The Future of Money
... credit cards. Similarly, many clearing and settlement systems give rise to expensive service charges and lucrative floats that have serious social consequences in areas such as remittances by foreign workers, providing financial services to the excluded, or encouraging the start-up of micro-enterpri ...
... credit cards. Similarly, many clearing and settlement systems give rise to expensive service charges and lucrative floats that have serious social consequences in areas such as remittances by foreign workers, providing financial services to the excluded, or encouraging the start-up of micro-enterpri ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... role in forming most economists' views about the real effects of monetary disturbances is that such procedures cannot persuasively identify the direction of causation. On the one hand, if firms that are planning to expand their output first increase their demands for liquid assets (or for loans from ...
... role in forming most economists' views about the real effects of monetary disturbances is that such procedures cannot persuasively identify the direction of causation. On the one hand, if firms that are planning to expand their output first increase their demands for liquid assets (or for loans from ...
S33898F437_en.pdf
... three non-LAC emerging economies: Korea, Malaysia and South Africa. One paper com pares the outstanding differences as well as similarities in the approaches adopted, by Korea and Malaysia, after the explosion of the East Asian crisis; both countries, after a period of orthodox reces sive adjustm e ...
... three non-LAC emerging economies: Korea, Malaysia and South Africa. One paper com pares the outstanding differences as well as similarities in the approaches adopted, by Korea and Malaysia, after the explosion of the East Asian crisis; both countries, after a period of orthodox reces sive adjustm e ...
Regional monetary integration in the member states of the Gulf
... generally low inflation rates in all member states and short-term interest rates co-moving in a narrow range. This is due to the GCC 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 ...
... generally low inflation rates in all member states and short-term interest rates co-moving in a narrow range. This is due to the GCC 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 ...
Foreign Monetary Policy and Firms` Default Risk
... the bank risk taking channel. Some of these studies have addressed the e↵ect of default risk on the supply of lending.6 Altunbas, Gambacorta and Marques-Ibanez (2010) and Gambacorta and Marques-Ibanez (2011) find that banks with higher default risk have supplied fewer loans during periods of rising ...
... the bank risk taking channel. Some of these studies have addressed the e↵ect of default risk on the supply of lending.6 Altunbas, Gambacorta and Marques-Ibanez (2010) and Gambacorta and Marques-Ibanez (2011) find that banks with higher default risk have supplied fewer loans during periods of rising ...
Chapter 4 Involuntary Excess Liquidity and the Effectiveness of
... There is no prima facie evidence that countries that are highly dependent on aid have higher ratios of excess reserves to deposits than other countries in the region. This may re‡ect a number of issues. One possible explanation for this is that several of the countries that receive a lot of foreign ...
... There is no prima facie evidence that countries that are highly dependent on aid have higher ratios of excess reserves to deposits than other countries in the region. This may re‡ect a number of issues. One possible explanation for this is that several of the countries that receive a lot of foreign ...
NBER WORKING PAPER SERIES ECONOMICS Michael D. Bordo
... trend in velocity. A 1982 revision to that rule would have monetary authorities freeze the monetary base. To provide an efficient set of monetary arrangements ( the optimum quantity of money), the rule would set the rate of deflation equal to the real interest rate, or alternatively would pay intere ...
... trend in velocity. A 1982 revision to that rule would have monetary authorities freeze the monetary base. To provide an efficient set of monetary arrangements ( the optimum quantity of money), the rule would set the rate of deflation equal to the real interest rate, or alternatively would pay intere ...
Monetary Policy without Central Bank Money: A Swiss Perspective
... In the past decade, it has become widely accepted that central banks should focus their attention on achieving and maintaining price stability. To underline their commitment to price stability, more and more central banks are adopting inflation targets. This is a far cry from the situation a quarter ...
... In the past decade, it has become widely accepted that central banks should focus their attention on achieving and maintaining price stability. To underline their commitment to price stability, more and more central banks are adopting inflation targets. This is a far cry from the situation a quarter ...
How do Unconventional Monetary Policy Surprises Affect U.S. Stock
... • Without controlling the monetary surprises of LSAP announcements, • Krishnamurthy and Vissing-Jorgenson (2011) found the impacts of LSAP1 announcements on 10-year Treasury rate and corporate bond rates are significantly larger than those of LSAP2. • Click and Leduc (2012) found that the unconditio ...
... • Without controlling the monetary surprises of LSAP announcements, • Krishnamurthy and Vissing-Jorgenson (2011) found the impacts of LSAP1 announcements on 10-year Treasury rate and corporate bond rates are significantly larger than those of LSAP2. • Click and Leduc (2012) found that the unconditio ...
The Relationship Between the Federal Funds Rate and the Fed`s
... Specifically, Cook and Hahn (1989a, p. 343) note that “the standard interpretation by market participants of movements in Treasury bill rate on days of changes in the funds rate target is that the movements are due to changes in expectations of the funds rate over the life of the bill. This interpre ...
... Specifically, Cook and Hahn (1989a, p. 343) note that “the standard interpretation by market participants of movements in Treasury bill rate on days of changes in the funds rate target is that the movements are due to changes in expectations of the funds rate over the life of the bill. This interpre ...
Three Essays on the Impacts of Risk and Uncertainty on Foreign
... 1997. However, the same year FDI inflows to Africa remained nearly the same at about ...
... 1997. However, the same year FDI inflows to Africa remained nearly the same at about ...
Rating agencies` signals during the European
... cost of insuring against sovereign risk, as implied by credit default swap (CDS) premia, substantially increased for most European countries. For example, the senior 5-year CDS premia on debt issued by the UK, US, France, Germany, Greece and Spain increased from 9, 8, 10, 7, 22 and 18 basis points i ...
... cost of insuring against sovereign risk, as implied by credit default swap (CDS) premia, substantially increased for most European countries. For example, the senior 5-year CDS premia on debt issued by the UK, US, France, Germany, Greece and Spain increased from 9, 8, 10, 7, 22 and 18 basis points i ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Money in Historical Perspective
... rise or deepening a depression when they fall4 Unfortunately, there is often no clear indication of the reason for changes in interest rates at the moment they occur. To avoid the possibility of interfering with the more important long-run objective of stabilizing aggregate demand, therefore, a poli ...
... rise or deepening a depression when they fall4 Unfortunately, there is often no clear indication of the reason for changes in interest rates at the moment they occur. To avoid the possibility of interfering with the more important long-run objective of stabilizing aggregate demand, therefore, a poli ...
JUNE, 1969 FEDERAL RESERVE BANK OF BOSTON SAMUELSON TOBIN
... this-take particular incidents in American history. In 1919, for example, we came out of World War I; there was a much-underbalanced budget; the Federal Reserve was under the thumb of the Treasury; and then, on a certain day, it can be established, just as a diplomatic historian can establish facts, ...
... this-take particular incidents in American history. In 1919, for example, we came out of World War I; there was a much-underbalanced budget; the Federal Reserve was under the thumb of the Treasury; and then, on a certain day, it can be established, just as a diplomatic historian can establish facts, ...
NBER WORKING PAPER SERIES OPTIMAL HOLDINGS OF INTERNATIONAL RESERVES:
... operates in reducing the probability of a Sudden Stop is not explicitly stated, and indicators of external liabilities, a factor that could be considered relevant in terms of providing a source of risk justifying the need to accumulate reserves, turn out not to be significant in their estimations. M ...
... operates in reducing the probability of a Sudden Stop is not explicitly stated, and indicators of external liabilities, a factor that could be considered relevant in terms of providing a source of risk justifying the need to accumulate reserves, turn out not to be significant in their estimations. M ...
NBER WORKING PAPER SERIES INFLATION TARGETING IN EMERGING MARKET ECONOMIES Arminio Fraga
... theoretical issues deserve attention: i) how to build credibility when faced with larger shocks? How to balance flexibility and credibility in such instance? ii) how does an inflation targeting regime work in a disinflation process? And in a credibility building process? iii) how to deal with shocks ...
... theoretical issues deserve attention: i) how to build credibility when faced with larger shocks? How to balance flexibility and credibility in such instance? ii) how does an inflation targeting regime work in a disinflation process? And in a credibility building process? iii) how to deal with shocks ...
strategic motivations of australian and new zealand
... developments in communications and technology that facilitate the management of far-reaching businesses. The purpose of this study is to empirically investigate how different locationspecific variables and strategic motives influenced Australian and New Zealand (ANZ) manufacturing firms' ownership s ...
... developments in communications and technology that facilitate the management of far-reaching businesses. The purpose of this study is to empirically investigate how different locationspecific variables and strategic motives influenced Australian and New Zealand (ANZ) manufacturing firms' ownership s ...
Accounting for Real Exchange Rates using Micro
... and not to services because the NIPA data treat the market for services as an arms-length transaction between the service provider and the end consumer. That is, a medical bill paid by a consumer or health insurance company would be recorded as having no distribution margin (or non-traded inputs) by ...
... and not to services because the NIPA data treat the market for services as an arms-length transaction between the service provider and the end consumer. That is, a medical bill paid by a consumer or health insurance company would be recorded as having no distribution margin (or non-traded inputs) by ...
Are twin currency and debt crises special?
... example, Frankel and Rose (1996) as one of the first approaches to study macroeconomic variables as predictors of currency crises yield only a low explanatory and predictive potential: While the numbers of false alarms remains below 1%, they only predict 5 out of 69 currency crises. One reason for t ...
... example, Frankel and Rose (1996) as one of the first approaches to study macroeconomic variables as predictors of currency crises yield only a low explanatory and predictive potential: While the numbers of false alarms remains below 1%, they only predict 5 out of 69 currency crises. One reason for t ...
NBER WORKING PAPER SERIES VARIETIES OF CURRENCY CRISES Graciela L. Kaminsky
... but the deterioration of the current account is at the core of crises before financial liberalization. Naturally, if these non- linearities are known, they can be controlled using interactive terms. Yet, such knowledge is the exception rather than the rule. Another source of non- linearities impossi ...
... but the deterioration of the current account is at the core of crises before financial liberalization. Naturally, if these non- linearities are known, they can be controlled using interactive terms. Yet, such knowledge is the exception rather than the rule. Another source of non- linearities impossi ...
TIME SERIES ANALYSIS OF DEMAND FOR MONEY IN
... significantly affected by interest rate, and that it is a stable function of real GNP and price level, then an excessive increase in money supply creates idiation in the economy in the shoa nui. Moreover, depending on the values of liquidity, price and income effects, it is possible that an excessiv ...
... significantly affected by interest rate, and that it is a stable function of real GNP and price level, then an excessive increase in money supply creates idiation in the economy in the shoa nui. Moreover, depending on the values of liquidity, price and income effects, it is possible that an excessiv ...
Determinants of Inflation in Selected Caribbean Countries by Kevin
... Keynesians by proposing a theory in which firms are unsure of the reason for a price increase. That is, they may be unsure if there are inflationary pressures at work or if consumer demand has actually risen. After finding out the reason for the price jump, firms will adjust their prices accordingly ...
... Keynesians by proposing a theory in which firms are unsure of the reason for a price increase. That is, they may be unsure if there are inflationary pressures at work or if consumer demand has actually risen. After finding out the reason for the price jump, firms will adjust their prices accordingly ...