Fluctuations in the Yen/Dollar Exchange Rate, East Asian Business
... relatively large and closed economy of Japan is unsuited to a fixed exchange rate regime and that the other Asian countries must accept yen/dollar fluctuations as a fact of life. According to Williamson and others, however, by jointly pegging their currencies to the same basket of the industrial-cou ...
... relatively large and closed economy of Japan is unsuited to a fixed exchange rate regime and that the other Asian countries must accept yen/dollar fluctuations as a fact of life. According to Williamson and others, however, by jointly pegging their currencies to the same basket of the industrial-cou ...
Can Greece be saved? Current Account, fiscal imbalances and competitiveness
... years can be attributed to, among others: (i) accumulated loss of economic competitiveness against main trade-partner economies; (ii) pronounced fiscal policy relaxation following the euro adoption; (iii) the completion of domestic financial sector liberalization in the mid-90s and enhanced financia ...
... years can be attributed to, among others: (i) accumulated loss of economic competitiveness against main trade-partner economies; (ii) pronounced fiscal policy relaxation following the euro adoption; (iii) the completion of domestic financial sector liberalization in the mid-90s and enhanced financia ...
Cash, freedom and crime: Use and impact of cash in
... some extent, the difference could result from sample biases or untruthful responses on cash use and holdings. Also, the volume of euro notes issued in ...
... some extent, the difference could result from sample biases or untruthful responses on cash use and holdings. Also, the volume of euro notes issued in ...
NBER WORKING PAPER SERIES A CURRENCY OF ONE’S OWN?
... 2000) – have analyzed the conditions under which a (small) economy would benefit from giving up its currency. In contrast, we are interested in finding out how countries with a ...
... 2000) – have analyzed the conditions under which a (small) economy would benefit from giving up its currency. In contrast, we are interested in finding out how countries with a ...
The Equilibrium Value of The Euro/$ US Exchange Rate
... grouped under the heading BEER, behavioral equilibrium real exchange rate9, and the latter takes as a point of departure the NATREX model. Makrydakis, de Lima, Claessens and Kramer [ECB: M] describe the alternative approaches as follows. “The BEER, unlike the ...NATREX approaches that rely on a stru ...
... grouped under the heading BEER, behavioral equilibrium real exchange rate9, and the latter takes as a point of departure the NATREX model. Makrydakis, de Lima, Claessens and Kramer [ECB: M] describe the alternative approaches as follows. “The BEER, unlike the ...NATREX approaches that rely on a stru ...
Management & Engineering Empirical Analysis of
... implementation of the mild financial repression policy in the process of reform is important experience of the success of China’s reform, but this kind of financial oppression led to today’s unhealthy financial system. If RMB achieves convertibility in a hurry, a lot of money may exchange for foreig ...
... implementation of the mild financial repression policy in the process of reform is important experience of the success of China’s reform, but this kind of financial oppression led to today’s unhealthy financial system. If RMB achieves convertibility in a hurry, a lot of money may exchange for foreig ...
CLAUS BRAND DIETER GERDESMEIER BARBARA ROFFIA May
... developments over shorter periods. In light of the fundamental monetary nature of inflation over the medium term, the ECB assigned a prominent role to money. This element – known as the “first pillar” of the strategy – was signalled by the announcement of a quantitative reference value for monetary ...
... developments over shorter periods. In light of the fundamental monetary nature of inflation over the medium term, the ECB assigned a prominent role to money. This element – known as the “first pillar” of the strategy – was signalled by the announcement of a quantitative reference value for monetary ...
A Currency Union Or An Exchange Rate Union
... The experience of the Euro has rekindled interest in the possibility of a common currency area in East Asia. Before the Asian financial crisis in 1997, most East Asian countries adopted a fixed exchange rate regime or a managed floating regime, virtually pegging to the U.S. dollar. This dollar peg m ...
... The experience of the Euro has rekindled interest in the possibility of a common currency area in East Asia. Before the Asian financial crisis in 1997, most East Asian countries adopted a fixed exchange rate regime or a managed floating regime, virtually pegging to the U.S. dollar. This dollar peg m ...
Banking structures report, October 2014
... picture is radically different (see Chart 2). In terms of country GDP, Luxembourg stands out as the largest banking sector, with assets representing 1579% of GDP, followed by Malta, Ireland and Cyprus with banking assets representing 693%, 481% and 409% of GDP respectively. It is worth mentioning th ...
... picture is radically different (see Chart 2). In terms of country GDP, Luxembourg stands out as the largest banking sector, with assets representing 1579% of GDP, followed by Malta, Ireland and Cyprus with banking assets representing 693%, 481% and 409% of GDP respectively. It is worth mentioning th ...
What Have we Learnt about Monetary Integration
... A number of countries in EMU have recently experienced large losses of competitiveness: an asymmetric shock • The Great Recession of 2008 was an asymmetric shock • This phenomenon will lead to the need to adjust in many countries.2 In particular, the countries that have lost competitiveness will hav ...
... A number of countries in EMU have recently experienced large losses of competitiveness: an asymmetric shock • The Great Recession of 2008 was an asymmetric shock • This phenomenon will lead to the need to adjust in many countries.2 In particular, the countries that have lost competitiveness will hav ...
Foreign Currency Transactions
... net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors. The terms of the contract require or permit net settlement, ...
... net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors. The terms of the contract require or permit net settlement, ...
A Currency Union or an Exchange Rate Union: Evidence from
... The Asia Development Bank (ADB) announced a plan to issue the Asian currency unit (ACU) in early 2006. The ACU is a statistical index, not a legal tender yet, based on a currency basket containing 10 ASEAN countries plus China, Japan and Korea. The weight of each currency is going to be determined b ...
... The Asia Development Bank (ADB) announced a plan to issue the Asian currency unit (ACU) in early 2006. The ACU is a statistical index, not a legal tender yet, based on a currency basket containing 10 ASEAN countries plus China, Japan and Korea. The weight of each currency is going to be determined b ...
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... commodity and energy prices and the quick decrease in the size of the manufacturing sector show that there is a potential case for a Dutch disease in Canada. This has led a lot of policy makers to express big concerns about the seriousness of such a phenomenon in Canada. To what extent can we ascri ...
... commodity and energy prices and the quick decrease in the size of the manufacturing sector show that there is a potential case for a Dutch disease in Canada. This has led a lot of policy makers to express big concerns about the seriousness of such a phenomenon in Canada. To what extent can we ascri ...
An Institutional Framework for Comparing Emerging Market
... countries by means of an index of precommitment. The index is derived from an analysis of the legislative framework and monetary policy operations in these CBAs. It arranges features associated with credibility under seven headings: (i) clarity of legal basis, (ii) quality of reserve coverage, (iii) ...
... countries by means of an index of precommitment. The index is derived from an analysis of the legislative framework and monetary policy operations in these CBAs. It arranges features associated with credibility under seven headings: (i) clarity of legal basis, (ii) quality of reserve coverage, (iii) ...
NBER WORKING PAPER SERIES LONG-RUN DETERMINANTS OF INFLATION Filippo Altissimo
... persistence of inflation differentials across the regions of a monetary union as well as their potential relevance for monetary policy making. The initial years of EMU coincided with a change in trend in the observed degree of dispersion in inflation rates across euro area countries. In the run-up to ...
... persistence of inflation differentials across the regions of a monetary union as well as their potential relevance for monetary policy making. The initial years of EMU coincided with a change in trend in the observed degree of dispersion in inflation rates across euro area countries. In the run-up to ...
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... have a direct impact on the exchange rate of the currency held by the public, as well as other economic impacts due to the continuation of this policy which includes exports and imports, inflation, until economic growth. We need Redenomination. with Indonesia's economy projected to grow rapidly, the ...
... have a direct impact on the exchange rate of the currency held by the public, as well as other economic impacts due to the continuation of this policy which includes exports and imports, inflation, until economic growth. We need Redenomination. with Indonesia's economy projected to grow rapidly, the ...
Proposed Architecture for an ECOWAS Common Currency
... currency board would allow each or all ECOWAS countries to peg their respective currencies to another currency at a fixed exchange rate and ensure that their money supply is tied to the level of reserves of the other currency at their disposal. Second, ECOWAS countries can also abandon their respect ...
... currency board would allow each or all ECOWAS countries to peg their respective currencies to another currency at a fixed exchange rate and ensure that their money supply is tied to the level of reserves of the other currency at their disposal. Second, ECOWAS countries can also abandon their respect ...
Consumption Baskets and Currency Choice in International Borrowing
... partially crowd out foreign lenders on the local currency bond market. We lay out our argument in a simple DSGE model of a small open emerging economy featuring production and price rigidity in the non-tradable goods sector only. Real shocks take the form of shocks to the economy’s endowment of the ...
... partially crowd out foreign lenders on the local currency bond market. We lay out our argument in a simple DSGE model of a small open emerging economy featuring production and price rigidity in the non-tradable goods sector only. Real shocks take the form of shocks to the economy’s endowment of the ...
Dollarization: A Primer - The Centre for Economic Performance
... yielded mixed results as to the ex-ante convenience of the union, suggesting the presence of other (both political and historical) factors behind them.13 For example, some analysts tend to see the convergence process towards EMU as a scheme by which European countries borrowed monetary policy credib ...
... yielded mixed results as to the ex-ante convenience of the union, suggesting the presence of other (both political and historical) factors behind them.13 For example, some analysts tend to see the convergence process towards EMU as a scheme by which European countries borrowed monetary policy credib ...
Globalization without global money: the double role of the dollar as
... the late 1990s-can be linked to the double role of the dollar and the related conflict between the need for stable monetary conditions for the world economy as a whole and the need to adjust U.S. monetary policy to national conditions prevailing in the United States. I begin with a discussion of the ...
... the late 1990s-can be linked to the double role of the dollar and the related conflict between the need for stable monetary conditions for the world economy as a whole and the need to adjust U.S. monetary policy to national conditions prevailing in the United States. I begin with a discussion of the ...
economic papers 165 .EMU and the euro – the first 10 years
... not an optimal currency area. This point, which dates back from the analysis of optimal currency areas initiated by Robert Mundell and others in the 1960s, has been debated continuously since the announcement of the plans for a monetary union in Europe. A sizeable body of empirical work reaches the ...
... not an optimal currency area. This point, which dates back from the analysis of optimal currency areas initiated by Robert Mundell and others in the 1960s, has been debated continuously since the announcement of the plans for a monetary union in Europe. A sizeable body of empirical work reaches the ...
Chakriya Bowman Economies
... There is a sound economic basis for the proposition that Australia’s influence in Asia should have some effect on regional currencies. The last decade of the 20th century saw a significant increase in Australian trade with East Asia, both in exports to and imports from the East Asian region. Total t ...
... There is a sound economic basis for the proposition that Australia’s influence in Asia should have some effect on regional currencies. The last decade of the 20th century saw a significant increase in Australian trade with East Asia, both in exports to and imports from the East Asian region. Total t ...
If You`re So Smart: John Maynard Keynes and Currency Speculation
... currencies is therefore equivalent to a trader betting on her beliefs about the future spot rates relative to those of the market where the latter are expressed by the prevailing forward rates. A currency trader’s profitability, therefore, depends on her ability to forecast currency movements better ...
... currencies is therefore equivalent to a trader betting on her beliefs about the future spot rates relative to those of the market where the latter are expressed by the prevailing forward rates. A currency trader’s profitability, therefore, depends on her ability to forecast currency movements better ...
Assessing the Advantages of EMU-Enlargement for the
... Additionally, accession countries which experience high growth rates of GDP face a dilemma. This is because high growth rates lead to the need for real appreciation which has to be achieved either by exchange rate revaluation or by higher inflation rates.7 This implies that countries which sped up c ...
... Additionally, accession countries which experience high growth rates of GDP face a dilemma. This is because high growth rates lead to the need for real appreciation which has to be achieved either by exchange rate revaluation or by higher inflation rates.7 This implies that countries which sped up c ...
Japan`s Deflationary Hangover: Wage Stagnation and the Syndrome
... depreciation of the yen: prices and wages in Europe and the United States have grown, and are growing, faster than in Japan. As the yen becomes weaker in real terms, American and European industrialists and politicians are again complaining that the yen is too weak (Japan bashing II?)—although the p ...
... depreciation of the yen: prices and wages in Europe and the United States have grown, and are growing, faster than in Japan. As the yen becomes weaker in real terms, American and European industrialists and politicians are again complaining that the yen is too weak (Japan bashing II?)—although the p ...
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.