14 pages - Bank for International Settlements
... economy in an inductively non-linear relationship. This allows reserves in dollars to amount to more than twice those held in euros while the economy of the United States is only a third larger than that of the euro area. ...
... economy in an inductively non-linear relationship. This allows reserves in dollars to amount to more than twice those held in euros while the economy of the United States is only a third larger than that of the euro area. ...
International Gold Standard and US Moentary Policy from World War
... of gold-standard currencies provided a reliable point of reference for nongold currencies. During this period, the many countries that had either adopted or restored the gold standard could depend on the Bank of England to provide predictable policy in which changes in the Bank rate carefully regula ...
... of gold-standard currencies provided a reliable point of reference for nongold currencies. During this period, the many countries that had either adopted or restored the gold standard could depend on the Bank of England to provide predictable policy in which changes in the Bank rate carefully regula ...
report on the regional workshop on “risk
... and management). In addition, they should coordinate policy on financial stability issues between all the financial sector regulators. Conduct research and analyse developments within regional and international markets. They should prepare frameworks for financial stability analysis for their countr ...
... and management). In addition, they should coordinate policy on financial stability issues between all the financial sector regulators. Conduct research and analyse developments within regional and international markets. They should prepare frameworks for financial stability analysis for their countr ...
Independent Review of the Operation of Monetary Policy in New Zealand:
... 2000 in order to observe the operations of the Reserve Bank …rst hand and collect material for the review. I have also had discussions with a number of key people in the area of monetary policy from other countries. In order to judge whether the operation of monetary policy has been e¤ective, it is ...
... 2000 in order to observe the operations of the Reserve Bank …rst hand and collect material for the review. I have also had discussions with a number of key people in the area of monetary policy from other countries. In order to judge whether the operation of monetary policy has been e¤ective, it is ...
"Two Decades Of Japanese Monetary Policy And The Deflation
... ABSTRACT This paper reviews Japanese monetary policy over the last two decades with an emphasis on the experience of deflation from the mid-1990s. The paper is quite critical of the conduct of monetary policy, particularly from 1998 to 2003. The Bank of Japan’s rhetoric was not helpful in fighting d ...
... ABSTRACT This paper reviews Japanese monetary policy over the last two decades with an emphasis on the experience of deflation from the mid-1990s. The paper is quite critical of the conduct of monetary policy, particularly from 1998 to 2003. The Bank of Japan’s rhetoric was not helpful in fighting d ...
Central banks around the world: Does membership size differ?
... the economy’s state of economic development and its degree of external openness. One plausible conjecture that links central bank organization to the level of economic development is that the existence of a more elaborate monetary policy framework, including perhaps a larger MPC, may be a positive f ...
... the economy’s state of economic development and its degree of external openness. One plausible conjecture that links central bank organization to the level of economic development is that the existence of a more elaborate monetary policy framework, including perhaps a larger MPC, may be a positive f ...
The Bretton Woods International Monetary System
... standard that characterized the interwar period. As background to the historical survey of Bretton Woods, I compare descriptive evidence on the macro performance of the international monetary regime of Bretton Woods with that on the performance of preceding and subsequent regimes. The comparison for ...
... standard that characterized the interwar period. As background to the historical survey of Bretton Woods, I compare descriptive evidence on the macro performance of the international monetary regime of Bretton Woods with that on the performance of preceding and subsequent regimes. The comparison for ...
Exchange rate anomalies in the industrial countries: A solution with
... the exchange rate, one has to put the latter after the domestic interest rate in the VAR ordering; this implies that monetary policy cannot contemporaneously respond to exchange rate shocks. This is not appealing for two reasons. One, small open economies who are concerned about the e!ects of exchan ...
... the exchange rate, one has to put the latter after the domestic interest rate in the VAR ordering; this implies that monetary policy cannot contemporaneously respond to exchange rate shocks. This is not appealing for two reasons. One, small open economies who are concerned about the e!ects of exchan ...
trento 25/3 1998 - Department of Economics
... In the present macro-theoretical framework, the private sector, assuming rational expectations, makes forecasts and decisions based on its understanding of the policymakers' underlying model and likely policies consistent with that model. Monetary and fiscal policymakers in turn make their forecasts ...
... In the present macro-theoretical framework, the private sector, assuming rational expectations, makes forecasts and decisions based on its understanding of the policymakers' underlying model and likely policies consistent with that model. Monetary and fiscal policymakers in turn make their forecasts ...
Macroprudential Policy: What Instruments and How to Use
... in the financial sector.2 Yet, the analytical and operational underpinnings of a macroprudential framework are not fully understood and the effectiveness of the instruments is uncertain. In April 2011, the Board initiated a discussion of these issues in the context of the paper “Macroprudential Poli ...
... in the financial sector.2 Yet, the analytical and operational underpinnings of a macroprudential framework are not fully understood and the effectiveness of the instruments is uncertain. In April 2011, the Board initiated a discussion of these issues in the context of the paper “Macroprudential Poli ...
The Gold Standard, Bretton Woods and Other Monetary Regimes: A
... tionaty policies. 17 Thus for an international monetaty arrangement to be effective both between countries and! within them, a consistent credible commitment mechanism is required. Such a mechanism likely prevailed under the gold standard but was less evident under Bretton Woods. A fifth and final i ...
... tionaty policies. 17 Thus for an international monetaty arrangement to be effective both between countries and! within them, a consistent credible commitment mechanism is required. Such a mechanism likely prevailed under the gold standard but was less evident under Bretton Woods. A fifth and final i ...
CESifo Working Paper #1897
... to increase board size to achieve better information processing appears to be of particular relevance when an economy is large or characterized by considerable diversity across regions and industries. Similarly, a country’s political institutions may matter for optimal MPC size. Less democratic regi ...
... to increase board size to achieve better information processing appears to be of particular relevance when an economy is large or characterized by considerable diversity across regions and industries. Similarly, a country’s political institutions may matter for optimal MPC size. Less democratic regi ...
Target loans, current account balances and capital flows: the ECB`s
... they enter (negatively) into a country’s net foreign asset position. By the end of 2011, for Greece this debt amounted to 48 % of GDP, for Ireland to 77 %, for Italy to 12 %, for Portugal to 35 %, and for Spain to 16 %. The Target imbalances went unnoticed for a long time because they are not shown ...
... they enter (negatively) into a country’s net foreign asset position. By the end of 2011, for Greece this debt amounted to 48 % of GDP, for Ireland to 77 %, for Italy to 12 %, for Portugal to 35 %, and for Spain to 16 %. The Target imbalances went unnoticed for a long time because they are not shown ...
The Federal Reserve Engages the World
... Market Committee (FOMC). Interestingly, the number of IDPSs was 75 percent more in the 1990s than in the 1970s, even though the staffing level in the Division of International Finance (IF) was essentially unchanged over this 30-year period at between 100 and 110 people. THE 1970S: MONETARY FREEDOM ...
... Market Committee (FOMC). Interestingly, the number of IDPSs was 75 percent more in the 1990s than in the 1970s, even though the staffing level in the Division of International Finance (IF) was essentially unchanged over this 30-year period at between 100 and 110 people. THE 1970S: MONETARY FREEDOM ...
PDF version - Bank for International Settlements
... AE = United Arab Emirates; AR = Argentina; BR = Brazil; CL = Chile; CN = China; CO = Colombia; CZ = Czech Republic; DE = Germany; FR = France; GB = United Kingdom; HK = Hong Kong SAR; HU = Hungary; ID = Indonesia; IN = India; JP = Japan; KR = Korea; MX = Mexico; MY = Malaysia; PE = Peru; PH = Philip ...
... AE = United Arab Emirates; AR = Argentina; BR = Brazil; CL = Chile; CN = China; CO = Colombia; CZ = Czech Republic; DE = Germany; FR = France; GB = United Kingdom; HK = Hong Kong SAR; HU = Hungary; ID = Indonesia; IN = India; JP = Japan; KR = Korea; MX = Mexico; MY = Malaysia; PE = Peru; PH = Philip ...
The effect of Australian cash rate target announcements
... The paper investigates the impact of unexpected monetary policy on three classes of Australian financial futures assets—ASX stock price index futures, AUD/USD exchange futures and 3- and 10-year Treasury bond futures contracts. This study contributes to the literature by using 30-day and 90-day bank ...
... The paper investigates the impact of unexpected monetary policy on three classes of Australian financial futures assets—ASX stock price index futures, AUD/USD exchange futures and 3- and 10-year Treasury bond futures contracts. This study contributes to the literature by using 30-day and 90-day bank ...
NBER WORKING PAPER SERIES MONETARY POLICY STRATEGY: HOW DID WE GET HERE?
... monetary policy outcomes. But this list, which central bankers now subscribe to, is not where monetary policymakers started. In the 1960s, central bankers had a very different world view which produced very bad monetary policy outcomes. ...
... monetary policy outcomes. But this list, which central bankers now subscribe to, is not where monetary policymakers started. In the 1960s, central bankers had a very different world view which produced very bad monetary policy outcomes. ...
Seminar Paper No. 648 INTERNATIONAL EXPERIENCES WITH DIFFERENT MONETARY POLICY REGIMES by
... problems, as the international experience demonstrates. There are several serious criticisms of exchange-rate targeting. First is that an exchange-rate target results in the loss of independent monetary policy.1 With open capital markets, an exchange-rate target causes domestic interest rates to be ...
... problems, as the international experience demonstrates. There are several serious criticisms of exchange-rate targeting. First is that an exchange-rate target results in the loss of independent monetary policy.1 With open capital markets, an exchange-rate target causes domestic interest rates to be ...
Economic Premise - World Bank Group
... severing of a formal link with gold (and other currencies), the attractiveness of the U.S. dollar as a global reserve currency has been market driven, largely by the liquidity and depth of U.S. financial markets. Central banks do not hold U.S. dollars because they are required to, but because they c ...
... severing of a formal link with gold (and other currencies), the attractiveness of the U.S. dollar as a global reserve currency has been market driven, largely by the liquidity and depth of U.S. financial markets. Central banks do not hold U.S. dollars because they are required to, but because they c ...
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... changes in financial systems and financial services industries globally. I also review what have been driving these changes, including the greater emphasis on global standards. I next review how these changes have been leading financial sector regulators to re-regulate in some areas to assure well-f ...
... changes in financial systems and financial services industries globally. I also review what have been driving these changes, including the greater emphasis on global standards. I next review how these changes have been leading financial sector regulators to re-regulate in some areas to assure well-f ...
70 Working Paper The benefits and costs of monetary union in Southern Africa:
... The remainder of this paper is divided into four sections. Section 2 describes present exchange-rate arrangements of the economies in Southern Africa and briefly discusses key characteristics of these economies. Sections 3 and 4 discuss the traditional approach that has been used to assess the benef ...
... The remainder of this paper is divided into four sections. Section 2 describes present exchange-rate arrangements of the economies in Southern Africa and briefly discusses key characteristics of these economies. Sections 3 and 4 discuss the traditional approach that has been used to assess the benef ...
BOZ READER Special 2014B
... Oxford's Centre for the Study of African Economies. The Book was a reflection on economic policy in Zambia, and the current challenges that policy makers faced. It covers a broad range of topics including fiscal and monetary policy, financial stability and governance issues. The authors of the book ...
... Oxford's Centre for the Study of African Economies. The Book was a reflection on economic policy in Zambia, and the current challenges that policy makers faced. It covers a broad range of topics including fiscal and monetary policy, financial stability and governance issues. The authors of the book ...
International Experiences with Different Monetary Policy Regimes
... transmitted to the targeting country because changes in interest rates in the anchor country lead to a corresponding change in interest rates in the targeting country. A striking example of these problems occurred when Germany reunified in 1990. Concerns about inflationary pressures arising from re ...
... transmitted to the targeting country because changes in interest rates in the anchor country lead to a corresponding change in interest rates in the targeting country. A striking example of these problems occurred when Germany reunified in 1990. Concerns about inflationary pressures arising from re ...
... Indeed, one aftermath of German reunification was the foreign exchange crisis of September 1992. As we have seen, the tight monetary policy in Germany resulting from German reunification meant that the countries in the ERM were subjected to a negative demand shock that led to a decline in economic g ...
INFLATION TARGETING IN DEVELOPING COUNTRIES Ferya KADIOĞLU Nilüfer ÖZDEMİR
... purpose was to keep output and unemployment close to their ‘‘full employment’’ levels at all times. Supporters of activism believed that there was long-run tradeoff between inflation and unemployment, known as Phillips curve (Phillips, 1958; Samuelson and Solow, 1960). According to this view, the mo ...
... purpose was to keep output and unemployment close to their ‘‘full employment’’ levels at all times. Supporters of activism believed that there was long-run tradeoff between inflation and unemployment, known as Phillips curve (Phillips, 1958; Samuelson and Solow, 1960). According to this view, the mo ...
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.