the neoliberal (counter)revolution
... as the “Keynesian compromise.” Without simplifying too much, those years could be characterized, in the center countries—United States (and Canada), Europe, and Japan—by large growth rates, sustained technological change, an increase in purchasing power and the development of a welfare system (conce ...
... as the “Keynesian compromise.” Without simplifying too much, those years could be characterized, in the center countries—United States (and Canada), Europe, and Japan—by large growth rates, sustained technological change, an increase in purchasing power and the development of a welfare system (conce ...
... dollars, expecting that after the peso’s fall they will sell their dollar asset and repay the peso debt with depreciated pesos. That means that a currency’s value can be driven down not only when it is sold by domestic residents or by foreign investors who initially held the currency but even by an ...
NBER WORKING PAPER SERIES INTERNATIONAL LIQUIDITY: THE FISCAL DIMENSION Maurice Obstfeld
... and their own demands on the borrowers. These include (at least so far) a rejection of outright sovereign debt restructuring outside of Greece, in part because widespread restructuring might imperil banks elsewhere in Europe as well as the capital of the ECB, which has heavily underwritten the banki ...
... and their own demands on the borrowers. These include (at least so far) a rejection of outright sovereign debt restructuring outside of Greece, in part because widespread restructuring might imperil banks elsewhere in Europe as well as the capital of the ECB, which has heavily underwritten the banki ...
Hot Money Flows, Commodity Price Cycles, and Financial
... malfunctions. Emerging markets with naturally higher interest rates are swamped with ―hot money‖ inflows. Emerging market central banks intervene to prevent their currencies from rising precipitously. They subsequently lose monetary control and begin inflating. Primary commodity prices rise worldwid ...
... malfunctions. Emerging markets with naturally higher interest rates are swamped with ―hot money‖ inflows. Emerging market central banks intervene to prevent their currencies from rising precipitously. They subsequently lose monetary control and begin inflating. Primary commodity prices rise worldwid ...
Global Financial Instability: Framework, Events, Issues
... of their deposits and not knowing the quality of the banks' loan portfolios, withdraw their deposits from the banking system, causing a contraction in loans and a multiple contraction in deposits, which then causes other banks to fail. In turn, the failure of a bank means the loss of the information ...
... of their deposits and not knowing the quality of the banks' loan portfolios, withdraw their deposits from the banking system, causing a contraction in loans and a multiple contraction in deposits, which then causes other banks to fail. In turn, the failure of a bank means the loss of the information ...
Snímek 1
... Another possible area to use public relations in is during a some type of crisis. Any time an individual, a company or an organization might face a public challenge to its reputation. This may happen because of technical or human breakdown, boycotts, strikes, lawsuits, accidents, misdeeds, errors, ...
... Another possible area to use public relations in is during a some type of crisis. Any time an individual, a company or an organization might face a public challenge to its reputation. This may happen because of technical or human breakdown, boycotts, strikes, lawsuits, accidents, misdeeds, errors, ...
With aftershocks of the recent global financial earthquake still being
... Next on our literature review list is past movements in the real effective exchange rate (REER). These are not helpful when crisis incidence is measured in terms of real output losses or stock market performance, but are statistically significant in predicting currency weakness against the US dollar ...
... Next on our literature review list is past movements in the real effective exchange rate (REER). These are not helpful when crisis incidence is measured in terms of real output losses or stock market performance, but are statistically significant in predicting currency weakness against the US dollar ...
Currency Crises in Asia and Lain America: A Comparison Shoji
... One of the crucial features of hasty and drastic policy reforms that have been carried out in many deve loping countries is that policy reforms do not necessarily guarantee consistencies among economic policies. For instance, a combination of trade liberalization and fixed exchange rates system (or ...
... One of the crucial features of hasty and drastic policy reforms that have been carried out in many deve loping countries is that policy reforms do not necessarily guarantee consistencies among economic policies. For instance, a combination of trade liberalization and fixed exchange rates system (or ...
Investment Newsletters
... or to engage in any financial services. It also does not provide any investment, tax, legal, accounting, retirement, actuarial or other professional advice or service. Each existing client or potential investor has to obtain his, her or its own professional advice before making any decision or takin ...
... or to engage in any financial services. It also does not provide any investment, tax, legal, accounting, retirement, actuarial or other professional advice or service. Each existing client or potential investor has to obtain his, her or its own professional advice before making any decision or takin ...
Paper
... only serve to enhance confidence that corrective measures were in place to reduce credit and monetary growth as well as to pre-empt rises in asset inflation (BNM Annual Report 1997). Therefore, when the Thai baht was first hit by a wave of speculative-selling in mid-May, 1997, and the subsequent con ...
... only serve to enhance confidence that corrective measures were in place to reduce credit and monetary growth as well as to pre-empt rises in asset inflation (BNM Annual Report 1997). Therefore, when the Thai baht was first hit by a wave of speculative-selling in mid-May, 1997, and the subsequent con ...
80039052I_en.pdf
... export growth, and structural current-account deficits have been the result. Many of the problems faced by these countries result from this imbalance between international finance and trade. ...
... export growth, and structural current-account deficits have been the result. Many of the problems faced by these countries result from this imbalance between international finance and trade. ...
Foreign Exchange and the Canadian Dollar: A
... the competitiveness of manufactured exports (in which case the dollar should settle in the mid-70s U.S.). Canada’s trade and current account deficits are breaking records, and still growing. More direct investment is leaving Canada than entering (despite the huge resource takeovers which continue ap ...
... the competitiveness of manufactured exports (in which case the dollar should settle in the mid-70s U.S.). Canada’s trade and current account deficits are breaking records, and still growing. More direct investment is leaving Canada than entering (despite the huge resource takeovers which continue ap ...
What is wine - UNT College of Arts and Sciences
... more flexible exchange rate could generate export surplus with low running international reserves ...
... more flexible exchange rate could generate export surplus with low running international reserves ...
East Asian Community -Concepts, Reality and
... promote economic recovery (e.g., ODA yen loans and Export-Import Bank of Japan loans) $15 billion for possible short-term capital needs during the process of implementing economic reforms ...
... promote economic recovery (e.g., ODA yen loans and Export-Import Bank of Japan loans) $15 billion for possible short-term capital needs during the process of implementing economic reforms ...
Financial Crisis - Harvard University
... In practice – Developing countries with big CADs often get into trouble. Traditional rule of thumb: “CAD > approx. 4% GDP” is a danger signal. “Lawson Fallacy” – CAD not dangerous if government budget is balanced, so borrowing goes to finance private sector, rather than BD. Amendment after 1994 Mexi ...
... In practice – Developing countries with big CADs often get into trouble. Traditional rule of thumb: “CAD > approx. 4% GDP” is a danger signal. “Lawson Fallacy” – CAD not dangerous if government budget is balanced, so borrowing goes to finance private sector, rather than BD. Amendment after 1994 Mexi ...
Slide 1
... we will return to a pre-crisis pattern of growth, capital costs, trade and capital flows in the global economy. Abandon the global economy market driven growth strategy because of the advanced countries financial sector failures even though the medium term returns in terms of growth may be lower. ...
... we will return to a pre-crisis pattern of growth, capital costs, trade and capital flows in the global economy. Abandon the global economy market driven growth strategy because of the advanced countries financial sector failures even though the medium term returns in terms of growth may be lower. ...
Dollarization: Controlling Risk Is Key
... Nevertheless, dollarization remains widespread and has even intensified in some countries. More recently, other foreign currencies, such as the euro, are being used. While these countries have in effect euroized, the term dollarization is often used to refer to both cases: dollarization and euroizat ...
... Nevertheless, dollarization remains widespread and has even intensified in some countries. More recently, other foreign currencies, such as the euro, are being used. While these countries have in effect euroized, the term dollarization is often used to refer to both cases: dollarization and euroizat ...
Globalization and Reformation of International monetary system
... spin at the fund market, creating a fictitious capital and causing the crisis phenomena in the economic system. Undoubtedly, all these difficult economic phenomena are in the world, and rendering the main direct influence on development of national economies of other countries, including Russia and ...
... spin at the fund market, creating a fictitious capital and causing the crisis phenomena in the economic system. Undoubtedly, all these difficult economic phenomena are in the world, and rendering the main direct influence on development of national economies of other countries, including Russia and ...
Dialoguing with the IFIs at the National and International Level
... mortgage debts of home-owners holding loans that exceed home values ...
... mortgage debts of home-owners holding loans that exceed home values ...
A Strong US Dollar Changes Everything
... expectations of a bull market for the dollar to continue. The Federal Reserve might hold off longer on tightening monetary policy than current market expectations suggest, which might result in a weaker dollar. • Global growth might rebound more sharply than we anticipate, causing currencies of cou ...
... expectations of a bull market for the dollar to continue. The Federal Reserve might hold off longer on tightening monetary policy than current market expectations suggest, which might result in a weaker dollar. • Global growth might rebound more sharply than we anticipate, causing currencies of cou ...
Chapter 11
... Breakdown and Legacy of Bretton Woods Bretton Woods dissolved in 1971 as the world economy was evolving and governments could no longer maintain fixed exchange rates on the gold standard. Bretton Woods established the: • Concept of international monetary cooperation, especially aimed at minimizing ...
... Breakdown and Legacy of Bretton Woods Bretton Woods dissolved in 1971 as the world economy was evolving and governments could no longer maintain fixed exchange rates on the gold standard. Bretton Woods established the: • Concept of international monetary cooperation, especially aimed at minimizing ...
Slide 1
... Similar trends in banking flows Foreign banks’ claims on Asia by origin, as of 1Q ‘06 (in % of total, BIS reporting banks) ...
... Similar trends in banking flows Foreign banks’ claims on Asia by origin, as of 1Q ‘06 (in % of total, BIS reporting banks) ...
Introductory lecture
... policy options are apparently chosen without full consideration of the alternatives. There is the problem of over-simplification when judgments about a policy choice are presented in aggressively certain terms. There is the problem of co-ordination when policies pursued by different arms of the same ...
... policy options are apparently chosen without full consideration of the alternatives. There is the problem of over-simplification when judgments about a policy choice are presented in aggressively certain terms. There is the problem of co-ordination when policies pursued by different arms of the same ...
Inter-regional Financial Cooperation: Another Layer of Financial
... central bank leaders of seven South East Asian nations gathered in Bangkok, Thailand in 1966, and established the foundation of SEACEN, which plays an important role as a training and learning hub in the region. In 1982, the SEACEN Center was established to provide the secretariat function in Kuala ...
... central bank leaders of seven South East Asian nations gathered in Bangkok, Thailand in 1966, and established the foundation of SEACEN, which plays an important role as a training and learning hub in the region. In 1982, the SEACEN Center was established to provide the secretariat function in Kuala ...
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"".