Exchange Control in Italy and Bulgaria in the Interwar Period
... connecting Italy and Bulgaria2 was formed by a lengthy period of restrictions on trade and foreign currency exchange between the wars, in which Bulgaria and Italy were active protagonists practicing exchange control. The history of interwar exchange control in Europe provides us with interesting ins ...
... connecting Italy and Bulgaria2 was formed by a lengthy period of restrictions on trade and foreign currency exchange between the wars, in which Bulgaria and Italy were active protagonists practicing exchange control. The history of interwar exchange control in Europe provides us with interesting ins ...
The US dollar: Safe haven
... Reference period: April 1973 – August 2006 No. of observations: 401 ...
... Reference period: April 1973 – August 2006 No. of observations: 401 ...
01.07 - Study Center Gerzensee
... In order to simplify matters, we first keep nominal wages fixed by allowing for nominal rigidities in the labor market. The results then turn out to be essentially the same as in the partial equilibrium model. When allowing for nominal wage flexibility, we first consider a constant real wage. In tha ...
... In order to simplify matters, we first keep nominal wages fixed by allowing for nominal rigidities in the labor market. The results then turn out to be essentially the same as in the partial equilibrium model. When allowing for nominal wage flexibility, we first consider a constant real wage. In tha ...
A Currency Union or an Exchange Rate Union: Evidence from
... 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 makes the exports of the countries, which compete with Japan for exports, fluctuat ...
... 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 makes the exports of the countries, which compete with Japan for exports, fluctuat ...
Chinese Exporters, Exchange Rate Exposure, and the
... Chinese exporters in determining the degree of exchange rate pass-through. Marazzi et al. (2005) attribute part of the decline in exchange rate pass-through in U.S. imports in more recent years to the rise of Chinese exports. However, going forward in a period of renminbi appreciation against the do ...
... Chinese exporters in determining the degree of exchange rate pass-through. Marazzi et al. (2005) attribute part of the decline in exchange rate pass-through in U.S. imports in more recent years to the rise of Chinese exports. However, going forward in a period of renminbi appreciation against the do ...
The Market Microstructure Approach to Foreign Exchange: Looking
... criticism is an essential activity and represents the only route through which science can achieve progress. FX microstructure research is primarily empirical, and can be characterized as adopting this falsification approach to knowledge. When fixed exchange rates were abandoned in the early 1970s t ...
... criticism is an essential activity and represents the only route through which science can achieve progress. FX microstructure research is primarily empirical, and can be characterized as adopting this falsification approach to knowledge. When fixed exchange rates were abandoned in the early 1970s t ...
DP2010/10 Does the Kiwi fly when the Kangaroo
... exchange rates such as NZ/Yen, NZ/Euro) do respond to the Australian specific macroeconomic surprises in the same direction as the Australian dollar exchange rates responses, leaving the New Zealand - Australia cross ...
... exchange rates such as NZ/Yen, NZ/Euro) do respond to the Australian specific macroeconomic surprises in the same direction as the Australian dollar exchange rates responses, leaving the New Zealand - Australia cross ...
Purchasing Power Parity: Granger Causality Tests for the Yen
... enterprises tend to reduce yen export prices in case of appreciation. Athukorola and Menon (1994: 280) identify this incomplete pass through as an “in-built feature” of Japanese export pricing. Hung, Kim and Ohno’s (1993) cross-country study of export pricing comes to the conclusion that imperfect J ...
... enterprises tend to reduce yen export prices in case of appreciation. Athukorola and Menon (1994: 280) identify this incomplete pass through as an “in-built feature” of Japanese export pricing. Hung, Kim and Ohno’s (1993) cross-country study of export pricing comes to the conclusion that imperfect J ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: International Aspects of Fiscal Policies
... country i's currency by the same amount. A higher nominal interest rate reduces the stock of real-money balances demanded in the long run, if the interest-sensitivity of the demand for real-money balances is nonzero. Given the rate of money growth (and thus the rate of inflation), expansionary fisca ...
... country i's currency by the same amount. A higher nominal interest rate reduces the stock of real-money balances demanded in the long run, if the interest-sensitivity of the demand for real-money balances is nonzero. Given the rate of money growth (and thus the rate of inflation), expansionary fisca ...
DP2005/06 A Simple, Structural, and Empirical Model of the Antipodean Transmission Mechanism
... long-run) restrictions to achieve identification. For instance, a recursive ordering of shocks makes use of the assumption that domestic shocks in small open economies have no effects on world shocks. Similarly, contemporaneous restrictions posit short-run delays in the transmission of macroeconomic ...
... long-run) restrictions to achieve identification. For instance, a recursive ordering of shocks makes use of the assumption that domestic shocks in small open economies have no effects on world shocks. Similarly, contemporaneous restrictions posit short-run delays in the transmission of macroeconomic ...
NBER WORKING PAPER SERIES COMMODITY EXPORT BOOM AND THE REAL EXCHANGE RATE:
... However, given the second order nature of this effect, the strong presumption is that under normal circumstances (i.e., under plausible values of the para- ...
... However, given the second order nature of this effect, the strong presumption is that under normal circumstances (i.e., under plausible values of the para- ...
Offensive Defensive Monetary Policy
... Understanding the policy you're using. Lags in monetary policy. Liquidity traps Political pressure. Conflicting international goals. ...
... Understanding the policy you're using. Lags in monetary policy. Liquidity traps Political pressure. Conflicting international goals. ...
NBER WORKING PAPER SERIES SPECIAL EXCHANGE RATES FOR CAPITAL ACCOUNT TRANSACTIONS Rudiger Dornbusch
... maintain the international integration of capital markets given by equation (i) above, but to delink domestic assets markets, at least partially, from ...
... maintain the international integration of capital markets given by equation (i) above, but to delink domestic assets markets, at least partially, from ...
Cwshtje nw lidhje me kalimin nw shwnjestrimin e inflacionit
... between the selected aggregate and prices Money demand has reflected a high volatility and frequent structural changes A very unstable relation between money supply and monetary policy objective (inflation level) Not easily understood by the public ...
... between the selected aggregate and prices Money demand has reflected a high volatility and frequent structural changes A very unstable relation between money supply and monetary policy objective (inflation level) Not easily understood by the public ...
empirical studies of nigeria`s foreign exchange parallel market ii
... and regressive expectation has long been recognized in the literature. One view, proposed initially by Freidman (1953), is that because speculators buy low and sell high, their activity ensures that exchange rates reflect the fundamental or long-run determinants of currency values. Another strand of ...
... and regressive expectation has long been recognized in the literature. One view, proposed initially by Freidman (1953), is that because speculators buy low and sell high, their activity ensures that exchange rates reflect the fundamental or long-run determinants of currency values. Another strand of ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... restrained by either deflationary monetary and fiscal policy or by political turmoil, investment demand since the Korean War has tended to be excessive relative to the supply of savings, and inflation has been acute. The rate of return on investment has tended to be high as may be inferred from the ...
... restrained by either deflationary monetary and fiscal policy or by political turmoil, investment demand since the Korean War has tended to be excessive relative to the supply of savings, and inflation has been acute. The rate of return on investment has tended to be high as may be inferred from the ...
LDH161211
... • Past performance limits once utilized are not to be reinstated either on cancellation or on maturity of contracts. • Contracts booked under the facility once cancelled are not eligible to be rebooked. Rollover is also not permitted. ...
... • Past performance limits once utilized are not to be reinstated either on cancellation or on maturity of contracts. • Contracts booked under the facility once cancelled are not eligible to be rebooked. Rollover is also not permitted. ...
CHAPTER 29
... perform transactions easily and quickly), divisible (so people can provide change), and difficult to counterfeit (so people will not print their own money). That is why nearly all countries use paper money with fancy designs for larger denominations and coins for smaller denominations. For an asset ...
... perform transactions easily and quickly), divisible (so people can provide change), and difficult to counterfeit (so people will not print their own money). That is why nearly all countries use paper money with fancy designs for larger denominations and coins for smaller denominations. For an asset ...
Central banking, financial institutions and credit creation in
... Within only 10 years from 1950 to 1960, per capita income in Germany relative to those in the United States rose from 41 to 72 per cent which implied more than a doubling of German real per-capita GDP in only one decade (see figure B.1). China has experienced a similar impressive growth since the 19 ...
... Within only 10 years from 1950 to 1960, per capita income in Germany relative to those in the United States rose from 41 to 72 per cent which implied more than a doubling of German real per-capita GDP in only one decade (see figure B.1). China has experienced a similar impressive growth since the 19 ...
CURRENT ACCOUNT REVERSALS AND CURRENCY CRISES
... where µ is the base money multiplier, M2 is broad money, R is the level of foreign exchange reserves, 0 is the interest semi-elasticity of the demand for money and B the rate of credit expansion. In this context, Calvo (1997) emphasizes the importance of the ratio eR/M2 and of the ratio of reserves ...
... where µ is the base money multiplier, M2 is broad money, R is the level of foreign exchange reserves, 0 is the interest semi-elasticity of the demand for money and B the rate of credit expansion. In this context, Calvo (1997) emphasizes the importance of the ratio eR/M2 and of the ratio of reserves ...
Exchange-Rate Determination: A Survey of
... currencies to use in purchasing goods and services abroad. Similarly, advocates of the cost-parity view must recognize that high information and relocation costs weaken the equilibrating forces sufficiently to permit substantial purchasing-power disparities. The third version of PPP, which postulate ...
... currencies to use in purchasing goods and services abroad. Similarly, advocates of the cost-parity view must recognize that high information and relocation costs weaken the equilibrating forces sufficiently to permit substantial purchasing-power disparities. The third version of PPP, which postulate ...
The Hrvatska Narodna Banka`s Experiences in Preparation for the
... local currency and negative real interest rates typical for the Croatian preindependence time. Approximately the three quarters of the bank deposits are held in foreign currencies, out of which the major part is in euro. This situation leaves less room for making monetary policy decisions. In additi ...
... local currency and negative real interest rates typical for the Croatian preindependence time. Approximately the three quarters of the bank deposits are held in foreign currencies, out of which the major part is in euro. This situation leaves less room for making monetary policy decisions. In additi ...
On Crisis Prevention: Lessons from Mexico and East Asia
... regime, all five of the East Asian nations had a rigid -- de facto, pegged or quasi pegged -- exchange rate system with respect to the US dollar. Whereas this system worked relatively well while the US dollar was relatively weak in international currency markets, things turned to the worse when, sta ...
... regime, all five of the East Asian nations had a rigid -- de facto, pegged or quasi pegged -- exchange rate system with respect to the US dollar. Whereas this system worked relatively well while the US dollar was relatively weak in international currency markets, things turned to the worse when, sta ...