Global Financial Markets and Instruments
... significant number of items outside the purview of import licensing, considerable reduction in the level of tariff rates, Exim scrip‘s devaluation of rupee, partial and later on full convertibility of rupee etc. 1.1 New Global Economic War After the Second War and the IMF par value system came into ...
... significant number of items outside the purview of import licensing, considerable reduction in the level of tariff rates, Exim scrip‘s devaluation of rupee, partial and later on full convertibility of rupee etc. 1.1 New Global Economic War After the Second War and the IMF par value system came into ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... theory of the yen-dollar exchange rate, we do not yet know whether this remission from the syndrome from mid-1995 to mid-1997 is temporary or permanent. Mercantile pressure from the United States to appreciate the yen, with deflationary repercussions in Japan, could well up again. Thus this paper fo ...
... theory of the yen-dollar exchange rate, we do not yet know whether this remission from the syndrome from mid-1995 to mid-1997 is temporary or permanent. Mercantile pressure from the United States to appreciate the yen, with deflationary repercussions in Japan, could well up again. Thus this paper fo ...
Weekly FX Insight - Citibank Hong Kong
... Lower petrol prices may help produce a soft CPI result of 0.3% for Q4. This may drag the yearly CPI print from 2.3% to 1.8%, below the bottom of the RBA’s target ...
... Lower petrol prices may help produce a soft CPI result of 0.3% for Q4. This may drag the yearly CPI print from 2.3% to 1.8%, below the bottom of the RBA’s target ...
NBER WORKING PAPER SERIES RESULTS FROM A STRUCTURAL MODEL
... Thatcher, interview with Sunday Times, October 15, 1990, stored at www.margaretthatcher.org. Thatcher, in House of Commons Debates, October 30, 1990, page 874. ...
... Thatcher, interview with Sunday Times, October 15, 1990, stored at www.margaretthatcher.org. Thatcher, in House of Commons Debates, October 30, 1990, page 874. ...
NBER WORKING PAPER SERIES EXCHANGE RATE PASS-THROUGH AND MONETARY POLICY
... channels--whether from aggregate demand, energy prices, or the foreign exchange rate--will also have a smaller effect on expected inflation and hence on trend inflation. The presence of a strong commitment to a nominal anchor in many countries--that is, the use of monetary policy actions and stateme ...
... channels--whether from aggregate demand, energy prices, or the foreign exchange rate--will also have a smaller effect on expected inflation and hence on trend inflation. The presence of a strong commitment to a nominal anchor in many countries--that is, the use of monetary policy actions and stateme ...
the relationship between exchange rate volatility and balance of
... controls were an easy response to contain balance of payments and inflationary pressures, but they created major distortions in the economy that were not evident until the early 1980s. The major instruments of monetary policy in Kenya have been open market operations, cash and liquidity ratios, cred ...
... controls were an easy response to contain balance of payments and inflationary pressures, but they created major distortions in the economy that were not evident until the early 1980s. The major instruments of monetary policy in Kenya have been open market operations, cash and liquidity ratios, cred ...
.
... an a prior; basis for a cross-country ordinal ranking of multipliers. Wage/price blocks also play a key role in model properties, through the determination of the price-output split of nominal GDP growth over time. Specific national institutions can be expected t o play an important role in this res ...
... an a prior; basis for a cross-country ordinal ranking of multipliers. Wage/price blocks also play a key role in model properties, through the determination of the price-output split of nominal GDP growth over time. Specific national institutions can be expected t o play an important role in this res ...
Quantifying Beggar-my-neighbour Effects Evidence from
... us to test the predictive power of retaliation for the devaluations against the general increase in protectionism, be it for trilemma forces, a response to unemployment or lobbying efforts. In this particular setting, retaliation turns out to be the more important driver of protectionism. This resul ...
... us to test the predictive power of retaliation for the devaluations against the general increase in protectionism, be it for trilemma forces, a response to unemployment or lobbying efforts. In this particular setting, retaliation turns out to be the more important driver of protectionism. This resul ...
Exchange Rate Regimes of Developing Countries: Global Context
... generally fared much better. For example, Chile, Mexico, Peru, South Africa and Turkey all seem to have benefited from the flexibility of their exchange rates during the recent international crisis. Indeed, for the countries most adversely affected by recent crises there was an intrinsic perversity ...
... generally fared much better. For example, Chile, Mexico, Peru, South Africa and Turkey all seem to have benefited from the flexibility of their exchange rates during the recent international crisis. Indeed, for the countries most adversely affected by recent crises there was an intrinsic perversity ...
That Which We Call Capital Controls
... pace in the 1980s, as free market ideologies took hold. Increasing internationalization of commercial activity (for instance, in the form of multinational corporations) also militated against capital controls. Moreover, the desire on the part of the United States and the United Kingdom to be global ...
... pace in the 1980s, as free market ideologies took hold. Increasing internationalization of commercial activity (for instance, in the form of multinational corporations) also militated against capital controls. Moreover, the desire on the part of the United States and the United Kingdom to be global ...
DP2010/10 Does the Kiwi fly when the Kangaroo
... significantly to Australian GDP and trade balance surprises, the two real Australian macroeconomic surprises we considered. However, it responds less to the nominal Australian shocks we considered, with no response to CPI shock and only a small response to monetary policy announcements. A comparison ...
... significantly to Australian GDP and trade balance surprises, the two real Australian macroeconomic surprises we considered. However, it responds less to the nominal Australian shocks we considered, with no response to CPI shock and only a small response to monetary policy announcements. A comparison ...
Download Dissertation
... normals that allows for dependence of this kind. The model is estimated using Markov chain Monte Carlo. The results clearly indicate conditionality on the state variables and how high prices of assets predict negative skewness (large losses) for as well as negative returns. The Icelandic financial c ...
... normals that allows for dependence of this kind. The model is estimated using Markov chain Monte Carlo. The results clearly indicate conditionality on the state variables and how high prices of assets predict negative skewness (large losses) for as well as negative returns. The Icelandic financial c ...
SPEECH 29/11/2011 Deputy Governor Lars E.O. Svensson
... It follows that financial stability as an objective of monetary policy makes little sense, whereas financial stability as an objective for the central bank makes sense, if the central bank gets control over the financial-stability instruments. The standard monetary-policy tools are the policy rate a ...
... It follows that financial stability as an objective of monetary policy makes little sense, whereas financial stability as an objective for the central bank makes sense, if the central bank gets control over the financial-stability instruments. The standard monetary-policy tools are the policy rate a ...
Morris Inflationdynamicsandtheparallelmarketforforeignexchange
... implicit assumptions about how (as a matter of Government policy) different components of the budget change in response to the devaluation. Consider first money creation to finance the Government deficit. This is equal to the increase in Government credit on the assumption that money creation is the ...
... implicit assumptions about how (as a matter of Government policy) different components of the budget change in response to the devaluation. Consider first money creation to finance the Government deficit. This is equal to the increase in Government credit on the assumption that money creation is the ...
understanding exchange rate volatility without the contrivance of
... by the regime, only channelled to one locus or another. The economy can be thought of as a balloon; squeezing volatility out of one part merely transfers the volatility elsewhere.1 For over a decade economists have known that ¯oating exchange rates are more variable than ®xed rates (evidence is prov ...
... by the regime, only channelled to one locus or another. The economy can be thought of as a balloon; squeezing volatility out of one part merely transfers the volatility elsewhere.1 For over a decade economists have known that ¯oating exchange rates are more variable than ®xed rates (evidence is prov ...
gold report 2016
... themes from the qualitative analysis, we conduced an online survey on another group of 61 random people to lend more support for certain aspects of thinking about gold. Among one group of people, who were not regular investors, we found a marginal effect of price and the actual purchase was mostly ...
... themes from the qualitative analysis, we conduced an online survey on another group of 61 random people to lend more support for certain aspects of thinking about gold. Among one group of people, who were not regular investors, we found a marginal effect of price and the actual purchase was mostly ...
Interest rates and exchange rates
... investor from Britain invests in the USA, and the dollar depreciates 5 per cent relative to sterling, the investor will make a capital loss of 5 per cent which has to be subtracted from the US interest rate in order to find out the return which the investor obtained from holding his or her funds in ...
... investor from Britain invests in the USA, and the dollar depreciates 5 per cent relative to sterling, the investor will make a capital loss of 5 per cent which has to be subtracted from the US interest rate in order to find out the return which the investor obtained from holding his or her funds in ...
NBER WORKING PAPER SERIES A CURRENCY OF ONE’S OWN?
... from other related work in this general area. First, we have made an effort to include data on both dollarized and ICU countries. This has not been easy, as most strictly dollarized countries are very small and their data are not included in readily available data sets. After significant effort we w ...
... from other related work in this general area. First, we have made an effort to include data on both dollarized and ICU countries. This has not been easy, as most strictly dollarized countries are very small and their data are not included in readily available data sets. After significant effort we w ...
2012年2月16日 - Alan Tse`s site This is Alan`s site
... about a debt trap? How much more can you tax? And do you really want to raise taxes with the economy as weak as it is? You can't print money without the agreement of Germany and the rest of the European Union. Cutting spending by 4 to 5% over the next few years will result in a far more serious rece ...
... about a debt trap? How much more can you tax? And do you really want to raise taxes with the economy as weak as it is? You can't print money without the agreement of Germany and the rest of the European Union. Cutting spending by 4 to 5% over the next few years will result in a far more serious rece ...
A Portfolio Theory of International Capital Flows Michael B. Devereux
... currency area would reduce welfare, so would the elimination of nominal assets which operate as a risk-sharing mechanism. By contrast, the model implies a unique welfare maximizing monetary rule for each country to follow (which requires ‡exible exchange rates). There are limitations of our analysis ...
... currency area would reduce welfare, so would the elimination of nominal assets which operate as a risk-sharing mechanism. By contrast, the model implies a unique welfare maximizing monetary rule for each country to follow (which requires ‡exible exchange rates). There are limitations of our analysis ...
NBER WORKING PAPER SERIES MONEIARY POLICY SIRATEGIES Robert Flood Peter Isard
... that might arise to the extent that the central bank may have different preferences than society at large and might not seek to minimize the social loss function if left to its own discretion. From the structure of the model and the assumption of uncorrelated disturbances, it is intuitively clear th ...
... that might arise to the extent that the central bank may have different preferences than society at large and might not seek to minimize the social loss function if left to its own discretion. From the structure of the model and the assumption of uncorrelated disturbances, it is intuitively clear th ...
Does the Kiwi fly when the Kangaroo jumps?
... These selected examples outline the main theme of this paper: Australian specific monetary and non-monetary news (more precisely surprises) affect the AU/US and the NZ/US exchange rates in the same direction. In other words, the NZ/US (and by implication all the other New Zealand dollar cross exchan ...
... These selected examples outline the main theme of this paper: Australian specific monetary and non-monetary news (more precisely surprises) affect the AU/US and the NZ/US exchange rates in the same direction. In other words, the NZ/US (and by implication all the other New Zealand dollar cross exchan ...
An estimation of the J-Curve effect between South Africa and the
... The Bretton-Woods system was established in New Hampshire in July 1944 (Judis, 2008). In order to create a more stable monetary system after the Great Depression and World War II, the United States (US) dollar replaced the British pound as the accepted global currency (Judis, 2008). ...
... The Bretton-Woods system was established in New Hampshire in July 1944 (Judis, 2008). In order to create a more stable monetary system after the Great Depression and World War II, the United States (US) dollar replaced the British pound as the accepted global currency (Judis, 2008). ...
Central bank`s objectives and structure
... Note: Foreign exchange transactions include purchases and sales of foreign currency by the CNB with credit institutions, MF, EC and swap agreements. Positive values reflect the purchase of foreign currency. Values for the reverse repo transactions and lombard loans are shown as change in one quarter ...
... Note: Foreign exchange transactions include purchases and sales of foreign currency by the CNB with credit institutions, MF, EC and swap agreements. Positive values reflect the purchase of foreign currency. Values for the reverse repo transactions and lombard loans are shown as change in one quarter ...
monetary policy in an open economy: its objectives instruments
... restore full employment in the face of monopolistic wage developments. Such a policy might be successful, but it would unavoidably lead to a certain measure of price inflation. 3. . . . and in an open economy We have been thinking so far of monetary phenomena in a closed economy. The complication no ...
... restore full employment in the face of monopolistic wage developments. Such a policy might be successful, but it would unavoidably lead to a certain measure of price inflation. 3. . . . and in an open economy We have been thinking so far of monetary phenomena in a closed economy. The complication no ...