Chapter 14 - University of Alberta
... interest rate at the top of the band (the Bank rate). • The bank pays interest on deposits at the rate given by the bottom edge of the band. ...
... interest rate at the top of the band (the Bank rate). • The bank pays interest on deposits at the rate given by the bottom edge of the band. ...
THE IMPACT OF EXCHANGE RATE PASS-THROUGH
... products that are exported. The deficit of trade balance just shows that Serbian export (and thus the economy) is uncompetitive. Many factors affect the real exchange rate (Miljković, 2008). One of them is the change in the value of aggregate output (gross domestic product). When there is a tendency ...
... products that are exported. The deficit of trade balance just shows that Serbian export (and thus the economy) is uncompetitive. Many factors affect the real exchange rate (Miljković, 2008). One of them is the change in the value of aggregate output (gross domestic product). When there is a tendency ...
External debt and macrodynamics in emerging economies
... As to the monetary side of the model, it is assumed that the monetary base is generated exclusively through the foreign channel, and therefore the money supply5 consists of the stock of liquidity generated through the external financing of the economy, net of the interest outflows. The money supply ...
... As to the monetary side of the model, it is assumed that the monetary base is generated exclusively through the foreign channel, and therefore the money supply5 consists of the stock of liquidity generated through the external financing of the economy, net of the interest outflows. The money supply ...
The duration of fixed exchange rate regimes Sébastien Wälti Trinity College Dublin
... in some regime parameter. The sample of countries varies across studies, including either OECD countries, or Latin American countries, or a selection of developed, emerging market and other economies, or all countries. Most of the literature, e.g. Detragiache, Mody and Okada (2005), makes use of log ...
... in some regime parameter. The sample of countries varies across studies, including either OECD countries, or Latin American countries, or a selection of developed, emerging market and other economies, or all countries. Most of the literature, e.g. Detragiache, Mody and Okada (2005), makes use of log ...
Foreign Exchange Outlook - Global Banking and Markets
... a trade weighted basis. The rally has been fundamentally led, with relative growth and central bank policies being the core drivers while flows and technicals have been playing supporting roles. However, massive shifts in financial markets generally — including low oil prices, suppressed sovereign b ...
... a trade weighted basis. The rally has been fundamentally led, with relative growth and central bank policies being the core drivers while flows and technicals have been playing supporting roles. However, massive shifts in financial markets generally — including low oil prices, suppressed sovereign b ...
On the Political Economy of Exchange Rate Policy
... As the set of institutional arrangements, mechanisms, and tools that are used to influence or control the value of the national currency on the foreign exchange markets, an ‘exchange rate regime’ forms one of the principal means by which a national state is integrated into the global economy. The ...
... As the set of institutional arrangements, mechanisms, and tools that are used to influence or control the value of the national currency on the foreign exchange markets, an ‘exchange rate regime’ forms one of the principal means by which a national state is integrated into the global economy. The ...
S. Grain and Soybean Exports to Japan
... is from Clark (6). 2 Price changes resulting from changes in exchange rates are used to measure the effects on quantities. Japanese import demand elasticities are estimated using regression analysis. The domestic price and income effects of exchange rate changes, in both the United States and Japan, ...
... is from Clark (6). 2 Price changes resulting from changes in exchange rates are used to measure the effects on quantities. Japanese import demand elasticities are estimated using regression analysis. The domestic price and income effects of exchange rate changes, in both the United States and Japan, ...
Chapter 8
... • Consumers and businesses have adjusted to these shocks, and energy-intensive users now know how to hedge against major price fluctuations. • Expectations have changed, and most people think spikes in energy prices are temporary. • The “energy coefficient” has been cut in half since 1973. • Even wh ...
... • Consumers and businesses have adjusted to these shocks, and energy-intensive users now know how to hedge against major price fluctuations. • Expectations have changed, and most people think spikes in energy prices are temporary. • The “energy coefficient” has been cut in half since 1973. • Even wh ...
Calculating the Unthinkable: Exchange Rate Effects of a Credit Event
... To calculate the EUR-USD exchange rate effects of a credit event of a member of the euro zone, we create a portfolio of credit default swaps (CDS) referencing to the same sovereign entities. For European sovereigns, it is possible to trade CDS that are denominated either in Euro or US-Dollars. These ...
... To calculate the EUR-USD exchange rate effects of a credit event of a member of the euro zone, we create a portfolio of credit default swaps (CDS) referencing to the same sovereign entities. For European sovereigns, it is possible to trade CDS that are denominated either in Euro or US-Dollars. These ...
Evidence from unit root tests with structural breaks
... downward adjustments. Nevertheless, in our point of view, the misalignment situation of the local currency was the most important one. This latter had become overvalued in the early 1980s, and this had not been corrected by early 1985. Moreover, at that time, commodity prices began to weaken, leadin ...
... downward adjustments. Nevertheless, in our point of view, the misalignment situation of the local currency was the most important one. This latter had become overvalued in the early 1980s, and this had not been corrected by early 1985. Moreover, at that time, commodity prices began to weaken, leadin ...
Exchange Rates
... • The exchange rates were fixed because the central banks in those countries offered to buy or sell the currencies at the fixed exchange rate • Examples include the gold standard, which operated in the late 1800s and early 1900s, and the Bretton Woods system, which was in place from 1944 until the e ...
... • The exchange rates were fixed because the central banks in those countries offered to buy or sell the currencies at the fixed exchange rate • Examples include the gold standard, which operated in the late 1800s and early 1900s, and the Bretton Woods system, which was in place from 1944 until the e ...
Political Contagion in Currency Crises
... deficit and is financing it by printing money. The rate of monetary expansion is inconsistent with the fixed exchange rate in the long run; in the short run, individuals do not want to hold the higher level of domestic currency and exchange it for foreign-currency-denominated assets. The peg rate mu ...
... deficit and is financing it by printing money. The rate of monetary expansion is inconsistent with the fixed exchange rate in the long run; in the short run, individuals do not want to hold the higher level of domestic currency and exchange it for foreign-currency-denominated assets. The peg rate mu ...
EMU strategies: Lessons from Greece in view of the EU Enlargement
... to manage in the absence of the stabilizing influence of a concrete programme, and a timetable, towards monetary union. In this context, the 1992-93 ERM crisis worked as a catalyst, strengthening member states resolve to pursue progress towards monetary union on the basis of the EMU project of the M ...
... to manage in the absence of the stabilizing influence of a concrete programme, and a timetable, towards monetary union. In this context, the 1992-93 ERM crisis worked as a catalyst, strengthening member states resolve to pursue progress towards monetary union on the basis of the EMU project of the M ...
This PDF is a selection from a published volume from... of Economic Research Volume Title: NBER International Seminar on Macroeconomics 2012
... This paper investigates how capital account policies can be used to devalue the real exchange rate. This is a critical topic given current policy discussions about the extent to which some economies are taking policy measures to maintain a persistent devaluation of the real exchange rate. In particu ...
... This paper investigates how capital account policies can be used to devalue the real exchange rate. This is a critical topic given current policy discussions about the extent to which some economies are taking policy measures to maintain a persistent devaluation of the real exchange rate. In particu ...
Examining exchange rate return factors before and after
... foreign exchange relationships. Also concluded by Chen, Roll & Ross, 1986 - "Asset prices should depend on their exposures to the state variable that describe the company". Thereto, research papers published regarding the clarification of the common factors within linear relationships between countr ...
... foreign exchange relationships. Also concluded by Chen, Roll & Ross, 1986 - "Asset prices should depend on their exposures to the state variable that describe the company". Thereto, research papers published regarding the clarification of the common factors within linear relationships between countr ...
Determinants of the ZAR/USD exchange rate and policy
... the long run, a 1% increase in GDP per capita will lead to a 3.7% appreciation of the rand. If the real gold price rises 1%, the rand will appreciate about 1%. When gross reserves of the SARB increases 1%, the rand will appreciate 0.7%. There is a negative trend. In the short run, except for the dum ...
... the long run, a 1% increase in GDP per capita will lead to a 3.7% appreciation of the rand. If the real gold price rises 1%, the rand will appreciate about 1%. When gross reserves of the SARB increases 1%, the rand will appreciate 0.7%. There is a negative trend. In the short run, except for the dum ...
The Foreign Exchange Market
... A country that is borrowing more from the rest of the world than it is lending to it is called a net borrower. A country that is lending more to the rest of the world than it is borrowing from it is called a net lender. Since the early 1980s, except for 1991, the United States has been a net borrowe ...
... A country that is borrowing more from the rest of the world than it is lending to it is called a net borrower. A country that is lending more to the rest of the world than it is borrowing from it is called a net lender. Since the early 1980s, except for 1991, the United States has been a net borrowe ...
External Balance Correction: Depreciation or Protection? (Brookings
... to shiftfrom a deficitof 3.9 percentof GNP in 1986to balanceor even a surplus. Is there a need for policy intervention to bring about the adjustment?If so, which method will maximize welfare: exchange depreciation,tariffs, quotas, voluntaryexport restraints,or a mix? The first section of this paper ...
... to shiftfrom a deficitof 3.9 percentof GNP in 1986to balanceor even a surplus. Is there a need for policy intervention to bring about the adjustment?If so, which method will maximize welfare: exchange depreciation,tariffs, quotas, voluntaryexport restraints,or a mix? The first section of this paper ...
Foreign currencies - Brochure
... date. The UBS “3+” hedging concept, for example, is now also established at other providers. Our bank is also a pioneer in the area of electronic trading applications. And using the innovative UBS FX Investor, your client advisor can develop exclusive structured forex products for you in a matter of ...
... date. The UBS “3+” hedging concept, for example, is now also established at other providers. Our bank is also a pioneer in the area of electronic trading applications. And using the innovative UBS FX Investor, your client advisor can develop exclusive structured forex products for you in a matter of ...
NBER WORKING PAPER SERIES THE SMALL OPEN ECONOMY CASE
... approach. However, Buffie and Atolia (2007) claim otherwise by introducing durable goods into the model, a conjecture that was first spelled out in Calvo (1988). ...
... approach. However, Buffie and Atolia (2007) claim otherwise by introducing durable goods into the model, a conjecture that was first spelled out in Calvo (1988). ...