Argentina`s Economic Crisis: Causes and Cures (English)
... In 1998, Argentina entered what turned out to be a four-year depression, during which its economy shrank 28 percent. Argentina’s experience has been cited as an example of the failure of free markets and fixed exchange rates, among other things. The evidence does not support those views. Rather, bad ...
... In 1998, Argentina entered what turned out to be a four-year depression, during which its economy shrank 28 percent. Argentina’s experience has been cited as an example of the failure of free markets and fixed exchange rates, among other things. The evidence does not support those views. Rather, bad ...
Navigation - Zentrum für Europäische Integrationsforschung
... the global portfolio, that the euro would catch about 40 percent as well and other currencies such as the yen the remainder. He expects that, globally, the shift in official and private holdings of financial assets could amount to up to one trillion US-dollars in favour of the euro. That might lead ...
... the global portfolio, that the euro would catch about 40 percent as well and other currencies such as the yen the remainder. He expects that, globally, the shift in official and private holdings of financial assets could amount to up to one trillion US-dollars in favour of the euro. That might lead ...
Monetary Policy Frameworks in the SAARC
... unemployment did not last long as the later research showed that the best contribution monetary policy can make to long term economic growth and social welfare is by ensuring price stability.1 As a result, price stability emerged as a primary objective of monetary policy of most central banks. Mahad ...
... unemployment did not last long as the later research showed that the best contribution monetary policy can make to long term economic growth and social welfare is by ensuring price stability.1 As a result, price stability emerged as a primary objective of monetary policy of most central banks. Mahad ...
Chapter 10 8e SM
... in a high inflation country, remeasurement gains and losses are reported in income. Companies might want to hedge their balance sheet exposure in this situation to avoid the adverse impact remeasurement losses can have on consolidated income and earnings per share. The paradox in hedging balance she ...
... in a high inflation country, remeasurement gains and losses are reported in income. Companies might want to hedge their balance sheet exposure in this situation to avoid the adverse impact remeasurement losses can have on consolidated income and earnings per share. The paradox in hedging balance she ...
Currency Crises, Capital Account Liberalization
... 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. ...
... 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. ...
Losing Our Marbles in the New Century? Perspective
... them better, simple extrapolation of these trends may be ill advised. On adjustment we examine the behavior of current accounts and the processes associated with current account reversals for a broad sample of countries between 1880 and 1913. We attempt to verify whether there are any differences be ...
... them better, simple extrapolation of these trends may be ill advised. On adjustment we examine the behavior of current accounts and the processes associated with current account reversals for a broad sample of countries between 1880 and 1913. We attempt to verify whether there are any differences be ...
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 ...
Monetary Magic? How the Fed Improved the Flexibility of the
... aggregate demand. As discussed in Woodford (2003), Amato and Shin (2003), and Mankiw and Reis (2001), and building on original insights by Lucas (1972) and Phelps (1983), persistent real effects of nominal shocks can also be generated in a model that assumes that fully rational individuals have only ...
... aggregate demand. As discussed in Woodford (2003), Amato and Shin (2003), and Mankiw and Reis (2001), and building on original insights by Lucas (1972) and Phelps (1983), persistent real effects of nominal shocks can also be generated in a model that assumes that fully rational individuals have only ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... rates. In the early 1980s more than 40 IMF members had at least one multiple currency practice, and in its 1984 review the IMF (p. 37) noted: During 1983, as in 1980-82, about one-third of the Fund’s members engaged in multiple currency practices, although on a trdde-weighted basis the proportion of ...
... rates. In the early 1980s more than 40 IMF members had at least one multiple currency practice, and in its 1984 review the IMF (p. 37) noted: During 1983, as in 1980-82, about one-third of the Fund’s members engaged in multiple currency practices, although on a trdde-weighted basis the proportion of ...
mmi06 sturm 1923488 en
... comprehensive summary of the policy-relevant assessment of economic developments. It is structured along the lines of the ECB’s monetary policy strategy and agreed by the Governing Council.” Thus, the information provided in the introductory statement allows answering a number of questions. For ins ...
... comprehensive summary of the policy-relevant assessment of economic developments. It is structured along the lines of the ECB’s monetary policy strategy and agreed by the Governing Council.” Thus, the information provided in the introductory statement allows answering a number of questions. For ins ...
Compendium “Monetary Policy Frameworks and
... The Governing Council has discretion to expand the list of eligible assets; only limited by art. 18.1 of ESCB Statute requesting “adequate collateral”; “adequate” depends on the context (emergency liquidity assistance is done according to national rules). Not in the very short-term. Eligible collate ...
... The Governing Council has discretion to expand the list of eligible assets; only limited by art. 18.1 of ESCB Statute requesting “adequate collateral”; “adequate” depends on the context (emergency liquidity assistance is done according to national rules). Not in the very short-term. Eligible collate ...
No. 86
... monetary union, where taxes can additionally substitute for the role of the nominal exchange rate, e.g. in inducing expenditure switching effects. In this way, optimal fiscal policy can compensate at least partially for the loss of country-specific monetary policy as a stabilization instrument, ther ...
... monetary union, where taxes can additionally substitute for the role of the nominal exchange rate, e.g. in inducing expenditure switching effects. In this way, optimal fiscal policy can compensate at least partially for the loss of country-specific monetary policy as a stabilization instrument, ther ...
Community Currency Systems
... Nowadays governments create money either directly by simply printing money, or indirectly by selling its bonds to commercial banks who use it as a legal reserve to issue more loans. In 1944, before the end of World War II, the major Western powers considered monetary stability as a absolute conditio ...
... Nowadays governments create money either directly by simply printing money, or indirectly by selling its bonds to commercial banks who use it as a legal reserve to issue more loans. In 1944, before the end of World War II, the major Western powers considered monetary stability as a absolute conditio ...
NBER WORKING PAPER SERIES THE SIMPLE GEOMETRY OF TRANSMISSION AND STABILIZATION
... imperfectly competitive labor and/or product markets and nominal rigidities. An explicit attempt to provide a synthesis between elements from real business cycle models and shortrun ‘Keynesian’wage and/or price inertias is the minimum common denominator of the vast array of ‘Dynamic Stochastic Gener ...
... imperfectly competitive labor and/or product markets and nominal rigidities. An explicit attempt to provide a synthesis between elements from real business cycle models and shortrun ‘Keynesian’wage and/or price inertias is the minimum common denominator of the vast array of ‘Dynamic Stochastic Gener ...
The US dollar shortage in global banking and the international
... September 2008, many banks faced severe difficulties securing short-term US dollar funding. In response, central banks around the world adopted extraordinary policy measures, including international swap arrangements with the US Federal Reserve, to enable them to provide US dollars to commercial ban ...
... September 2008, many banks faced severe difficulties securing short-term US dollar funding. In response, central banks around the world adopted extraordinary policy measures, including international swap arrangements with the US Federal Reserve, to enable them to provide US dollars to commercial ban ...
Circumventing the Zero Lower Bound with Monetary
... about the demand for money but, instead, it describes highly inelastic schedules for the demand and supply of loans with respect to a short-term rate interest rate. Moreover, interest rates are low not because monetary policy has been excessively expansionary: Interest rates are low because monetary ...
... about the demand for money but, instead, it describes highly inelastic schedules for the demand and supply of loans with respect to a short-term rate interest rate. Moreover, interest rates are low not because monetary policy has been excessively expansionary: Interest rates are low because monetary ...
Risk-Premia, Carry-Trade Dynamics, and Economic Value of
... Empirically, we find support for speculative UIP and the existence of a risk-premium, the omission of which results in the forward bias puzzle. Carry-traders are able to collect risk-premia and to generate positive excess returns. Whereas the economic value of these excess returns is limited for bil ...
... Empirically, we find support for speculative UIP and the existence of a risk-premium, the omission of which results in the forward bias puzzle. Carry-traders are able to collect risk-premia and to generate positive excess returns. Whereas the economic value of these excess returns is limited for bil ...
Macroeconomic Issues in Small States and
... financial support, and capacity building. Partly because many small states are on extended Article IV consultation cycles, Fund operational spending on small (and, especially, micro) states is well below that on larger countries (though not in per capita terms). Country teams for small states also t ...
... financial support, and capacity building. Partly because many small states are on extended Article IV consultation cycles, Fund operational spending on small (and, especially, micro) states is well below that on larger countries (though not in per capita terms). Country teams for small states also t ...
The role of house prices in the monetary policy transmission
... the exchange rate may be a relevant candidate. It plays a significant part in the formulation of monetary policy in the open economy (being an important influence on the overall level of prices), and is itself also influenced by monetary policy. Hence, monetary policy and exchange rate interactions may ...
... the exchange rate may be a relevant candidate. It plays a significant part in the formulation of monetary policy in the open economy (being an important influence on the overall level of prices), and is itself also influenced by monetary policy. Hence, monetary policy and exchange rate interactions may ...
DIFFERENCES IN EXCHANGE RATE PASS
... The distribution of non-euro area imports also varies widely across different product categories. Electric and electronic machinery, Basic manufactures and Mineral fuels account for the largest portion of non-euro area imports across all countries in the euro area. However, the shares of the various ...
... The distribution of non-euro area imports also varies widely across different product categories. Electric and electronic machinery, Basic manufactures and Mineral fuels account for the largest portion of non-euro area imports across all countries in the euro area. However, the shares of the various ...
1 Cross-Hedging Commodity Currencies
... reduction and profit motives of the hedger (Castellino, 1992). Again, a number of effectiveness measures have been proposed in the literature including the Sharpe (1994) measure, which has been widely adopted in hedging literature (Brailsford, Corrigan and Heaney, 2001), and the HBS measure of Howar ...
... reduction and profit motives of the hedger (Castellino, 1992). Again, a number of effectiveness measures have been proposed in the literature including the Sharpe (1994) measure, which has been widely adopted in hedging literature (Brailsford, Corrigan and Heaney, 2001), and the HBS measure of Howar ...
foreign exchange risk
... Foreign currency fluctuations are one of the key sources of risk in multinational operations. Consider the case of Dell Inc., which operates assembly plants for its computers within the United States as well as in Ireland, Malaysia, China, and Brazil; runs offices and call centers in several other c ...
... Foreign currency fluctuations are one of the key sources of risk in multinational operations. Consider the case of Dell Inc., which operates assembly plants for its computers within the United States as well as in Ireland, Malaysia, China, and Brazil; runs offices and call centers in several other c ...
A Balance Sheet Approach to Financial Crisis - Mark Allen
... Our framework for assessing balance sheet risks focuses on four types of balance sheet mismatches, all of which help to determine a country’s ability to service debt in the face of shocks: (i) maturity mismatches, where a gap between liabilities due in the short term and liquid assets leaves a secto ...
... Our framework for assessing balance sheet risks focuses on four types of balance sheet mismatches, all of which help to determine a country’s ability to service debt in the face of shocks: (i) maturity mismatches, where a gap between liabilities due in the short term and liquid assets leaves a secto ...
US-Europe Economic Interdependence and Policy
... except in steady state. However, this is not sufficient to cause overshooting of the dollar exchange rate following policy shocks. Adjustment in real variables removes the need for nominal exchange rate overshooting to re-equilibrate markets. Starting from a zero-asset holding position, unexpected m ...
... except in steady state. However, this is not sufficient to cause overshooting of the dollar exchange rate following policy shocks. Adjustment in real variables removes the need for nominal exchange rate overshooting to re-equilibrate markets. Starting from a zero-asset holding position, unexpected m ...
Exchange Rates, Economic Integration and the International
... Exchange Rates, Economic Integration and the International Economy, that took place at Ryerson University, Toronto, May 17-19, 2002. At the conference, 47 papers were presented along with two roundtable sessions: (a) “NAFTA, Borders and Trade’’ paneled by Werner Antweiler (University of British Colu ...
... Exchange Rates, Economic Integration and the International Economy, that took place at Ryerson University, Toronto, May 17-19, 2002. At the conference, 47 papers were presented along with two roundtable sessions: (a) “NAFTA, Borders and Trade’’ paneled by Werner Antweiler (University of British Colu ...