MEASURING THE EFFECTS OF MONETARY POLICY FOR
... monetary easing. Following this until April 1993, tight monetary policy was observed. For 1992-1993 the Central Bank of the Republic of Turkey (CBRT) announced a new monetary program based on tight monetary policy, despite the lack of fiscal discipline. The monetary program ended with an announcemen ...
... monetary easing. Following this until April 1993, tight monetary policy was observed. For 1992-1993 the Central Bank of the Republic of Turkey (CBRT) announced a new monetary program based on tight monetary policy, despite the lack of fiscal discipline. The monetary program ended with an announcemen ...
Evaluating Alternative Measures of the Real Effective Exchange Rate
... computing country weights. Ideally, one would want to use data on all goods and services exposed to international competition (conceptually known as tradables). Tradables are not easily defined, however, so real exchange rate measures are usually based on actual trade data. There are different metho ...
... computing country weights. Ideally, one would want to use data on all goods and services exposed to international competition (conceptually known as tradables). Tradables are not easily defined, however, so real exchange rate measures are usually based on actual trade data. There are different metho ...
Convertibility_eac_comesa
... Initial evidence of arbitrage for other EAC currencies Large spreads between buying and selling rates for some currencies Impact of the transactions charge on repatriated funds. Public awareness of the convertibility arrangement. Costs involved in fund repatriation by commercial banks. Differences i ...
... Initial evidence of arbitrage for other EAC currencies Large spreads between buying and selling rates for some currencies Impact of the transactions charge on repatriated funds. Public awareness of the convertibility arrangement. Costs involved in fund repatriation by commercial banks. Differences i ...
International Coordination - Federal Reserve Bank of San Francisco
... Chairman Ben Bernanke’s signal that Quantitative Easing would soon be phased out -provoked another sort of complaint from Indian Central Bank Governor Raghuram Rajan: “International monetary cooperation has broken down…The U.S. should worry about the effects of its policies on the rest of the world” ...
... Chairman Ben Bernanke’s signal that Quantitative Easing would soon be phased out -provoked another sort of complaint from Indian Central Bank Governor Raghuram Rajan: “International monetary cooperation has broken down…The U.S. should worry about the effects of its policies on the rest of the world” ...
Title: The Political Economy of Monetary Institutions: An
... announcements and, thereby, reducing the inflationary bias of monetary policy. The argument that these institutions are chosen as a response to the same economic problem, however, raises some issues about how we analyze the determinants of monetary institutions. First, it is unclear whether central ...
... announcements and, thereby, reducing the inflationary bias of monetary policy. The argument that these institutions are chosen as a response to the same economic problem, however, raises some issues about how we analyze the determinants of monetary institutions. First, it is unclear whether central ...
THE “UNORTHODOX” MONETARY POLICY OF THE CENTRAL
... independence. Whilst doing this study, we will cover the Central Bank of the Republic of Turkey, together with the two major central banks in the world: the Fed (US Federal Reserve) and the European Central Bank (ECB). We will compare the structural differences and similarities between these banks t ...
... independence. Whilst doing this study, we will cover the Central Bank of the Republic of Turkey, together with the two major central banks in the world: the Fed (US Federal Reserve) and the European Central Bank (ECB). We will compare the structural differences and similarities between these banks t ...
Central Bank Involvement in Banking Crises in Latin America
... On the other hand, in those episodes in which central bank money was banned or provided only in limited amounts, major macroeconomic instability was avoided. This alternative approach helped to handle financial disturbance more effectively, thereby minimizing fiscal costs. However, countries could o ...
... On the other hand, in those episodes in which central bank money was banned or provided only in limited amounts, major macroeconomic instability was avoided. This alternative approach helped to handle financial disturbance more effectively, thereby minimizing fiscal costs. However, countries could o ...
55 pages - World bank documents
... substantial consolidation and privatization, with increased entry of foreign institutions, all of which resulted in an intensified concentration. The largest 10 private banks plus the two largest public banks (Nacion and Provincia de Buenos Aires) held about three quarters of total bank assets as of ...
... substantial consolidation and privatization, with increased entry of foreign institutions, all of which resulted in an intensified concentration. The largest 10 private banks plus the two largest public banks (Nacion and Provincia de Buenos Aires) held about three quarters of total bank assets as of ...
Unconventional Monetary Policies-
... Financial markets and financial intermediation became impaired for three main reasons. The first is the classical problem of rational runs, in which the market can coordinate on a “bad” equilibrium in which it is rational for investors to run on a bank, sovereign, or market.3 The second is more simp ...
... Financial markets and financial intermediation became impaired for three main reasons. The first is the classical problem of rational runs, in which the market can coordinate on a “bad” equilibrium in which it is rational for investors to run on a bank, sovereign, or market.3 The second is more simp ...
NBER WORKING PAPER SERIES MONETARY POLICY: DOMESTIC TARGETS AND INTERNATIONAL CONSTRAINTS
... dependence of exchange rates (and other asset prices) on expectations, suggest that the fact that exchange rates have moved more than the price level is not sufficient evidence that exchange—rate volatility has been excessive. Second, the prices of national outputs do not adjust fully to shocks in ...
... dependence of exchange rates (and other asset prices) on expectations, suggest that the fact that exchange rates have moved more than the price level is not sufficient evidence that exchange—rate volatility has been excessive. Second, the prices of national outputs do not adjust fully to shocks in ...
Monetary Policy and the Jamaican Economy
... the short run higher real rates. Higher real rates in turn reduce the demand for money and credit. This affects aggregate demand in three ways. First, is the widely accepted Keynesian effect on private investment, which was later extended by economists to household behaviour. The change in interest ...
... the short run higher real rates. Higher real rates in turn reduce the demand for money and credit. This affects aggregate demand in three ways. First, is the widely accepted Keynesian effect on private investment, which was later extended by economists to household behaviour. The change in interest ...
The Rationale for Inflation Targeting
... variant of this fixed exchange rate regime known as a crawling peg. The exchange rate anchor has the advantage of avoiding the time-inconsistency problem by precommitting a country’s central bank so that it cannot pursue an overly expansionary monetary policy that would lead to a devaluation of the ...
... variant of this fixed exchange rate regime known as a crawling peg. The exchange rate anchor has the advantage of avoiding the time-inconsistency problem by precommitting a country’s central bank so that it cannot pursue an overly expansionary monetary policy that would lead to a devaluation of the ...
Volume 69 No. 2, June 2006 Contents
... exploiting loopholes often entails moving activities that one country might tax more heavily or regulate more effectively into the jurisdiction of another. ...
... exploiting loopholes often entails moving activities that one country might tax more heavily or regulate more effectively into the jurisdiction of another. ...
European Banking with a Single Currency
... reduction of transaction costs and foreign exchange risk will presumably facilitate the realization of the single market programme, allowing firms to choose the appropriate size and optimal location, facilitating restructuring, investment and economic growth. The third identified benefit is derived ...
... reduction of transaction costs and foreign exchange risk will presumably facilitate the realization of the single market programme, allowing firms to choose the appropriate size and optimal location, facilitating restructuring, investment and economic growth. The third identified benefit is derived ...
single central bank: macroeconomic costs and benefits for the
... SADC region have made tremendous strides. Concerted efforts have been undertaken by Member States to attain the set convergence criteria and maintain them despite several internal and external shocks. The key factor and driver to achieving the convergence criteria has been harmonization of policies ...
... SADC region have made tremendous strides. Concerted efforts have been undertaken by Member States to attain the set convergence criteria and maintain them despite several internal and external shocks. The key factor and driver to achieving the convergence criteria has been harmonization of policies ...
Monetary Darwinism: The Political Economy of
... particular conditions on domestic financial markets. The mechanisms of central banking were in their infancy, hence much underdeveloped vis-`a-vis the mechanisms that would emerge after the war (Moure (pp. 16–21) and Flandreau et al. (pp. 3–8)). Central banks functioned largely according to private ...
... particular conditions on domestic financial markets. The mechanisms of central banking were in their infancy, hence much underdeveloped vis-`a-vis the mechanisms that would emerge after the war (Moure (pp. 16–21) and Flandreau et al. (pp. 3–8)). Central banks functioned largely according to private ...
Financial Performance
... – integration of financial markets reflected in capital flows, – type of exchange rate regime used for facilitating currency transactions. ...
... – integration of financial markets reflected in capital flows, – type of exchange rate regime used for facilitating currency transactions. ...
World Bank Document - Open Knowledge Repository
... The crisis erupted in December 2001 when the Argentine government imposed capital controls and deposit freezes to Argentina’s nationals (popularly known as the “corralito”). At that time, the two largest private banks in Uruguay (Banco Galicia Uruguay, or BGU; and Banco Comercial, or BC) began facin ...
... The crisis erupted in December 2001 when the Argentine government imposed capital controls and deposit freezes to Argentina’s nationals (popularly known as the “corralito”). At that time, the two largest private banks in Uruguay (Banco Galicia Uruguay, or BGU; and Banco Comercial, or BC) began facin ...
NBER WORKING PAPER SERIES MONEIARY POLICY SIRATEGIES Robert Flood Peter Isard
... and (3) the appropriate degree of complexity to incorporate into statecontingent procedures for adjusting the settings of policy instruments in response to new information about the economy. This paper addresses these and other issues that are basic to the design and implementation of policy strateg ...
... and (3) the appropriate degree of complexity to incorporate into statecontingent procedures for adjusting the settings of policy instruments in response to new information about the economy. This paper addresses these and other issues that are basic to the design and implementation of policy strateg ...
Argentina`s Monetary and Exchange Rate Policies after the
... validated contracts in foreign currencies. It also stipulated that the central bank must back 100 percent of its monetary base with foreign reserves. By September 1992, the new Central Bank Law set narrow margins to the possibilities of purchasing public bonds and lending to the commercial banks. Th ...
... validated contracts in foreign currencies. It also stipulated that the central bank must back 100 percent of its monetary base with foreign reserves. By September 1992, the new Central Bank Law set narrow margins to the possibilities of purchasing public bonds and lending to the commercial banks. Th ...
Government Ownership of Banks
... Lopez-de-Silanes, Shleifer and Vishny (1997), Frydman et al. (1999), La Porta and Lopez-deSilanes (1999)). Gerschenkron (1962, p. 20) has some sympathy for this view: “There is no doubt that the government as an agens movens of industrialization discharged its role in a far less than perfectly effi ...
... Lopez-de-Silanes, Shleifer and Vishny (1997), Frydman et al. (1999), La Porta and Lopez-deSilanes (1999)). Gerschenkron (1962, p. 20) has some sympathy for this view: “There is no doubt that the government as an agens movens of industrialization discharged its role in a far less than perfectly effi ...
Tr a n s p a r e n c... Hans Dillén and Jonny Nilsson, Economics Department, Sveriges Riksbank
... to monitor and infer the intentions of the central bank, especially their current intentions. We think of this as an ex ante calculating process, comparing private expectations with (explicitly or implicitly) announced future paths for key variables: inflation, interest rates, and nominal exchange r ...
... to monitor and infer the intentions of the central bank, especially their current intentions. We think of this as an ex ante calculating process, comparing private expectations with (explicitly or implicitly) announced future paths for key variables: inflation, interest rates, and nominal exchange r ...
External Shocks, Banks and Monetary Policy in an Open
... Our findings support the view that LATW type monetary policy rules, in particular credit-augmented IT rules, outperform conventional and RER augmented interest rate rules under mandates that favor financial or external stability. Furthermore, credit augmented rules are found to perform better in res ...
... Our findings support the view that LATW type monetary policy rules, in particular credit-augmented IT rules, outperform conventional and RER augmented interest rate rules under mandates that favor financial or external stability. Furthermore, credit augmented rules are found to perform better in res ...
Fiscal consolidations and bank balance sheets
... Government deficit and debt ratios skyrocketed in many industrialized countries as a consequence of the global financial and economic crisis. Consequently, most industrialized countries have by now announced medium-term consolidation strategies which would lead to a significant fiscal tightening ove ...
... Government deficit and debt ratios skyrocketed in many industrialized countries as a consequence of the global financial and economic crisis. Consequently, most industrialized countries have by now announced medium-term consolidation strategies which would lead to a significant fiscal tightening ove ...
The euro in the `currency war` - Centre for Economic Policy Research
... a tightening of the ECB’s monetary policy. Given the ECB’s mandate and the tools it currently has at its disposal, a monetary expansion could take the following three forms: • The direct purchase by the ECB of securitised small and medium enterprise (SME) loans would in our view be the most effecti ...
... a tightening of the ECB’s monetary policy. Given the ECB’s mandate and the tools it currently has at its disposal, a monetary expansion could take the following three forms: • The direct purchase by the ECB of securitised small and medium enterprise (SME) loans would in our view be the most effecti ...
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.