oecd development centre
... One of the priorities set out in the Capital Flows Initiative of the NEPAD is to increase private capital flows to Africa, whereby providing African economies with longterm affordable and sustainable resources to finance their development. In this respect, lower debt costs may be of utmost importanc ...
... One of the priorities set out in the Capital Flows Initiative of the NEPAD is to increase private capital flows to Africa, whereby providing African economies with longterm affordable and sustainable resources to finance their development. In this respect, lower debt costs may be of utmost importanc ...
Can the Central Bank Peg Real Interest Rates?
... loan supply. At the same time, the monetary increase generates an excess aggregate demand for goods in the commodity market and so raises prices. And since with rising prices more loans are required to finance a given real quantity of business investment projects, it follows that loan demands increa ...
... loan supply. At the same time, the monetary increase generates an excess aggregate demand for goods in the commodity market and so raises prices. And since with rising prices more loans are required to finance a given real quantity of business investment projects, it follows that loan demands increa ...
Money Economics offers various definitions for money, though it is
... For these reasons, gold and silver have been chosen again and again throughout history as money in more societies and in more cultures and over longer time periods than any other items. One key benefit of these features of money is that it facilitates and encourages trade, as barter is far less effi ...
... For these reasons, gold and silver have been chosen again and again throughout history as money in more societies and in more cultures and over longer time periods than any other items. One key benefit of these features of money is that it facilitates and encourages trade, as barter is far less effi ...
Empirical Research on RMB Equilibrium Exchange Rate
... most challenging topics in the field of macroeconomics. Many scholars have developed the equilibrium real exchange rate theories. Many domestic scholars used different approaches to analyze the RMB equilibrium exchange rate, focused on the assessment of RMB exchange rate and its misalignment. Yu (19 ...
... most challenging topics in the field of macroeconomics. Many scholars have developed the equilibrium real exchange rate theories. Many domestic scholars used different approaches to analyze the RMB equilibrium exchange rate, focused on the assessment of RMB exchange rate and its misalignment. Yu (19 ...
The Impact of Real Exchange Rate Movements on
... Das, Roberts and Tybout (2007) who use Columbian data and find a similar relationship between exchange rates and exports, and in Bond, Tybout and Utar (2005) who find that macro-economic volatility (including exchange rate volatility) reduces average productivity by way of selection effects. Blalock ...
... Das, Roberts and Tybout (2007) who use Columbian data and find a similar relationship between exchange rates and exports, and in Bond, Tybout and Utar (2005) who find that macro-economic volatility (including exchange rate volatility) reduces average productivity by way of selection effects. Blalock ...
SERIES PRICING TO MARKET JAPANESE MANUFACTURING Richard
... which have figured so prominently in recent trade discussions, For each product, pricing to market elasticities are estimated which show how changes in real exchange rates lead to variations in the ratio of export to domestic prices. ...
... which have figured so prominently in recent trade discussions, For each product, pricing to market elasticities are estimated which show how changes in real exchange rates lead to variations in the ratio of export to domestic prices. ...
The Fluctuating Canadian Dollar
... remain competitive. If they were unable to do that, then quantities would have to adjust. Employment and investment would suffer even more than they are now.” ...
... remain competitive. If they were unable to do that, then quantities would have to adjust. Employment and investment would suffer even more than they are now.” ...
A monetary case for value-added negative tax
... The paradox is of course only apparent, arising in the absence of a functional distinction between object- and meta-levels of value, between presentation and re-presentation functioning beside one another. The medium of exchange, be it pure fiat or a commoditybacked money, is never neutral 4 but fun ...
... The paradox is of course only apparent, arising in the absence of a functional distinction between object- and meta-levels of value, between presentation and re-presentation functioning beside one another. The medium of exchange, be it pure fiat or a commoditybacked money, is never neutral 4 but fun ...
Openness in Goods and Financial Markets
... The adjustment of exchange markets to an increase in U.S. interest rates above German rates • Initially: i = i* & E=Ee • U.S. monetary contraction increases i, if E is constant U.S. bonds become more attractive i > i* • To buy U.S. bonds, Germans must sell German bonds for DM, then sell DM for $s an ...
... The adjustment of exchange markets to an increase in U.S. interest rates above German rates • Initially: i = i* & E=Ee • U.S. monetary contraction increases i, if E is constant U.S. bonds become more attractive i > i* • To buy U.S. bonds, Germans must sell German bonds for DM, then sell DM for $s an ...
Document
... following Koo, that the fiscal deficit was financed by borrowing abroad to the tune of 80% (before EMU, Greece borrowed 85% domestically). Germany supported overborrowing in the PIIGS countries actively and is thus part of the problem. Koo warns against a strong fiscal austerity in the countries hit ...
... following Koo, that the fiscal deficit was financed by borrowing abroad to the tune of 80% (before EMU, Greece borrowed 85% domestically). Germany supported overborrowing in the PIIGS countries actively and is thus part of the problem. Koo warns against a strong fiscal austerity in the countries hit ...
I n t e r- f o r e c... i m p l e m e n t a...
... changes occur in isolation that maintaining a fixed-MCI during the quarter will result in more stable economic outcomes. However, the evidence that exchange rate shocks do not occur in isolation is overwhelming. In this situation, holding the interest rate fixed between inflation forecasts appears t ...
... changes occur in isolation that maintaining a fixed-MCI during the quarter will result in more stable economic outcomes. However, the evidence that exchange rate shocks do not occur in isolation is overwhelming. In this situation, holding the interest rate fixed between inflation forecasts appears t ...
The new currency boards and discretion: empirical
... law, to invest its reserves in securities issued by nonresidents (whenever those privatization revenues are not used to finance government expenditures). In other words, the government may be conducting, intentionally or not, monetary discretion. Also, this mechanism destroys the automatic link betw ...
... law, to invest its reserves in securities issued by nonresidents (whenever those privatization revenues are not used to finance government expenditures). In other words, the government may be conducting, intentionally or not, monetary discretion. Also, this mechanism destroys the automatic link betw ...
Proposed Architecture for an ECOWAS Common Currency
... than WAMZ economies for each volatility measurement. For inflation and the rate of change of exports, the average standard deviation is 62.5% higher for WAMZ countries, while for GDP growth the standard deviation is 2.5 times higher. The volatility of Cape Verde is comparable to that of UEMOA countr ...
... than WAMZ economies for each volatility measurement. For inflation and the rate of change of exports, the average standard deviation is 62.5% higher for WAMZ countries, while for GDP growth the standard deviation is 2.5 times higher. The volatility of Cape Verde is comparable to that of UEMOA countr ...
Inflation rate
... Thanks for helpful discussions to Darwin Dib, Marcio Garcia, Sergio Goldenstein, Ilan Goldfajn, Eduardo Loyo, Alkimar Moura, and Livio Ribeiro. Thanks to Natasha Daher and Italo Franca for research assistance. Graphs 5-12, 14-20 and 26 prepared by the economic team of Banco Itaú Unibanco. Graph 25 ...
... Thanks for helpful discussions to Darwin Dib, Marcio Garcia, Sergio Goldenstein, Ilan Goldfajn, Eduardo Loyo, Alkimar Moura, and Livio Ribeiro. Thanks to Natasha Daher and Italo Franca for research assistance. Graphs 5-12, 14-20 and 26 prepared by the economic team of Banco Itaú Unibanco. Graph 25 ...
Does Population Transition Influence Real Exchange Rate? Empirical Evidence from Australia:
... these two effects. For example, Elbadawi and Soto (1994) study seven developing countries and find that for three of them terms of trade improvements lead to the real exchange rate appreciation, while for the four others, it leads to real depreciation. Interest rate differential: The role of the rea ...
... these two effects. For example, Elbadawi and Soto (1994) study seven developing countries and find that for three of them terms of trade improvements lead to the real exchange rate appreciation, while for the four others, it leads to real depreciation. Interest rate differential: The role of the rea ...
Gold standard, deflation and depression: The
... is that every country undertakes to buy and sell gold in its own currency at a fixed price. This keeps the gold price stable, and, indirectly, the exchange rates with other currencies too. Imbalances between two countries are stabilised by inflows and outflows of gold. For example, if a country is g ...
... is that every country undertakes to buy and sell gold in its own currency at a fixed price. This keeps the gold price stable, and, indirectly, the exchange rates with other currencies too. Imbalances between two countries are stabilised by inflows and outflows of gold. For example, if a country is g ...
Long memory and nonlinear mean reversion in Japanese yen
... The apparent revival of the empirical relevance of PPP has been typically attributed to the improved statistical power attained through using efficient testing procedures and/or longer sample series available for the current float (Lothian and Taylor, 1997). This generic explanation in terms of pure ...
... The apparent revival of the empirical relevance of PPP has been typically attributed to the improved statistical power attained through using efficient testing procedures and/or longer sample series available for the current float (Lothian and Taylor, 1997). This generic explanation in terms of pure ...
Research and Monetary Policy Department Working Paper No:07/07
... In various studies the implications of the balance sheet e¤ects on the dynamics of the transmission of shocks and optimal monetary and exchange rate policies have been analyzed by integrating the above-mentioned endogenous risk premium mechanism into general equilibrium models. In a simple static mo ...
... In various studies the implications of the balance sheet e¤ects on the dynamics of the transmission of shocks and optimal monetary and exchange rate policies have been analyzed by integrating the above-mentioned endogenous risk premium mechanism into general equilibrium models. In a simple static mo ...
G97/4 Current account and exchange rate behaviour economy
... it) to the vector of state variables. The first term of equation (8) is the expected deviation of the forecast of foreign inflation - in practice, averaged over the next three years - and the midpoint of the inflation target band. The second term represents the fact that the RBNZ is not indifferent ...
... it) to the vector of state variables. The first term of equation (8) is the expected deviation of the forecast of foreign inflation - in practice, averaged over the next three years - and the midpoint of the inflation target band. The second term represents the fact that the RBNZ is not indifferent ...
Real currency appreciation in accession countries
... This paper addresses the question as to what factors might cause the stylized fact that the currencies of transition countries appreciate in real terms. This issue is not only important for the transition countries concerned. Movements in the real effective exchange rate can be interpreted as infla ...
... This paper addresses the question as to what factors might cause the stylized fact that the currencies of transition countries appreciate in real terms. This issue is not only important for the transition countries concerned. Movements in the real effective exchange rate can be interpreted as infla ...
PPT
... Money creation process begins with an increase in the monetary base. The Fed conducts and open market operation in which it buys securities from banks. The Fed pays for the securities with newly created bank reserves. Banks now have more reserves but the same amount of deposits, so they have exc ...
... Money creation process begins with an increase in the monetary base. The Fed conducts and open market operation in which it buys securities from banks. The Fed pays for the securities with newly created bank reserves. Banks now have more reserves but the same amount of deposits, so they have exc ...
AbootalebiShahrooz1979
... of an appropriate exchange rate, the selection of appropriate methods of translation, and the treatment of exchange adjustment. In attempting to solve these problems, careful consideration should be given to the concept and the fundamen-· tal objectives underlying the translation for the specific us ...
... of an appropriate exchange rate, the selection of appropriate methods of translation, and the treatment of exchange adjustment. In attempting to solve these problems, careful consideration should be given to the concept and the fundamen-· tal objectives underlying the translation for the specific us ...
PDF Download
... monetary union, there is a single currency and a single monetary policy, but the two countries are free to follow independent or national …scal policies. We follow a feedback policy rule type approach to (monetary and …scal) policy. We solve this model numerically. Fiscal policies are set as in the ...
... monetary union, there is a single currency and a single monetary policy, but the two countries are free to follow independent or national …scal policies. We follow a feedback policy rule type approach to (monetary and …scal) policy. We solve this model numerically. Fiscal policies are set as in the ...
SB-FRS 29 Financial Reporting in Hyperinflationary Economies
... At the beginning of the first period of application of this Standard, the components of owners’ equity, except retained earnings and any revaluation surplus, are restated by applying a general price index from the dates the components were contributed or otherwise arose. Any revaluation surplus that ...
... At the beginning of the first period of application of this Standard, the components of owners’ equity, except retained earnings and any revaluation surplus, are restated by applying a general price index from the dates the components were contributed or otherwise arose. Any revaluation surplus that ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research Volume Title: Exchange Rates and International Macroeconomics
... markets, yet we distinguish between situations of short-run equilibrium, contingent on predetermined values of some variables, and long-run or full equilibrium. The distinction arises due to the multisectoral framework combined with the assumption that factor reallocation, in particular changes in s ...
... markets, yet we distinguish between situations of short-run equilibrium, contingent on predetermined values of some variables, and long-run or full equilibrium. The distinction arises due to the multisectoral framework combined with the assumption that factor reallocation, in particular changes in s ...