NBER WORKING PAPER SERIES GLOBAL SHOCKS, ECONOMIC GROWTH AND FINANCIAL CRISES:
... 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 ...
The Federal Reserve in a Globalized World Economy John B. Taylor
... and fluctuations in the economy while not creating its own shocks and disturbances either domestically or internationally. By choosing the size of its response coefficients, it can affect the relative amount of price stability and output stability. For example, when the interest rate reaction coeffi ...
... and fluctuations in the economy while not creating its own shocks and disturbances either domestically or internationally. By choosing the size of its response coefficients, it can affect the relative amount of price stability and output stability. For example, when the interest rate reaction coeffi ...
MEASURING THE EFFECTS OF MONETARY POLICY FOR
... exchange rates and interest rates. Overall, these characteristics of the economy of Turkey will allow us to grasp the effects of monetary policy and the economic outcomes of such policy. Most of the previous studies identifying monetary policy look at developed countries rather than developing econo ...
... exchange rates and interest rates. Overall, these characteristics of the economy of Turkey will allow us to grasp the effects of monetary policy and the economic outcomes of such policy. Most of the previous studies identifying monetary policy look at developed countries rather than developing econo ...
Dreher ge08 6483485 en
... chances of political survival, the IMF can enhance the chances that economically sensible policies will in fact be implemented (Vreeland 1999). As second indirect channel, to the contrary, the "moral-hazard" associated with IMF lending might affect policies negatively (Vaubel 1983). As IMF lending m ...
... chances of political survival, the IMF can enhance the chances that economically sensible policies will in fact be implemented (Vreeland 1999). As second indirect channel, to the contrary, the "moral-hazard" associated with IMF lending might affect policies negatively (Vaubel 1983). As IMF lending m ...
The Impact of Monetary Policy Announcements
... ative aspects in the domestic economy might lead to capital ‡ight which will adversely a¤ect economic growth. This follows Barr & Kantor (2002) who assert that political uncertainty and economic growth have always been negatively associated in South Africa. The exchange rate is sensitive to a wide ...
... ative aspects in the domestic economy might lead to capital ‡ight which will adversely a¤ect economic growth. This follows Barr & Kantor (2002) who assert that political uncertainty and economic growth have always been negatively associated in South Africa. The exchange rate is sensitive to a wide ...
Use of Local Currencies in CIF Projects
... because the borrower’s project revenue streams are almost always in local currency while debt repayment outflows are in hard currency. The project/borrower is, therefore; exposed to an additional risk of local currency devaluation or depreciation. This additional currency risk can have a negative im ...
... because the borrower’s project revenue streams are almost always in local currency while debt repayment outflows are in hard currency. The project/borrower is, therefore; exposed to an additional risk of local currency devaluation or depreciation. This additional currency risk can have a negative im ...
Current Research Journal of Economic Theory 4(4): 120-131, 2012 ISSN: 2042-485X
... channel through which benefits from a common currency will be enjoyed. The more countries trade with each other, especially in a particular region, the more they will value regional exchange rate stability. In this regard, currency unions are expected to be welfare enhancing because they reduce the ...
... channel through which benefits from a common currency will be enjoyed. The more countries trade with each other, especially in a particular region, the more they will value regional exchange rate stability. In this regard, currency unions are expected to be welfare enhancing because they reduce the ...
The Macroeconomics Of The Unofficial Foreign Exchange Market In
... With the advent of the semi-annual foreign exchange plan, trade policy (as represented by the set of import quotas implicit in foreign exchange allocations) became an endogenous function of foreign exchange revenues. With the exception of a brief period immediately following the Arusha Declaration, ...
... With the advent of the semi-annual foreign exchange plan, trade policy (as represented by the set of import quotas implicit in foreign exchange allocations) became an endogenous function of foreign exchange revenues. With the exception of a brief period immediately following the Arusha Declaration, ...
SINZIYA SIGAUKE RE - Midlands State University
... country’s economic environment, Zimbabwe adopted the Multi-Currency System (MCS) in January 2009. The purpose of this paper is to analyze the effects of multi- currency system to the economy of Zimbabwe particularly to the rural populace in Marange. Data was collected from 29% purposively selected r ...
... country’s economic environment, Zimbabwe adopted the Multi-Currency System (MCS) in January 2009. The purpose of this paper is to analyze the effects of multi- currency system to the economy of Zimbabwe particularly to the rural populace in Marange. Data was collected from 29% purposively selected r ...
Kiel Paper Bordo Helbling NBER version final
... In this paper, we document evidence on the synchronization of business cycles across 16 countries over the past century and a quarter, demarcated into four exchange rate regimes. We find using three different methodologies that there is a secular trend towards increased synchronization for much of t ...
... In this paper, we document evidence on the synchronization of business cycles across 16 countries over the past century and a quarter, demarcated into four exchange rate regimes. We find using three different methodologies that there is a secular trend towards increased synchronization for much of t ...
3AECO – 6 Exchange rates - Economics Teachers` Association of
... v) RBA intervention - sells AUD if it appreciates too strongly. vi) Income flows to foreigners on their investments in Australia. • Changes in the ER may cause: a) Uncertainty and economic instability if the ER fluctuates too much → damages investment and trade → UE. b) Inflation may result from dep ...
... v) RBA intervention - sells AUD if it appreciates too strongly. vi) Income flows to foreigners on their investments in Australia. • Changes in the ER may cause: a) Uncertainty and economic instability if the ER fluctuates too much → damages investment and trade → UE. b) Inflation may result from dep ...
Identification of Monetary Policy Shocks in Turkey: A Structural VAR Approach
... assumption from Cushman and Zha (1997). Turkey, being an emerging country integrated with global markets with respect to trade and …nancial linkages, have important spillovers from the rest of the world. Block exogeneity assumption provides us with a structure where external variables have e¤ects on ...
... assumption from Cushman and Zha (1997). Turkey, being an emerging country integrated with global markets with respect to trade and …nancial linkages, have important spillovers from the rest of the world. Block exogeneity assumption provides us with a structure where external variables have e¤ects on ...
Persistent Macroeconomic Imbalances in the Euro Area: Causes
... rates and in private investment and savings rates across countries. Then, current account imbalances would require neither special attention nor government intervention. It then comes down to the question of how much confidence one has in the underlying assumptions of rationality, sufficient economi ...
... rates and in private investment and savings rates across countries. Then, current account imbalances would require neither special attention nor government intervention. It then comes down to the question of how much confidence one has in the underlying assumptions of rationality, sufficient economi ...
NBER WORKING PAPER SERIES CURRENT ACCOUNT FACT AND FICTION David Backus Espen Henriksen
... In many respects, economic life in the United States has never been better. Per capita GDP reached an all-time high of $39,921 in 2004. Real GDP grew by 3.6% over the last year, modest by US standards but faster than Canada (3.0%), France (2.4%), Germany (1.5%), Italy (0.8%), Japan (0.8%), and most ...
... In many respects, economic life in the United States has never been better. Per capita GDP reached an all-time high of $39,921 in 2004. Real GDP grew by 3.6% over the last year, modest by US standards but faster than Canada (3.0%), France (2.4%), Germany (1.5%), Italy (0.8%), Japan (0.8%), and most ...
Money as a Medium of Exchange
... An intermediate stage in the progress from pure barter economy – under which goods are acquired for direct consumption only – to money economy is the employment of some favorite medium of exchange 6. It seems probable that when money developed out of barter it did so not because barter had become in ...
... An intermediate stage in the progress from pure barter economy – under which goods are acquired for direct consumption only – to money economy is the employment of some favorite medium of exchange 6. It seems probable that when money developed out of barter it did so not because barter had become in ...
NBER WORKING PAPER SERIES WHAT HURTS MOST? Carmen M. Reinhart
... depreciates relative to that of country B, rotating the budget line from EF to GF. All else equal, welfare would decline, representing a cost associated with developments on the foreign exchange market for this small country. Target zones for the large countries, if effective, would be able to preve ...
... depreciates relative to that of country B, rotating the budget line from EF to GF. All else equal, welfare would decline, representing a cost associated with developments on the foreign exchange market for this small country. Target zones for the large countries, if effective, would be able to preve ...
economic papers 165 .EMU and the euro – the first 10 years
... EMU is thus a gigantic experiment with no precedence in monetary history. EMU will have effects on practically every area of economic policy-making in Europe: it will influence the allocation of resources, the distribution of income, stability and growth, as well as the formal and informal instituti ...
... EMU is thus a gigantic experiment with no precedence in monetary history. EMU will have effects on practically every area of economic policy-making in Europe: it will influence the allocation of resources, the distribution of income, stability and growth, as well as the formal and informal instituti ...
A Century of Purchasing Power Parity - uc
... ∗ denotes significance at the 10% level; ∗∗ denotes significance at the 5% level; ∗ ∗ ∗ denotes significance at the 1% level. ...
... ∗ denotes significance at the 10% level; ∗∗ denotes significance at the 5% level; ∗ ∗ ∗ denotes significance at the 1% level. ...
1 - unece
... The process of liberalizing capital flows was much slower to take off. In a way, this is not surprising, since the architects of the Bretton Woods arrangements in 1944 decided that the much-needed international trade integration was incompatible with the erratic movement of exchange rates and cross- ...
... The process of liberalizing capital flows was much slower to take off. In a way, this is not surprising, since the architects of the Bretton Woods arrangements in 1944 decided that the much-needed international trade integration was incompatible with the erratic movement of exchange rates and cross- ...
International monetary policy transmission
... their policy interest rates. In fixed exchange rate regimes with free capital mobility, such as Hong Kong SAR, Saudi Arabia and the United Arab Emirates, the link between advanced and EME policy rates is largely direct and automatic. In China, notwithstanding capital controls and progressive liberal ...
... their policy interest rates. In fixed exchange rate regimes with free capital mobility, such as Hong Kong SAR, Saudi Arabia and the United Arab Emirates, the link between advanced and EME policy rates is largely direct and automatic. In China, notwithstanding capital controls and progressive liberal ...
international financial crises
... finance minister going overboard, but much of the country too. And I think it’s important to ask where is that difference, and how do we have to rethink the international financial system and national economic management to recognise those new factors. The new factors surely are not the speculators. ...
... finance minister going overboard, but much of the country too. And I think it’s important to ask where is that difference, and how do we have to rethink the international financial system and national economic management to recognise those new factors. The new factors surely are not the speculators. ...
The Role of Monetary Policy
... for meeting the depression and his offering was avidly accepted. If liquidity preference is absolute or nearly so-as Keynes believed likely in times of heavy unemployment-interest rates cannot be lowered by monetary measures. If investment and consumption are little affected by interest rates-as Han ...
... for meeting the depression and his offering was avidly accepted. If liquidity preference is absolute or nearly so-as Keynes believed likely in times of heavy unemployment-interest rates cannot be lowered by monetary measures. If investment and consumption are little affected by interest rates-as Han ...
Pacific Basin Working Paper Series CAPITAL CONTROLS AND EXCHANGE RATE INSTABILITY
... general, these studies have found little effect of capital controls in averting currency crises, at least not without other supporting economic policies. Using various econometric tests and a detailed case study of Chilean controls imposed in the 1980s, for example, Edwards (1999) finds that “…the r ...
... general, these studies have found little effect of capital controls in averting currency crises, at least not without other supporting economic policies. Using various econometric tests and a detailed case study of Chilean controls imposed in the 1980s, for example, Edwards (1999) finds that “…the r ...
Recent Arguments against the Gold Standard Executive Summary by Lawrence H. White
... Gold Since 1971 Shows that Gold Would Be an Unstable Monetary Standard Eichengreen argues that “gold’s inherent price volatility” makes it unsuitable to “provide a basis for international commercial and financial transactions on a twenty-firstcentury scale.”15 Klein declares, “The problems with the ...
... Gold Since 1971 Shows that Gold Would Be an Unstable Monetary Standard Eichengreen argues that “gold’s inherent price volatility” makes it unsuitable to “provide a basis for international commercial and financial transactions on a twenty-firstcentury scale.”15 Klein declares, “The problems with the ...
beliefs - Georgia State University
... There are a number of results in the paper, which identify various reasons for these expectations. In general terms, the surveys show that incomplete credibility is explained primarily by concerns about external economic shocks and by the perception that austerity under the currency board contribute ...
... There are a number of results in the paper, which identify various reasons for these expectations. In general terms, the surveys show that incomplete credibility is explained primarily by concerns about external economic shocks and by the perception that austerity under the currency board contribute ...