Zimbabwe’s Black Market for Foreign Exchange Albert Makochekanwa
... market” and “black market” in foreign exchange, this study will use the two terms interchangeably or synonymously. Robert Grosse (1991) pointed out that black markets in foreign currency have emerged in most countries since time immemorial mainly as a result of government controls on access to forei ...
... market” and “black market” in foreign exchange, this study will use the two terms interchangeably or synonymously. Robert Grosse (1991) pointed out that black markets in foreign currency have emerged in most countries since time immemorial mainly as a result of government controls on access to forei ...
Winners and Losers from the euro
... that the benefit of introducing the euro for Europe and the U.S. is equivalent to, respectively, a 15% and 5% reduction in the standard deviation of monetary shocks worldwide. For countries that did not join the EMU, Ferreira-Lopes (2010) finds that consumers in Sweden and the UK are willing to give ...
... that the benefit of introducing the euro for Europe and the U.S. is equivalent to, respectively, a 15% and 5% reduction in the standard deviation of monetary shocks worldwide. For countries that did not join the EMU, Ferreira-Lopes (2010) finds that consumers in Sweden and the UK are willing to give ...
Exchange Rates
... – In the past, many currencies operated under a fixed-exchange-rate system, in which exchange rates were determined by governments • The exchange rates were fixed because the central banks in those countries offered to buy or sell the currencies at the fixed exchange rate • Examples include the gold ...
... – In the past, many currencies operated under a fixed-exchange-rate system, in which exchange rates were determined by governments • The exchange rates were fixed because the central banks in those countries offered to buy or sell the currencies at the fixed exchange rate • Examples include the gold ...
An Introduction to Monetary Policy Rules
... other. The central bank has short-run control over unemployment—it can temporarily lower the unemployment rate by expanding the money supply—and long-run control over inflation—if it prints money today, inflation will materialize tomorrow. The central bank has an incentive to tell the public that it ...
... other. The central bank has short-run control over unemployment—it can temporarily lower the unemployment rate by expanding the money supply—and long-run control over inflation—if it prints money today, inflation will materialize tomorrow. The central bank has an incentive to tell the public that it ...
Escaping from a Liquidity Trap and Deflation: The
... Bank of Japan lowered the interest rate to zero and kept it there from February 1999 to August 2000, and again from March 2001 until now. From March 2001, after long indecisiveness, it also attempted a so-called “quantitative easing,” a substantial expansion of the monetary base. During two years up ...
... Bank of Japan lowered the interest rate to zero and kept it there from February 1999 to August 2000, and again from March 2001 until now. From March 2001, after long indecisiveness, it also attempted a so-called “quantitative easing,” a substantial expansion of the monetary base. During two years up ...
China`s exchange rate policy
... was also effected in a macroeconomic setting in which China managed to accomplish a soft landing from the overheating in 1993± 1994 and later, aggregate demand was further weakened by the Asian financial crisis in 1997±1998. Though in China, depreciation and domestic inflation were closely linked, t ...
... was also effected in a macroeconomic setting in which China managed to accomplish a soft landing from the overheating in 1993± 1994 and later, aggregate demand was further weakened by the Asian financial crisis in 1997±1998. Though in China, depreciation and domestic inflation were closely linked, t ...
The IMF Classification of Official Exchange Rate Regimes
... the local currency in combination with debt obligations in foreign currency. The second case for common currencies has two stands: macroeconomic and microeconomic. The macroeconomic argument is that a common currency can provide member countries with an anchor against inflation, and is particularly ...
... the local currency in combination with debt obligations in foreign currency. The second case for common currencies has two stands: macroeconomic and microeconomic. The macroeconomic argument is that a common currency can provide member countries with an anchor against inflation, and is particularly ...
New evidence on the puzzles: Results from agnostic identification
... To analyze the first question, our identification procedure assumes that domestic contractionary monetary policy shocks do not lead to decreases in the domestic short-term interest rate, increases in the domestic price level and increases in the ratio of nonborrowed to total reserves during the first y ...
... To analyze the first question, our identification procedure assumes that domestic contractionary monetary policy shocks do not lead to decreases in the domestic short-term interest rate, increases in the domestic price level and increases in the ratio of nonborrowed to total reserves during the first y ...
Chakriya Bowman Economies
... There is a sound economic basis for the proposition that Australia’s influence in Asia should have some effect on regional currencies. The last decade of the 20th century saw a significant increase in Australian trade with East Asia, both in exports to and imports from the East Asian region. Total t ...
... There is a sound economic basis for the proposition that Australia’s influence in Asia should have some effect on regional currencies. The last decade of the 20th century saw a significant increase in Australian trade with East Asia, both in exports to and imports from the East Asian region. Total t ...
what is monetary policy?
... has started to recover, stock markets have set new highs, and banks have strengthened their balance sheets. – Yet, both in Europe and the United States, persistent unemployment and deficits remain. ...
... has started to recover, stock markets have set new highs, and banks have strengthened their balance sheets. – Yet, both in Europe and the United States, persistent unemployment and deficits remain. ...
This PDF is a selection from a published volume from... of Economic Research Volume Title: NBER International Seminar on Macroeconomics 2012
... fine-tuning as most of the decision-making power regarding the screening and approval of FDI is held by local governments. This being said, even if it takes FDI inflows as given, the central government can still influence total net capital inflows through reserve accumulation as long as a change in ...
... fine-tuning as most of the decision-making power regarding the screening and approval of FDI is held by local governments. This being said, even if it takes FDI inflows as given, the central government can still influence total net capital inflows through reserve accumulation as long as a change in ...
Assessing the Advantages of EMU-Enlargement for the
... coronation theory and for the vehicle theory seeing EMU as a vehicle to goods and factor markets.6 Additionally, accession countries which experience high growth rates of GDP face a dilemma. This is because high growth rates lead to the need for real appreciation which has to be achieved either by e ...
... coronation theory and for the vehicle theory seeing EMU as a vehicle to goods and factor markets.6 Additionally, accession countries which experience high growth rates of GDP face a dilemma. This is because high growth rates lead to the need for real appreciation which has to be achieved either by e ...
IOSR Journal of Economics and Finance (IOSR-JEF)
... an econometric analysis. The study carried out a multiple regression analysis using the ordinary least square method for both linear and log linear form. The results showed that the independent variables appeared with the correct sign and thus, conform to economic theory, but the relationship betwee ...
... an econometric analysis. The study carried out a multiple regression analysis using the ordinary least square method for both linear and log linear form. The results showed that the independent variables appeared with the correct sign and thus, conform to economic theory, but the relationship betwee ...
The Long Run Effects of Competitive Undervaluation of Dong
... Most international trade involves monetary transactions. The exchange rate between two countries is the rate that specifies how much one currency is worth in term of the other. Because of their strong influence on the current account and other macroeconomic variables, exchange rates are the most imp ...
... Most international trade involves monetary transactions. The exchange rate between two countries is the rate that specifies how much one currency is worth in term of the other. Because of their strong influence on the current account and other macroeconomic variables, exchange rates are the most imp ...
Economic and Social Council African Union
... discipline and the conduct of monetary policy by the supranational and independent central bank. ...
... discipline and the conduct of monetary policy by the supranational and independent central bank. ...
Natural Disasters: Mitigating Impact, Managing Risks
... cannot be prevented, the policy response will have an important impact on the speed of recovery. Moreover, the literature suggests that much can also be done ex ante to reduce the human suffering and economic costs of the impact of natural disasters. These include relocating communities from disaste ...
... cannot be prevented, the policy response will have an important impact on the speed of recovery. Moreover, the literature suggests that much can also be done ex ante to reduce the human suffering and economic costs of the impact of natural disasters. These include relocating communities from disaste ...
The exchange rate effect of multi-currency risk arbitrage
... allows for a clear identification of the speculators' optimal positionsdincluding hedging demands. In December 2000, the most important provider of international equity indices, Morgan Stanley Capital Inc. (MSCI), announced publicly that it would substantially alter the composition of its global equi ...
... allows for a clear identification of the speculators' optimal positionsdincluding hedging demands. In December 2000, the most important provider of international equity indices, Morgan Stanley Capital Inc. (MSCI), announced publicly that it would substantially alter the composition of its global equi ...
The international monetary and financial system
... WP456 The international monetary and financial system: its Achilles heel and what to do about it ...
... WP456 The international monetary and financial system: its Achilles heel and what to do about it ...
Capital Inflows and Balance of Payments Pressures
... cycles, with a generally rising trend until end-2007.4 More precisely, as discussed in the October 2007 WEO chapter, there have been two episodes of large inflows in the past couple of decades; namely, the period in the early 1990s, which peaked prior to the 1997 East Asian crisis, and the period th ...
... cycles, with a generally rising trend until end-2007.4 More precisely, as discussed in the October 2007 WEO chapter, there have been two episodes of large inflows in the past couple of decades; namely, the period in the early 1990s, which peaked prior to the 1997 East Asian crisis, and the period th ...
NBER WORKING PAPER SERIES MONETARY AND EXCHANGE RATE POLICY COORDINATION IN ASEAN+1
... inflation causing real appreciation of their currencies, although they were stable in nominal terms against the USD. They had large and growing current account deficits, and growing external debt denominated in foreign exchange. Thus the growth in the current account deficits was accompanied by appr ...
... inflation causing real appreciation of their currencies, although they were stable in nominal terms against the USD. They had large and growing current account deficits, and growing external debt denominated in foreign exchange. Thus the growth in the current account deficits was accompanied by appr ...
Dual Currency Investment – Important Facts Statement
... Currency risk - If the Investment Currency and/or Linked Currency is/are not your home currency, and you choose to convert it back to your home currency, or if you receive the Linked Currency and choose to convert it back to the Investment Currency upon maturity, you should note that exchange rate f ...
... Currency risk - If the Investment Currency and/or Linked Currency is/are not your home currency, and you choose to convert it back to your home currency, or if you receive the Linked Currency and choose to convert it back to the Investment Currency upon maturity, you should note that exchange rate f ...
MALAYSIA`S SEPTEMBER 1998 CONTROLS - G-24
... investments abroad in the nineties. Compared to most of its neighbours in the East Asian region, the Malaysian central bank authorities were generally more cautious and prudent about financial liberalization, both domestically and internationally. Malaysia experienced a severe banking crisis in the ...
... investments abroad in the nineties. Compared to most of its neighbours in the East Asian region, the Malaysian central bank authorities were generally more cautious and prudent about financial liberalization, both domestically and internationally. Malaysia experienced a severe banking crisis in the ...
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sollicitatiebrief Roel [brieven]
... export. We start from a simple question. Which products and which trade partners explain most of the export dynamics of each country? The hypothesis is that the type of products exported and the growth performance of the trade partner play a role in explaining export growth, a role that may be even ...
... export. We start from a simple question. Which products and which trade partners explain most of the export dynamics of each country? The hypothesis is that the type of products exported and the growth performance of the trade partner play a role in explaining export growth, a role that may be even ...
Do China and oil exporters influence major currency configurations?
... how does a diversification and rebalancing of global foreign exchange reserves alter these currency configurations? These are arguably two of today’s most pertinent issues influencing exchange rate dynamics, in particular of the US dollar, the euro and the yen. Understanding the answers to these que ...
... how does a diversification and rebalancing of global foreign exchange reserves alter these currency configurations? These are arguably two of today’s most pertinent issues influencing exchange rate dynamics, in particular of the US dollar, the euro and the yen. Understanding the answers to these que ...
DP2009/17 Global shocks, economic growth and financial
... financial system. If they are not present, the risk that a desire to withdraw capital becomes disorderly (leading to a sudden stop and potential currency and banking crises) is more significant. The denomination of fiscal and private sector debt is often an important factor in increasing susceptibil ...
... financial system. If they are not present, the risk that a desire to withdraw capital becomes disorderly (leading to a sudden stop and potential currency and banking crises) is more significant. The denomination of fiscal and private sector debt is often an important factor in increasing susceptibil ...