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... time. While the market for copper cash was mostly local, to an extent that the exchange rate of copper to silver varied across regions and was determined by the local market, the silver price in terms of gold was determined in the highly competitive international market. The exchange rate between si ...
... time. While the market for copper cash was mostly local, to an extent that the exchange rate of copper to silver varied across regions and was determined by the local market, the silver price in terms of gold was determined in the highly competitive international market. The exchange rate between si ...
The Bretton Woods Institutions: Governance without Legitimacy
... must consider whether they reflect the relative positions of countries in the world economy, the relevance of the variables included and weights assigned to them and the transparency of the quota determination process. At the time of the Bretton Woods Conference, quotas were assigned several importa ...
... must consider whether they reflect the relative positions of countries in the world economy, the relevance of the variables included and weights assigned to them and the transparency of the quota determination process. At the time of the Bretton Woods Conference, quotas were assigned several importa ...
Assessing reserve management during economic crises
... realised the benefits of supporting the non-oil sector early on, around the global oil price shock of 1979, which then meant that their macroeconomic policies started to represent a wider range of economic interests. In contrast, Nigeria’s oil industry grew in its economic and financial dominance, w ...
... realised the benefits of supporting the non-oil sector early on, around the global oil price shock of 1979, which then meant that their macroeconomic policies started to represent a wider range of economic interests. In contrast, Nigeria’s oil industry grew in its economic and financial dominance, w ...
Convergence analysis of Russia and Belarus economies in
... Free movement of labor and capital at constant exchange rates was one of the fundamental criteria of optimality. However, this statement is quite debatable. Following the Mandell theory it will be necessary to form, in terms of labor and capital immobilization, many regional optimum currency areas, ...
... Free movement of labor and capital at constant exchange rates was one of the fundamental criteria of optimality. However, this statement is quite debatable. Following the Mandell theory it will be necessary to form, in terms of labor and capital immobilization, many regional optimum currency areas, ...
OCASSIONAL POLICY PAPER MEASURES FOR FINANCIAL
... economies with global capital and currency markets. Domestic financial markets have become much more liberalized and international linkages have also grown remarkably. A central feature of this process has been the increasingly free movement of capital across national boundaries. To the extent that ...
... economies with global capital and currency markets. Domestic financial markets have become much more liberalized and international linkages have also grown remarkably. A central feature of this process has been the increasingly free movement of capital across national boundaries. To the extent that ...
NBER TECHNICAL WORKING PAPERS SERIES FINANCIAL INTERMEDIATION AND MONETARY
... distinguishing between lending and borrowing interest rates and by introducing banks' required reserves. Second, we distinguish between monetary injections via lump—sum transfers to individuals and those via ...
... distinguishing between lending and borrowing interest rates and by introducing banks' required reserves. Second, we distinguish between monetary injections via lump—sum transfers to individuals and those via ...
Explain why exchange rates indicate the price of
... Note that, since the supply of euros arises from purchases of American goods by European residents, and since the demand for euros derives from Americans’ purchases of European goods, it follows that if there is an excess supply of euros in Figure 1 (a), this means that at the prevailing exchange r ...
... Note that, since the supply of euros arises from purchases of American goods by European residents, and since the demand for euros derives from Americans’ purchases of European goods, it follows that if there is an excess supply of euros in Figure 1 (a), this means that at the prevailing exchange r ...
The Rationale for Inflation Targeting
... substantial increases in interest rates that directly cause a contraction in consumer and investment spending, and the contraction in turn may lead to a recession. In addition, as pointed out in Mishkin (1996), a sharp depreciation of the domestic currency can produce a full-scale banking and financ ...
... substantial increases in interest rates that directly cause a contraction in consumer and investment spending, and the contraction in turn may lead to a recession. In addition, as pointed out in Mishkin (1996), a sharp depreciation of the domestic currency can produce a full-scale banking and financ ...
Answer Key - Department Of Economics
... 9. Alfonso, a citizen of Italy, decides to purchase bonds issued by Ireland instead of ones issued by the United States even though the Irish bonds have a higher risk of default. An economic reason for his decision might be that a. he dislikes U.S. foreign policy. b. the Irish bonds pay a higher rat ...
... 9. Alfonso, a citizen of Italy, decides to purchase bonds issued by Ireland instead of ones issued by the United States even though the Irish bonds have a higher risk of default. An economic reason for his decision might be that a. he dislikes U.S. foreign policy. b. the Irish bonds pay a higher rat ...
The economics of digital currencies
... hold the digital record and are trusted to ensure its validity. With digital currencies, by contrast, the ledger containing the record of all transactions by all users is publicly available to all. Rather than requiring users to have trust in special institutions, reliance is placed on the network a ...
... hold the digital record and are trusted to ensure its validity. With digital currencies, by contrast, the ledger containing the record of all transactions by all users is publicly available to all. Rather than requiring users to have trust in special institutions, reliance is placed on the network a ...
The economics of digital currencies
... hold the digital record and are trusted to ensure its validity. With digital currencies, by contrast, the ledger containing the record of all transactions by all users is publicly available to all. Rather than requiring users to have trust in special institutions, reliance is placed on the network a ...
... hold the digital record and are trusted to ensure its validity. With digital currencies, by contrast, the ledger containing the record of all transactions by all users is publicly available to all. Rather than requiring users to have trust in special institutions, reliance is placed on the network a ...
Madagascar: A Competitiveness and Exchange Rate Assessment
... international markets, the REER constitutes an improvement over the nominal exchange rate because changes in competitiveness depend not only on exchange rate variations but also on cost and price trends. As a first approximation, an appreciation of the REER may be interpreted as a deterioration of c ...
... international markets, the REER constitutes an improvement over the nominal exchange rate because changes in competitiveness depend not only on exchange rate variations but also on cost and price trends. As a first approximation, an appreciation of the REER may be interpreted as a deterioration of c ...
Update of Prospects for the UK Balance of Payments
... Finance (“The City”): Net overseas earnings of the financial sector have been on an upward trend for a considerable time. Starting in 2005 there was also a spectacular bubble in which these earnings rose by 60% within the space of two years. Our projections got the upward trend, but not the bubble ...
... Finance (“The City”): Net overseas earnings of the financial sector have been on an upward trend for a considerable time. Starting in 2005 there was also a spectacular bubble in which these earnings rose by 60% within the space of two years. Our projections got the upward trend, but not the bubble ...
Purchasing Power Parity
... linkages between prices and exchanges rates or vice versa. Both prices AND exchange rates are jointly determined by other variables in the economy. A nation's money supply policy, tax (fiscal) policy, or commercial (tariff) policy may affect BOTH domestic prices and the exchange ...
... linkages between prices and exchanges rates or vice versa. Both prices AND exchange rates are jointly determined by other variables in the economy. A nation's money supply policy, tax (fiscal) policy, or commercial (tariff) policy may affect BOTH domestic prices and the exchange ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... in S - I and a decrease in X that also totals $200 billion is required. Standard macroeconomic theory tells us that for a given level of income, ( S - I) depends positively on the real interest rate r, and X depends negatively on the real exchange rate e (units of foreign exchange per dollar, adjust ...
... in S - I and a decrease in X that also totals $200 billion is required. Standard macroeconomic theory tells us that for a given level of income, ( S - I) depends positively on the real interest rate r, and X depends negatively on the real exchange rate e (units of foreign exchange per dollar, adjust ...
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... Germany and Italy, while their degrees of patience (or their discount factors) are set so as to match real interest rates in the two countries, where the time period is the euro years since 2001. The rest of parameters are assumed to be the same across countries and are set at conventional values, s ...
... Germany and Italy, while their degrees of patience (or their discount factors) are set so as to match real interest rates in the two countries, where the time period is the euro years since 2001. The rest of parameters are assumed to be the same across countries and are set at conventional values, s ...
INDEX METHODOLOGY
... BLOOMBERG, the Bloomberg Dollar Spot Index, the Bloomberg British Pound Index and the Bloomberg Euro Index (the “Indices”) are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (“collectively, “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary right in the In ...
... BLOOMBERG, the Bloomberg Dollar Spot Index, the Bloomberg British Pound Index and the Bloomberg Euro Index (the “Indices”) are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (“collectively, “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary right in the In ...
CURRENT ACCOUNT REVERSALS AND CURRENCY CRISES
... -2events and, possibly, to improve policy design so as to minimize the likelihood of their occurrence. In principle, a reversal in capital flows can cause a currency crisis and force a reduction in current account deficits, because of the drying up of sources of external financing. However, a rever ...
... -2events and, possibly, to improve policy design so as to minimize the likelihood of their occurrence. In principle, a reversal in capital flows can cause a currency crisis and force a reduction in current account deficits, because of the drying up of sources of external financing. However, a rever ...
Recent Arguments Against the Gold Standard
... entry a few days after the one just quoted, Hamilton recognizes this fact: “It is true that the biggest concern I have about going back on a gold standard today – that it would tie the monetary unit of account to an object whose real value can be quite volatile – was not the core problem associated ...
... entry a few days after the one just quoted, Hamilton recognizes this fact: “It is true that the biggest concern I have about going back on a gold standard today – that it would tie the monetary unit of account to an object whose real value can be quite volatile – was not the core problem associated ...
Are the Effects of Monetary Policy Asymmetric in Australia?
... This paper examines the monetary transmission mechanism, in particular the relationship between monetary policy and output, in Australia. Previous work has been unable to find strong links between monetary policy and GDP movements in Australia, despite the popular perception that “credit squeezes” c ...
... This paper examines the monetary transmission mechanism, in particular the relationship between monetary policy and output, in Australia. Previous work has been unable to find strong links between monetary policy and GDP movements in Australia, despite the popular perception that “credit squeezes” c ...
Foreign currency borrowing by small firms in emerging markets
... comprise more than 80% of total commercial bank lending in recent years (Fig. 1). In addition, the choice of currency denomination in Lebanon long has been freely determined by the creditor and the debtor in an environment of free capital flows. Therefore, concerns about regulatory constraints and po ...
... comprise more than 80% of total commercial bank lending in recent years (Fig. 1). In addition, the choice of currency denomination in Lebanon long has been freely determined by the creditor and the debtor in an environment of free capital flows. Therefore, concerns about regulatory constraints and po ...
CHAIRMAN WEIDENBAUM: Thank you.
... whether the trade deficits are sustainable. My question is in terms of the way the American people look at these trade deficits and what occurs to them, what impact it has on them, what are your views about where they will fair? ...
... whether the trade deficits are sustainable. My question is in terms of the way the American people look at these trade deficits and what occurs to them, what impact it has on them, what are your views about where they will fair? ...
Part VIII. Determinants of the Money Supply
... Based on the different scenarios we have looked at, the Fed’s action on the reserves and currency in circulation depends on how an individual keeps the proceeds: checkable deposit, cash or a combination of both. Hence, the Fed’s OMO action has an uncertain impact on the reserves and the currency. Ho ...
... Based on the different scenarios we have looked at, the Fed’s action on the reserves and currency in circulation depends on how an individual keeps the proceeds: checkable deposit, cash or a combination of both. Hence, the Fed’s OMO action has an uncertain impact on the reserves and the currency. Ho ...
ch_12
... When the Fed buys bonds, it deposits the money in federal government accounts at a bank. Bank cash reserves rise, encouraging banks to lend out the excess. The money supply rises. ...
... When the Fed buys bonds, it deposits the money in federal government accounts at a bank. Bank cash reserves rise, encouraging banks to lend out the excess. The money supply rises. ...
Management of Capital Flows in India: 1990-2011
... Asymmetric intervention, unless sterilized, often leads to a sharp increase in reserve money and fuels inflationary pressure. We evaluate the magnitude of sterilization, using empirical tools. We find that between 1998 and 2004, most of the concomitant rise in international reserves was offset by co ...
... Asymmetric intervention, unless sterilized, often leads to a sharp increase in reserve money and fuels inflationary pressure. We evaluate the magnitude of sterilization, using empirical tools. We find that between 1998 and 2004, most of the concomitant rise in international reserves was offset by co ...