Monetary and Financial Policies in Emerging Markets
... They create pressure for countries to depreciate their currencies, which can boost in‡ation. Fighting in‡ation may require tighter monetary policy, which could lower growth assessment.3 In addition, currency depreciations reduce the net worth of sectors in home country which have outstanding debts d ...
... They create pressure for countries to depreciate their currencies, which can boost in‡ation. Fighting in‡ation may require tighter monetary policy, which could lower growth assessment.3 In addition, currency depreciations reduce the net worth of sectors in home country which have outstanding debts d ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... Most importantly, we relate the assumptions and implications of our model to the East Asian currency crisis. We use the theoretical framework as a basis for comparing the experience of five East Asian economies in the 1990s. This sample includes two economies that experienced currency crises, Korea ...
... Most importantly, we relate the assumptions and implications of our model to the East Asian currency crisis. We use the theoretical framework as a basis for comparing the experience of five East Asian economies in the 1990s. This sample includes two economies that experienced currency crises, Korea ...
The Political Economy of French Monetary Policy Florin Aftalion*
... The purpose of this paper is to analyze the monetary policy decision process in France over the recent years. Since the end of World War II the French banking system has been submitted to several series of reforms. The most significant one took place between 1966 and 1971. In order to achieve more c ...
... The purpose of this paper is to analyze the monetary policy decision process in France over the recent years. Since the end of World War II the French banking system has been submitted to several series of reforms. The most significant one took place between 1966 and 1971. In order to achieve more c ...
24. The Limits of Monetary Policy
... If the Fed is to focus solely on maintaining the purchasing power of the dollar, then it cannot also use monetary policy to peg the foreign exchange, or external, value of the dollar. The dollar must be free to float without exchange market intervention. Halting such intervention requires that Congr ...
... If the Fed is to focus solely on maintaining the purchasing power of the dollar, then it cannot also use monetary policy to peg the foreign exchange, or external, value of the dollar. The dollar must be free to float without exchange market intervention. Halting such intervention requires that Congr ...
Systemic Challenges in the International Monetary System
... This chapter examines the weaknesses of the current IMS, and proposes some elements for its reform. It focuses on three fundamental challenges commonly perceived as confronting any IMS (see, for example, United Nations, 2009; Erten and Ocampo, 2012), and examines how these challenges and the respons ...
... This chapter examines the weaknesses of the current IMS, and proposes some elements for its reform. It focuses on three fundamental challenges commonly perceived as confronting any IMS (see, for example, United Nations, 2009; Erten and Ocampo, 2012), and examines how these challenges and the respons ...
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... peg the nominal exchange rate and at the same time pursue an independent monetary policy aimed at stabilizing the price level, without imposing capital controls; fine-tune the economy; make accurate macroeconomic forecasts. ...
... peg the nominal exchange rate and at the same time pursue an independent monetary policy aimed at stabilizing the price level, without imposing capital controls; fine-tune the economy; make accurate macroeconomic forecasts. ...
DP2008/01 Some benefits of monetary policy transparency in New Zealand
... Over the past two decades or so central banks have become considerably more transparent about the motivation and thinking behind monetary policy actions. The genesis of this shift was likely the opening up of capital accounts and associated movement away from highly managed exchange rate regimes, wh ...
... Over the past two decades or so central banks have become considerably more transparent about the motivation and thinking behind monetary policy actions. The genesis of this shift was likely the opening up of capital accounts and associated movement away from highly managed exchange rate regimes, wh ...
The Argentine Monetary and Financial Policies and the Crisis
... At the beginning the program was based on quarterly targets of the monetary base, then changed in 2006 to quarterly targets on M2 in pesos (bills and coins held by the public plus public and private sectors’ current and savings accounts) with the purpose of improving transparency and advancing on a ...
... At the beginning the program was based on quarterly targets of the monetary base, then changed in 2006 to quarterly targets on M2 in pesos (bills and coins held by the public plus public and private sectors’ current and savings accounts) with the purpose of improving transparency and advancing on a ...
Financial Frictions and Unconventional Monetary Policy in Emerging
... but the typical household faces an exogenous upper limit to the amount of equity it can hold. This equity constraint is quite consequential; presumably it can be derived from more fundamental domestic frictions, such as informational or enforcement imperfections that result in an incomplete transfer ...
... but the typical household faces an exogenous upper limit to the amount of equity it can hold. This equity constraint is quite consequential; presumably it can be derived from more fundamental domestic frictions, such as informational or enforcement imperfections that result in an incomplete transfer ...
Excess money growth and inflation dynamics
... for inflation and the relationship between money and prices in general (Bachmeier and Swanson, 2005; De Grauwe and Polan, 2005; Bruggeman et al., 2005; Assenmacher-Wesche and Gerlach, 2006a), while the second ones relate episodes of significant imbalances in money and other financial variables to ba ...
... for inflation and the relationship between money and prices in general (Bachmeier and Swanson, 2005; De Grauwe and Polan, 2005; Bruggeman et al., 2005; Assenmacher-Wesche and Gerlach, 2006a), while the second ones relate episodes of significant imbalances in money and other financial variables to ba ...
Globalization in the financial services industry
... The international lending activities of most banks, aside from the money centers, are concentrated heavily in the area of providing a variety of credit facilities to banks in other countries. Consequently, a large proportion of banks' foreign assets and liabilities are claims on or claims of foreign ...
... The international lending activities of most banks, aside from the money centers, are concentrated heavily in the area of providing a variety of credit facilities to banks in other countries. Consequently, a large proportion of banks' foreign assets and liabilities are claims on or claims of foreign ...
An Overview of the Great Depression
... Traditional Methods of Combating Bank Runs Not Used Moreover, institutional arrangements that had existed in the private banking system designed to provide liquidity – to convert assets into cash – to fight bank runs before 1913 were not exercised after the creation of the Federal Reserve System. Fo ...
... Traditional Methods of Combating Bank Runs Not Used Moreover, institutional arrangements that had existed in the private banking system designed to provide liquidity – to convert assets into cash – to fight bank runs before 1913 were not exercised after the creation of the Federal Reserve System. Fo ...
Europe`s Great Depression: coordination failure after the First World
... in full operation around 1927 was considerably less stable for various reasons. The conference at Genoa in April 19221 had recommended that countries should stabilize their currencies at the rates prevailing at that time to ease the transition for countries that had experienced significant inflation ...
... in full operation around 1927 was considerably less stable for various reasons. The conference at Genoa in April 19221 had recommended that countries should stabilize their currencies at the rates prevailing at that time to ease the transition for countries that had experienced significant inflation ...
TECHNICAL NOTE PROPOSAL INTERNATIONAL ACCOUNTING
... changes would not have a direct impact on the statement of profit and loss. These would correctly reflect that the intention to maintain them is not to have an asset to trade in the short term but to keep it available in order to make payments at any time. 5. As regards gold not maintained as moneta ...
... changes would not have a direct impact on the statement of profit and loss. These would correctly reflect that the intention to maintain them is not to have an asset to trade in the short term but to keep it available in order to make payments at any time. 5. As regards gold not maintained as moneta ...
Exhibition The history of central banking – Poland and the USA
... Bank of Poland SA (Bank Polski SA) was launched on 28 April 1924. In line with the doctrine prevailing at that time, it was a joint stock company. Its shares were distributed to companies and the share of the state treasury in its equity was initially 1 per cent. This was intended as a means of maki ...
... Bank of Poland SA (Bank Polski SA) was launched on 28 April 1924. In line with the doctrine prevailing at that time, it was a joint stock company. Its shares were distributed to companies and the share of the state treasury in its equity was initially 1 per cent. This was intended as a means of maki ...
Global Constraints on Central Banking: The Case of Turkey
... given strong regulations over financial markets with closed capital accounts, the Bank played important roles in channeling credits to the government and especially to public enterprises. Indeed, the CBRT served as a development bank for a long time. After 1945, existing international monetary syste ...
... given strong regulations over financial markets with closed capital accounts, the Bank played important roles in channeling credits to the government and especially to public enterprises. Indeed, the CBRT served as a development bank for a long time. After 1945, existing international monetary syste ...
THE CENTRAL BANK OF THE REPUBLIC OF TURKEY 2000–01 FINANCIAL CRISIS
... finance public sector deficits. There comes a point in time when a rational economic agent will realize that a gradual depletion of international reserves is an indicator that the prevailing exchange rate regime will not survive. This anticipation triggers a sudden speculative attack on the currency ...
... finance public sector deficits. There comes a point in time when a rational economic agent will realize that a gradual depletion of international reserves is an indicator that the prevailing exchange rate regime will not survive. This anticipation triggers a sudden speculative attack on the currency ...
The Federal Reserve in a Globalized World Economy John B. Taylor
... stability. The task of monetary policy in each country is to find a policy in which the policy instrument is adjusted so as to reach an efficient point on that tradeoff. In such a model, the problem for the central bank is to decide how to respond to shocks and fluctuations in the economy while not ...
... stability. The task of monetary policy in each country is to find a policy in which the policy instrument is adjusted so as to reach an efficient point on that tradeoff. In such a model, the problem for the central bank is to decide how to respond to shocks and fluctuations in the economy while not ...
... The deterioration in bank balance sheets in the first stage of the crisis is a key factor leading to the second stage, a currency crisis. With a weakened banking sector it becomes very difficult for the central bank to defend its currency against a speculative attack. Any rise in interest rates to k ...
Europe`s Great Depression: coordination failure
... Europe emerged from the First World War economically and politically weakened. Millions had died in the trenches, from starvation or epidemics; others had survived permanently disabled or traumatized. The war had also caused unprecedented material destruction from France to Russia (Broadberry and Ha ...
... Europe emerged from the First World War economically and politically weakened. Millions had died in the trenches, from starvation or epidemics; others had survived permanently disabled or traumatized. The war had also caused unprecedented material destruction from France to Russia (Broadberry and Ha ...
The International Capital Market and the International Monetary
... elements as short-term financing of internation’al trade, foreign direct investment, foreign portfolio investment, and official loans -and grants. But it is the Eurocurrency, Eurocredit, and Eurobond markets which have become increasingly significant. ...
... elements as short-term financing of internation’al trade, foreign direct investment, foreign portfolio investment, and official loans -and grants. But it is the Eurocurrency, Eurocredit, and Eurobond markets which have become increasingly significant. ...
Q&A U U.S. Monetary Policy An Introduction
... Why don’t the goals include helping a region of the country that’s in recession? Often, some state or region is going through a recession of its own while the national economy is humming along. But the Fed can’t concentrate its efforts on expanding the weak region for two reasons. First, monetary po ...
... Why don’t the goals include helping a region of the country that’s in recession? Often, some state or region is going through a recession of its own while the national economy is humming along. But the Fed can’t concentrate its efforts on expanding the weak region for two reasons. First, monetary po ...
How does monetary policy affect real sector of Papua New Guinea?
... private capital outflows increased, the domestic currency, kina, depreciated despite central bank intervention (Marciniak 2006). Expansionary policies of the 1990s However, as the pick-up of the economy was too slow, the government decided in the second half of 1990s to launch expansionary policies ...
... private capital outflows increased, the domestic currency, kina, depreciated despite central bank intervention (Marciniak 2006). Expansionary policies of the 1990s However, as the pick-up of the economy was too slow, the government decided in the second half of 1990s to launch expansionary policies ...
Ownership structure and risk-taking behaviour in conventional and
... reasons (Solé ; 2007): (i) Islamic banks may become systemically relevant as they grow and increasingly interact with conventional banks that are systematically important, (ii) the lack of Islamic instruments for hedging results in the concentration risks in a small number of institutions. Despite t ...
... reasons (Solé ; 2007): (i) Islamic banks may become systemically relevant as they grow and increasingly interact with conventional banks that are systematically important, (ii) the lack of Islamic instruments for hedging results in the concentration risks in a small number of institutions. Despite t ...
Financial stability and the design of monetary policy (923 KB )
... volatility while volatility is not necessarily bad for financial markets6 . Haldane, Hoggarth and Saporta (2001) offer a very general definition of financial stability, related to the economy’s saving-investment nexus. Deviations from the optimal saving-investment plan may arise because of inefficie ...
... volatility while volatility is not necessarily bad for financial markets6 . Haldane, Hoggarth and Saporta (2001) offer a very general definition of financial stability, related to the economy’s saving-investment nexus. Deviations from the optimal saving-investment plan may arise because of inefficie ...
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.