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 ...
International Aspects of the Great Depression and the Crisis of 2007
... characterized by smaller banks. Large banks might be less prone to failure than smaller institutions because they are better able to diversify their loan and investment portfolios and thereby reduce the risk from any one nonperforming component. Additionally, if leading nonfinancial firms require la ...
... characterized by smaller banks. Large banks might be less prone to failure than smaller institutions because they are better able to diversify their loan and investment portfolios and thereby reduce the risk from any one nonperforming component. Additionally, if leading nonfinancial firms require la ...
MONETARY POLICY
... commodity, used to trade for (and measure) the goods and services that comprise our real output and wealth. A world without money requires either economic self-sufficiency, consuming only what we individually produce, or, more likely, barter. Those wanting to trade A for B would not only have to fin ...
... commodity, used to trade for (and measure) the goods and services that comprise our real output and wealth. A world without money requires either economic self-sufficiency, consuming only what we individually produce, or, more likely, barter. Those wanting to trade A for B would not only have to fin ...
Paper - Reserve Bank of Australia
... Regulations which apply directly to quantities will work in a similar way, by changing the money stock rather than its price. ...
... Regulations which apply directly to quantities will work in a similar way, by changing the money stock rather than its price. ...
Macroeconomic Policy for Growth and Poverty Reduction: An
... context of imperfect competition. At the macroeconomic level, inefficient market clearing implies that an economy does not automatically adjust to its full potential output. These inefficiencies justify public intervention, designed specifically for each country context. Among the analytical and pra ...
... context of imperfect competition. At the macroeconomic level, inefficient market clearing implies that an economy does not automatically adjust to its full potential output. These inefficiencies justify public intervention, designed specifically for each country context. Among the analytical and pra ...
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... Do indeed short-term interest rate and exchange rate directly influence both stability of the prices and aggregate demand? Controlled floating of the exchange rate To which extent tight control exercised by the National Bank of Romania (NBR) over the national currency depreciation rate influen ...
... Do indeed short-term interest rate and exchange rate directly influence both stability of the prices and aggregate demand? Controlled floating of the exchange rate To which extent tight control exercised by the National Bank of Romania (NBR) over the national currency depreciation rate influen ...
Núm. 862 2015 - Banco de la República
... greatest exchange rate liberalization in history. Major currencies were allowed to float, while others fluctuated within narrow bands. Decades later, during the aftermath of the European exchange rate crisis of the 1990s, countries steered away from intermediate schemes towards either hard pegs or f ...
... greatest exchange rate liberalization in history. Major currencies were allowed to float, while others fluctuated within narrow bands. Decades later, during the aftermath of the European exchange rate crisis of the 1990s, countries steered away from intermediate schemes towards either hard pegs or f ...
Europe and Global Imbalances Philip R. Lane Department of Economics, TCD
... financial integration of Europe with the rest of the world in general, and the United States in particular. A. Current Account Balances: Stylized Facts The much-debated topic of global current account imbalances is usefully summarized by Figure 1, which plots the current account balances of Europe a ...
... financial integration of Europe with the rest of the world in general, and the United States in particular. A. Current Account Balances: Stylized Facts The much-debated topic of global current account imbalances is usefully summarized by Figure 1, which plots the current account balances of Europe a ...
A History of Yen Exchange Rates James R. Lothian* Fordham
... following the war with China in 1893 and 1894 are the likely reasons for this disparity in price behavior. 7 These enabled Japan to insulate itself from the operation of international gold-standard forces and thus to pursue inflationary policies domestically. In 1914, with the outbreak of war in Eur ...
... following the war with China in 1893 and 1894 are the likely reasons for this disparity in price behavior. 7 These enabled Japan to insulate itself from the operation of international gold-standard forces and thus to pursue inflationary policies domestically. In 1914, with the outbreak of war in Eur ...
1 9 9 8 - 03, July The International Role of the Euro Agnès Bénassy
... simultaneously, and (iii) international investors may be frightened in the short run by policy uncertainties and by possible large fluctuations of the euro/dollar exchange rate. Thirdly, the efficiency of the integrated European financial market will be crucial for the emergence of the euro. This ef ...
... simultaneously, and (iii) international investors may be frightened in the short run by policy uncertainties and by possible large fluctuations of the euro/dollar exchange rate. Thirdly, the efficiency of the integrated European financial market will be crucial for the emergence of the euro. This ef ...
Exchange Rate Theories
... international reserve flows, yet some sterilization is possible, in which case b will lie between 0 and 1. Evidence has, in fact, suggested both extremes as well as intermediate values for b. It is reasonable to interpret the evidence regarding sterilization as indicating that central banks are able ...
... international reserve flows, yet some sterilization is possible, in which case b will lie between 0 and 1. Evidence has, in fact, suggested both extremes as well as intermediate values for b. It is reasonable to interpret the evidence regarding sterilization as indicating that central banks are able ...
Gold Standard: The Future for a Stable Global - Hizb ut
... model along with the special interest groups they represent - not to mention the banks that charge interest on money that was not earned and was created out of nothing. Secondly, the need for such funding is often as a result of the capitalist states instigating wars as an economic strategy to incre ...
... model along with the special interest groups they represent - not to mention the banks that charge interest on money that was not earned and was created out of nothing. Secondly, the need for such funding is often as a result of the capitalist states instigating wars as an economic strategy to incre ...
Fixing Argentina - Arlindo Correia
... Argentina was once one of the world’s richest countries. Again and again, though, its people have chosen or at least tolerated leaders who have had no idea how wealth is created and preserved. Argentina’s currency crisis and economic depression result from this disastrous failure of understanding. T ...
... Argentina was once one of the world’s richest countries. Again and again, though, its people have chosen or at least tolerated leaders who have had no idea how wealth is created and preserved. Argentina’s currency crisis and economic depression result from this disastrous failure of understanding. T ...
Dollarization: A Primer - The Centre for Economic Performance
... developed countries that differ in its very nature from developing small open economies to which the dollarization debate is usually associated. In this regard, the convergence process of developing Eastern European countries currently in the Euro waiting list offers richer case studies. Second, and ...
... developed countries that differ in its very nature from developing small open economies to which the dollarization debate is usually associated. In this regard, the convergence process of developing Eastern European countries currently in the Euro waiting list offers richer case studies. Second, and ...
Chapter 20: Output, the Interest Rate, and the Exchange Rate
... unchanged, the domestic interest rate must be equal to the foreign interest rate. • This means that the domestic Central Bank does not have an independent monetary policy. If it tries to lower i, it will have to give up control over E. © 2003 Prentice Hall Business Publishing ...
... unchanged, the domestic interest rate must be equal to the foreign interest rate. • This means that the domestic Central Bank does not have an independent monetary policy. If it tries to lower i, it will have to give up control over E. © 2003 Prentice Hall Business Publishing ...
STRICT DOLLARIZATION AND ECONOMIC PERFORMANCE: An Empirical Investigation Sebastian Edwards
... Strict Dollarization During 1970-1998 Countries that use a foreign convertible currency as legal tender may be divided ...
... Strict Dollarization During 1970-1998 Countries that use a foreign convertible currency as legal tender may be divided ...
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... ten percent or so in the trade-weighted average of the dollar. There are two main risks in relying solely on the market for this outcome. One is the possibility of a hard landing if the dollar falls abruptly rather than in an orderly manner, especially as it can easily overshoot its needed correctio ...
... ten percent or so in the trade-weighted average of the dollar. There are two main risks in relying solely on the market for this outcome. One is the possibility of a hard landing if the dollar falls abruptly rather than in an orderly manner, especially as it can easily overshoot its needed correctio ...
Methods of Monetary Control in Italy: 1974-1983 Cesare Caranza and Antonio Fazio*
... financial assets. Within this framework the definition of the most important aggregate depends on its relative stability vis ~ vis (a limited number of) real variables. An important part of the literature that took the Keynesian theory of liquidity preference as its basis and the Radcliffe Report as ...
... financial assets. Within this framework the definition of the most important aggregate depends on its relative stability vis ~ vis (a limited number of) real variables. An important part of the literature that took the Keynesian theory of liquidity preference as its basis and the Radcliffe Report as ...
Monetary Policy and Green Finance
... This is particularly striking as the global financial crisis has significantly increased the influence of central banks and the policies they enact. It is also surprising in view of the risk that growing environmental degradation poses to the real economy and thus to price and financial stability. T ...
... This is particularly striking as the global financial crisis has significantly increased the influence of central banks and the policies they enact. It is also surprising in view of the risk that growing environmental degradation poses to the real economy and thus to price and financial stability. T ...
Who put the holes in the Swiss cheese? Currency crisis under
... haven.1 For Switzerland, this led to increased capital imports and thus to a permanent appreciation pressure for the Swiss franc (CHF). In order to counteract this strong appreciation trend, the Swiss National Bank (SNB) introduced in September 2011 a minimum floor at the level of 1.20 CHF/EUR (SNB ...
... haven.1 For Switzerland, this led to increased capital imports and thus to a permanent appreciation pressure for the Swiss franc (CHF). In order to counteract this strong appreciation trend, the Swiss National Bank (SNB) introduced in September 2011 a minimum floor at the level of 1.20 CHF/EUR (SNB ...
Exchange Rates, Balance of Payments, and International Debt
... Has the U.S. dollar appreciated or depreciated in value relative to the Japanese yen between 1960 and 1996? • In 1960 the exchange rate was 358 yen per dollar. By 1996 there were only 131 yen per dollar. Gottheil - Principles of Economics, 4e © 2005 Thomson ...
... Has the U.S. dollar appreciated or depreciated in value relative to the Japanese yen between 1960 and 1996? • In 1960 the exchange rate was 358 yen per dollar. By 1996 there were only 131 yen per dollar. Gottheil - Principles of Economics, 4e © 2005 Thomson ...
EMU and FDI flows within EU selected countries.
... production output by placing their activities in countries- members of EU according to differences in factor prices or other locational advantages. Darby et al. (1999) claimed that there is a negative impact of exchange rate uncertainty on investments. The model is an extended version of Dixit - Pin ...
... production output by placing their activities in countries- members of EU according to differences in factor prices or other locational advantages. Darby et al. (1999) claimed that there is a negative impact of exchange rate uncertainty on investments. The model is an extended version of Dixit - Pin ...
"#$%! DISCUSSION PAPER SERIES !!!"#$%&"'&()
... We argue that reserve accumulation is a key tool for managing domestic financial instability as well as exchange rates in a world of increasing financial globalization. We therefore build on the view—certainly not a new one—that a primary reason for a central bank to hold reserves is to protect the ...
... We argue that reserve accumulation is a key tool for managing domestic financial instability as well as exchange rates in a world of increasing financial globalization. We therefore build on the view—certainly not a new one—that a primary reason for a central bank to hold reserves is to protect the ...
J. Richardson
... comments and corrections. They should be implicated in any appreciation but not in any dismay. I also gratefully acknowledge the support of the National Science Foundation Grant PRA—81l61459 to the National Bureau of Economic Research. The research reported here is part of the NBER's research progra ...
... comments and corrections. They should be implicated in any appreciation but not in any dismay. I also gratefully acknowledge the support of the National Science Foundation Grant PRA—81l61459 to the National Bureau of Economic Research. The research reported here is part of the NBER's research progra ...
2. Latin America and the Caribbean: Managing Transitions
... reflecting the impact of both global and domestic factors (Figure 2.4). About one-third of the rise in corporate spreads over 2015 can be explained by the increase in global volatility, and another third by increased sovereign risk and sharp depreciations, ...
... reflecting the impact of both global and domestic factors (Figure 2.4). About one-third of the rise in corporate spreads over 2015 can be explained by the increase in global volatility, and another third by increased sovereign risk and sharp depreciations, ...