LEADING INDICATORS OF CURRENCY CRISES IN EMERGING
... revival of these empirical studies. Most of them are concerned with the analysis of one or several particular events (single-country or regional studies). However, an increasing number of studies also try to identify features that are common to a large set of crises (see the work carried out at inte ...
... revival of these empirical studies. Most of them are concerned with the analysis of one or several particular events (single-country or regional studies). However, an increasing number of studies also try to identify features that are common to a large set of crises (see the work carried out at inte ...
hefte3-07 - bibsys brage
... To stimulate exports by inducing new firms to enter international markets is difficult, and conditioned on both the ability to overcome operating losses in the short run by firms, and massive investments in export infrastructure by governments. However, once having entered exports is rather stable, ...
... To stimulate exports by inducing new firms to enter international markets is difficult, and conditioned on both the ability to overcome operating losses in the short run by firms, and massive investments in export infrastructure by governments. However, once having entered exports is rather stable, ...
π t - Seðlabanki Íslands
... – OPEN significant at the 10% level, except when excluding ISR (p = 0.60) and MAL (p = 0.13) – RSE significant at the 1% level, except when excluding TUR (p = 0.56) ...
... – OPEN significant at the 10% level, except when excluding ISR (p = 0.60) and MAL (p = 0.13) – RSE significant at the 1% level, except when excluding TUR (p = 0.56) ...
Working Paper - Hans-Böckler
... supply, the bond rate must adjust so that agents willingly hold the amount of deposits banks have created. Equation (18) has the supply of high powered money being allocated between required and excess reserves. The model is illustrated in Figure 2. The north east panel shows the loan demand and dep ...
... supply, the bond rate must adjust so that agents willingly hold the amount of deposits banks have created. Equation (18) has the supply of high powered money being allocated between required and excess reserves. The model is illustrated in Figure 2. The north east panel shows the loan demand and dep ...
Chapter Two: New Nature of Emerging-Market Crises -
... Several reasons exist for the strong correlation between the collapse of an exchange rate peg—or for that matter sharp falls in the value of a floating currency—and payments problems. The need to let the currency float from a previous peg usually indicates a broader loss of confidence in the crisis ...
... Several reasons exist for the strong correlation between the collapse of an exchange rate peg—or for that matter sharp falls in the value of a floating currency—and payments problems. The need to let the currency float from a previous peg usually indicates a broader loss of confidence in the crisis ...
- Banco Central
... the expectation channel may account for the largest part in the transmission of monetary policy to in‡ation. This …nding is consistent with the importance attributed to in‡ation expectations in the conduct of monetary policy in Brazil (see Bevilaqua et al. (2008)). To our knowledge, we are the …rst ...
... the expectation channel may account for the largest part in the transmission of monetary policy to in‡ation. This …nding is consistent with the importance attributed to in‡ation expectations in the conduct of monetary policy in Brazil (see Bevilaqua et al. (2008)). To our knowledge, we are the …rst ...
Remittances and the Real Exchange Rate
... repayment obligations. In this regard, loans will positively affect net foreign assets to the extent that they have a positive grant component. On the other hand, foreign direct investment flows coming into the home country will increase the foreign liabilities and therefore, will lead to a decline ...
... repayment obligations. In this regard, loans will positively affect net foreign assets to the extent that they have a positive grant component. On the other hand, foreign direct investment flows coming into the home country will increase the foreign liabilities and therefore, will lead to a decline ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... of labor markets. In the first case, I will consider a flexible prices economy where the labor market always clears. This corresponds to the case where wages are fully flexible and where the labor market is cleared in an auction manner. The usefulness of this environment stems from providing the ben ...
... of labor markets. In the first case, I will consider a flexible prices economy where the labor market always clears. This corresponds to the case where wages are fully flexible and where the labor market is cleared in an auction manner. The usefulness of this environment stems from providing the ben ...
Monetary Transmission: Are Emerging Market and Low Income
... largely identical in all sample countries, including low-income ones, suggesting that the role traditionally ascribed to secondary markets can be fulfilled by primary markets. After the financial crises of the 1990s and 2000s, many emerging market and low-income country central banks began reviewing ...
... largely identical in all sample countries, including low-income ones, suggesting that the role traditionally ascribed to secondary markets can be fulfilled by primary markets. After the financial crises of the 1990s and 2000s, many emerging market and low-income country central banks began reviewing ...
Competitive Entry and Endogenous Risk in the Foreign
... Tobin tax on financial institution induce their exit, reduce speculative trading, and stabilize the market price?1 This article provides a new perspective on these questions. We model endogenous competitive entry into a dynamic speculative market. Financial institutions make fully rational hiring de ...
... Tobin tax on financial institution induce their exit, reduce speculative trading, and stabilize the market price?1 This article provides a new perspective on these questions. We model endogenous competitive entry into a dynamic speculative market. Financial institutions make fully rational hiring de ...
Monetary Policy
... generated a lot of interest, both from researchers and from central banks: Researchers looking at the behavior of both the Fed in the US and the Bundesbank in Germany have found the rule describes their behavior over the last 15-20 years. Other researchers have explored whether it is possible to ...
... generated a lot of interest, both from researchers and from central banks: Researchers looking at the behavior of both the Fed in the US and the Bundesbank in Germany have found the rule describes their behavior over the last 15-20 years. Other researchers have explored whether it is possible to ...
Table 2 - Bank of Namibia
... cost of adjusting the level of their actual money holdings. Simply put, money holders may sometimes adjust sluggishly to fluctuations in the determinants of money demand. Second, most theoretical models suggest that money demand depends on expected prices, incomes and interest rates that need not be ...
... cost of adjusting the level of their actual money holdings. Simply put, money holders may sometimes adjust sluggishly to fluctuations in the determinants of money demand. Second, most theoretical models suggest that money demand depends on expected prices, incomes and interest rates that need not be ...
Excess money growth and inflation dynamics
... and Gerlach, 2006a), while the second ones relate episodes of significant imbalances in money and other financial variables to banking crises and financial instability in general (Borio and Lowe, 2004; Detken and Smets, 2004; Van den Noord, 2006). We find that, over a 3-year horizon, the positive li ...
... and Gerlach, 2006a), while the second ones relate episodes of significant imbalances in money and other financial variables to banking crises and financial instability in general (Borio and Lowe, 2004; Detken and Smets, 2004; Van den Noord, 2006). We find that, over a 3-year horizon, the positive li ...
100 Percent Reserve Banking and the Path to a
... THE INHERENT INFLATIONISM, INSTABILITY, AND UNCERTAINTY OF DEBT MONEY The debt money model has resulted in adverse social consequences in many countries where it has been adopted.13 Recurring financial crises and ensuing economic dislocation have been its inherent features. In each debt crisis episo ...
... THE INHERENT INFLATIONISM, INSTABILITY, AND UNCERTAINTY OF DEBT MONEY The debt money model has resulted in adverse social consequences in many countries where it has been adopted.13 Recurring financial crises and ensuing economic dislocation have been its inherent features. In each debt crisis episo ...
“Development of an explicit rule of monetary policy for the economy
... the long-term securities market. In our opinion, the first two issues define the methodology of the monetary rules’ development, while the latter three are mostly related to methodological aspects of development of the monetary policy rules. Therefore, the implementation of inflation targeting regim ...
... the long-term securities market. In our opinion, the first two issues define the methodology of the monetary rules’ development, while the latter three are mostly related to methodological aspects of development of the monetary policy rules. Therefore, the implementation of inflation targeting regim ...
mmi-stein 221784 en
... Table 1 compares four studies that use the BEER approach in terms of their common characteristics. All the studies agree that there are real variables that can produce a cointegration equation with the real exchange rate. Each cointegrating equation passes the usual econometric tests and does track ...
... Table 1 compares four studies that use the BEER approach in terms of their common characteristics. All the studies agree that there are real variables that can produce a cointegration equation with the real exchange rate. Each cointegrating equation passes the usual econometric tests and does track ...
Here - Levy Economics Institute of Bard College
... In this framework however, a decline in inflation and output volatility simultaneously cannot be the result of a new mix of policy preferences. As Bernanke (2004) argues, the coincident decline in volatility could be because prior to the Great Moderation, policy operated to the left of the Taylor c ...
... In this framework however, a decline in inflation and output volatility simultaneously cannot be the result of a new mix of policy preferences. As Bernanke (2004) argues, the coincident decline in volatility could be because prior to the Great Moderation, policy operated to the left of the Taylor c ...
by Ghosh, Qureshi and Tsangarides - Faculty Directory | Berkeley
... • Country can choose a single monetary regime, but still has many bilateral exchange rates – US$ does not float freely against RMB – But US$ floats freely against € – Policy-induced flexibility is multilateral, not bilateral ...
... • Country can choose a single monetary regime, but still has many bilateral exchange rates – US$ does not float freely against RMB – But US$ floats freely against € – Policy-induced flexibility is multilateral, not bilateral ...
trento 25/3 1998 - Department of Economics
... various guises until Richard Nixon closed the gold window in August 1971, thereby terminating the gold convertibility feature of the Bretton Woods international monetary system. The latter, that is a paper standard, where the supply of money is under the control of the monetary authorities, is the n ...
... various guises until Richard Nixon closed the gold window in August 1971, thereby terminating the gold convertibility feature of the Bretton Woods international monetary system. The latter, that is a paper standard, where the supply of money is under the control of the monetary authorities, is the n ...
The Effect of Exchange Rate Volatility on Productivity of Korean
... Previous studies explicitly show that the exchange rate volatility has a negative effect on investment, employment, and growth (Aghion et al. 2009; Aizenman and Marion 1999; Chong and Gradstein 2009; Serven 2003). Some studies also provide channels through which the exchange rate volatility works it ...
... Previous studies explicitly show that the exchange rate volatility has a negative effect on investment, employment, and growth (Aghion et al. 2009; Aizenman and Marion 1999; Chong and Gradstein 2009; Serven 2003). Some studies also provide channels through which the exchange rate volatility works it ...
Invoice Currency: puzzling evidence and new questions from Brazil
... We register, for the first time, the Brazilian foreign trade according to its invoice currency, exploring the Brazilian Ministry of Development, Industry and Foreign Trade (MDIC) series from 2007 to 2011. Our description allows the proposition of fresh questions on Brazil’s economic integration—both ...
... We register, for the first time, the Brazilian foreign trade according to its invoice currency, exploring the Brazilian Ministry of Development, Industry and Foreign Trade (MDIC) series from 2007 to 2011. Our description allows the proposition of fresh questions on Brazil’s economic integration—both ...
