Globalizing Capital: A History of the International Monetary System
... To portray the evolution of international monetary arrangements as many individual countries responding to a common set of circumstances would be misleading, however. Each national decision was not, in fact, independent of the others. The source of their independence was the network externalities th ...
... To portray the evolution of international monetary arrangements as many individual countries responding to a common set of circumstances would be misleading, however. Each national decision was not, in fact, independent of the others. The source of their independence was the network externalities th ...
Transmission Lags of Monetary Policy: A Meta
... Policymakers need to know how long it takes before their actions fully transmit to the economy and what determines the speed of transmission. A common claim about the transmission mechanism of monetary policy is that it has “long and variable” lags (Friedman, 1972; Batini and Nelson, 2001; Goodhart, ...
... Policymakers need to know how long it takes before their actions fully transmit to the economy and what determines the speed of transmission. A common claim about the transmission mechanism of monetary policy is that it has “long and variable” lags (Friedman, 1972; Batini and Nelson, 2001; Goodhart, ...
Working Paper No. 405 Monetary policy, capital
... A simple look at the data does not allow us to assess which of the two explanations is correct. Because the crisis is still ongoing, there are not yet many studies trying to disentangle its causes and quantify the relative contribution of different factors. In a recent speech, Bernanke (2010) discus ...
... A simple look at the data does not allow us to assess which of the two explanations is correct. Because the crisis is still ongoing, there are not yet many studies trying to disentangle its causes and quantify the relative contribution of different factors. In a recent speech, Bernanke (2010) discus ...
This PDF is a selection from a published volume from... Economic Research Volume Title: NBER Macroeconomics Annual 2008, Volume 23
... under the authority of the European Central Bank (ECB).1 The European Monetary Union2 (EMU) followed decades of monetary policies set by national central banks to serve domestic interests, even though these national policies were constrained by monetary arrangements such as the European Monetary Sys ...
... under the authority of the European Central Bank (ECB).1 The European Monetary Union2 (EMU) followed decades of monetary policies set by national central banks to serve domestic interests, even though these national policies were constrained by monetary arrangements such as the European Monetary Sys ...
What Determines Institutional Arrangements for Macroprudential
... the mandate in every sample country. ...
... the mandate in every sample country. ...
A VAR Model of Monetary Policy and
... 1990s when India adopted economic reforms in 1991 after a balance of payment crisis. Monetary policy had to deal with traditional issues along with the new issues brought about by the changed economic policy environment. Deregulation and liberalization of financial markets cast doubt on the appropri ...
... 1990s when India adopted economic reforms in 1991 after a balance of payment crisis. Monetary policy had to deal with traditional issues along with the new issues brought about by the changed economic policy environment. Deregulation and liberalization of financial markets cast doubt on the appropri ...
BIS Working Papers No 112 Determinants of international bank
... European banks to diversify away from regions where they have traditionally played a dominant role (Africa, eastern Europe and the Middle East), the growth of foreign direct investment and trade by European companies, and low returns in traditional business activities in a context of weak European ...
... European banks to diversify away from regions where they have traditionally played a dominant role (Africa, eastern Europe and the Middle East), the growth of foreign direct investment and trade by European companies, and low returns in traditional business activities in a context of weak European ...
Sovereign Default, Domestic Banks, and Financial Institutions
... Landesbanken in Germany, which were all heavily exposed to the debts of the financially distressed countries. These events played a key role in the decision to refinance the European Financial Stability Fund: averting sovereign defaults was seen as a key prerequisite to avoid widespread banking cris ...
... Landesbanken in Germany, which were all heavily exposed to the debts of the financially distressed countries. These events played a key role in the decision to refinance the European Financial Stability Fund: averting sovereign defaults was seen as a key prerequisite to avoid widespread banking cris ...
The Politics of Monetary Leadership and
... the Deutsche Bundesbank, Banque de France, and Bank of England. I also interviewed economic and political researchers at international banks and European research institutes in Germany, Belgium, France, and Britain. Additionally, I interviewed members of the EU Commission's Directorate-General for E ...
... the Deutsche Bundesbank, Banque de France, and Bank of England. I also interviewed economic and political researchers at international banks and European research institutes in Germany, Belgium, France, and Britain. Additionally, I interviewed members of the EU Commission's Directorate-General for E ...
A Journey to Inflation Targeting: Easier Said than Done
... likely they will have to evolve as progress is achieved in reaching a steady state, so as to ensure that the instruments and targets (operating and intermediate) remain aligned with relative strength of the transmission channels. ...
... likely they will have to evolve as progress is achieved in reaching a steady state, so as to ensure that the instruments and targets (operating and intermediate) remain aligned with relative strength of the transmission channels. ...
Monetary Issues in the Middle East and North Africa Region
... systems which target market rates around the middle of the corridor, and those which leave rates to trade near the floor, with different consequences for monetary transmission and market development. In view of the structural excess liquidity in most of the countries represented, this section also d ...
... systems which target market rates around the middle of the corridor, and those which leave rates to trade near the floor, with different consequences for monetary transmission and market development. In view of the structural excess liquidity in most of the countries represented, this section also d ...
Currency collapses and output dynamics
... Public authorities tend to resist sharp depreciations in their economy’s exchange rate, presumably because they fear that they would be very costly in terms of foregone output.2 This article presents new evidence on the relationship between currency collapses, defined as large nominal depreciations ...
... Public authorities tend to resist sharp depreciations in their economy’s exchange rate, presumably because they fear that they would be very costly in terms of foregone output.2 This article presents new evidence on the relationship between currency collapses, defined as large nominal depreciations ...
Political Pressure on Central Banks
... an impact on success of different political groups in the political competition. Thus, if there is a possibility for politicians to influence current monetary policy in favor of their interests, i.e. maximization of political support and re-election chances, they will definitely use it. Moreover, no ...
... an impact on success of different political groups in the political competition. Thus, if there is a possibility for politicians to influence current monetary policy in favor of their interests, i.e. maximization of political support and re-election chances, they will definitely use it. Moreover, no ...
Uganda - COMESA Monetary Institute
... for central bank money. It does so by exchanging financial assets (domestic assets or foreign exchange) for its own liabilities (transactions hereafter referred to as money market operations), or requiring banks to maintain minimum balances with the central bank (reserve requirements). All of these ...
... for central bank money. It does so by exchanging financial assets (domestic assets or foreign exchange) for its own liabilities (transactions hereafter referred to as money market operations), or requiring banks to maintain minimum balances with the central bank (reserve requirements). All of these ...
economic papers 165 .EMU and the euro – the first 10 years
... authority – while still retaining political independence. Economic policies – except for monetary policy – will primarily be framed by the individual member states or by coordination through a system of persuasion, peer pressure and procedures presently being set in motion. EMU is thus a gigantic ex ...
... authority – while still retaining political independence. Economic policies – except for monetary policy – will primarily be framed by the individual member states or by coordination through a system of persuasion, peer pressure and procedures presently being set in motion. EMU is thus a gigantic ex ...
Gold, the renminbi and the multi
... The rebalancing of the global economy – with the east once again home to some of the most important world economies – means that growing international reserves will naturally become more diversified away from one reserve currency: the dollar. Furthermore, as China aspires to take the lead politicall ...
... The rebalancing of the global economy – with the east once again home to some of the most important world economies – means that growing international reserves will naturally become more diversified away from one reserve currency: the dollar. Furthermore, as China aspires to take the lead politicall ...
Yip, Paul SL, (2005). The Exchange Rate Systems in Hong
... Such alternative sources of funding would reduce Asia’s reliance on foreign currency borrowing and concomitantly, the risk exposure of the region to maturity and currency mismatches. At the same time, the development of regional capital markets also facilitates the development of financial instrumen ...
... Such alternative sources of funding would reduce Asia’s reliance on foreign currency borrowing and concomitantly, the risk exposure of the region to maturity and currency mismatches. At the same time, the development of regional capital markets also facilitates the development of financial instrumen ...
Central Banking in the Philippines: Then, Now and the Future
... performed by the central bank ever since central banking was introduced in the country in 1948, namely: monetary policy and bank supervision functions. These are the same functions performed by central banks in many countries. Although these have remained the core functions of the country’s central ...
... performed by the central bank ever since central banking was introduced in the country in 1948, namely: monetary policy and bank supervision functions. These are the same functions performed by central banks in many countries. Although these have remained the core functions of the country’s central ...
International Investment Position: A Guide to Data Sources, IMF
... The IIP is a statistical statement that shows an economy’s stock of external financial assets and liabilities at a particular point. This stock is the result of past external transactions measured according to current market values (current market prices and exchange rates) and other factors (for ex ...
... The IIP is a statistical statement that shows an economy’s stock of external financial assets and liabilities at a particular point. This stock is the result of past external transactions measured according to current market values (current market prices and exchange rates) and other factors (for ex ...
Can Inflation Targeting Work in Emerging Market Countries
... see Calvo, 1999a, Calvo, 2001 and Calvo and Mendoza, 2000) has been quite skeptical of inflation targeting as a monetary policy strategy for emerging market countries.1 He worried that allowing too much discretion to policymakers in the weak institutional environment of emerging market countries mig ...
... see Calvo, 1999a, Calvo, 2001 and Calvo and Mendoza, 2000) has been quite skeptical of inflation targeting as a monetary policy strategy for emerging market countries.1 He worried that allowing too much discretion to policymakers in the weak institutional environment of emerging market countries mig ...
Using monetary policy to stabilize economic activity
... it is the policy interest rate, π t is the inflation rate, and π T is the central bank’s inflation target. To allow for a non-zero steady-state rate of inflation, (2) incorporates the assumption that firms index prices to the central bank’s inflation target, a specification common in the empirical l ...
... it is the policy interest rate, π t is the inflation rate, and π T is the central bank’s inflation target. To allow for a non-zero steady-state rate of inflation, (2) incorporates the assumption that firms index prices to the central bank’s inflation target, a specification common in the empirical l ...
key issues in the choice of an appropriate monetary policy
... the 1970s, the Bretton Woods system still ensured that most nations would form the two policies separately. Within almost all modern nations, special institutions (such as the Federal Reserve System in the United States, the Bank of England, the European Central Bank, the People’s Bank of China, and ...
... the 1970s, the Bretton Woods system still ensured that most nations would form the two policies separately. Within almost all modern nations, special institutions (such as the Federal Reserve System in the United States, the Bank of England, the European Central Bank, the People’s Bank of China, and ...
Why and when to introduce a single currency in ECOWAS
... • The creation of a single currency in West Africa remains a timely and relevant project, despite post Euro zone crisis uncertainties and the postponement, for the fourth consecutive time, of the introduction of a single currency in member countries of the West African Monetary Zone (WAMZ). • In tod ...
... • The creation of a single currency in West Africa remains a timely and relevant project, despite post Euro zone crisis uncertainties and the postponement, for the fourth consecutive time, of the introduction of a single currency in member countries of the West African Monetary Zone (WAMZ). • In tod ...
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.