Modern Money Theory 101: A Reply to Critics
... always solvent, and can afford to buy anything for sale in their domestic unit of account even though they may face inflationary and political constraints.3 MMT has also provided policy insights with respect to financial stability, price stability and full employment. It argues these are important g ...
... always solvent, and can afford to buy anything for sale in their domestic unit of account even though they may face inflationary and political constraints.3 MMT has also provided policy insights with respect to financial stability, price stability and full employment. It argues these are important g ...
A New Currency of the Future: The Novel Commodity Money with
... Although the commodity money has an advantage of stable intrinsic value, it has an obvious drawback of high logistics cost. In comparison, the logistics cost of metal currency is lower. To further reduce the logistics cost of commodity money, there was a time when people used precious metal as a maj ...
... Although the commodity money has an advantage of stable intrinsic value, it has an obvious drawback of high logistics cost. In comparison, the logistics cost of metal currency is lower. To further reduce the logistics cost of commodity money, there was a time when people used precious metal as a maj ...
Modern Money Theory 101: A Reply to Critics
... always solvent, and can afford to buy anything for sale in their domestic unit of account even though they may face inflationary and political constraints.3 MMT has also provided policy insights with respect to financial stability, price stability and full employment. It argues these are important g ...
... always solvent, and can afford to buy anything for sale in their domestic unit of account even though they may face inflationary and political constraints.3 MMT has also provided policy insights with respect to financial stability, price stability and full employment. It argues these are important g ...
Paul de Grauwe
... Stockman(1989) and Flood and Rose(1995). This is in contradiction with the models we have surveyed, which imply that the variability of the exchange rate can only increase when the variability of the underlying fundamental variables increases. This result has led to the view that the variability of ...
... Stockman(1989) and Flood and Rose(1995). This is in contradiction with the models we have surveyed, which imply that the variability of the exchange rate can only increase when the variability of the underlying fundamental variables increases. This result has led to the view that the variability of ...
Putting the Cart Before the Horse? Capital Account Liberalization and
... renminbi, while raising the cost of processing and assembly in China, would also lower the cost of imported intermediate inputs. Hence, an appreciation of the renminbi may not put much of a dent in China’s external competitiveness.6 Another concern is that an exchange rate appreciation could adverse ...
... renminbi, while raising the cost of processing and assembly in China, would also lower the cost of imported intermediate inputs. Hence, an appreciation of the renminbi may not put much of a dent in China’s external competitiveness.6 Another concern is that an exchange rate appreciation could adverse ...
On the Link between Dollarization and Inflation: Evidence
... Rojas-Suarez 1992);2 (ii) reduces the monetary authorities’ control over domestic liquidity both by increasing the component over which little direct influence can be exerted and by rendering money demand less stable (IMF 2000); (iii) affects the choice of exchange rate regime (Berg and Borensztein ...
... Rojas-Suarez 1992);2 (ii) reduces the monetary authorities’ control over domestic liquidity both by increasing the component over which little direct influence can be exerted and by rendering money demand less stable (IMF 2000); (iii) affects the choice of exchange rate regime (Berg and Borensztein ...
On the Link between Dollarization and Inflation: Evidence from Turkey* by
... Rojas-Suarez 1992);2 (ii) reduces the monetary authorities’ control over domestic liquidity both by increasing the component over which little direct influence can be exerted and by rendering money demand less stable (IMF 2000); (iii) affects the choice of exchange rate regime (Berg and Borensztein ...
... Rojas-Suarez 1992);2 (ii) reduces the monetary authorities’ control over domestic liquidity both by increasing the component over which little direct influence can be exerted and by rendering money demand less stable (IMF 2000); (iii) affects the choice of exchange rate regime (Berg and Borensztein ...
Does the Canadian economy suffer from Dutch Disease?
... Will the use of effective exchange rates do the job? Effective exchange rates are very often used as indexes of the strength of a particular currency. Unfortunately, in the case of the Canadian dollar, the effective exchange rate will be almost similar to the bilateral CAN/USD as a very large part o ...
... Will the use of effective exchange rates do the job? Effective exchange rates are very often used as indexes of the strength of a particular currency. Unfortunately, in the case of the Canadian dollar, the effective exchange rate will be almost similar to the bilateral CAN/USD as a very large part o ...
Prasad-uce05-s 405386 en
... that an appreciation of the renminbi could hurt China’s external competitiveness, thereby reducing export growth and weakening prospects for continued FDI inflows (see Mundell, 2003). However, the direct impact on exports of a moderate appreciation of the exchange rate is likely to be considerably m ...
... that an appreciation of the renminbi could hurt China’s external competitiveness, thereby reducing export growth and weakening prospects for continued FDI inflows (see Mundell, 2003). However, the direct impact on exports of a moderate appreciation of the exchange rate is likely to be considerably m ...
The Market Microstructure Approach to Foreign Exchange: Looking
... Asia was divided among Hong Kong, Tokyo, and Singapore.2 In the most liquid currencies the trading day is 24 hours long and trading floors are busiest when both London and New York are open. A currency’s liquidity tends to be deepest during local trading hours and there is a brief “overnight” lull i ...
... Asia was divided among Hong Kong, Tokyo, and Singapore.2 In the most liquid currencies the trading day is 24 hours long and trading floors are busiest when both London and New York are open. A currency’s liquidity tends to be deepest during local trading hours and there is a brief “overnight” lull i ...
PDF
... volatile but it too has been low and relatively stable over the same period.1 Even allowing for the ‘great moderation’ in world inflation over this period, inflation in Uganda has been consistently lower than in virtually every African country outside the CFA zone and South Africa. This impressive r ...
... volatile but it too has been low and relatively stable over the same period.1 Even allowing for the ‘great moderation’ in world inflation over this period, inflation in Uganda has been consistently lower than in virtually every African country outside the CFA zone and South Africa. This impressive r ...
Money - Federal Reserve Bank of Dallas
... How does money exist in the absence of paper currency? When people hold bank deposits that can be traded without ever being physical currency, those deposits become money. Remember that money is anything generally accepted as a medium of exchange, a store of value and a unit of account. If a vendor ...
... How does money exist in the absence of paper currency? When people hold bank deposits that can be traded without ever being physical currency, those deposits become money. Remember that money is anything generally accepted as a medium of exchange, a store of value and a unit of account. If a vendor ...
Management & Engineering Empirical Analysis of
... Great numbers of literature have interpreted which factors have decision effect in the process of currency internationalization. There four factors approved by the majority of researchers including economic scale, stability of monetary value, network externality and the developed and open financial ...
... Great numbers of literature have interpreted which factors have decision effect in the process of currency internationalization. There four factors approved by the majority of researchers including economic scale, stability of monetary value, network externality and the developed and open financial ...
The international monetary and financial system: its Achilles heel
... 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 ...
CHAPTER 5: INTEGRATION OF THE FINANCIAL SECTOR IN SOUTHERN AFRICA 5.1 Introduction
... Financial market integration has grown rapidly during the late 1980s and 1990s due to the increase in pace of the globalisation of investments seeking higher rates of return and the opportunity of diversifying risk globally. Many developing countries are encouraging capital flows by dismantling fina ...
... Financial market integration has grown rapidly during the late 1980s and 1990s due to the increase in pace of the globalisation of investments seeking higher rates of return and the opportunity of diversifying risk globally. Many developing countries are encouraging capital flows by dismantling fina ...
the conduct of monetary policy in uganda
... monetary policy in response to the surge in aid and private capital flows around the turn of the century probably exacerbated exchange rate and interest rate volatility, to the detriment of the economy. This, I argue, can be traced to fundamental difficulties associated with operating a reserve mone ...
... monetary policy in response to the surge in aid and private capital flows around the turn of the century probably exacerbated exchange rate and interest rate volatility, to the detriment of the economy. This, I argue, can be traced to fundamental difficulties associated with operating a reserve mone ...
The Balance of Payments and the Exchange Rate
... government’s desire to influence the exchange rate and induced transactions as those transactions that are so motivated. When autonomous receipts exceed autonomous payments and the government is mopping up the excess, adding to the stock of official reserves by purchasing foreign currency with domes ...
... government’s desire to influence the exchange rate and induced transactions as those transactions that are so motivated. When autonomous receipts exceed autonomous payments and the government is mopping up the excess, adding to the stock of official reserves by purchasing foreign currency with domes ...
MONETARY POLICY SHOCKS AND INDUSTRIAL OUTPUT IN
... The primary objective of this study, therefore, is to investigate how monetary policy shocks in the BRICS countries affect the growth of industrial output. Accordingly, the study aims at examining (i) whether monetary policy shocks lead to significant effects on industrial output in the BRICS countr ...
... The primary objective of this study, therefore, is to investigate how monetary policy shocks in the BRICS countries affect the growth of industrial output. Accordingly, the study aims at examining (i) whether monetary policy shocks lead to significant effects on industrial output in the BRICS countr ...
This PDF is a selection from a published volume from... Economic Research
... There are several previous studies that address determinants of debt maturity structure. For example, Rodrik and Velasco (1999) argue that international investors with informational disadvantages may choose to lend short-term to better monitor and discipline borrowers (see also Fukuda 2001 and Jeann ...
... There are several previous studies that address determinants of debt maturity structure. For example, Rodrik and Velasco (1999) argue that international investors with informational disadvantages may choose to lend short-term to better monitor and discipline borrowers (see also Fukuda 2001 and Jeann ...
Consumption Baskets and Currency Choice in International Borrowing
... remains pervasive across most emerging and developing countries.1 A number of explanations have been put forward to account for it. Some point to inherent weakenesses of these emerging economies, while others emphasize factors exogenous to emerging economies, such as the characteristics of the inter ...
... remains pervasive across most emerging and developing countries.1 A number of explanations have been put forward to account for it. Some point to inherent weakenesses of these emerging economies, while others emphasize factors exogenous to emerging economies, such as the characteristics of the inter ...
Joining the European Monetary Union
... town of Bretton Woods. This system relied on the gold dollar standard, in reality the hegemony of the dollar in international settlements. Anchoring national currencies to gold was supposed to be done through the dollar, and its gold content was fixed: 1 U.S ...
... town of Bretton Woods. This system relied on the gold dollar standard, in reality the hegemony of the dollar in international settlements. Anchoring national currencies to gold was supposed to be done through the dollar, and its gold content was fixed: 1 U.S ...
argentina: the anatomy of a crisis
... The beginning of the last decade of the 20th century brought a hope that Argentina has finally turned the corner, and that a period of economic prosperity lies ahead. Successful stabilization program based on the currency board arrangement (CBA) brought inflation quickly down, economic growth recove ...
... The beginning of the last decade of the 20th century brought a hope that Argentina has finally turned the corner, and that a period of economic prosperity lies ahead. Successful stabilization program based on the currency board arrangement (CBA) brought inflation quickly down, economic growth recove ...
A Study on a Currency peg in the GCC Region with a Special Focus
... which have been included in this research. In every chapter there are sub sections that have been included. The focus of research is towards understanding the pegging currency and its impact on the economic development of the country. This research includes information related to various aspects of ...
... which have been included in this research. In every chapter there are sub sections that have been included. The focus of research is towards understanding the pegging currency and its impact on the economic development of the country. This research includes information related to various aspects of ...
Rules- Based International Monetary Reform
... supplement, to deviations of interest rates from normal policy. Currency intervention has been used widely in recent years by many emerging market countries. However, currency interventions can have adverse side effects even if they temporarily prevent appreciation. If they are not accompanied by ca ...
... supplement, to deviations of interest rates from normal policy. Currency intervention has been used widely in recent years by many emerging market countries. However, currency interventions can have adverse side effects even if they temporarily prevent appreciation. If they are not accompanied by ca ...
The Political Economy of Exchange Rate Policy in the Caribbean
... determinants of exchange rate strategy because, in the past 38 years, member countries have experienced a variety of regimes including currency boards, a monetary union, pegs to the US dollar and sterling, a crawling peg, exchange rate auctions and freely floating exchange rates, with and without ce ...
... determinants of exchange rate strategy because, in the past 38 years, member countries have experienced a variety of regimes including currency boards, a monetary union, pegs to the US dollar and sterling, a crawling peg, exchange rate auctions and freely floating exchange rates, with and without ce ...