IMF-Supported Macroeconomic Policies and the World Recession: A
... This paper arises out of discussions with the International Monetary Fund (IMF) over the Fund’s recommended macroeconomic policies during the course of the current world recession. In a panel discussion held on June 19, 2009, there was disagreement between the IMF and CEPR over whether or to what ex ...
... This paper arises out of discussions with the International Monetary Fund (IMF) over the Fund’s recommended macroeconomic policies during the course of the current world recession. In a panel discussion held on June 19, 2009, there was disagreement between the IMF and CEPR over whether or to what ex ...
Opening discussion on banking sector risk
... environments. The remainder of the paper will clearly outline why we hold this belief. In this paper, we attempt to begin to isolate the main drivers of Operational Risk’s embedded in virtual and crypto currencies, to highlight some of their consequences in terms of operational events and losses for ...
... environments. The remainder of the paper will clearly outline why we hold this belief. In this paper, we attempt to begin to isolate the main drivers of Operational Risk’s embedded in virtual and crypto currencies, to highlight some of their consequences in terms of operational events and losses for ...
Training Catalog
... better serve our members in South Asia, the South Asia Regional Training and Technical Assistance Center (SARTTAC) begins operations in 2017. This will be the first center that fully integrates training and technical assistance and is a model for the IMF’s future capacity development work. As has be ...
... better serve our members in South Asia, the South Asia Regional Training and Technical Assistance Center (SARTTAC) begins operations in 2017. This will be the first center that fully integrates training and technical assistance and is a model for the IMF’s future capacity development work. As has be ...
This PDF is a selection from an out-of-print volume from... Bureau of Economic Research
... Schwartz have probably been more persuasive than purely statistical studies because the isolation of shocks from the historical record can overcome the reverse causation problem that plagues any regression of output on money.1 While the narrative approach has many virtues, implementing it is not str ...
... Schwartz have probably been more persuasive than purely statistical studies because the isolation of shocks from the historical record can overcome the reverse causation problem that plagues any regression of output on money.1 While the narrative approach has many virtues, implementing it is not str ...
Regional monetary integration in the member states of the Gulf
... Arab Emirates (UAE). This paper focuses on selected macroeconomic and institutional issues and key policy choices which are likely to arise in the GCC’s process of monetary integration. It does not however assess the potential benefits and costs of a GCC monetary union, given that the political deci ...
... Arab Emirates (UAE). This paper focuses on selected macroeconomic and institutional issues and key policy choices which are likely to arise in the GCC’s process of monetary integration. It does not however assess the potential benefits and costs of a GCC monetary union, given that the political deci ...
Does Exchange Rate Policy Matter for Growth?
... The choice of exchange rate regime has been a subject of ongoing debate in international economics. This debate has been renewed in recent years as a result of a series of economic crises (in Mexico, Southeast Asia, Russia, and Brazil) in which unsustainable exchange rate regimes were widely perceiv ...
... The choice of exchange rate regime has been a subject of ongoing debate in international economics. This debate has been renewed in recent years as a result of a series of economic crises (in Mexico, Southeast Asia, Russia, and Brazil) in which unsustainable exchange rate regimes were widely perceiv ...
Exchange rate arrangements and misalignments: contrasting words
... government consumption falls mainly on tradable goods or on imports, the equilibrium real exchange rate will depreciate. The empirical literature reveals that when statistically significant, a rise in government consumption leads to an equilibrium real exchange rate appreciation (see, Goldfajn and V ...
... government consumption falls mainly on tradable goods or on imports, the equilibrium real exchange rate will depreciate. The empirical literature reveals that when statistically significant, a rise in government consumption leads to an equilibrium real exchange rate appreciation (see, Goldfajn and V ...
John Maynard Keynes of Bloomsbury: Four Short
... economy as a whole. The others in the Bloomsbury Group helped to give to Maynard a deep appreciation of the manifold consequences of failure in a market economy. More conventional economists in his time, as in ours, have been inclined to see recession and depression as regretable phenomena that caus ...
... economy as a whole. The others in the Bloomsbury Group helped to give to Maynard a deep appreciation of the manifold consequences of failure in a market economy. More conventional economists in his time, as in ours, have been inclined to see recession and depression as regretable phenomena that caus ...
as a PDF
... Since the beginning of the era of floating exchange rates in the early 1970s, the exchange rates of the major currencies have principally been determined by the market forces. However, occasionally monetary authorities have attempted influence the supply and demand conditions in the FX market and ma ...
... Since the beginning of the era of floating exchange rates in the early 1970s, the exchange rates of the major currencies have principally been determined by the market forces. However, occasionally monetary authorities have attempted influence the supply and demand conditions in the FX market and ma ...
Are Developing Asia`s Foreign Exchange Reserves Excessive? An
... developing Asia. A large and persistent current account surplus, sometimes reinforced by significant capital inflows, is fueling the build-up of reserves throughout the region. Developing Asia as a region is selling more goods and services to the rest of the world than it is buying from the rest of ...
... developing Asia. A large and persistent current account surplus, sometimes reinforced by significant capital inflows, is fueling the build-up of reserves throughout the region. Developing Asia as a region is selling more goods and services to the rest of the world than it is buying from the rest of ...
A Microfoundation of Monetary Economics
... in reality. The problem is that the approximation does not specify explicitly the link between money and the trading environment. As a result, it leaves many questions unanswered, such as the following. Does money appear in the utility function in the same way, regardless of whether agents want to t ...
... in reality. The problem is that the approximation does not specify explicitly the link between money and the trading environment. As a result, it leaves many questions unanswered, such as the following. Does money appear in the utility function in the same way, regardless of whether agents want to t ...
NBER WORKING PAPER SERIES MONETARY POLICY STRATEGY: HOW DID WE GET HERE?
... monetary policy outcomes. But this list, which central bankers now subscribe to, is not where monetary policymakers started. In the 1960s, central bankers had a very different world view which produced very bad monetary policy outcomes. ...
... monetary policy outcomes. But this list, which central bankers now subscribe to, is not where monetary policymakers started. In the 1960s, central bankers had a very different world view which produced very bad monetary policy outcomes. ...
LSE | International Development | Prizewinning Dissertations | 2014 - Momchil Petkov, International Capital Flows
... through a variety of channels such as restricted access to credit, bankruptcies, trade, and destruction of human capital (Calvo 1998). The empirical literature so has far focused on domestic factors as causes of sudden stops and has defined sudden stops using net capital flows (Cavallo and Frankel 2 ...
... through a variety of channels such as restricted access to credit, bankruptcies, trade, and destruction of human capital (Calvo 1998). The empirical literature so has far focused on domestic factors as causes of sudden stops and has defined sudden stops using net capital flows (Cavallo and Frankel 2 ...
Ignorance and Influence: U.S. Economists on Argentina`s
... David E. Altig (vice president and director of research, Federal Reserve Bank of Cleveland) “In 1991, Argentina established a currency board that fixed a one- for-one exchange rate between pesos and the U.S. dollar. To guarantee free conversion at this rate, the Convertibility Law that established t ...
... David E. Altig (vice president and director of research, Federal Reserve Bank of Cleveland) “In 1991, Argentina established a currency board that fixed a one- for-one exchange rate between pesos and the U.S. dollar. To guarantee free conversion at this rate, the Convertibility Law that established t ...
NBER WORKING PAPER SERIES ECONOMICS Michael D. Bordo
... views on money and the economy. The first rule (1948) would maintain full employment by offsetting negative (positive) departures by money financed budget deficits ( and surpluses). The second ( 1960) would have monetary authorities preserve price stability by expanding the money supply at a steady ...
... views on money and the economy. The first rule (1948) would maintain full employment by offsetting negative (positive) departures by money financed budget deficits ( and surpluses). The second ( 1960) would have monetary authorities preserve price stability by expanding the money supply at a steady ...
NBER WORKING PAPER SERIES OPTIMAL HOLDINGS OF INTERNATIONAL RESERVES:
... whether this self-insurance strategy has already reached a point of strongly declining marginal returns – and becoming “excessive.” This paper addresses the issue of the optimal stock of International Reserves in terms of a statistical model in which reserves affect both the probability of Sudden St ...
... whether this self-insurance strategy has already reached a point of strongly declining marginal returns – and becoming “excessive.” This paper addresses the issue of the optimal stock of International Reserves in terms of a statistical model in which reserves affect both the probability of Sudden St ...
Cosmos Coinage Code
... monetary conduit bifurcation is enhanced when countries synchronize their currency policies with other jurisdictions. The collaboration of nations in transparent coinage frame of references can therefore deflate contagion effects induced from host monetary arrangements and inward-looking currency ap ...
... monetary conduit bifurcation is enhanced when countries synchronize their currency policies with other jurisdictions. The collaboration of nations in transparent coinage frame of references can therefore deflate contagion effects induced from host monetary arrangements and inward-looking currency ap ...
The Efficacy of Foreign Exchange Market Intervention in Malawi
... ost central banks, especially in developing countries, use foreign exchange market intervention1 as a policy tool for macroeconomic stabilization. In Malawi, the exchange rate was floated in February 1994. Since then, the Reserve Bank of Malawi (RBM) has periodically intervened in the foreign exchan ...
... ost central banks, especially in developing countries, use foreign exchange market intervention1 as a policy tool for macroeconomic stabilization. In Malawi, the exchange rate was floated in February 1994. Since then, the Reserve Bank of Malawi (RBM) has periodically intervened in the foreign exchan ...
The Concept of Monetary Sovereignty Revisited
... affairs.23 Last but not least, Emmerich de Vattel (1714–1767), in his famous treatise Le Droit des Gens, equally accepted the idea that monetary sovereignty implies not only rights but also duties for the monarch.24 When it comes to assessing the importance of these writings for the overall concept ...
... affairs.23 Last but not least, Emmerich de Vattel (1714–1767), in his famous treatise Le Droit des Gens, equally accepted the idea that monetary sovereignty implies not only rights but also duties for the monarch.24 When it comes to assessing the importance of these writings for the overall concept ...
Currency Mismatch, Systemic Risk in Emerging Europe (December 2009)
... recent crisis. Our estimates for the period 1998-2009 indicate that a country that increased its currency mismatch by 6.6 percentage points each year—equal to one standard deviation—had on net a 4 percent higher GDP at the end of the period (including the crisis year) than a country that did not exp ...
... recent crisis. Our estimates for the period 1998-2009 indicate that a country that increased its currency mismatch by 6.6 percentage points each year—equal to one standard deviation—had on net a 4 percent higher GDP at the end of the period (including the crisis year) than a country that did not exp ...
Working Paper 23 – Will Asymmetric Shocks Pose a Serious
... domestic and the foreign price of goods or services and hence reduce competition between internal and external suppliers. For example, if a producer calculates an offer in foreign currency he has to add the exchange commission and an extra charge for the foreign exchange risk (either his actual hedg ...
... domestic and the foreign price of goods or services and hence reduce competition between internal and external suppliers. For example, if a producer calculates an offer in foreign currency he has to add the exchange commission and an extra charge for the foreign exchange risk (either his actual hedg ...
Consistency of two major data sources for
... Whilst the quotations of the German reichsmark in the 1920s have received considerable attention due to the major hyperinflation episode witnessed by the country, the exchange rates of the other currencies reported by Einzig (op. cit.) have also been employed by many studies focusing on the interwar ...
... Whilst the quotations of the German reichsmark in the 1920s have received considerable attention due to the major hyperinflation episode witnessed by the country, the exchange rates of the other currencies reported by Einzig (op. cit.) have also been employed by many studies focusing on the interwar ...
NBER WORKING PAPER SERIES 1880-1913 vs. 1972-1997
... often face rapid exchange rate depreciations associated with sudden stops and reversals of capital inflows or very loose monetary policy, these countries are more often the victims of such a volatile combination. Over the last ten years, these phenomena have started to be addressed in the economics ...
... often face rapid exchange rate depreciations associated with sudden stops and reversals of capital inflows or very loose monetary policy, these countries are more often the victims of such a volatile combination. Over the last ten years, these phenomena have started to be addressed in the economics ...
S0412976_en.pdf
... convenient exchange-rate regimes are those that afford policy-makers sufficient freedom of maneuver to adjust their policies in response to evolving objectives. That is, this paper argues that the Andean economies’ experience is best read as supportive of “intermediate” rather than “polar” regime ch ...
... convenient exchange-rate regimes are those that afford policy-makers sufficient freedom of maneuver to adjust their policies in response to evolving objectives. That is, this paper argues that the Andean economies’ experience is best read as supportive of “intermediate” rather than “polar” regime ch ...