Bond Market Development in Developing Asia
... been able to grow their local currency bond markets, both in raw size and relative to gross domestic product (GDP). This paper describes the structure of financial systems (banking systems, and stock and bond markets) in Asia and, to provide a point of comparison, in other regions. It examines the d ...
... been able to grow their local currency bond markets, both in raw size and relative to gross domestic product (GDP). This paper describes the structure of financial systems (banking systems, and stock and bond markets) in Asia and, to provide a point of comparison, in other regions. It examines the d ...
currency crises, capital-account liberalization, and selection bias
... 2 The appropriate pace of deregulation of domestic financial markets also has been of concern, even in many industrial countries. The United States, Japan, and Sweden, among others, all have experienced some domestic financial instability following deregulation of domestic financial institutions. ...
... 2 The appropriate pace of deregulation of domestic financial markets also has been of concern, even in many industrial countries. The United States, Japan, and Sweden, among others, all have experienced some domestic financial instability following deregulation of domestic financial institutions. ...
Competitiveness of Swiss companies
... These destabilisation risks are all the more severe if the global economy is in crisis. An international economic crisis often heralds an inflow of domestic and foreign capital to the Swiss franc, which has acquired a reputation as a safe haven on account of its historical behaviour. In other words, ...
... These destabilisation risks are all the more severe if the global economy is in crisis. An international economic crisis often heralds an inflow of domestic and foreign capital to the Swiss franc, which has acquired a reputation as a safe haven on account of its historical behaviour. In other words, ...
accounting implications of foreign currency transactions translation
... surveys conducted by business executives indicating that the most important topics to be considered in an international accounting course are those related to foreign currency accounting. The relevant literature points out that there is a problem in understanding foreign currency translation because ...
... surveys conducted by business executives indicating that the most important topics to be considered in an international accounting course are those related to foreign currency accounting. The relevant literature points out that there is a problem in understanding foreign currency translation because ...
Chapter 4 Costs and Benefits Compared
... demand and supply shocks of particular country with EU-average •Many CE-countries’ demand shocks negatively correlated with EU demand shocks •Low correlation of supply shocks between CEcountries and EU •Asymmetries in demand shocks may disappear partly in MU, asymmetries in supply shocks more likely ...
... demand and supply shocks of particular country with EU-average •Many CE-countries’ demand shocks negatively correlated with EU demand shocks •Low correlation of supply shocks between CEcountries and EU •Asymmetries in demand shocks may disappear partly in MU, asymmetries in supply shocks more likely ...
The economics of digital currencies
... hold the digital record and are trusted to ensure its validity. With digital currencies, by contrast, the ledger containing the record of all transactions by all users is publicly available to all. Rather than requiring users to have trust in special institutions, reliance is placed on the network a ...
... hold the digital record and are trusted to ensure its validity. With digital currencies, by contrast, the ledger containing the record of all transactions by all users is publicly available to all. Rather than requiring users to have trust in special institutions, reliance is placed on the network a ...
Exchange Rates, The Balance of Payments, and Trade Deficits
... Exchange Rates Fixed Exchange Rates Exchange Controls and Rationing International Exchange Rate Systems ...
... Exchange Rates Fixed Exchange Rates Exchange Controls and Rationing International Exchange Rate Systems ...
Failing Institutions Are at the Core of the Euro
... Also, lower prices across the euro-zone benefit consumers due to greater price transparency (Anderton, 1977). This gives relief to businesses in the form of drastically reduced costs and increased investments. Inflation is another issue tackled by a single currency. The UK has especially benefitted ...
... Also, lower prices across the euro-zone benefit consumers due to greater price transparency (Anderton, 1977). This gives relief to businesses in the form of drastically reduced costs and increased investments. Inflation is another issue tackled by a single currency. The UK has especially benefitted ...
Working Paper No. 59 James R. Lothian Anthony Cassese 1050
... assumptions of the polar cases. For the most part, though, the empirical application of such models has been limited. Much of the empirical work is subject to the objection that the emphasis is upon one, or at most a few, of a considerably larger number of potential avenues for the international tra ...
... assumptions of the polar cases. For the most part, though, the empirical application of such models has been limited. Much of the empirical work is subject to the objection that the emphasis is upon one, or at most a few, of a considerably larger number of potential avenues for the international tra ...
Effects of an exchange rate change on agricultural
... change on equilibrium price and quantity using the traditional two country-one commodity closed system of Kost. 3 Kost's analysis is modified by the addition of a currency exchange sector. The trade sector is measured in dollars; changes in the export supply (U.S.) and import demand are shown from t ...
... change on equilibrium price and quantity using the traditional two country-one commodity closed system of Kost. 3 Kost's analysis is modified by the addition of a currency exchange sector. The trade sector is measured in dollars; changes in the export supply (U.S.) and import demand are shown from t ...
Chapter 12national Income, Accounting and the Balance of Payments
... If central banks are not sterilizing and the home country has a balance of payments surplus, any associated increase in the home central bank’s foreign asset implies an increased home money supply. B. If central banks are not sterilizing and the home country has a balance of payments surplus, any as ...
... If central banks are not sterilizing and the home country has a balance of payments surplus, any associated increase in the home central bank’s foreign asset implies an increased home money supply. B. If central banks are not sterilizing and the home country has a balance of payments surplus, any as ...
70013029I_en.pdf
... perceptions as individuals go through their learning processes5 can lead to cycles in estimates of wealth and expenditure capacity and in the valuation of assets (Heymann and Sanguinetti, 1998a and b). When there are no firm bases for projecting future opportunities, decisions and interpretations of ...
... perceptions as individuals go through their learning processes5 can lead to cycles in estimates of wealth and expenditure capacity and in the valuation of assets (Heymann and Sanguinetti, 1998a and b). When there are no firm bases for projecting future opportunities, decisions and interpretations of ...
Monetary policy in the euro area`s neighbouring countries
... neighbouring countries. I will focus not just on Switzerland, but also on other small open economies, and in doing so, illustrate our experiences – both shared and divergent – since the onset of the financial crisis in 2008. Besides Switzerland, I will also be looking at the Czech Republic, Sweden a ...
... neighbouring countries. I will focus not just on Switzerland, but also on other small open economies, and in doing so, illustrate our experiences – both shared and divergent – since the onset of the financial crisis in 2008. Besides Switzerland, I will also be looking at the Czech Republic, Sweden a ...
Carbaugh, International Economics 9e, Chapter 13
... As a result, exchange rates should end up making prices equal across countries By this theory, if two countries have different inflation rates, exchange rates will move in the opposite direction to keep prices the same The theory may be more useful for predicting long-term trends than short-ru ...
... As a result, exchange rates should end up making prices equal across countries By this theory, if two countries have different inflation rates, exchange rates will move in the opposite direction to keep prices the same The theory may be more useful for predicting long-term trends than short-ru ...
Essay Questions
... Answer: London was the center of the international monetary system. The primary responsibility of the central bank was to preserve the official parity between its currency and gold. To maintain this price, the central bank needed an adequate stock of gold reserves. Central banks tried to avoid sharp ...
... Answer: London was the center of the international monetary system. The primary responsibility of the central bank was to preserve the official parity between its currency and gold. To maintain this price, the central bank needed an adequate stock of gold reserves. Central banks tried to avoid sharp ...
STOCK PRICE AND EXCHANGE RATE: THE CASE OF BIST 100
... leaving the market altogether, they will exchange the local currency they obtained by selling the shares into an internationally valid currency. Financial transactions are expected to decrease in markets with high uncertainty and foreign exchange rates will depreciate significantly. This situation w ...
... leaving the market altogether, they will exchange the local currency they obtained by selling the shares into an internationally valid currency. Financial transactions are expected to decrease in markets with high uncertainty and foreign exchange rates will depreciate significantly. This situation w ...
Essay Questions
... Answer: London was the center of the international monetary system. The primary responsibility of the central bank was to preserve the official parity between its currency and gold. To maintain this price, the central bank needed an adequate stock of gold reserves. Central banks tried to avoid sharp ...
... Answer: London was the center of the international monetary system. The primary responsibility of the central bank was to preserve the official parity between its currency and gold. To maintain this price, the central bank needed an adequate stock of gold reserves. Central banks tried to avoid sharp ...
Микро/контракт/Авдашева/Гребнев
... This result is new to the Keynesian literature and has interesting practical implications for the conduct of the monetary policy. It predicts that in order to minimise the social losses, the monetary authority should determine not only the direction of the required policy instrument change, but also ...
... This result is new to the Keynesian literature and has interesting practical implications for the conduct of the monetary policy. It predicts that in order to minimise the social losses, the monetary authority should determine not only the direction of the required policy instrument change, but also ...
Document
... This result is new to the Keynesian literature and has interesting practical implications for the conduct of the monetary policy. It predicts that in order to minimise the social losses, the monetary authority should determine not only the direction of the required policy instrument change, but also ...
... This result is new to the Keynesian literature and has interesting practical implications for the conduct of the monetary policy. It predicts that in order to minimise the social losses, the monetary authority should determine not only the direction of the required policy instrument change, but also ...
Monetary Policy under Alternative Exchange-Rate Regimes" Simulations with a Multi-Country Model
... price level; it falls by a full 1 / 3 of a percent after eight quarters. There is also a significant reduction in the trade-balance effect. The large differences between the results are traceable both to exchangerate changes, which become endogenous in the MCM, and to feedback effects from the forei ...
... price level; it falls by a full 1 / 3 of a percent after eight quarters. There is also a significant reduction in the trade-balance effect. The large differences between the results are traceable both to exchangerate changes, which become endogenous in the MCM, and to feedback effects from the forei ...
I - Niehaus Center for Globalization and Governance
... Abstract: This paper develops a political explanation of exchange rate valuation choices, and applies the theory to Argentina between 1963 and 2007. Both ideational theories and existing interest group models miss important features of the politics of exchange rate valuation in Argentina. This paper ...
... Abstract: This paper develops a political explanation of exchange rate valuation choices, and applies the theory to Argentina between 1963 and 2007. Both ideational theories and existing interest group models miss important features of the politics of exchange rate valuation in Argentina. This paper ...
Currency war
Currency war, also known as competitive devaluation, is a condition in international affairs where countries compete against each other to achieve a relatively low exchange rate for their own currency. As the price to buy a country's currency falls so too does the price of exports. Imports to the country become more expensive. So domestic industry, and thus employment, receives a boost in demand from both domestic and foreign markets. However, the price increase for imports can harm citizens' purchasing power. The policy can also trigger retaliatory action by other countries which in turn can lead to a general decline in international trade, harming all countries.Competitive devaluation has been rare through most of history as countries have generally preferred to maintain a high value for their currency. Countries have generally allowed market forces to work, or have participated in systems of managed exchanges rates. An exception occurred when currency war broke out in the 1930s. As countries abandoned the Gold Standard during the Great Depression, they used currency devaluations to stimulate their economies. Since this effectively pushes unemployment overseas, trading partners quickly retaliated with their own devaluations. The period is considered to have been an adverse situation for all concerned, as unpredictable changes in exchange rates reduced overall international trade.According to Guido Mantega, the Brazilian Minister for Finance, a global currency war broke out in 2010. This view was echoed by numerous other government officials and financial journalists from around the world. Other senior policy makers and journalists suggested the phrase ""currency war"" overstated the extent of hostility. With a few exceptions, such as Mantega, even commentators who agreed there had been a currency war in 2010 generally concluded that it had fizzled out by mid-2011.States engaging in possible competitive devaluation since 2010 have used a mix of policy tools, including direct government intervention, the imposition of capital controls, and, indirectly, quantitative easing. While many countries experienced undesirable upward pressure on their exchange rates and took part in the ongoing arguments, the most notable dimension of the 2010–11 episode was the rhetorical conflict between the United States and China over the valuation of the yuan. In January 2013, measures announced by Japan which were expected to devalue its currency sparked concern of a possible second 21st century currency war breaking out, this time with the principal source of tension being not China versus the US, but Japan versus the Eurozone. By late February, concerns of a new outbreak of currency war had been mostly allayed, after the G7 and G20 issued statements committing to avoid competitive devaluation. After the European Central Bank launched a fresh programme of quantitative easing in January 2015, there was once again an intensification of discussion about currency war.