NBER WORKING PAPER SERIES SOURCES OF MACROECONOMIC IMBALANCES A SIMULATION APPROACH
... uncertainty, especially in explaining the extraordinary drop in the dollar in the past year. The model also suggests several interesting points regarding the international ...
... uncertainty, especially in explaining the extraordinary drop in the dollar in the past year. The model also suggests several interesting points regarding the international ...
The Yen and Its East Asian Neighbors 1980
... may be a particularly pertinent consideration, given the significant share of Japanese goods in total imports. In this case, ex post, the currency in question must have moved with the yen and appreciated against the U.S. dollar to a greater extent, and its relationship with the yen may be regarded a ...
... may be a particularly pertinent consideration, given the significant share of Japanese goods in total imports. In this case, ex post, the currency in question must have moved with the yen and appreciated against the U.S. dollar to a greater extent, and its relationship with the yen may be regarded a ...
a. introduction - COMESA Monetary Institute (CMI)
... Chief of Government of the Republic of Madagascar and COMESA Governors of Central Banks. In his welcoming remarks he stated that Madagascar was honoured to host the monetary cooperation meetings. He emphasised the importance of regional integration to Madagascar. He expressed concern that African co ...
... Chief of Government of the Republic of Madagascar and COMESA Governors of Central Banks. In his welcoming remarks he stated that Madagascar was honoured to host the monetary cooperation meetings. He emphasised the importance of regional integration to Madagascar. He expressed concern that African co ...
This PDF is a selection from a published volume from... Economic Research Volume Title: NBER International Seminar on Macroeconom
... We believe that these factors are particularly important for our sample of countries. First, low‐income countries face greater distortions— some of which are policy induced—than other countries. For example, capital account controls—which were prevalent for a large number of countries over the sampl ...
... We believe that these factors are particularly important for our sample of countries. First, low‐income countries face greater distortions— some of which are policy induced—than other countries. For example, capital account controls—which were prevalent for a large number of countries over the sampl ...
What Drives Exchange Rates? New Evidence from a Panel of U.S.
... dollar. However, over the same time, currencies of commodity-importing countries or currency areas, like the euro area and the United Kingdom, have also appreciated against the U.S. dollar. If currencies of commodity exporters appreciate, because their economies bene t from rising commodity prices, ...
... dollar. However, over the same time, currencies of commodity-importing countries or currency areas, like the euro area and the United Kingdom, have also appreciated against the U.S. dollar. If currencies of commodity exporters appreciate, because their economies bene t from rising commodity prices, ...
NBER WORKING PAPER SERIES DEVALUATION CRISES AND THE MACROECONOMIC CONSEQUENCES
... Regarding real exchange rates, in 15 out of the 19 countries wsth relevant data the bilateral real exchange rate experienced a real apprecia tion in the three years prior to the devaluation; in 13 out of the 19 cases there also was a real appreciation of the multilateral RER during the period immedi ...
... Regarding real exchange rates, in 15 out of the 19 countries wsth relevant data the bilateral real exchange rate experienced a real apprecia tion in the three years prior to the devaluation; in 13 out of the 19 cases there also was a real appreciation of the multilateral RER during the period immedi ...
Chapter 6 Economic management using macroeconomic monetary
... liquidity (assets easily converted in cash) to meet normal customer withdrawals, to promote customer confidence and to avoid embarrassment by institutions. Since 1998, the liquidity position of all financial institutions has been monitored by the Australian Prudential Regulation Authority (APRA) rat ...
... liquidity (assets easily converted in cash) to meet normal customer withdrawals, to promote customer confidence and to avoid embarrassment by institutions. Since 1998, the liquidity position of all financial institutions has been monitored by the Australian Prudential Regulation Authority (APRA) rat ...
The Money Supply Process and Monetary Policy
... In the fall of 1998, Edward Boehne, a Federal Reserve executive, knew the Fed had goofed. When he checked into a hotel in a small town in Pennsylvania, the clerk looked at his title and said, “You didn’t do enough.” By mid-November 1998, the Fed had intervened three times to expand the money supply. ...
... In the fall of 1998, Edward Boehne, a Federal Reserve executive, knew the Fed had goofed. When he checked into a hotel in a small town in Pennsylvania, the clerk looked at his title and said, “You didn’t do enough.” By mid-November 1998, the Fed had intervened three times to expand the money supply. ...
Ten Years After: Revisiting the Asian Financial Crisis
... in the financial markets.4 The goal of this new architecture is to improve the tradeoff between financial liberalization and financial stability, and thereby prevent financial crises or help resolve them at the lowest possible cost should they occur. However, this macro-vision of a new international ...
... in the financial markets.4 The goal of this new architecture is to improve the tradeoff between financial liberalization and financial stability, and thereby prevent financial crises or help resolve them at the lowest possible cost should they occur. However, this macro-vision of a new international ...
Macroeconomic Policy Responses to Financial
... real domestic and external shocks, the recent literature tends to show the advantages of floating exchange rates to respond to the financial crisis. On the one hand, emerging countries with fixed exchange rate regimes experienced weaker decreases in their interest rates relative to floaters (IMF, 20 ...
... real domestic and external shocks, the recent literature tends to show the advantages of floating exchange rates to respond to the financial crisis. On the one hand, emerging countries with fixed exchange rate regimes experienced weaker decreases in their interest rates relative to floaters (IMF, 20 ...
EXTERNAL BALANCE AND BUDGET IN MALAYSIA
... issue gained much attention in the 1980s, especially in the United States (US) when the US experienced significant external and budget deficits. The twin deficits hypothesis states that a budget deficit causes an external deficit. The Mundell and Fleming theory postulates that an increase in the bud ...
... issue gained much attention in the 1980s, especially in the United States (US) when the US experienced significant external and budget deficits. The twin deficits hypothesis states that a budget deficit causes an external deficit. The Mundell and Fleming theory postulates that an increase in the bud ...
La eleccion del regimen cambiario en America Central
... creation of the EMU. Thus, while Glick and Rose answer the right policy question, their answer is relevant mostly for the case of very small and/or poor countries, which are primarily the ones that have had currency unions (or have adopted the currency of others) in their sample. These controversia ...
... creation of the EMU. Thus, while Glick and Rose answer the right policy question, their answer is relevant mostly for the case of very small and/or poor countries, which are primarily the ones that have had currency unions (or have adopted the currency of others) in their sample. These controversia ...
Currency Board Arrangement Analysis
... lead to gold outflows and threatened convertibility.14 Similarly, under the currency board system, countries are forced to steer away from soft budget constraints that render the economies inefficient. While it is evident that governments participating in the gold exchange standard were not able to ...
... lead to gold outflows and threatened convertibility.14 Similarly, under the currency board system, countries are forced to steer away from soft budget constraints that render the economies inefficient. While it is evident that governments participating in the gold exchange standard were not able to ...
Estimation of Optimal International Reserves for Costa Rica: A Micro
... During the last years a continuous increase in the amount of international reserves in emerging countries could be observed1. For policy makers in these countries it is important to know if they should follow this trend, because it can be justified on an economic basis or not. In the literature it i ...
... During the last years a continuous increase in the amount of international reserves in emerging countries could be observed1. For policy makers in these countries it is important to know if they should follow this trend, because it can be justified on an economic basis or not. In the literature it i ...
43_THE READER2004
... 1999). A banking crisis can also blunt the effectiveness of monetary and fiscal policies while, output and growth opportunities are foregone during the process (Borio, 2003). The literature identifies three categories of triggers which have often coincided at the beginning of a financial crisis. The ...
... 1999). A banking crisis can also blunt the effectiveness of monetary and fiscal policies while, output and growth opportunities are foregone during the process (Borio, 2003). The literature identifies three categories of triggers which have often coincided at the beginning of a financial crisis. The ...
Spillover Implications of Differences in Monetary Conditions in
... positive cross-border spillovers within asset classes.10 We do not impose restrictions on relations for which we do not have strong priors—that is, we are agnostic about the sign of cross-border, cross-asset spillovers (see table on the right). Notice that for each economy and for each shock, this f ...
... positive cross-border spillovers within asset classes.10 We do not impose restrictions on relations for which we do not have strong priors—that is, we are agnostic about the sign of cross-border, cross-asset spillovers (see table on the right). Notice that for each economy and for each shock, this f ...
LEADING INDICATORS OF CURRENCY CRISES IN EMERGING
... revival of these empirical studies. Most of them are concerned with the analysis of one or several particular events (single-country or regional studies). However, an increasing number of studies also try to identify features that are common to a large set of crises (see the work carried out at inte ...
... revival of these empirical studies. Most of them are concerned with the analysis of one or several particular events (single-country or regional studies). However, an increasing number of studies also try to identify features that are common to a large set of crises (see the work carried out at inte ...
Peltonen-del05 1039031 en
... floating exchange rate regime was faster after currency crises than before them. However, under fixed or intermediate exchange rate regimes, crises caused substantial declines in per capita GDP growth rates. 2 See also Edison (2003). 3 See e.g. a survey by Wong and Selvi (1998). 4 One should note th ...
... floating exchange rate regime was faster after currency crises than before them. However, under fixed or intermediate exchange rate regimes, crises caused substantial declines in per capita GDP growth rates. 2 See also Edison (2003). 3 See e.g. a survey by Wong and Selvi (1998). 4 One should note th ...
Currency Mismatch: New Database and Indicators for Latin America
... facing the foreign currency risk. The data that I collect circumvent these issues because they are disaggregated at the sectoral level; they refer to both sides of the balance sheet, and they are broken down by currency of denomination. Along these lines, I construct proxies for currency mismatch by ...
... facing the foreign currency risk. The data that I collect circumvent these issues because they are disaggregated at the sectoral level; they refer to both sides of the balance sheet, and they are broken down by currency of denomination. Along these lines, I construct proxies for currency mismatch by ...
Is Mercosur an Optimal Currency Area? A shock correlation
... Then if the product mix of a country is diversified, in the sense of having a production portfolio with risks that are negatively correlated, that country would not give up much by entering a common currency area. The cost of entering the union lowers both because the diversification of production r ...
... Then if the product mix of a country is diversified, in the sense of having a production portfolio with risks that are negatively correlated, that country would not give up much by entering a common currency area. The cost of entering the union lowers both because the diversification of production r ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Monetary Policy Rules
... description of monetary policy in a fixed money growth regime. However, the monetary policy rule also provides a useful framework in many other situations. International Gold Standard. Important for our historical purposes is that such a relationship also exists in the case of an international gold ...
... description of monetary policy in a fixed money growth regime. However, the monetary policy rule also provides a useful framework in many other situations. International Gold Standard. Important for our historical purposes is that such a relationship also exists in the case of an international gold ...
determinants of the choice of exchange rate regime in resource
... The intuition behind these phenomena is straightforward: soaring oil prices or the discovery of natural resource reserves increase a government's income denominated in foreign exchange and scal expansion nanced through these resources creates appreciation pressure on the domestic currency. In this ...
... The intuition behind these phenomena is straightforward: soaring oil prices or the discovery of natural resource reserves increase a government's income denominated in foreign exchange and scal expansion nanced through these resources creates appreciation pressure on the domestic currency. In this ...
THE ENIGMATIC DOLLAR-EURO EXCHANGE RATE AND THE
... Krüger 1995, Williams 2006). The huge market is opaque, we know little about its composition and structure. Most transactions are between money dealers and between banks, but also hedge funds and other non-banks are involved (BIS 2013). The mammoth size of the market has a number of reasons: First, ...
... Krüger 1995, Williams 2006). The huge market is opaque, we know little about its composition and structure. Most transactions are between money dealers and between banks, but also hedge funds and other non-banks are involved (BIS 2013). The mammoth size of the market has a number of reasons: First, ...
An Analysis of Exchange Rate Volatility and
... Because of the limitations of the partial equilibrium theories, neo classical trade models employ general equilibrium approach to explain the channel through which exchange rate volatility affects trade. Yet, according to Sercu and Uppal (1995), the main problem with the neo classical models is the ...
... Because of the limitations of the partial equilibrium theories, neo classical trade models employ general equilibrium approach to explain the channel through which exchange rate volatility affects trade. Yet, according to Sercu and Uppal (1995), the main problem with the neo classical models is the ...