The Illusive Quest: Do International Capital Controls Contribute to Currency Stability?
... sample periods, testing to see if their effectiveness has changed over time. We address the second issue by constructing a simple ―duration adjusted‖ measure of capital controls (de facto capital controls) and using this index to investigate the effectiveness of capital controls in insulating countr ...
... sample periods, testing to see if their effectiveness has changed over time. We address the second issue by constructing a simple ―duration adjusted‖ measure of capital controls (de facto capital controls) and using this index to investigate the effectiveness of capital controls in insulating countr ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... of the United States, also as a percentage of GDP. The reader should recognize that this series is intended to encompass all types of assets, including stocks, bonds, bank loans, and direct foreign investment. Uncertainty about the U.S. net foreign asset position is high, however, because it is diffi5 ...
... of the United States, also as a percentage of GDP. The reader should recognize that this series is intended to encompass all types of assets, including stocks, bonds, bank loans, and direct foreign investment. Uncertainty about the U.S. net foreign asset position is high, however, because it is diffi5 ...
central bank interventions, communication and interest rate policy in
... more effective in emerging market economies than in well-established industrialized countries, because (1) central bank interventions are not always fully sterilized, (2) the size of interventions is large relative to market turnover in narrow foreign exchange markets, (3) the market organization an ...
... more effective in emerging market economies than in well-established industrialized countries, because (1) central bank interventions are not always fully sterilized, (2) the size of interventions is large relative to market turnover in narrow foreign exchange markets, (3) the market organization an ...
Chapter 20
... ANSWER: Currencies which are volatile and highly correlated with each other could cause the effective financing rate of the portfolio to be very volatile over time. Ideally, the currencies comprising the portfolio would have a low degree of volatility or negative correlations. This would reduce the ...
... ANSWER: Currencies which are volatile and highly correlated with each other could cause the effective financing rate of the portfolio to be very volatile over time. Ideally, the currencies comprising the portfolio would have a low degree of volatility or negative correlations. This would reduce the ...
an empirical study of the yen/dollar exchange rate
... quasi-moments such as interquantile ranges to describe the state of market conditions on a particular day. If we consider the yen/dollar exchange rate, the mean of the PDF is the traders’ average expectation of the yen/dollar rate one month ahead, i.e. the one-month forward rate. The second moment ...
... quasi-moments such as interquantile ranges to describe the state of market conditions on a particular day. If we consider the yen/dollar exchange rate, the mean of the PDF is the traders’ average expectation of the yen/dollar rate one month ahead, i.e. the one-month forward rate. The second moment ...
Currency Unions, Product Introductions, and the Real Exchange Rate
... firms may equalize prices within currency unions but not outside of them, including in pegged regimes, for fear of angering customers who can easily compare prices across borders. In this sense, the fact that these firms sell both in stores and through the Internet, which facilitates such price comp ...
... firms may equalize prices within currency unions but not outside of them, including in pegged regimes, for fear of angering customers who can easily compare prices across borders. In this sense, the fact that these firms sell both in stores and through the Internet, which facilitates such price comp ...
Trade Network Centrality and Currency Risk Premia
... of 0.43 between 1995 and 2013. This Sharpe ratio is similar to those found in U.S. equity markets and is surprising given the strategy’s simple, unconditional nature. Although the returns to carry trade strategies are well studied, less is known about their economic origins. In this paper, I show th ...
... of 0.43 between 1995 and 2013. This Sharpe ratio is similar to those found in U.S. equity markets and is surprising given the strategy’s simple, unconditional nature. Although the returns to carry trade strategies are well studied, less is known about their economic origins. In this paper, I show th ...
A Balance Sheet Approach to Financial Crisis - Mark Allen
... in part on the composition of the country’s stock of liabilities and assets. The country’s aggregate balance sheet—the external liabilities and liquid external assets of all sectors of the economy—is vital. But it is often equally important to look inside an economy and to examine the balance sheet ...
... in part on the composition of the country’s stock of liabilities and assets. The country’s aggregate balance sheet—the external liabilities and liquid external assets of all sectors of the economy—is vital. But it is often equally important to look inside an economy and to examine the balance sheet ...
Can Foreign Exchange Intervention Stem Exchange Rate Pressures
... From an empirical perspective, estimating the effect of (sterilized) intervention on the exchange rate has been a major methodological challenge for the literature, as the decision to intervene is often driven by contemporaneous exchange rate developments, and is thus endogenous. See, for example, t ...
... From an empirical perspective, estimating the effect of (sterilized) intervention on the exchange rate has been a major methodological challenge for the literature, as the decision to intervene is often driven by contemporaneous exchange rate developments, and is thus endogenous. See, for example, t ...
Law of the Republic of Kazakhstan on Currency
... Article 9. Notification Regarding Currency Operations 1. The regime of notification shall include submission to the National Bank of the Republic of Kazakhstan of information of established format on the currency agreement by resident participants of currency operations and (or) by authorized banks, ...
... Article 9. Notification Regarding Currency Operations 1. The regime of notification shall include submission to the National Bank of the Republic of Kazakhstan of information of established format on the currency agreement by resident participants of currency operations and (or) by authorized banks, ...
NBER WORKING PAPER SERIES
... trap would not be of practical interest if the liquidity trap were a theoretical curiosum. There can be little doubt that the liquidity trap was perceived in this way for much if not most of the second half of the 20th century. But no longer. Means and methods for removing the zero ‡oor under the no ...
... trap would not be of practical interest if the liquidity trap were a theoretical curiosum. There can be little doubt that the liquidity trap was perceived in this way for much if not most of the second half of the 20th century. But no longer. Means and methods for removing the zero ‡oor under the no ...
A small open economy`s view on interest rate differential`s
... Our main objective is to investigate the uncovered interest rate parity in four currency pairs. This is of interest since the nominal exchange rates as financial instruments are by far the most popular ones, and therefore finding a condition that can help predict the change in the nominal exchange r ...
... Our main objective is to investigate the uncovered interest rate parity in four currency pairs. This is of interest since the nominal exchange rates as financial instruments are by far the most popular ones, and therefore finding a condition that can help predict the change in the nominal exchange r ...
Regional Monetary Cooperation and Growth
... this framework evolves, regional economic cooperation and integration arrangements are likely to play an increasingly prominent role in helping policy makers, at the national and international levels, cope with the vicissitudes of a globalized economy and to address key global development challenges ...
... this framework evolves, regional economic cooperation and integration arrangements are likely to play an increasingly prominent role in helping policy makers, at the national and international levels, cope with the vicissitudes of a globalized economy and to address key global development challenges ...
Ignorance and Influence: U.S. Economists on Argentina`s
... of the rest hold research positions of comparable rank at international financial institutions, think tanks, or the Federal Reserve System. Seven have won the Nobel Memorial Prize in economics. At least 15 have held top policy-making positions at the IMF, World Bank, Inter-American Development Bank, ...
... of the rest hold research positions of comparable rank at international financial institutions, think tanks, or the Federal Reserve System. Seven have won the Nobel Memorial Prize in economics. At least 15 have held top policy-making positions at the IMF, World Bank, Inter-American Development Bank, ...
Basic Exchange Rate Theories
... come, is the tight capital controls that were in place during the time period the theories discussed below was put forward. An advantage of this neglect is that it allows us to build up our knowledge on the impact of exchange rates gradually, thus making it easier for us to understand at a later sta ...
... come, is the tight capital controls that were in place during the time period the theories discussed below was put forward. An advantage of this neglect is that it allows us to build up our knowledge on the impact of exchange rates gradually, thus making it easier for us to understand at a later sta ...
Paying for Market Quality
... We obtain from the SSE, the list of firms that contracted liquidity providers between September 2002 and March of 2004. There are 50 such firms which are listed in Table 1. The date the LP began making a market in a firm’s stock is later than the contract date. The SSE determined the actual date tha ...
... We obtain from the SSE, the list of firms that contracted liquidity providers between September 2002 and March of 2004. There are 50 such firms which are listed in Table 1. The date the LP began making a market in a firm’s stock is later than the contract date. The SSE determined the actual date tha ...
Futurization of Swaps
... the New York Stock Exchange) had tried and failed to merge with Germany’s largest exchange, Deutsche Boerse. The venerable Big Board, which has been around since the late 18th century, is now willing to turn over its keys to the Atlanta-based ICE, a relative upstart launched in 2000. With the merger ...
... the New York Stock Exchange) had tried and failed to merge with Germany’s largest exchange, Deutsche Boerse. The venerable Big Board, which has been around since the late 18th century, is now willing to turn over its keys to the Atlanta-based ICE, a relative upstart launched in 2000. With the merger ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... qualitative effect on the real exchange rate. So, too, does a transfer of purchasing power from domestic residents to foreign residents, which results in a trade-balance surplus for the home country. This result reflects the assumption that domestic residents have a positive marginal propensity to s ...
... qualitative effect on the real exchange rate. So, too, does a transfer of purchasing power from domestic residents to foreign residents, which results in a trade-balance surplus for the home country. This result reflects the assumption that domestic residents have a positive marginal propensity to s ...
NBER WORKING PAPER SERIES THE NIXON SHOCK AFTER FORTY YEARS:
... Also in July, new data was released showing that the United States ran an unexpectedly large merchandise trade deficit in June and was on track to have its first annual trade deficit since the nineteenth century. These data convinced Volcker and other Treasury officials that the existing dollar pari ...
... Also in July, new data was released showing that the United States ran an unexpectedly large merchandise trade deficit in June and was on track to have its first annual trade deficit since the nineteenth century. These data convinced Volcker and other Treasury officials that the existing dollar pari ...
NBER WORKING PAPER SERIES A CURRENCY OF ONE’S OWN?
... between the two types of “common currency” regimes discussed above: strictly dollarized and independent currency unions (ICU). For instance, an inspection of the data sets used by Engel and Rose (2002) and Frankel and Rose (2002) indicates that they treat dollarized and ICU nations as a homogeneous ...
... between the two types of “common currency” regimes discussed above: strictly dollarized and independent currency unions (ICU). For instance, an inspection of the data sets used by Engel and Rose (2002) and Frankel and Rose (2002) indicates that they treat dollarized and ICU nations as a homogeneous ...
43_THE READER2004
... Meanwhile, financial soundness indicators (FSIs), which supervisory authorities have long utilised, are defined as 'indicators compiled to monitor the health and soundness of financial institutions and markets, and of their corporate and household counterparts. FSIs include both aggregated informati ...
... Meanwhile, financial soundness indicators (FSIs), which supervisory authorities have long utilised, are defined as 'indicators compiled to monitor the health and soundness of financial institutions and markets, and of their corporate and household counterparts. FSIs include both aggregated informati ...
The Collapse of the Bretton Woods Fixed Exchange Rate System
... European capital markets (see Solomon 1982, 53-54), these changes, in reducing reserve demand, would have alleviated the U. S . balance-of-payments deficit, although they would have raised the price level and threatened the dollar convertibility of gold. On the other hand, if the U.S. balance-ofpaym ...
... European capital markets (see Solomon 1982, 53-54), these changes, in reducing reserve demand, would have alleviated the U. S . balance-of-payments deficit, although they would have raised the price level and threatened the dollar convertibility of gold. On the other hand, if the U.S. balance-ofpaym ...
The Contribution of Economic Fundamentals to Movements in
... predictable component of changes in observed fundamentals is relatively small compared to the unpredictable component--most of the information about future fundamentals is contained in exchange rates rather than observable fundamentals. This makes identification of the separate contribution of expe ...
... predictable component of changes in observed fundamentals is relatively small compared to the unpredictable component--most of the information about future fundamentals is contained in exchange rates rather than observable fundamentals. This makes identification of the separate contribution of expe ...
Fertility and the Real Exchange Rate
... later, an increase of 9.6%. Over the same time period, the fraction of the populace aged 65 or more increased from 5.6% to 6.9%. Even more dramatically, the fertility rate (average births per woman) fell from 3.92 to 2.65, a dramatic change of some 48%. These long-run trends are likely to continue; ...
... later, an increase of 9.6%. Over the same time period, the fraction of the populace aged 65 or more increased from 5.6% to 6.9%. Even more dramatically, the fertility rate (average births per woman) fell from 3.92 to 2.65, a dramatic change of some 48%. These long-run trends are likely to continue; ...