Financial Market in Latvia
... Latvia's net external debt (18.8% of GDP at the end of 2001; liabilities of general government, banks and enterprises constituted 13.7%, 49.3% and 37.0% of total external debt, respectively), foreign borrowing through financial intermediaries could be an effective means for reducing the costs of bor ...
... Latvia's net external debt (18.8% of GDP at the end of 2001; liabilities of general government, banks and enterprises constituted 13.7%, 49.3% and 37.0% of total external debt, respectively), foreign borrowing through financial intermediaries could be an effective means for reducing the costs of bor ...
PIIE Briefing 16-5: China`s New Economic Frontier: Overcoming
... Trade Organization (WTO).1 The Washington, London, and Pittsburgh meetings defined an ambitious and, at the global level, unprecedented agenda that is now officially referred to as “G-20 financial regulatory reforms” (FSB 2015b). In this context, the global financial regulatory system can be defined ...
... Trade Organization (WTO).1 The Washington, London, and Pittsburgh meetings defined an ambitious and, at the global level, unprecedented agenda that is now officially referred to as “G-20 financial regulatory reforms” (FSB 2015b). In this context, the global financial regulatory system can be defined ...
Effects of U.S. Quantitative Easing on Latin American Economies
... There has been widespread concern among policymakers in emerging economies about the effects of quantitative easing (QE) policies implemented in developed economies. This comes from the fact that these measures have triggered large surges in capital inflows to emerging countries, leading to exchange ...
... There has been widespread concern among policymakers in emerging economies about the effects of quantitative easing (QE) policies implemented in developed economies. This comes from the fact that these measures have triggered large surges in capital inflows to emerging countries, leading to exchange ...
CESifo Working Paper no. 3164
... was generally considered as the most effective mechanism to ensure price stability. But it proved extremely difficult to re-establish the gold-standard after the war. The monetary policy regime that emerged during the early 1920s and started to be in full operation around 1927 was considerably less ...
... was generally considered as the most effective mechanism to ensure price stability. But it proved extremely difficult to re-establish the gold-standard after the war. The monetary policy regime that emerged during the early 1920s and started to be in full operation around 1927 was considerably less ...
Maintaining Financial Stability in the People`s Republic of China
... (PRC) has now taken on global importance. The country’s banking system is now the largest in the world, and its capital markets are rapidly approaching the size of those in the advanced economies. During this period of growth, the underlying structure of the financial system has evolved significantl ...
... (PRC) has now taken on global importance. The country’s banking system is now the largest in the world, and its capital markets are rapidly approaching the size of those in the advanced economies. During this period of growth, the underlying structure of the financial system has evolved significantl ...
One World Money, Then and Now
... Some of the answers, it was hoped, could be found in regional monetary unions, in that neighboring countries tended to trade more frequently with each other, and currencies moved across their frontiers. The most important and influential such union, although not the most successful one, was the Lati ...
... Some of the answers, it was hoped, could be found in regional monetary unions, in that neighboring countries tended to trade more frequently with each other, and currencies moved across their frontiers. The most important and influential such union, although not the most successful one, was the Lati ...
Some Financial Stability Indicators for Brazil
... Considering the Brazilian case, Mello and Garcia (2012) compare Brazilian credit data with other 32 countries for which data was available for both 2003 and 2008 on the World Bank dataset (World databank).3 In 2003, domestic credit by the banking sector was 29% of GDP in Brazil. In 2008, it was 54% ...
... Considering the Brazilian case, Mello and Garcia (2012) compare Brazilian credit data with other 32 countries for which data was available for both 2003 and 2008 on the World Bank dataset (World databank).3 In 2003, domestic credit by the banking sector was 29% of GDP in Brazil. In 2008, it was 54% ...
INSTITUTE OF ECONOMIC STUDIES
... In a wide range of countries, emerging market economies and small open economies alike, a substantial proportion of domestic liabilities are currency linked. In these currency dependent economies (CDEs), credit and currency risk is integrated in current capital regulation, and will be even more so w ...
... In a wide range of countries, emerging market economies and small open economies alike, a substantial proportion of domestic liabilities are currency linked. In these currency dependent economies (CDEs), credit and currency risk is integrated in current capital regulation, and will be even more so w ...
DP2006/09 Uncovering the Hit-list for Small Inflation Targeters: A Bayesian Structural Analysis
... Estimates of macroeconomic policy objectives can potentially enhance both the transparency and accountability of the practical implementation of monetary policy. Most inflation targeting central banks describe themselves as “flexible” in their approach to inflation targeting, implying central banks ...
... Estimates of macroeconomic policy objectives can potentially enhance both the transparency and accountability of the practical implementation of monetary policy. Most inflation targeting central banks describe themselves as “flexible” in their approach to inflation targeting, implying central banks ...
BANK GROUP`S GUIDELINES FOR FINANCIAL GOVERNANCE
... conclusions as to past and current performance, the financial analyst (or investment officer) should discuss their findings in detail with the project task manager and the FI management and, if appropriate with the proposed or actual borrower, and an apex institution, (where participating). Every ef ...
... conclusions as to past and current performance, the financial analyst (or investment officer) should discuss their findings in detail with the project task manager and the FI management and, if appropriate with the proposed or actual borrower, and an apex institution, (where participating). Every ef ...
The international monetary and financial system
... Financial booms fuelled by aggressive risk-taking overstretch balance sheets, mask the build-up of vulnerabilities in the financial system and the real economy and sow the seeds of subsequent busts. As discussed in detail elsewhere (Borio (2013a)), these financial cycles have a number of properties: ...
... Financial booms fuelled by aggressive risk-taking overstretch balance sheets, mask the build-up of vulnerabilities in the financial system and the real economy and sow the seeds of subsequent busts. As discussed in detail elsewhere (Borio (2013a)), these financial cycles have a number of properties: ...
New Perspectives on the Great Depression
... domestic economic conditions ‘ahead of stability of the exchange rate’ (p. 49). Third, the combination of Roosevelt and Keynes did more than successfully bring about the recovery of the United States from the Great Depression: ‘working in tandem, [Roosevelt and Keynes] effected a revolution in monet ...
... domestic economic conditions ‘ahead of stability of the exchange rate’ (p. 49). Third, the combination of Roosevelt and Keynes did more than successfully bring about the recovery of the United States from the Great Depression: ‘working in tandem, [Roosevelt and Keynes] effected a revolution in monet ...
Eurosystem contribution to the European - ECB
... Initiatives to support the financing of the economy should maintain the robustness of the regulatory framework resulting from post-crisis reforms. In the current scenario characterised by a lack of investment and therefore a lack of growth and employment across the euro area, several initiatives hav ...
... Initiatives to support the financing of the economy should maintain the robustness of the regulatory framework resulting from post-crisis reforms. In the current scenario characterised by a lack of investment and therefore a lack of growth and employment across the euro area, several initiatives hav ...
The Mirage of Capital Controls by Sebastian Edwards
... strengthening of the currency that is associated with capital inflow, and to increase the Central Bank’s control over domestic monetary policy. During the 1978-82 period the controls were particularly stringent, as foreign capital was virtually forbidden from entering the country for less than 5 and ...
... strengthening of the currency that is associated with capital inflow, and to increase the Central Bank’s control over domestic monetary policy. During the 1978-82 period the controls were particularly stringent, as foreign capital was virtually forbidden from entering the country for less than 5 and ...
Monetary Policy at the Zero Lower Bound
... The study of the zero lower bound (ZLB) on nominal interest rates is an example of precisely the opposite: economists first figuring out what works in theory and then seeing if it works in practice. Japan’s experience with price deflation and zero short-term interest rates beginning in the 1990s led ...
... The study of the zero lower bound (ZLB) on nominal interest rates is an example of precisely the opposite: economists first figuring out what works in theory and then seeing if it works in practice. Japan’s experience with price deflation and zero short-term interest rates beginning in the 1990s led ...
Monetary Policy Strategy of the National Bank of Moldova for
... At the same time, the NBM will regularly monitor the evolution of monetary aggregates during decision process regarding monetary policy instruments and actions towards achieving and maintaining price stability. III. Monetary Policy Instruments Achievement of primary objective will be done through ma ...
... At the same time, the NBM will regularly monitor the evolution of monetary aggregates during decision process regarding monetary policy instruments and actions towards achieving and maintaining price stability. III. Monetary Policy Instruments Achievement of primary objective will be done through ma ...
Financial intermediation and the international business cycle
... intermediation in the IRBC model. As in the standard model, agents (or consumers), who are separate entities from banks, smooth consumption across time by buying and selling deposits in a global market for savings. Banks in both countries have access to this pool of savings and purchase liabilities ...
... intermediation in the IRBC model. As in the standard model, agents (or consumers), who are separate entities from banks, smooth consumption across time by buying and selling deposits in a global market for savings. Banks in both countries have access to this pool of savings and purchase liabilities ...
Foreign Exchange Market Structure, Players and Evolution
... Without a central exchange, the interbank market itself remains largely unregulated. Many countries, however, have adopted laws by which those that trade in it must follow. Many of these laws are typically established to prevent fraud or other forms of ethical misconduct. In the United States, the ...
... Without a central exchange, the interbank market itself remains largely unregulated. Many countries, however, have adopted laws by which those that trade in it must follow. Many of these laws are typically established to prevent fraud or other forms of ethical misconduct. In the United States, the ...
Learning From the “Worst Behaved”: Iceland`s Financial Crisis and
... With equity appreciating further and with assets booked at market value, continued borrowing was justified, eventually creating asset bubbles. Most of the Western world experienced a similar environment of low-interest-rate policies for some years, with the negative effects of such policies only sur ...
... With equity appreciating further and with assets booked at market value, continued borrowing was justified, eventually creating asset bubbles. Most of the Western world experienced a similar environment of low-interest-rate policies for some years, with the negative effects of such policies only sur ...
The international monetary and financial system: its Achilles heel
... One of the perennial questions in economics is how to design international monetary and financial arrangements that facilitate the achievement of sustained, non-inflationary and balanced growth. Today, as in the past, this is top of the agenda of international cooperative efforts, most notably in th ...
... One of the perennial questions in economics is how to design international monetary and financial arrangements that facilitate the achievement of sustained, non-inflationary and balanced growth. Today, as in the past, this is top of the agenda of international cooperative efforts, most notably in th ...
Putting the `system` in the international monetary system
... situation in Germany was more fragmented as many States had their own coinage. By 1838, the Dresden coinage convention signed by the Zollverein states had somewhat reduced the heterogeneity.3 Each member ...
... situation in Germany was more fragmented as many States had their own coinage. By 1838, the Dresden coinage convention signed by the Zollverein states had somewhat reduced the heterogeneity.3 Each member ...
New perspectives on the Great Depression
... abandonment of the gold standard in favor of a monetary‐policy stance that put domestic economic conditions “ahead of stability of the exchange rate” (p. 49). Third, the combination of Roosevelt and Keynes did more than successfully bring about the recovery of the U.S. from the Great ...
... abandonment of the gold standard in favor of a monetary‐policy stance that put domestic economic conditions “ahead of stability of the exchange rate” (p. 49). Third, the combination of Roosevelt and Keynes did more than successfully bring about the recovery of the U.S. from the Great ...
How to Recover From Financial Crises Caused by a Fragile... The Case of Turkish Banking Crises of 2001
... packaged by some financial institutions. After that, these institutions started to sell these loans to investors of various hedge funds. Although these packages also included some high quality credits, the investors holding these loans couldn’t understand the risk that they were holding. When the r ...
... packaged by some financial institutions. After that, these institutions started to sell these loans to investors of various hedge funds. Although these packages also included some high quality credits, the investors holding these loans couldn’t understand the risk that they were holding. When the r ...
The Operation and Demise of the Bretton Woods
... gauntlet between currency crises and recessions. Surplus countries had to sterilize dollar inflows to prevent inflation. The U.S. as center country faced the Triffin dilemma. With the growth of trade and income member countries held more and more dollars instead of scarce gold as reserves generated ...
... gauntlet between currency crises and recessions. Surplus countries had to sterilize dollar inflows to prevent inflation. The U.S. as center country faced the Triffin dilemma. With the growth of trade and income member countries held more and more dollars instead of scarce gold as reserves generated ...
Chapter 9:
... Chapter 9 is devoted to explaining the monetary and portfolio approaches to exchange rate and balance of payments determination. The chapter begins with a discussion of central banks’ balance sheets, and then follows with a discussion of the way in which central bank operations can affect the nation ...
... Chapter 9 is devoted to explaining the monetary and portfolio approaches to exchange rate and balance of payments determination. The chapter begins with a discussion of central banks’ balance sheets, and then follows with a discussion of the way in which central bank operations can affect the nation ...
Bank for International Settlements
The Bank for International Settlements (BIS; French: Banque des règlements internationaux, BRI) is an international company limited by shares owned by central banks which ""fosters international monetary and financial cooperation and serves as a bank for central banks"".The BIS carries out its work through subcommittees, the secretariats it hosts and through an annual general meeting of all member banks. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.