china`s growing influence in southeast asia - monetary - S
... home country’s currency. In the classical Mundell-Fleming framework, there is thus a ‘beggar-thy-neighbor’ effect on other economies occurring after a domestic monetary expansion. In the New Open Economy Macroeconomics literature, the results are not as clear. Betts and Devereux (1996, 2000, 2001) s ...
... home country’s currency. In the classical Mundell-Fleming framework, there is thus a ‘beggar-thy-neighbor’ effect on other economies occurring after a domestic monetary expansion. In the New Open Economy Macroeconomics literature, the results are not as clear. Betts and Devereux (1996, 2000, 2001) s ...
INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF
... Inflation targeting Inflation targeting is one effective approach in the conduct of monetary policy, and an increasing number of countries have adopted it recently. At the moment, BOJ has not adopted this approach because of (i) the difficulty in setting a target, and (ii) the difficulty in achievin ...
... Inflation targeting Inflation targeting is one effective approach in the conduct of monetary policy, and an increasing number of countries have adopted it recently. At the moment, BOJ has not adopted this approach because of (i) the difficulty in setting a target, and (ii) the difficulty in achievin ...
Monetary Policy Autonomy in European Non-Euro Countries
... a rising star within the British Conservative Party and soon to be successor of Margaret Thatcher – opposed the introduction of the euro, arguing that it would remove monetary and fiscal policy autonomy from the member governments, including of course that of the United Kingdom. In a reply to these ...
... a rising star within the British Conservative Party and soon to be successor of Margaret Thatcher – opposed the introduction of the euro, arguing that it would remove monetary and fiscal policy autonomy from the member governments, including of course that of the United Kingdom. In a reply to these ...
An Institutional Framework for Comparing Emerging Market
... II. MOTIVATIONS FOR ESTABLISHMENT OF CURRENCY BOARD ARRANGEMENTS (CBAS) Historically, CBAs were set up in small open economies with limited expertise in monetary management, little experience in central banking, or weak financial systems.8 The smaller the economy and the higher its degree of opennes ...
... II. MOTIVATIONS FOR ESTABLISHMENT OF CURRENCY BOARD ARRANGEMENTS (CBAS) Historically, CBAs were set up in small open economies with limited expertise in monetary management, little experience in central banking, or weak financial systems.8 The smaller the economy and the higher its degree of opennes ...
Restructuring and Development of the Banking Sector in Poland
... special attention of policy makers and the public. The first reason for this attention is that financial intermediation plays a special role in an economy: it channels financial savings of enterprises and households into investments. There is no economic growth in a country if this function is not e ...
... special attention of policy makers and the public. The first reason for this attention is that financial intermediation plays a special role in an economy: it channels financial savings of enterprises and households into investments. There is no economic growth in a country if this function is not e ...
Money and Finance - Department of Economics
... Inquiry, Economica, Southern Economic Journal, Journal of Economic History, Explorations in Economic History, Journal of Money, Credit and Banking, Journal of International Money and Finance, American Journal of Agricultural Economics, National Science Foundation, Canada Council, Journal of Interdis ...
... Inquiry, Economica, Southern Economic Journal, Journal of Economic History, Explorations in Economic History, Journal of Money, Credit and Banking, Journal of International Money and Finance, American Journal of Agricultural Economics, National Science Foundation, Canada Council, Journal of Interdis ...
Working Paper 113 - Lessons from Italian Monetary Unification
... Agricultural land productivity was low in the South. This might be interpreted as a consequence of relative land abundance, were it not that apparent labour productivity was also low. Assuming a constant returns Cobb-Douglas production function with 0.25 weight on land and 0.75 weight on labour then ...
... Agricultural land productivity was low in the South. This might be interpreted as a consequence of relative land abundance, were it not that apparent labour productivity was also low. Assuming a constant returns Cobb-Douglas production function with 0.25 weight on land and 0.75 weight on labour then ...
Can Monetary Policy Affect Economic Activity under Surplus Liquidity?
... Surplus liquidity, simply put, means that commercial banks persistently hold excess reserves. In other words, banks continuously have more deposits than the credits they provide and therefore keep large liquid instruments on the assets side. It can occur for various reasons, like low competition in ...
... Surplus liquidity, simply put, means that commercial banks persistently hold excess reserves. In other words, banks continuously have more deposits than the credits they provide and therefore keep large liquid instruments on the assets side. It can occur for various reasons, like low competition in ...
Unconventional Central Bank Measures for Emerging
... exchange markets. Systemic financial stress has impeded monetary transmission, led to a pronounced easing of monetary policy with respect to the macroeconomic price and output objectives, and made financial stability a central policy objective. The change in priorities has been reflected in stepped ...
... exchange markets. Systemic financial stress has impeded monetary transmission, led to a pronounced easing of monetary policy with respect to the macroeconomic price and output objectives, and made financial stability a central policy objective. The change in priorities has been reflected in stepped ...
External Monetary Shocks to Central and Eastern European
... policy shocks to the economy. The first one, often used by many institutions, as National Banks, consists on modeling the economy through a DSGE model (Gambacorta and Signoretti, 2014; Copaciu et al., 2015). The other useful method is to implement a vector autoregressive (VAR) model as it allows to ...
... policy shocks to the economy. The first one, often used by many institutions, as National Banks, consists on modeling the economy through a DSGE model (Gambacorta and Signoretti, 2014; Copaciu et al., 2015). The other useful method is to implement a vector autoregressive (VAR) model as it allows to ...
Fixing Argentina - Arlindo Correia
... For presentation at ESEADE, Buenos Aires, April 2-3, 2002 This paper available at http://www.cato.org SUMMARY Argentina’s currency crisis and economic depression have been caused by the bad policies of its government—not by banks, foreign investors, the IMF (despite the bad advice it has given), or ...
... For presentation at ESEADE, Buenos Aires, April 2-3, 2002 This paper available at http://www.cato.org SUMMARY Argentina’s currency crisis and economic depression have been caused by the bad policies of its government—not by banks, foreign investors, the IMF (despite the bad advice it has given), or ...
idc03-sterken 225139 en
... The effectiveness of monetary transmission depends on the rigidity of prices and wages and on the transmission into real expenditure categories. Traditionally the so-called interest rate channel is held responsible for transmission of monetary policy shocks. Nowadays the working of the whole financi ...
... The effectiveness of monetary transmission depends on the rigidity of prices and wages and on the transmission into real expenditure categories. Traditionally the so-called interest rate channel is held responsible for transmission of monetary policy shocks. Nowadays the working of the whole financi ...
The Failure Mechanics of Dealer Banks
... additional securities. The majority of repurchase agreements are for short terms, typically overnight. These repurchase agreements are commonly renewed with the same dealer or replaced by new repos with other dealers. The performance risk on a repo is typically mitigated by a “haircut” that reflects ...
... additional securities. The majority of repurchase agreements are for short terms, typically overnight. These repurchase agreements are commonly renewed with the same dealer or replaced by new repos with other dealers. The performance risk on a repo is typically mitigated by a “haircut” that reflects ...
Monetary Policy and Real Estate Prices: A Disaggregated
... also care about real activity (output, unemployment).1 Moreover, contributing or even guaranteeing domestic financial stability often belongs to the catalogue of objectives of numerous modern central banks, such as the Federal Reserve Bank (Bernanke [2002]). While the objectives of central banks are ...
... also care about real activity (output, unemployment).1 Moreover, contributing or even guaranteeing domestic financial stability often belongs to the catalogue of objectives of numerous modern central banks, such as the Federal Reserve Bank (Bernanke [2002]). While the objectives of central banks are ...
Exchange rate or inflation targeting in monetary policy?
... support for the notion that countries are increasingly being forced to choose between either a “strict” exchange rate policy, involving the adoption of another currency or a currency board, or a much more flexible regime using a different nominal anchor for monetary policy. This is the theory of the ...
... support for the notion that countries are increasingly being forced to choose between either a “strict” exchange rate policy, involving the adoption of another currency or a currency board, or a much more flexible regime using a different nominal anchor for monetary policy. This is the theory of the ...
The Political Economy of Monetary Institutions
... determine monetary policy directly. With a fully independent central bank, by contrast, the government delegates monetary policy to an agent—typically the central bank’s governing board—and is restricted by statute from interfering with the agent’s freedom of action in the monetary domain. Countries ...
... determine monetary policy directly. With a fully independent central bank, by contrast, the government delegates monetary policy to an agent—typically the central bank’s governing board—and is restricted by statute from interfering with the agent’s freedom of action in the monetary domain. Countries ...
Monetary Policy after the Crisis 1. introduction Lars E.O. Svensson
... When setting up a better financial stability policy, it is important to understand that monetary policy is distinct and different from financial stability policy. The two policies have different objectives and different suitable instruments. Furthermore, the responsibility for monetary policy and co ...
... When setting up a better financial stability policy, it is important to understand that monetary policy is distinct and different from financial stability policy. The two policies have different objectives and different suitable instruments. Furthermore, the responsibility for monetary policy and co ...
What G20 Leaders Must Do to Stabilise Our Economy and
... There is unanimity on the first point. Governments need to move ahead with the utmost urgency in recapitalising banks, guaranteeing cross-border bank claims, restructuring nonperforming assets, and extending financial support for crisis countries. They need to coordinate their initiatives. They need ...
... There is unanimity on the first point. Governments need to move ahead with the utmost urgency in recapitalising banks, guaranteeing cross-border bank claims, restructuring nonperforming assets, and extending financial support for crisis countries. They need to coordinate their initiatives. They need ...
Assessing reserve management during economic crises
... policies to increase economic resilience in the face of such uncertainty, with the most important ones being on the real side, including diversification, but financial policies are also important, especially in the short term. There are means to protect an economy in times of uncertainty: countries ...
... policies to increase economic resilience in the face of such uncertainty, with the most important ones being on the real side, including diversification, but financial policies are also important, especially in the short term. There are means to protect an economy in times of uncertainty: countries ...
H D A N
... Argentina is in a downward economic spiral that has created a political upheaval. Although the situation is bad, it has the potential to become even worse. It is mainly the result of policy blunders by the Argentine government that have reduced incentives to produce new wealth and made people concer ...
... Argentina is in a downward economic spiral that has created a political upheaval. Although the situation is bad, it has the potential to become even worse. It is mainly the result of policy blunders by the Argentine government that have reduced incentives to produce new wealth and made people concer ...
H D A N
... Argentina is in a downward economic spiral that has created a political upheaval. Although the situation is bad, it has the potential to become even worse. It is mainly the result of policy blunders by the Argentine government that have reduced incentives to produce new wealth and made people concer ...
... Argentina is in a downward economic spiral that has created a political upheaval. Although the situation is bad, it has the potential to become even worse. It is mainly the result of policy blunders by the Argentine government that have reduced incentives to produce new wealth and made people concer ...
Cross-border mergers and acquisitions in the banking sector
... In this study we will revise cross-border mergers and acquisitions (M&As) in the banking sector. The purpose of this study is to find out the motives behind cross-border M&As for Swedish banks in order to get an understanding of why they find it necessary to merge and/or take over foreign banks. In ...
... In this study we will revise cross-border mergers and acquisitions (M&As) in the banking sector. The purpose of this study is to find out the motives behind cross-border M&As for Swedish banks in order to get an understanding of why they find it necessary to merge and/or take over foreign banks. In ...
Monetary Conditions in the Kingdom of Serbia (1884-1914)
... specified».1 The founding of the National Bank prompted the development of credit institutions in Serbia, most notably, money bureaus, which received preferential treatment from the National Bank all through to 1920, meaning that they were granted credits at an interest rate which was several percen ...
... specified».1 The founding of the National Bank prompted the development of credit institutions in Serbia, most notably, money bureaus, which received preferential treatment from the National Bank all through to 1920, meaning that they were granted credits at an interest rate which was several percen ...
Monetary targeting and financial system characteristics: An
... alternative nominal anchor for monetary policy under the floating exchange rate regime. As a solution, the Monetary Targeting (MT) framework was created. Inspired by the quantitative theory of money propagated by monetarists, central banks of several advanced countries started using monetary aggrega ...
... alternative nominal anchor for monetary policy under the floating exchange rate regime. As a solution, the Monetary Targeting (MT) framework was created. Inspired by the quantitative theory of money propagated by monetarists, central banks of several advanced countries started using monetary aggrega ...
The Monetary Policy of the European Central Bank (2002
... than the Bundesbank under German law. All bonds with national fiscal policies were severed once and for all by moving the monetary policy function outside national borders, therefore making it utterly unreachable by national politicians. Absolute political independence and irreversible separation fr ...
... than the Bundesbank under German law. All bonds with national fiscal policies were severed once and for all by moving the monetary policy function outside national borders, therefore making it utterly unreachable by national politicians. Absolute political independence and irreversible separation fr ...
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.