South Eastern Europe After the Crisis
... which had higher trade integration with the EU than other SEE countries, such as Croatia and Romania. A wide variety of exchange rate regimes are used by the countries of the region, ranging from unilateral euro adoption (Kosovo, Montenegro), currency boards (Bulgaria, Bosnia), managed floats (Croat ...
... which had higher trade integration with the EU than other SEE countries, such as Croatia and Romania. A wide variety of exchange rate regimes are used by the countries of the region, ranging from unilateral euro adoption (Kosovo, Montenegro), currency boards (Bulgaria, Bosnia), managed floats (Croat ...
Macroeconomics Chamberlin and Yueh
... to work when the policy maker is not prepared to defend the currency. • In the first generation model, it is because something fundamental about the economy ultimately makes the fixed parity unsustainable. A speculative attack just brings forward the inevitable. • In the second generation model, a s ...
... to work when the policy maker is not prepared to defend the currency. • In the first generation model, it is because something fundamental about the economy ultimately makes the fixed parity unsustainable. A speculative attack just brings forward the inevitable. • In the second generation model, a s ...
Equity Composition Hypothesis
... because of liquidity shock or because of low productivity. Hence, the price direct investment must incur informational discount if sold before maturity. As a result, investors would tilt their investments towards FPI if they expect greater liquidity needs. ...
... because of liquidity shock or because of low productivity. Hence, the price direct investment must incur informational discount if sold before maturity. As a result, investors would tilt their investments towards FPI if they expect greater liquidity needs. ...
The Troubled Dollar - Beck-Shop
... following the weekend collapse of legendary Wall Street firms Lehman Brothers and Merrill Lynch. After dumping their tanking stocks, the stampeding investors — like others before them — began plowing billions of dollars into U.S. Treasury securities.1 Once again the dollar had proved to be a safe ha ...
... following the weekend collapse of legendary Wall Street firms Lehman Brothers and Merrill Lynch. After dumping their tanking stocks, the stampeding investors — like others before them — began plowing billions of dollars into U.S. Treasury securities.1 Once again the dollar had proved to be a safe ha ...
Determinants Of Cross-Border Financial Capital Flows In East Asia
... 1997 financial crisis followed by an almost complete opening up of the capital markets. Our empirical analysis suggests that both the pull and the push factors appear to have significantly affected all three types of capital inflows into Korea. However, the relative importance of the pull and push f ...
... 1997 financial crisis followed by an almost complete opening up of the capital markets. Our empirical analysis suggests that both the pull and the push factors appear to have significantly affected all three types of capital inflows into Korea. However, the relative importance of the pull and push f ...
International Trade and Manufacturing Policies for the 21st Century
... Throughout the world, the main cause of trade deficits is an overvalued national currency that makes imports too cheap and exports too expensive. This is exactly what has happened to the United States ...
... Throughout the world, the main cause of trade deficits is an overvalued national currency that makes imports too cheap and exports too expensive. This is exactly what has happened to the United States ...
Understanding Spanish financial crises, 1850-2000: What determined their severity?
... 2. What determined Spanish financial crises? A long run consideration Apart from the current crisis that started in 2008, between 1850 and 2000 Spain had to endure eighteen financial crises of diverse types and different depths and durations (see Tables 1 and 2). How can we measure financial crisis ...
... 2. What determined Spanish financial crises? A long run consideration Apart from the current crisis that started in 2008, between 1850 and 2000 Spain had to endure eighteen financial crises of diverse types and different depths and durations (see Tables 1 and 2). How can we measure financial crisis ...
Determinants of FPI over FDI
... FPI vs FDI A key difference between FDI and FPI: FDI investors have the management of the firms under their control; but FPI investors delegate decisions to managers. Hence, direct investors are more informed than portfolio investors regarding projects, which enables them to manage projects mor ...
... FPI vs FDI A key difference between FDI and FPI: FDI investors have the management of the firms under their control; but FPI investors delegate decisions to managers. Hence, direct investors are more informed than portfolio investors regarding projects, which enables them to manage projects mor ...
NBER WORKING PAPER SERIES FINANCIAL CRISES AND ECONOMIC ACTIVITY Stephen G. Cecchetti
... worsening creditworthiness, making borrowing more difficult ...
... worsening creditworthiness, making borrowing more difficult ...
The Great Recession vs. the Great Depression
... since it was extremely well documented by empirical facts. The Vox column in which it was presented shattered all previous records, with 100.000 views within a week, the article was sent to me every week by at least one friend, who shared this view. The basis for the claim was data on industrial pro ...
... since it was extremely well documented by empirical facts. The Vox column in which it was presented shattered all previous records, with 100.000 views within a week, the article was sent to me every week by at least one friend, who shared this view. The basis for the claim was data on industrial pro ...
ePub Institutional Repository
... since it was extremely well documented by empirical facts. The Vox column in which it was presented shattered all previous records, with 100.000 views within a week, the article was sent to me every week by at least one friend, who shared this view. The basis for the claim was data on industrial pro ...
... since it was extremely well documented by empirical facts. The Vox column in which it was presented shattered all previous records, with 100.000 views within a week, the article was sent to me every week by at least one friend, who shared this view. The basis for the claim was data on industrial pro ...
Characteristics of the 2009/2010 financial crisis in Greece
... Financial crises have been a phenomenon studied for many years, perhaps because of its large impact on society and its unpredictable nature. One of the first crises that can be explained by a failure in the market economy, and thus be labelled a financial crisis, is the ”Panic of 1819”, which lead to ...
... Financial crises have been a phenomenon studied for many years, perhaps because of its large impact on society and its unpredictable nature. One of the first crises that can be explained by a failure in the market economy, and thus be labelled a financial crisis, is the ”Panic of 1819”, which lead to ...
Center for Economic Policy Analysis A Minskian Analysis of
... gradually change their portfolios in such a way that the time series of future cash flows generated by assets become increasingly destined to fulfill the time series of debt service payments generated by liabilities. (A tranquil period is a period in which the economy expands with only minor recess ...
... gradually change their portfolios in such a way that the time series of future cash flows generated by assets become increasingly destined to fulfill the time series of debt service payments generated by liabilities. (A tranquil period is a period in which the economy expands with only minor recess ...
PDF - Council on Foreign Relations
... There is an urgent case for a strategy to reduce East Asia’s savings rate to a level that the region can more easily absorb internally. The adjustment should be centered on China, where exceptionally high levels of savings no longer serve the same purpose as during the country’s catch-up phase of ec ...
... There is an urgent case for a strategy to reduce East Asia’s savings rate to a level that the region can more easily absorb internally. The adjustment should be centered on China, where exceptionally high levels of savings no longer serve the same purpose as during the country’s catch-up phase of ec ...
forecast aden - Smart Money Tracker Premium
... Note the emerging stock markets have been hard hit. In large part it’s because of the sharp drop in commodity prices, which have a strong influence on their economies. The biggest concern is that due to their high debt levels, these countries could botch the struggling global growth and take the res ...
... Note the emerging stock markets have been hard hit. In large part it’s because of the sharp drop in commodity prices, which have a strong influence on their economies. The biggest concern is that due to their high debt levels, these countries could botch the struggling global growth and take the res ...
Expanding central bank balance sheets in emerging Asia
... Lam, Garry Tang and Eric Chan for providing excellent research assistance, and seminar participants at the Reserve Bank of New Zealand and City University of Hong Kong for comments. ...
... Lam, Garry Tang and Eric Chan for providing excellent research assistance, and seminar participants at the Reserve Bank of New Zealand and City University of Hong Kong for comments. ...
dollar deposed stress test scenario
... the US dollar to the Chinese renminbi resulting from continued, rapid and massive development of China on a track towards becoming the world’s largest domestic economy.2 The overall impact of the changeover in monetary hegemony does not lead to a worldwide recession in any of the scenario variants. ...
... the US dollar to the Chinese renminbi resulting from continued, rapid and massive development of China on a track towards becoming the world’s largest domestic economy.2 The overall impact of the changeover in monetary hegemony does not lead to a worldwide recession in any of the scenario variants. ...
The Impact of the Great Recession on Emerging Markets
... of Lehman in September 2008, quickly spilled over to emerging market economies (EMs). As a result, growth of the global economy fell by 6 percentage points from its pre-crisis peak to its trough in 2009, the largest straight fall in global growth in the post-war era. Similarly, real output in EMs fe ...
... of Lehman in September 2008, quickly spilled over to emerging market economies (EMs). As a result, growth of the global economy fell by 6 percentage points from its pre-crisis peak to its trough in 2009, the largest straight fall in global growth in the post-war era. Similarly, real output in EMs fe ...
2005-10-05 EP Hearing final
... These problems are not new. In the past, the number of EDs has been increased to meet the concerns of under representation. Quota misalignments have been corrected with ad hoc quota changes. Some countries, in particular Europeans, have indicated that these traditional recipes, i.e. ad hoc quota inc ...
... These problems are not new. In the past, the number of EDs has been increased to meet the concerns of under representation. Quota misalignments have been corrected with ad hoc quota changes. Some countries, in particular Europeans, have indicated that these traditional recipes, i.e. ad hoc quota inc ...
The Development of an Appropriate Regulatory Response to the
... The nature and causes of the present crisis3 The present crisis can be seen as one of four major financial crises of the last century. We shall compare it with the preceding three crises after first examining the causes of the current one. The present crisis is the third since the beginn ...
... The nature and causes of the present crisis3 The present crisis can be seen as one of four major financial crises of the last century. We shall compare it with the preceding three crises after first examining the causes of the current one. The present crisis is the third since the beginn ...
Hover Here to go back
... $400 Answer from Crisis: 1929 What is the rate of growth of FDIC insurance amounts over the 1934 to 2008 period? Note: The percentage change in the CPI from 1934 ...
... $400 Answer from Crisis: 1929 What is the rate of growth of FDIC insurance amounts over the 1934 to 2008 period? Note: The percentage change in the CPI from 1934 ...
NBER WORKING PAPER SERIES GOLD STANDARD ERA
... produced loanable funds. This funding was channelled through the City of London to borrowers from all over the world. Gross (and net) inflows were large even by contemporary standards. On average the current account deficit (relative to GDP) in the principal receiving countries such as Argentina, Au ...
... produced loanable funds. This funding was channelled through the City of London to borrowers from all over the world. Gross (and net) inflows were large even by contemporary standards. On average the current account deficit (relative to GDP) in the principal receiving countries such as Argentina, Au ...
The Episodes of Currency Crises in the European Transition
... The series of currency crises which hit several developing countries in the 1990s did not leave the emerging market economies of Central and Eastern Europe unscathed. However, contrary to the experience of Mexico in 1995 and South East Asia in 1997–1998, the roots of the crises in our region were us ...
... The series of currency crises which hit several developing countries in the 1990s did not leave the emerging market economies of Central and Eastern Europe unscathed. However, contrary to the experience of Mexico in 1995 and South East Asia in 1997–1998, the roots of the crises in our region were us ...
Special Section—Policy Options for Managing Capital Inflows in
... compressed risk premiums in most emerging markets. Although the underlying cyclical trends are beginning to unwind, there is a chance they may recur, especially as longer-term push factors behind these investments are leading toward greater global and regional financial integration. These longer-ter ...
... compressed risk premiums in most emerging markets. Although the underlying cyclical trends are beginning to unwind, there is a chance they may recur, especially as longer-term push factors behind these investments are leading toward greater global and regional financial integration. These longer-ter ...
Marxist Crisis Theory and the Severity of the Current Economic Crisis
... rapidly after the 1974-75 recession. Using a business cycle peak to peak measure, during 1973-79 -the heart of the structural crisis period identified in the SSA literature -- the U.S. economy actually expanded, with real GDP growing at an annual average rate of 3.0% and gross private domestic inves ...
... rapidly after the 1974-75 recession. Using a business cycle peak to peak measure, during 1973-79 -the heart of the structural crisis period identified in the SSA literature -- the U.S. economy actually expanded, with real GDP growing at an annual average rate of 3.0% and gross private domestic inves ...
1997 Asian financial crisis
The Asian financial crisis was a period of financial crisis that gripped much of East Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion.The crisis started in Thailand (well known in Thailand as the Tom Yum Goong crisis; Thai: วิกฤตต้มยำกุ้ง) with the financial collapse of the Thai baht after the Thai government was forced to float the baht due to lack of foreign currency to support its fixed exchange rate, cutting its peg to the U.S. dollar, after exhaustive efforts to support it in the face of a severe financial over-extension that was in part real estate driven. At the time, Thailand had acquired a burden of foreign debt that made the country effectively bankrupt even before the collapse of its currency. As the crisis spread, most of Southeast Asia and Japan saw slumping currencies, devalued stock markets and other asset prices, and a precipitous rise in private debt.Indonesia, South Korea and Thailand were the countries most affected by the crisis. Hong Kong, Laos, Malaysia and the Philippines were also hurt by the slump. Brunei, China, Singapore, Taiwan and Vietnam were less affected, although all suffered from a loss of demand and confidence throughout the region.Foreign debt-to-GDP ratios rose from 100% to 167% in the four large Association of Southeast Asian Nations (ASEAN) economies in 1993–96, then shot up beyond 180% during the worst of the crisis. In South Korea, the ratios rose from 13 to 21% and then as high as 40%, while the other northern newly industrialized countries fared much better. Only in Thailand and South Korea did debt service-to-exports ratios rise.Although most of the governments of Asia had seemingly sound fiscal policies, the International Monetary Fund (IMF) stepped in to initiate a $40 billion program to stabilize the currencies of South Korea, Thailand, and Indonesia, economies particularly hard hit by the crisis. The efforts to stem a global economic crisis did little to stabilize the domestic situation in Indonesia, however. After 30 years in power, President Suharto was forced to step down on 21 May 1998 in the wake of widespread rioting that followed sharp price increases caused by a drastic devaluation of the rupiah. The effects of the crisis lingered through 1998. In 1998 the Philippines growth dropped to virtually zero. Only Singapore and Taiwan proved relatively insulated from the shock, but both suffered serious hits in passing, the former more so due to its size and geographical location between Malaysia and Indonesia. By 1999, however, analysts saw signs that the economies of Asia were beginning to recover. After the 1997 Asian Financial Crisis, economies in the region are working toward financial stability on financial supervision.Until 1999, Asia attracted almost half of the total capital inflow into developing countries. The economies of Southeast Asia in particular maintained high interest rates attractive to foreign investors looking for a high rate of return. As a result, the region's economies received a large inflow of money and experienced a dramatic run-up in asset prices. At the same time, the regional economies of Thailand, Malaysia, Indonesia, Singapore, and South Korea experienced high growth rates, 8–12% GDP, in the late 1980s and early 1993. This achievement was widely acclaimed by financial institutions including IMF and World Bank, and was known as part of the ""Asian economic miracle"".