- Institute of Economic Affairs
... hen the money supply is expanded, not all individuals are affected in the same way at the same time. The process by which the money supply is expanded and inflation is created distorts economic activity. In particular, by reducing interest rates, expansion of the money supply encourages investment ...
... hen the money supply is expanded, not all individuals are affected in the same way at the same time. The process by which the money supply is expanded and inflation is created distorts economic activity. In particular, by reducing interest rates, expansion of the money supply encourages investment ...
China`s Global Currency: Lever for Financial
... are a number of reserve currencies, reflecting the fact that ...
... are a number of reserve currencies, reflecting the fact that ...
Fighting inflation in a dollarized economy: The case of Vietnam
... from 1993 to 1999, except for the Asian crisis. Second, the restrictive monetary policy adopted since 1992 has been based on a broad monetary aggregate chosen as an intermediate target for 1 The exchange rate depreciated from VND/USD 15 at the end of 1985 to VND/USD 3000 at the end of 1988. In Vietn ...
... from 1993 to 1999, except for the Asian crisis. Second, the restrictive monetary policy adopted since 1992 has been based on a broad monetary aggregate chosen as an intermediate target for 1 The exchange rate depreciated from VND/USD 15 at the end of 1985 to VND/USD 3000 at the end of 1988. In Vietn ...
NBER WORKING PAPER SERIES STRICT DOLLARIZATION AND ECONOMIC PERFORMANCE: AN EMPIRICAL INVESTIGATION
... reason for focusing on strictly dollarized countries is rather simple: to a large extent the policy debate in the emerging world is whether these countries ought to adopt an “advanced” country's currency, as a way of achieving credibility. For Argentina, for instance, it is very different to delegat ...
... reason for focusing on strictly dollarized countries is rather simple: to a large extent the policy debate in the emerging world is whether these countries ought to adopt an “advanced” country's currency, as a way of achieving credibility. For Argentina, for instance, it is very different to delegat ...
Choice Of Exchange Rate Regimes For Developing Countries
... The following classification system (ranked on the basis of the degree of flexibility of the arrangement) has been widely used in the literature: independent floating, managed floating, crawling bands, crawling pegs, pegged within bands, fixed peg arrangements, currency board arrangements, and excha ...
... The following classification system (ranked on the basis of the degree of flexibility of the arrangement) has been widely used in the literature: independent floating, managed floating, crawling bands, crawling pegs, pegged within bands, fixed peg arrangements, currency board arrangements, and excha ...
On Crisis Prevention: Lessons from Mexico and East Asia
... regime, all five of the East Asian nations had a rigid -- de facto, pegged or quasi pegged -- exchange rate system with respect to the US dollar. Whereas this system worked relatively well while the US dollar was relatively weak in international currency markets, things turned to the worse when, sta ...
... regime, all five of the East Asian nations had a rigid -- de facto, pegged or quasi pegged -- exchange rate system with respect to the US dollar. Whereas this system worked relatively well while the US dollar was relatively weak in international currency markets, things turned to the worse when, sta ...
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... has shifted the production or assembly of its pens to France, purchasing parts and hiring labor there. Its pens are paid for in euros on a regular basis, Parker uses the euros from its sales to pay for parts, assembly, distribution and after-sales service on a matching basis. This is a natural hedge ...
... has shifted the production or assembly of its pens to France, purchasing parts and hiring labor there. Its pens are paid for in euros on a regular basis, Parker uses the euros from its sales to pay for parts, assembly, distribution and after-sales service on a matching basis. This is a natural hedge ...
... account for both the monetary dynamics of balance-of-payments crises and the business cycle facts associated with currency pegs. The quantitative emphasis of our analysis is justified partly by necessity, since models with the features we described tend to be analytically untractable, forcing resear ...
Money supply and Greek historical monetary statistics
... Monetary aggregates have played a central role in the conduct of monetary policy. They have historically been constructed to guide monetary policy; long-run price developments are largely determined by the growth rate of the supply of money. Price stability, a necessary condition for maximizing sust ...
... Monetary aggregates have played a central role in the conduct of monetary policy. They have historically been constructed to guide monetary policy; long-run price developments are largely determined by the growth rate of the supply of money. Price stability, a necessary condition for maximizing sust ...
Deciding to Enter a Monetary Union
... The economic crisis that started in 2007 has revived the debate on the bene…ts and costs of belonging to the European Monetary Union (EMU). The recent crisis has been particularly long lasting in some southern European countries, leaving a large public and private debt overhang. This situation is ma ...
... The economic crisis that started in 2007 has revived the debate on the bene…ts and costs of belonging to the European Monetary Union (EMU). The recent crisis has been particularly long lasting in some southern European countries, leaving a large public and private debt overhang. This situation is ma ...
Financial Reform in Australia and China
... rates and reserve requirements all used.5 These regulations, especially the reserve requirements, also served as the main tools for implementing monetary policy for much of the 1950s, 1960s and 1970s. In addition to serving prudential and monetary policy purposes, these regulations also helped to ma ...
... rates and reserve requirements all used.5 These regulations, especially the reserve requirements, also served as the main tools for implementing monetary policy for much of the 1950s, 1960s and 1970s. In addition to serving prudential and monetary policy purposes, these regulations also helped to ma ...
Modeling Price Level Targeting with an Escape Clause and Lessons
... around the time of gold standard suspension3 at the outbreak of World War I, its resumption during the mid-1920s, and its ultimate abandonment during the early 1930s. Here, we just summarize the main conclusions. During wartime, gold stocks (or foreign exchange reserves) can be essential to the war ...
... around the time of gold standard suspension3 at the outbreak of World War I, its resumption during the mid-1920s, and its ultimate abandonment during the early 1930s. Here, we just summarize the main conclusions. During wartime, gold stocks (or foreign exchange reserves) can be essential to the war ...
INTRODUCTION REFORMING THE MONETARY REGIME James A. Dorn
... makes it still harder to stop inflation. This vicious circle undermines the foundation ofthe capitalist, free market economy, and endangers the future of democracy itself. ...
... makes it still harder to stop inflation. This vicious circle undermines the foundation ofthe capitalist, free market economy, and endangers the future of democracy itself. ...
Exchange rate strategies for small open developed Economics Department, RBNZ
... effects, striking several countries with apparently strong fundamentals and well-regarded economic policies. The increased frequency and severity of these exchange rate crises, particularly in emerging markets, has led to a rethinking about exchange rate arrangements, in two general directions. Firs ...
... effects, striking several countries with apparently strong fundamentals and well-regarded economic policies. The increased frequency and severity of these exchange rate crises, particularly in emerging markets, has led to a rethinking about exchange rate arrangements, in two general directions. Firs ...
Study Guide - Amazon Web Services
... c. Over the past 200 years, international trade throughout the world has grown more rapidly than world output. d. In the late 1990s, the United States exported less than it did 500 years earlier. ____ 4. In modern terms, Adam Smith’s “division of labour” is commonly referred to as: a. economic growt ...
... c. Over the past 200 years, international trade throughout the world has grown more rapidly than world output. d. In the late 1990s, the United States exported less than it did 500 years earlier. ____ 4. In modern terms, Adam Smith’s “division of labour” is commonly referred to as: a. economic growt ...
Exchange rate overshooting and the costs of floating
... iii) Crises with no substantial change in the long run value of the real exchange rate but with overshooting that can be substantial (labeled ‘Other Style’). These episodes include India in 1995, Bulgaria in 1998 and Israel in 1998. Figure 2 provides evidence that crises episodes in countries with h ...
... iii) Crises with no substantial change in the long run value of the real exchange rate but with overshooting that can be substantial (labeled ‘Other Style’). These episodes include India in 1995, Bulgaria in 1998 and Israel in 1998. Figure 2 provides evidence that crises episodes in countries with h ...
MACROECONOMIC POLiCiES AND EXCHANGE RATES
... A t one extreme, the relatively small share of foreign trade in GNP in the United States and the reserve currency status of the dollar have meant that U.S. authorities frequently pursued a policy of "benign neglect" of the exchange rate, avoiding intervention on the foreign exchange markets and dire ...
... A t one extreme, the relatively small share of foreign trade in GNP in the United States and the reserve currency status of the dollar have meant that U.S. authorities frequently pursued a policy of "benign neglect" of the exchange rate, avoiding intervention on the foreign exchange markets and dire ...
July 2016
... flexibility of policies that support China’s leverage transfer, help to discover the balanced RMB exchange rates and promote the process of RMB internationalisation. Promoting the diversification of the investor structure would help improve the efficiency of discovering the market equilibrium price ...
... flexibility of policies that support China’s leverage transfer, help to discover the balanced RMB exchange rates and promote the process of RMB internationalisation. Promoting the diversification of the investor structure would help improve the efficiency of discovering the market equilibrium price ...
Aid volatility, monetary policy rules and the capital account in African
... whether there is a role for reserves to smooth the spending response to aid inflows; and whether aid-related liquidity growth should be sterilized through bond sales. By the end of 2007 only two African countries had sought to resolve these issues by committing themselves to fully-fledged inflation ...
... whether there is a role for reserves to smooth the spending response to aid inflows; and whether aid-related liquidity growth should be sterilized through bond sales. By the end of 2007 only two African countries had sought to resolve these issues by committing themselves to fully-fledged inflation ...
Are the Foreign-Currency Official Reserves of Emerging Asia Excessive?
... ratio. These ratios also support the judgment of excessive foreign reserves in emerging Asia. Although these measures “are based on general economic intuition rather than derived rigorously from formal theory” (Park and Estrada, 2009), they are often used in order to analyse the adequacy of foreign ...
... ratio. These ratios also support the judgment of excessive foreign reserves in emerging Asia. Although these measures “are based on general economic intuition rather than derived rigorously from formal theory” (Park and Estrada, 2009), they are often used in order to analyse the adequacy of foreign ...
One Nation Under the Fed? The Asymmetric Effects of U.S.
... monetary union. As a result, the United States is often held up as a benchmark case of an OCA for other areas attempting to form a monetary union (Eichengreen, 1990; Bayomi and Eichengreen, 1993; Feldstein, 1997; Bordo, 2004). But is the United States truly an OCA? The above quote implies that the R ...
... monetary union. As a result, the United States is often held up as a benchmark case of an OCA for other areas attempting to form a monetary union (Eichengreen, 1990; Bayomi and Eichengreen, 1993; Feldstein, 1997; Bordo, 2004). But is the United States truly an OCA? The above quote implies that the R ...
WP19
... These institutions were used to channel credit to sectors that Tunisian authorities deemed most important. Thus the main function of credit institutions was to accumulate savings inexpensively and to direct them to government and public enterprises (Jbili, A. et al., 1997). The Tunisian dinar being ...
... These institutions were used to channel credit to sectors that Tunisian authorities deemed most important. Thus the main function of credit institutions was to accumulate savings inexpensively and to direct them to government and public enterprises (Jbili, A. et al., 1997). The Tunisian dinar being ...
- wiwi.uni
... literature often relies on a benchmark from outside South America, such as the volatility of real exchange rate changes between US states. This ignores the fact that some of the observed volatility may be caused by region-specific shocks that the benchmark countries do not experience, thus yielding ...
... literature often relies on a benchmark from outside South America, such as the volatility of real exchange rate changes between US states. This ignores the fact that some of the observed volatility may be caused by region-specific shocks that the benchmark countries do not experience, thus yielding ...
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... What are the basic principles underlying the design of optimal monetary policies among open and interdependent economies? From the recent policy and academic debate, it is far from obvious that monetary policy should have any ‘international’ dimension at all. In fact, there is little or no consensus ...
... What are the basic principles underlying the design of optimal monetary policies among open and interdependent economies? From the recent policy and academic debate, it is far from obvious that monetary policy should have any ‘international’ dimension at all. In fact, there is little or no consensus ...
external vulnerabilities and economic integration: is the union of
... UNASUR Constitutive Treaty, signed in 2008 and ratified in 2011, formalizes the union as a juridical entity that integrates 12 independent nations in cultural, social, economic, and political fields.1 Furthermore, UNASUR is conceived as a strategy for improving the socioeconomic conditions of nation ...
... UNASUR Constitutive Treaty, signed in 2008 and ratified in 2011, formalizes the union as a juridical entity that integrates 12 independent nations in cultural, social, economic, and political fields.1 Furthermore, UNASUR is conceived as a strategy for improving the socioeconomic conditions of nation ...