Peltonen-del05 1039031 en
... floating exchange rate regime was faster after currency crises than before them. However, under fixed or intermediate exchange rate regimes, crises caused substantial declines in per capita GDP growth rates. 2 See also Edison (2003). 3 See e.g. a survey by Wong and Selvi (1998). 4 One should note th ...
... floating exchange rate regime was faster after currency crises than before them. However, under fixed or intermediate exchange rate regimes, crises caused substantial declines in per capita GDP growth rates. 2 See also Edison (2003). 3 See e.g. a survey by Wong and Selvi (1998). 4 One should note th ...
A small estimated euro area model with rational expectations and
... Comparing these alternative specifications, we find that the relative real wage contracting model fits euro area inflation dynamics better than the nominal contracting model. However, we also note that the nominal contracting model is not rejected by the data. Among the three different versions of t ...
... Comparing these alternative specifications, we find that the relative real wage contracting model fits euro area inflation dynamics better than the nominal contracting model. However, we also note that the nominal contracting model is not rejected by the data. Among the three different versions of t ...
WO R K I N G PA P... WHAT IS GLOBAL EXCESS LIQUIDITY, AND DOES IT MATTER?
... that global inflationary pressure appears to be an important, if not the most important, determinant of inflationary pressure at a global level (see for example Ciccarelli and Mojon 2005). Notably, Borio and Filardo (2006) have recently argued that a global measure of the output gap outperforms dome ...
... that global inflationary pressure appears to be an important, if not the most important, determinant of inflationary pressure at a global level (see for example Ciccarelli and Mojon 2005). Notably, Borio and Filardo (2006) have recently argued that a global measure of the output gap outperforms dome ...
currency crises, capital-account liberalization, and selection bias
... 9 Real-exchange-rate changes are defined in terms of the trade-weighted sum of bilateral real exchange rates (constructed in terms of CPI indices, line 64 of the IFS) against the U.S. dollar, the German mark, and the Japanese yen, where the trade weights are based on the average of bilateral trade w ...
... 9 Real-exchange-rate changes are defined in terms of the trade-weighted sum of bilateral real exchange rates (constructed in terms of CPI indices, line 64 of the IFS) against the U.S. dollar, the German mark, and the Japanese yen, where the trade weights are based on the average of bilateral trade w ...
Currency Mismatch: New Database and Indicators for Latin America
... the three indicators proposed by Eichengreen, Hausmann and Panizza (2007) have been inappropriately employed as proxies for currency mismatch. These indicators do not represent good proxies because they only consider the liability side of the balance sheet: The greater the proportion of foreign cur ...
... the three indicators proposed by Eichengreen, Hausmann and Panizza (2007) have been inappropriately employed as proxies for currency mismatch. These indicators do not represent good proxies because they only consider the liability side of the balance sheet: The greater the proportion of foreign cur ...
Regional currency areas and the use of foreign currencies
... consensus emerging that it need not be (for instance, the CFA franc zone has been in existence for more than 50 years, much of that period without other significant elements of integration), but that to be successful and permanent, those other elements (customs union, macroeconomic coordination, har ...
... consensus emerging that it need not be (for instance, the CFA franc zone has been in existence for more than 50 years, much of that period without other significant elements of integration), but that to be successful and permanent, those other elements (customs union, macroeconomic coordination, har ...
Trends in cryptocurrencies and blockchain technologies: a monetary
... We start with a brief definition of a fiat currency. The European Central Bank (ECB) defines fiat currency as any legal tender designated and issued by a central authority that people are willing to accept in exchange for goods and services because it is backed by regulation, and because they trust ...
... We start with a brief definition of a fiat currency. The European Central Bank (ECB) defines fiat currency as any legal tender designated and issued by a central authority that people are willing to accept in exchange for goods and services because it is backed by regulation, and because they trust ...
Ch12 – Financial Reporting and Translation of Foreign
... 31, 2008, before any necessary year-end adjustment relating to the following: ...
... 31, 2008, before any necessary year-end adjustment relating to the following: ...
Invoice Currency: puzzling evidence and new questions from Brazil
... in transit in Brazil. Although exports, these expenditures are due to local consumption. Thus, we assume there is a natural bias when traders choose the domestic currency to invoice. A significant share of BRL invoices are due to these operations, on average: 71% from 2007–8 and 23% from 2009–11. No ...
... in transit in Brazil. Although exports, these expenditures are due to local consumption. Thus, we assume there is a natural bias when traders choose the domestic currency to invoice. A significant share of BRL invoices are due to these operations, on average: 71% from 2007–8 and 23% from 2009–11. No ...
The Impact of Foreign-Currency Movements on Equity
... to be accurate, complete, or timely. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results. ...
... to be accurate, complete, or timely. Morningstar shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Past performance is no guarantee of future results. ...
Chapter 20
... The dollar would have to appreciate by more than 55.96 percent for the strategy to backfire. 13. Financing Since the Asian Crisis. Bradenton, Inc., has a foreign subsidiary in Asia that commonly obtained short-term financing from local banks prior to the Asian crisis. Explain why the firm may not be ...
... The dollar would have to appreciate by more than 55.96 percent for the strategy to backfire. 13. Financing Since the Asian Crisis. Bradenton, Inc., has a foreign subsidiary in Asia that commonly obtained short-term financing from local banks prior to the Asian crisis. Explain why the firm may not be ...
Digital currencies - Bank for International Settlements
... the potential implications of digital currencies and distributed ledgers on retail payment services seem to be especially important, as these schemes have the potential to facilitate certain retail payment transactions (eg for e-commerce, cross-border transactions and person-to-person payments), and ...
... the potential implications of digital currencies and distributed ledgers on retail payment services seem to be especially important, as these schemes have the potential to facilitate certain retail payment transactions (eg for e-commerce, cross-border transactions and person-to-person payments), and ...
- International Growth Centre
... official dollarization, all seigniorage revenue accrues to the issuer of the currency, while official semi-dollarization arrangement allows monetary authorities to earn some seigniorage in addition to interest income on the foreign currency reserves that back the domestic currency issue. The final f ...
... official dollarization, all seigniorage revenue accrues to the issuer of the currency, while official semi-dollarization arrangement allows monetary authorities to earn some seigniorage in addition to interest income on the foreign currency reserves that back the domestic currency issue. The final f ...
Dollarization in Tanzania
... official dollarization, all seigniorage revenue accrues to the issuer of the currency, while official semi-dollarization arrangement allows monetary authorities to earn some seigniorage in addition to interest income on the foreign currency reserves that back the domestic currency issue. The final f ...
... official dollarization, all seigniorage revenue accrues to the issuer of the currency, while official semi-dollarization arrangement allows monetary authorities to earn some seigniorage in addition to interest income on the foreign currency reserves that back the domestic currency issue. The final f ...
Submissions on EMU from leading academics
... interest rates in future periods. They will therefore help reduce the level of long term real interest rates now as well as their volatility, and would lead to higher potential output. ...
... interest rates in future periods. They will therefore help reduce the level of long term real interest rates now as well as their volatility, and would lead to higher potential output. ...
Full Text
... ratchet variable for in‡ation in explaining dollarization hysteresis in Argentina, while Peiers and Wrase (1997) found signi…cant ratchet e¤ects for in‡ation, in‡ation volatility, and the volatility of currency depreciation in Bolivia. Somewhat unconventionally, Mueller (1994) and Mongardini and Mue ...
... ratchet variable for in‡ation in explaining dollarization hysteresis in Argentina, while Peiers and Wrase (1997) found signi…cant ratchet e¤ects for in‡ation, in‡ation volatility, and the volatility of currency depreciation in Bolivia. Somewhat unconventionally, Mueller (1994) and Mongardini and Mue ...
Can Currency Competition Work? - Penn Economics
... We start our analysis by considering the possibility of a purely private monetary arrangement. In particular, we focus on a system in which entrepreneurs issue intrinsically worthless tokens that circulate as a medium of exchange, attaining a strictly positive value. These privately issued currencie ...
... We start our analysis by considering the possibility of a purely private monetary arrangement. In particular, we focus on a system in which entrepreneurs issue intrinsically worthless tokens that circulate as a medium of exchange, attaining a strictly positive value. These privately issued currencie ...
Law of the Republic of Kazakhstan on Currency
... valuables by residents and non-residents, and specifies the goals, objectives, and procedure for currency regulation and currency control. CHAPTER 1. GENERAL PROVISIONS Article 1. Basic definitions used in this Law The Law uses the following basic concepts: ...
... valuables by residents and non-residents, and specifies the goals, objectives, and procedure for currency regulation and currency control. CHAPTER 1. GENERAL PROVISIONS Article 1. Basic definitions used in this Law The Law uses the following basic concepts: ...
CHAPTER 14—EXCHANGE-RATE ADJUSTMENTS AND THE
... a. Domestic prices rise--purchasing power of money falls--consumption falls b. Domestic prices rise--purchasing power of money rises--consumption rises c. Domestic prices fall--purchasing power of money rises--consumption falls d. Domestic prices fall--purchasing power of money rises--consumption ri ...
... a. Domestic prices rise--purchasing power of money falls--consumption falls b. Domestic prices rise--purchasing power of money rises--consumption rises c. Domestic prices fall--purchasing power of money rises--consumption falls d. Domestic prices fall--purchasing power of money rises--consumption ri ...
accounting implications of foreign currency transactions translation
... this regard, the author H. P. Troberg (1987, 318) gives a numeric argument of this statement, noting that “of the top ten individual problems of the 88 ones evaluated by international accounting experts, there are five related to currency translation”. T. Doupnik and H. Perera (2007, VI) cite the re ...
... this regard, the author H. P. Troberg (1987, 318) gives a numeric argument of this statement, noting that “of the top ten individual problems of the 88 ones evaluated by international accounting experts, there are five related to currency translation”. T. Doupnik and H. Perera (2007, VI) cite the re ...
Reforming the International Monetary System in the 1970s and 2000s
... exchange reserves would require their transformation into holdings denominated in other currencies. Accomplishing this in an off-market transaction, so as not to depress the dollar’s exchange rate, was the core idea of the substitution account. Policy makers active in the 1970s, when the dollar was ...
... exchange reserves would require their transformation into holdings denominated in other currencies. Accomplishing this in an off-market transaction, so as not to depress the dollar’s exchange rate, was the core idea of the substitution account. Policy makers active in the 1970s, when the dollar was ...
Continuous time regime switching model applied to foreign
... information. Recently, Bergman and Hansson (2005) notice that the Markov switching model is good to describe the exchange rates of six industrialized countries against the US dollar. Cheung and Erlandsson(2005) test three dollar-based exchange rates by quarterly and monthly data, respectively, and n ...
... information. Recently, Bergman and Hansson (2005) notice that the Markov switching model is good to describe the exchange rates of six industrialized countries against the US dollar. Cheung and Erlandsson(2005) test three dollar-based exchange rates by quarterly and monthly data, respectively, and n ...
3 - NBP
... union participation (the Maastricht criteria). These criteria can be fulfilled earlier or later on. The analysis indicates that the sooner these criteria are met and the euro is introduced – with the support of an appropriate economic policy – the greater the benefits for long-term economic growth w ...
... union participation (the Maastricht criteria). These criteria can be fulfilled earlier or later on. The analysis indicates that the sooner these criteria are met and the euro is introduced – with the support of an appropriate economic policy – the greater the benefits for long-term economic growth w ...
Zero lower bound: Is it a problem in the euro area?
... contracts), the zero lower bound may become a matter of concern for monetary policy-makers who follow Taylor’s rule with inflation targets below 2 percent. ...
... contracts), the zero lower bound may become a matter of concern for monetary policy-makers who follow Taylor’s rule with inflation targets below 2 percent. ...
English
... there is an entirely different dimension to this issue. If exporting firms set prices in foreign markets, and infrequently adjust them, in what currency should they set these prices? One reason why this is an important question is revealed in Figure 1, which shows a clear negative relationship betwee ...
... there is an entirely different dimension to this issue. If exporting firms set prices in foreign markets, and infrequently adjust them, in what currency should they set these prices? One reason why this is an important question is revealed in Figure 1, which shows a clear negative relationship betwee ...
International status and usage of the euro
The international status and usage of the euro has grown since its launch in 1999. When the euro formally replaced 12 currencies on 1 January 2002, it inherited their use in territories such as Montenegro and replaced minor currencies tied to the pre-euro currencies, such as in Monaco. Four small states have been given a formal right to use the euro, and to mint their own coins, but all other usage has been unofficial outside the eurozone (the EU states who have adopted the euro). With or without an agreement these countries, unlike those in the eurozone, do not participate in the European Central Bank or the Euro Group.Its international usage has also grown as a trading currency, acting as an economic or political alternative to using the United States dollar. Its increasing usage in this sense has led to its becoming the only significant challenger to the US dollar as the world's main reserve currency.