currency boards for developing countries
... sound currency is one that is stable, credible, and fully convertible. Stability means that current annual inflation is relatively low, usually in single digits. Credibility means that the issuer creates confidence that it will keep future inflation low. Full convertibility means that the currency c ...
... sound currency is one that is stable, credible, and fully convertible. Stability means that current annual inflation is relatively low, usually in single digits. Credibility means that the issuer creates confidence that it will keep future inflation low. Full convertibility means that the currency c ...
Currency Boards for Developing Countries
... sound currency is one that is stable, credible, and fully convertible. Stability means that current annual inflation is relatively low, usually in single digits. Credibility means that the issuer creates confidence that it will keep future inflation low. Full convertibility means that the currency c ...
... sound currency is one that is stable, credible, and fully convertible. Stability means that current annual inflation is relatively low, usually in single digits. Credibility means that the issuer creates confidence that it will keep future inflation low. Full convertibility means that the currency c ...
NBER WORKING PAPER SERIES INFLATION TARGETING: LESSONS Frederic S. Mishkin
... and Monetary Economics. Any opinions expressed are those of the authors and not those of the National Bureau of Economic Research. © 1997 by Frederic S. Mishkin and Adam S. Posen. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission pro ...
... and Monetary Economics. Any opinions expressed are those of the authors and not those of the National Bureau of Economic Research. © 1997 by Frederic S. Mishkin and Adam S. Posen. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission pro ...
Regional monetary integration in the member states of the Gulf
... currencies’ long-standing alignment with a common external anchor, the US dollar, which has led to a very high degree of intra-GCC exchange rate stability that is all the more noteworthy as it has prevailed in an environment of liberalised capital accounts. Fiscal convergence is less marked than mon ...
... currencies’ long-standing alignment with a common external anchor, the US dollar, which has led to a very high degree of intra-GCC exchange rate stability that is all the more noteworthy as it has prevailed in an environment of liberalised capital accounts. Fiscal convergence is less marked than mon ...
Monetary policy background to the gold transactions of the Swiss
... This paper attempts to describe the monetary policy background to the gold transactions of the Swiss National Bank (SNB) in the Second World War. The Independent Commission of Experts Switzerland – Second World War (ICE) addressed the general problem of the SNB gold transactions in the Second World ...
... This paper attempts to describe the monetary policy background to the gold transactions of the Swiss National Bank (SNB) in the Second World War. The Independent Commission of Experts Switzerland – Second World War (ICE) addressed the general problem of the SNB gold transactions in the Second World ...
Full Text ( Final Version , 1mb )
... statements of stock exchange quoted companies. The IFRS 7 requires the listed company in the European Union to report risk and increase the transparency in their annual financial consolidated report. It emphasis the disclosures about the financial instruments concerning an entity’s financial positio ...
... statements of stock exchange quoted companies. The IFRS 7 requires the listed company in the European Union to report risk and increase the transparency in their annual financial consolidated report. It emphasis the disclosures about the financial instruments concerning an entity’s financial positio ...
Monetary Policy without Central Bank Money: A Swiss Perspective
... the SNB's ability to insulate the domestic economy from foreign inflation. Even though the SNB reacted to these developments by tightening monetary policy, it was powerless to ward off the inflationary impulses coming from abroad. Instead, the restrictive monetary policy generated surpluses in the b ...
... the SNB's ability to insulate the domestic economy from foreign inflation. Even though the SNB reacted to these developments by tightening monetary policy, it was powerless to ward off the inflationary impulses coming from abroad. Instead, the restrictive monetary policy generated surpluses in the b ...
Spillover Implications of Differences in Monetary Conditions in
... Different speeds of recovery in systemic economies have given place to increasingly divergent monetary conditions.1 Monetary authorities in the United States have begun to withdraw unconventional monetary policy stimulus—with the Federal Reserve concluding its asset purchase program in late 2014. By ...
... Different speeds of recovery in systemic economies have given place to increasingly divergent monetary conditions.1 Monetary authorities in the United States have begun to withdraw unconventional monetary policy stimulus—with the Federal Reserve concluding its asset purchase program in late 2014. By ...
Financial regulation, financial globalization and the synchronization
... transmission of the 2007-08 shock from the U.S. to the rest of the world, making GDP patterns more alike. These arguments find support in the pre-crisis synchronization of economic activity, which coincided with the spur of financial globalization. The coevolution of cross-country output correlation ...
... transmission of the 2007-08 shock from the U.S. to the rest of the world, making GDP patterns more alike. These arguments find support in the pre-crisis synchronization of economic activity, which coincided with the spur of financial globalization. The coevolution of cross-country output correlation ...
TOWARD A NEW DESIGN FOR INTERNATIONAL H.
... world's economy has reintegrated and become globalized in many ways. While international finance began to reemerge soon after World War II (initially in the form of the Euromarkets - the basis of today's global financial system), due to the Bretton Woods focus on fixed exchange rates and closed dome ...
... world's economy has reintegrated and become globalized in many ways. While international finance began to reemerge soon after World War II (initially in the form of the Euromarkets - the basis of today's global financial system), due to the Bretton Woods focus on fixed exchange rates and closed dome ...
the political economy of central-bank independence
... stability. According to Cukierman (1995), they have done so for various reasons. First, the breakdown of institutions designed to safeguard price stability—the Bretton Woods system and the European Monetary System (EMS), for example—has led countries to search for alternatives. Second, the relative ...
... stability. According to Cukierman (1995), they have done so for various reasons. First, the breakdown of institutions designed to safeguard price stability—the Bretton Woods system and the European Monetary System (EMS), for example—has led countries to search for alternatives. Second, the relative ...
Capital Flows and Destabilizing Policy in Latin America
... use ordinary least squares for their estimation. 3 However pro-cyclical behavior implies that fiscal and monetary policies also affect economic growth, creating the problem of endogenous regressors. While the literature has identified pro-cyclical policy, there exists the possibility endogenous regr ...
... use ordinary least squares for their estimation. 3 However pro-cyclical behavior implies that fiscal and monetary policies also affect economic growth, creating the problem of endogenous regressors. While the literature has identified pro-cyclical policy, there exists the possibility endogenous regr ...
Post keynesian monetary theory and its implications
... A key aspect of Keynes' General Theory was the principle of effect_ive demand, through which an economy may operate at a point below full employment, without there being economic forces which draw it toward full employment. The point of effective demand is determined by the interaction of aggregate ...
... A key aspect of Keynes' General Theory was the principle of effect_ive demand, through which an economy may operate at a point below full employment, without there being economic forces which draw it toward full employment. The point of effective demand is determined by the interaction of aggregate ...
That Which We Call Capital Controls
... pace in the 1980s, as free market ideologies took hold. Increasing internationalization of commercial activity (for instance, in the form of multinational corporations) also militated against capital controls. Moreover, the desire on the part of the United States and the United Kingdom to be global ...
... pace in the 1980s, as free market ideologies took hold. Increasing internationalization of commercial activity (for instance, in the form of multinational corporations) also militated against capital controls. Moreover, the desire on the part of the United States and the United Kingdom to be global ...
From Bail-out to Bail-in: Mandatory Debt Restructuring of
... Bail-in is a statutory power to restructure the liabilities of a distressed SIFI by converting and/or writing down unsecured debt on a “going concern basis.” In bail-in, the concerned SIFI remains open and its existence as an ongoing legal entity is maintained. The idea is to eliminate insolvency ri ...
... Bail-in is a statutory power to restructure the liabilities of a distressed SIFI by converting and/or writing down unsecured debt on a “going concern basis.” In bail-in, the concerned SIFI remains open and its existence as an ongoing legal entity is maintained. The idea is to eliminate insolvency ri ...
The Effects of Monetary Policy on Prices in Malawi
... the most important variable in predicting prices. Therefore, the study recommends that authorities should be more concerned with imported cost-push inflation rather than demand-pull inflation. In the short term, pursuing a prudent exchange rate policy that recognizes the country’s precarious foreign ...
... the most important variable in predicting prices. Therefore, the study recommends that authorities should be more concerned with imported cost-push inflation rather than demand-pull inflation. In the short term, pursuing a prudent exchange rate policy that recognizes the country’s precarious foreign ...
Monetary Policy and Exchange Rate Interactions in a Small Open
... is achieved by assuming that monetary policy shocks can have no long-run effect on the level of the real exchange rate. In the short run, however, monetary policy is free to influence the exchange rate. Eventually, though, the effect dies out and the real exchange rate returns to its initial level. ...
... is achieved by assuming that monetary policy shocks can have no long-run effect on the level of the real exchange rate. In the short run, however, monetary policy is free to influence the exchange rate. Eventually, though, the effect dies out and the real exchange rate returns to its initial level. ...
Link to Text - Johns Hopkins University
... orderly monetary system. Fluctuations in the exchange rate and uncertainty in all calculations will therefore shake the prosperity of the state to its very foundation; in their activities at home and abroad the state as a whole and each individual citizen will encounter distrust and obstacles everyw ...
... orderly monetary system. Fluctuations in the exchange rate and uncertainty in all calculations will therefore shake the prosperity of the state to its very foundation; in their activities at home and abroad the state as a whole and each individual citizen will encounter distrust and obstacles everyw ...
The Swiss National Bank in Brief
... ensuring price stability and the considerations on which it bases its monetary policy decisions. Chapter 3 shows how the SNB supplies the money market with liquidity, thereby putting its monetary policy decisions into practice. Chapter 4 looks at the SNB’s role in the supply and distribution of cash ...
... ensuring price stability and the considerations on which it bases its monetary policy decisions. Chapter 3 shows how the SNB supplies the money market with liquidity, thereby putting its monetary policy decisions into practice. Chapter 4 looks at the SNB’s role in the supply and distribution of cash ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... tion tax rate increase and repeal of income tax cut in April 1997 is often regarded as a fiscal policy mistake. Slow structural reform in regulated sectors is another problem for the Japanese economy, which has not benefited from the information and communication technology (ICT) advances that prope ...
... tion tax rate increase and repeal of income tax cut in April 1997 is often regarded as a fiscal policy mistake. Slow structural reform in regulated sectors is another problem for the Japanese economy, which has not benefited from the information and communication technology (ICT) advances that prope ...
The Transmission of Monetary Policy in Canada
... In response to an invitation from Glendon College to deliver the 1995 HERMES lecture, Governor Thiessen decided to use the occasion to set out the Bank of Canada’s view of the transmission mechanism for monetary policy. The transmission mechanism is the chain of developments that begins with the Ban ...
... In response to an invitation from Glendon College to deliver the 1995 HERMES lecture, Governor Thiessen decided to use the occasion to set out the Bank of Canada’s view of the transmission mechanism for monetary policy. The transmission mechanism is the chain of developments that begins with the Ban ...
An Independent Review of Monetary Policy and Institutions in Norway
... School of Management BI, and Professor Erling Steigum, Norwegian School of Management BI. The committee met in Oslo in June 2002, had discussions with key officials at Norges Bank and the Ministry of Finance, and has worked on its report until September 2002. A realistic view of monetary policy In o ...
... School of Management BI, and Professor Erling Steigum, Norwegian School of Management BI. The committee met in Oslo in June 2002, had discussions with key officials at Norges Bank and the Ministry of Finance, and has worked on its report until September 2002. A realistic view of monetary policy In o ...
G97/8 Inflation targeting in an open economy: Strict or flexible inflation targeting?
... Zealand to 2 percent per year in Canada, Sweden and Finland and to 2.5 percent per year in Britain and Australia. For a given bandwidth, I don’t think the difference between a midpoint of 1.5 or 2.5 matters much. For instance, I don’t think there was any good reason to raise the midpoint of the targ ...
... Zealand to 2 percent per year in Canada, Sweden and Finland and to 2.5 percent per year in Britain and Australia. For a given bandwidth, I don’t think the difference between a midpoint of 1.5 or 2.5 matters much. For instance, I don’t think there was any good reason to raise the midpoint of the targ ...
Identification of US Monetary Policy Shocks
... purchasing power parity values. AGG extends the series until 2007 and considers the non-EMU countries plus GE, while treating GE as a representative of the EMU countries over the entire sample period (1976-2007). For example, the aggregate exchange rate corresponding to AGG98 is calculated by a GDP- ...
... purchasing power parity values. AGG extends the series until 2007 and considers the non-EMU countries plus GE, while treating GE as a representative of the EMU countries over the entire sample period (1976-2007). For example, the aggregate exchange rate corresponding to AGG98 is calculated by a GDP- ...
Foreign Exchange Market Organization in Selected
... those countries that peg the value of their currencies to other foreign currencies. For example, the euro explains close to 70 percent of the foreign exchange market turnover in countries firmly pegging their currencies to the euro, like Estonia and Bulgaria. Appendix Table 4 illustrates the share o ...
... those countries that peg the value of their currencies to other foreign currencies. For example, the euro explains close to 70 percent of the foreign exchange market turnover in countries firmly pegging their currencies to the euro, like Estonia and Bulgaria. Appendix Table 4 illustrates the share o ...
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.