Liberalization of Foreign Exchange Controls: Japan`s Experiences
... restrictions, sterilized interventions and monetary policy independence, and attempts to identify its implications for China. China has made tremendous achievements in economic growth in past thirty years, by attracting foreign direct investment and increasing manufactures export. With the domestic ...
... restrictions, sterilized interventions and monetary policy independence, and attempts to identify its implications for China. China has made tremendous achievements in economic growth in past thirty years, by attracting foreign direct investment and increasing manufactures export. With the domestic ...
Are twin currency and debt crises special?
... in GDP in terms of a negative deviation from trend output. In a sample of crises, which the IMF characterized as particularly serious („currency crashes”), even 71 percent of the crises led to significant output losses. Based on a panel analysis of 24 emerging markets covering the time from 1975 to ...
... in GDP in terms of a negative deviation from trend output. In a sample of crises, which the IMF characterized as particularly serious („currency crashes”), even 71 percent of the crises led to significant output losses. Based on a panel analysis of 24 emerging markets covering the time from 1975 to ...
Exchange Rates, Economic Integration and the International
... whose consequences can be severe, but whose causes are not always fully understood. These shocks have given rise to skepticism about the viability of certain exchange-rate regimes and have stimulated a renewed search for alternative institutional and policy structures. The increasing integration of ...
... whose consequences can be severe, but whose causes are not always fully understood. These shocks have given rise to skepticism about the viability of certain exchange-rate regimes and have stimulated a renewed search for alternative institutional and policy structures. The increasing integration of ...
Bitcoin: A Search-Theoretic Approach
... by nongovernmental entities.1 Anyone can obtain bitcoins if the one could solve a math problem (mining). The math problem gets harder as more coins are mined. The math problem is so hard that miners use computers for mining; hence, the money supply is constrained by the progress of computing technol ...
... by nongovernmental entities.1 Anyone can obtain bitcoins if the one could solve a math problem (mining). The math problem gets harder as more coins are mined. The math problem is so hard that miners use computers for mining; hence, the money supply is constrained by the progress of computing technol ...
Lectures on International Money
... a currency need to be trustworthy, stable and have good credit. The modern state came to fulfill these criteria during the 19th-century, as national governments were firmly established, and tax systems were implemented. The private banking system seems to have worked in a satisfying manner. As an ex ...
... a currency need to be trustworthy, stable and have good credit. The modern state came to fulfill these criteria during the 19th-century, as national governments were firmly established, and tax systems were implemented. The private banking system seems to have worked in a satisfying manner. As an ex ...
Lecture 1 International Economics Introduction and
... – Court blocks seizure of luxury autos bound for China. Seizures had been in response to car companies trying to block re-exports of cars by a small Tennessee company. – China has become Germany's largest trading partner, as exports-plus-imports with China in 2016 surpassed both France and the US. ...
... – Court blocks seizure of luxury autos bound for China. Seizures had been in response to car companies trying to block re-exports of cars by a small Tennessee company. – China has become Germany's largest trading partner, as exports-plus-imports with China in 2016 surpassed both France and the US. ...
Why are some exchange rates more volatile than others? Evidence from
... against the dollar. One of the factors behind rand depreciation is ongoing concern about the widening current account de…cit (4,2 percent of GDP in 2005 and 6,1 per cent in the …rst half of 2006). Figure 1 illustrates that, except for the Chilean peso, every economy among the ten worst-performing cu ...
... against the dollar. One of the factors behind rand depreciation is ongoing concern about the widening current account de…cit (4,2 percent of GDP in 2005 and 6,1 per cent in the …rst half of 2006). Figure 1 illustrates that, except for the Chilean peso, every economy among the ten worst-performing cu ...
International Reserves: Precautionary vs. Mercantilist Views, Theory
... abundant labor in traditional sectors, mostly in agriculture. Under this strategy, reserves accumulation may facilitate export growth by preventing or slowing appreciation. Some view the modern mercantilist approach as a valid interpretation for most East Asian countries, arguing that they follow si ...
... abundant labor in traditional sectors, mostly in agriculture. Under this strategy, reserves accumulation may facilitate export growth by preventing or slowing appreciation. Some view the modern mercantilist approach as a valid interpretation for most East Asian countries, arguing that they follow si ...
exchange rate regimes for developing and emerging markets
... A currency board combines three elements: a fixed exchange rate between a country’s currency and an “anchor currency”, automatic convertibility, and along-term commitment to the system, often made explicit in the central bank’s law. Under a currency board arrangement, the central bank commits to e ...
... A currency board combines three elements: a fixed exchange rate between a country’s currency and an “anchor currency”, automatic convertibility, and along-term commitment to the system, often made explicit in the central bank’s law. Under a currency board arrangement, the central bank commits to e ...
Modern Central Bank Operations—The General Principles
... credit, creating deposits in the process, and then look for the [reserve balances] later.” Pollin argued, however, that the two approaches diverged on the issue of “how and where do the banks . . . obtain the additional [reserve balances] once they have ‘extended more credit, creating deposits in th ...
... credit, creating deposits in the process, and then look for the [reserve balances] later.” Pollin argued, however, that the two approaches diverged on the issue of “how and where do the banks . . . obtain the additional [reserve balances] once they have ‘extended more credit, creating deposits in th ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... to further credit tranches.5 Stand-By Arrangements typically last for twelve to eighteen months (the legal maximum is three years), and first tranche drawings do not require strict conditionality. Any drawings beyond the first tranche require both phasing out and stricter conditionality and are limi ...
... to further credit tranches.5 Stand-By Arrangements typically last for twelve to eighteen months (the legal maximum is three years), and first tranche drawings do not require strict conditionality. Any drawings beyond the first tranche require both phasing out and stricter conditionality and are limi ...
Submissions on EMU from leading academics
... 7. Discretionary fiscal policy may be an effective tool for stabilising the economy, albeit a weak one, but the longer run effects of using it may include reductions in the sustainable level of output. Conditional experimental estimates of the effects of fiscal policy6 suggest that the multiplier ef ...
... 7. Discretionary fiscal policy may be an effective tool for stabilising the economy, albeit a weak one, but the longer run effects of using it may include reductions in the sustainable level of output. Conditional experimental estimates of the effects of fiscal policy6 suggest that the multiplier ef ...
DANIEL AMOAH_Feasibility Study of a Single Currency
... The formation of a Monetary Union by the West African Monetary Zone has been in pursuance for more than a decade. The WAMZ is made up of six countries in West Africa; The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone. One significant benefit from using a common currency is the lower costs ...
... The formation of a Monetary Union by the West African Monetary Zone has been in pursuance for more than a decade. The WAMZ is made up of six countries in West Africa; The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone. One significant benefit from using a common currency is the lower costs ...
Accounting for Emerging Market Countries` International Reserves
... developed IMF methodology for assessing reserve adequacy, for instance, suggests a range between 100 and 150 percent of its Reserve Adequacy Metric as being appropriate, but for the typical EME, that range translates into 10 percent of GDP. In this paper, therefore, we adopt a more pragmatic tack. R ...
... developed IMF methodology for assessing reserve adequacy, for instance, suggests a range between 100 and 150 percent of its Reserve Adequacy Metric as being appropriate, but for the typical EME, that range translates into 10 percent of GDP. In this paper, therefore, we adopt a more pragmatic tack. R ...
Day Trading the Currency Market
... “I thought this was one of the best books that I had read on FX. The book should be required reading not only for traders new to the foreign exchange markets, but also for seasoned professionals. I’ll definitely be keeping it on my desk for reference. The book is very readable and very educational. ...
... “I thought this was one of the best books that I had read on FX. The book should be required reading not only for traders new to the foreign exchange markets, but also for seasoned professionals. I’ll definitely be keeping it on my desk for reference. The book is very readable and very educational. ...
Reserve currency
A reserve currency (or anchor currency) is a currency that is held in significant quantities by governments and institutions as part of their foreign exchange reserves. The reserve currency is commonly used in international transactions and often considered a hard currency or safe-haven currency. People who live in a country that issues a reserve currency can purchase imports and borrow across borders more cheaply than people in other nations because they don't need to exchange their currency to do so.By the end of the 20th century, the United States dollar was considered the world's most dominant reserve currency, and the world's need for dollars has allowed the United States government as well as Americans to borrow at lower costs, granting them an advantage in excess of $100 billion per year. However, the U.S. dollar's status as a reserve currency, by increasing in value, hurts U.S. exporters.