secondary equity market, this is hardly a relevant issue. As correctly mentioned in the Committee’s report, financial derivatives are instruments which have evolved as a consequence of the perceived need for hedging exposures in various markets. They provide depth an ...
... the sentiments prevailing in the secondary equity market, this is hardly a relevant issue. As correctly mentioned in the Committee’s report, financial derivatives are instruments which have evolved as a consequence of the perceived need for hedging exposures in various markets. They provide depth an ...
Evaluating the international monetary system and the availability to
... unrestricted capital movement. However, this system has collapsed and faded by the beginning of World War I. Further, by the end of World War II, and as an alternative to the gold standard, the world turned to Bretton Woods international monetary system with the behest of the United States of Ameri ...
... unrestricted capital movement. However, this system has collapsed and faded by the beginning of World War I. Further, by the end of World War II, and as an alternative to the gold standard, the world turned to Bretton Woods international monetary system with the behest of the United States of Ameri ...
Chapter 6
... Korea, Zambia, or most any other country, you would not pay for your goods with dollars. 15 Instead, you would pay with pounds in England, with bolivars in Venezuela, with won in South Korea, and with Kwacha in Zambia. In short, the majority of transactions within a country are carried out with the ...
... Korea, Zambia, or most any other country, you would not pay for your goods with dollars. 15 Instead, you would pay with pounds in England, with bolivars in Venezuela, with won in South Korea, and with Kwacha in Zambia. In short, the majority of transactions within a country are carried out with the ...
The Relationship between Commodities and Pakistani Currency
... commodities. In the period of 1990's to the present, the role of commodities in traditional portfolios has changed depending on the macroeconomic and financial environment and further development is expected in commodity marked in future because of increase in the number of available commodity-based ...
... commodities. In the period of 1990's to the present, the role of commodities in traditional portfolios has changed depending on the macroeconomic and financial environment and further development is expected in commodity marked in future because of increase in the number of available commodity-based ...
Does Misaligned Currency Affect Economic Growth? – Evidence
... undervalued or overvalued exchange rate and economic growth. Edwards (1989a) provided the seminal work and, based on his model, he discovered a significant negative relationship between economic growth and overvaluation. Collins and Razin (1997) adapted Edwards’s original model and they also found a ...
... undervalued or overvalued exchange rate and economic growth. Edwards (1989a) provided the seminal work and, based on his model, he discovered a significant negative relationship between economic growth and overvaluation. Collins and Razin (1997) adapted Edwards’s original model and they also found a ...
A Guided Tour of the Market Microstructure Approach to
... growth a new equilibrium exchange rate is reached without any change in investors’ portfolios. The meagre explanatory power of these traditional models alongside the empirical evidence showing the importance of micro-structural aspects of the functioning of equity markets in explaining short-term mo ...
... growth a new equilibrium exchange rate is reached without any change in investors’ portfolios. The meagre explanatory power of these traditional models alongside the empirical evidence showing the importance of micro-structural aspects of the functioning of equity markets in explaining short-term mo ...
Understanding the financial crisis in Asia Bhagwan Chowdhry , Amit Goyal
... Fig. 4 plots nominal and real exchange rates using both CPI and WPI Žor PPI. as the price indices, with 1991 first quarter as the base. On the eve of the crisis in July 1997, the real exchange rate using the WPI or the PPI as the relevant index suggests possible balance of payments problems for only ...
... Fig. 4 plots nominal and real exchange rates using both CPI and WPI Žor PPI. as the price indices, with 1991 first quarter as the base. On the eve of the crisis in July 1997, the real exchange rate using the WPI or the PPI as the relevant index suggests possible balance of payments problems for only ...
The Potential of the Renminbi as an International Currency
... should be assessed on each of the functions listed in Table 1. The empirical analysis of this paper focuses on reserve currency holdings, as data are much more limited on indicators of the other international roles. The assumption is that reserve currency holdings are a good proxy for the overall in ...
... should be assessed on each of the functions listed in Table 1. The empirical analysis of this paper focuses on reserve currency holdings, as data are much more limited on indicators of the other international roles. The assumption is that reserve currency holdings are a good proxy for the overall in ...
Modeling and Forecasting the Malawi Kwacha
... weekly auctions of the foreign exchange market would take place. Buyers of the foreign exchange would bid through the commercial banks the price at which they wanted to buy a certain amount of foreign exchange. In the same way, sellers would determine their selling price and amounts. Successful bidd ...
... weekly auctions of the foreign exchange market would take place. Buyers of the foreign exchange would bid through the commercial banks the price at which they wanted to buy a certain amount of foreign exchange. In the same way, sellers would determine their selling price and amounts. Successful bidd ...
Foreign Exchange Market Organization in Selected
... Foreign exchange markets in developing countries are predominantly unified onshore spot markets for U.S. dollars, where transactions are often concentrated at the bank-customer level. A. Mainly Spot Market Foreign exchange markets in developing countries are predominantly spot markets. Foreign excha ...
... Foreign exchange markets in developing countries are predominantly unified onshore spot markets for U.S. dollars, where transactions are often concentrated at the bank-customer level. A. Mainly Spot Market Foreign exchange markets in developing countries are predominantly spot markets. Foreign excha ...
The Impact of the December 2004 Tsunami: An Empirical
... affected countries is approximately 1.2 billion U.S. dollars and total humanitarian assistance received is approximately 6.2 billion U.S. dollars.1 Private donors consisting of individuals and organizations are the leading donors and Japan, U.K. and U.S. are among the six leading donor governments. ...
... affected countries is approximately 1.2 billion U.S. dollars and total humanitarian assistance received is approximately 6.2 billion U.S. dollars.1 Private donors consisting of individuals and organizations are the leading donors and Japan, U.K. and U.S. are among the six leading donor governments. ...
The Curious Case of the Yen as a Safe Haven Currency
... been 12 episodes where the yen has appreciated in nominal effective terms by 6 percent or more within one quarter and these coincided often with events outside Japan.3 Although the yen’s safe haven status has been well documented (e.g. Ranaldo and Söderlind 2010, De Bock and de Carvalho Filho 2013), ...
... been 12 episodes where the yen has appreciated in nominal effective terms by 6 percent or more within one quarter and these coincided often with events outside Japan.3 Although the yen’s safe haven status has been well documented (e.g. Ranaldo and Söderlind 2010, De Bock and de Carvalho Filho 2013), ...
Your foreign exchange specialist
... contact your Relationship Manager for details of actual rates used when you transact One-cancel-other order (FX Order Watch) – you place two orders at the same time with FX Order Watch. Whichever target is hit first, that trade is executed and the other order is automatically cancelled. If neither t ...
... contact your Relationship Manager for details of actual rates used when you transact One-cancel-other order (FX Order Watch) – you place two orders at the same time with FX Order Watch. Whichever target is hit first, that trade is executed and the other order is automatically cancelled. If neither t ...
Rate Debt Sustainability and
... sudden unsustainability of foreign debt when a developing economy has a substantial volume of foreign debt. The one remaining policy tool that can be used to ensure a positive trade balance are domestic prices, which are used to stabilise the exchange rate. A decrease in domestic prices relative to ...
... sudden unsustainability of foreign debt when a developing economy has a substantial volume of foreign debt. The one remaining policy tool that can be used to ensure a positive trade balance are domestic prices, which are used to stabilise the exchange rate. A decrease in domestic prices relative to ...
03 RA Mundell - rivista Politica Economica
... an «overhang» of dollars. The problem was aggravated by the US recession of 1970-1971, which brought about a large capital outflow from the United States, which, in turn fed an explosion of liquidity growth in the Eurodollar market. Germany tried to reverse the influx of reserves by investing dollar ...
... an «overhang» of dollars. The problem was aggravated by the US recession of 1970-1971, which brought about a large capital outflow from the United States, which, in turn fed an explosion of liquidity growth in the Eurodollar market. Germany tried to reverse the influx of reserves by investing dollar ...
Tapering Talk: The Impact of Expectations of Reduced Federal
... We now proceed to analyzing the entire class of emerging markets. We start with the same set of countries as in Ghosh et al (2013), to which we add Ghana, Hong Kong, Kenya, Ireland, Singapore, and Tanzania. This gives us the universe of countries included in the various definitions of emerging marke ...
... We now proceed to analyzing the entire class of emerging markets. We start with the same set of countries as in Ghosh et al (2013), to which we add Ghana, Hong Kong, Kenya, Ireland, Singapore, and Tanzania. This gives us the universe of countries included in the various definitions of emerging marke ...
No single currency regime is right for all countries or at all times
... every fluctuation in the demand for its currency is accommodated by intervention and half is reflected in the exchange rate. Figure 1 is a simple schematic illustration of the impossible trinity. Each of the three sides has an attraction—the respective allure of monetary independence, exchange-rate ...
... every fluctuation in the demand for its currency is accommodated by intervention and half is reflected in the exchange rate. Figure 1 is a simple schematic illustration of the impossible trinity. Each of the three sides has an attraction—the respective allure of monetary independence, exchange-rate ...
THE GLOBAL CAPITAL MARKET: BENEFACTOR OR MENACE? Maurice Obstfeld 6559
... foreigners' savings. The final column of the table presents the average over the 12 countries for different time periods. While international investment flows commonly topped 3 percent of GDP before 1914, they slumped to half that level in the 1930s and only after 1970 began to move decisively upwar ...
... foreigners' savings. The final column of the table presents the average over the 12 countries for different time periods. While international investment flows commonly topped 3 percent of GDP before 1914, they slumped to half that level in the 1930s and only after 1970 began to move decisively upwar ...
Exchange rate overshooting and the costs of floating
... This paper is also related to a recent analytical literature on balance sheet effects and output contractions.4 This literature has stressed the role of “balance sheet effects” in explaining the contractionary effects of depreciations: when liabilities are in foreign currency while assets are in lo ...
... This paper is also related to a recent analytical literature on balance sheet effects and output contractions.4 This literature has stressed the role of “balance sheet effects” in explaining the contractionary effects of depreciations: when liabilities are in foreign currency while assets are in lo ...
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... their fixed exchange rate regimes came after the outbreak of the global financial crisis in 2008. The countries were hit simultaneously by three severe disruptions. Firstly, the countries experienced sudden stops as net capital inflows ceased, leading to current account surpluses in 2009 in all thre ...
... their fixed exchange rate regimes came after the outbreak of the global financial crisis in 2008. The countries were hit simultaneously by three severe disruptions. Firstly, the countries experienced sudden stops as net capital inflows ceased, leading to current account surpluses in 2009 in all thre ...
Chapter 15 Price Levels and the Exchange Rate in the Long Run
... Transport costs and governmental trade restrictions make trade expensive and in some cases create non-tradable goods or services. ...
... Transport costs and governmental trade restrictions make trade expensive and in some cases create non-tradable goods or services. ...
How does EMU affect the Dollar and the Yen as International
... foreign exchange reserves of the ECB. This is done by replacing aggregated import data of all member countries by imports from outside the currency area. This means that we use import values excluding intra-EMU trade. The projections are based on 1997 trade data and the average of the estimated impo ...
... foreign exchange reserves of the ECB. This is done by replacing aggregated import data of all member countries by imports from outside the currency area. This means that we use import values excluding intra-EMU trade. The projections are based on 1997 trade data and the average of the estimated impo ...
Market Integration and Contagion in Asian Emerging Stock and
... conditional covariance between the excess returns on the local market index and the bilateral U.S. dollar exchange rate changes, and hi ,t is the conditional variance of the excess returns on the local market index. Finally, ε i,t denotes the country-specific, idiosyncratic shock for market i . The ...
... conditional covariance between the excess returns on the local market index and the bilateral U.S. dollar exchange rate changes, and hi ,t is the conditional variance of the excess returns on the local market index. Finally, ε i,t denotes the country-specific, idiosyncratic shock for market i . The ...