The Politics of Monetary Leadership and
... First, what are the policy mechanisms that underlie continued exchange-rate stability in Europe? Second, what are the political sources of this behaviour? To answer these questions the article brie¯y oers a framework within which to evaluate the history of the EMS. This framework re-speci®es the pr ...
... First, what are the policy mechanisms that underlie continued exchange-rate stability in Europe? Second, what are the political sources of this behaviour? To answer these questions the article brie¯y oers a framework within which to evaluate the history of the EMS. This framework re-speci®es the pr ...
Political Institutions and Exchange-Rate
... international traders and investors, who therefore favor a defense of the fixed exchange rate. Since these elites tend to be politically powerful in autocratic countries, this increases the costs of a devaluation for autocratic policy-makers (Bearce and Hallerberg, 2008).3 Similarly, the signaling co ...
... international traders and investors, who therefore favor a defense of the fixed exchange rate. Since these elites tend to be politically powerful in autocratic countries, this increases the costs of a devaluation for autocratic policy-makers (Bearce and Hallerberg, 2008).3 Similarly, the signaling co ...
A VAR Model of Monetary Policy and
... 1990s when India adopted economic reforms in 1991 after a balance of payment crisis. Monetary policy had to deal with traditional issues along with the new issues brought about by the changed economic policy environment. Deregulation and liberalization of financial markets cast doubt on the appropri ...
... 1990s when India adopted economic reforms in 1991 after a balance of payment crisis. Monetary policy had to deal with traditional issues along with the new issues brought about by the changed economic policy environment. Deregulation and liberalization of financial markets cast doubt on the appropri ...
NBER WORKING PAPER SERIES EXCHANGE RATE PASS-THROUGH, EXCHANGE RATE VOLATILITY, AND
... across countries, local currency pricing leads to deviations from purchasing power parity (PPP), and therefore, in principal, may be able to explain high exchange rate volatility following the intuition of Krugman. But there are some major caveats to this conclusion. Much of the paper is devoted to ...
... across countries, local currency pricing leads to deviations from purchasing power parity (PPP), and therefore, in principal, may be able to explain high exchange rate volatility following the intuition of Krugman. But there are some major caveats to this conclusion. Much of the paper is devoted to ...
empirical findings on triplet deficits hypothesis
... interest rate is higher than the world rate, capital flow speeds up and the value of national currency goes upwards. As a result, demand for imported goods that became cheaper because of the fall of the exchange rate increases and export decrease, and this has a wide effect on current deficit. In or ...
... interest rate is higher than the world rate, capital flow speeds up and the value of national currency goes upwards. As a result, demand for imported goods that became cheaper because of the fall of the exchange rate increases and export decrease, and this has a wide effect on current deficit. In or ...
Monetary policy background to the gold transactions of the Swiss
... This paper attempts to describe the monetary policy background to the gold transactions of the Swiss National Bank (SNB) in the Second World War. The Independent Commission of Experts Switzerland – Second World War (ICE) addressed the general problem of the SNB gold transactions in the Second World ...
... This paper attempts to describe the monetary policy background to the gold transactions of the Swiss National Bank (SNB) in the Second World War. The Independent Commission of Experts Switzerland – Second World War (ICE) addressed the general problem of the SNB gold transactions in the Second World ...
A Comparative Analysis of the Impact of the Fixed and... Exchange Rate Systems on the Nigerian Economy
... Exchange Rate-the value of one currency in terms of another currency or other currencies. For example, the value Nigeria (N) against the United States dollar ($) constitutes the exchange rate between the two currencies. b. Exchange Rate System (or Regime)- this is an exchange rate mechanism or optio ...
... Exchange Rate-the value of one currency in terms of another currency or other currencies. For example, the value Nigeria (N) against the United States dollar ($) constitutes the exchange rate between the two currencies. b. Exchange Rate System (or Regime)- this is an exchange rate mechanism or optio ...
A Guided Tour of the Market Microstructure Approach to
... several financial centers, practically no rules can be imposed on their functioning and the activity of their participants. This means that their organization is not the result of the decisions of some authorities but the consequence of their natural evolution. Secondly, one can easily classify the ...
... several financial centers, practically no rules can be imposed on their functioning and the activity of their participants. This means that their organization is not the result of the decisions of some authorities but the consequence of their natural evolution. Secondly, one can easily classify the ...
Sadeh, Tal (2007), `Managing a Common Currency: Political and
... While political scientists are puzzled by cunency unions. economists on the contrary are puzzled by the insistence of nations on monetary autonomy. given the inefficiency of currency proliferation. The challenge for economists is to find when it would be efficient for a country to retain its currenc ...
... While political scientists are puzzled by cunency unions. economists on the contrary are puzzled by the insistence of nations on monetary autonomy. given the inefficiency of currency proliferation. The challenge for economists is to find when it would be efficient for a country to retain its currenc ...
Money as Simulacrum: The Legal Nature and
... of money. Part II presents a brief and general history of the origin of money. It traces the development of money from a thing of independent value to facilitate exchange to a symbol of such things, and includes a discussion of the gold standard. Part II closes with the final transformation of money ...
... of money. Part II presents a brief and general history of the origin of money. It traces the development of money from a thing of independent value to facilitate exchange to a symbol of such things, and includes a discussion of the gold standard. Part II closes with the final transformation of money ...
CH 14 PDF - Cameron University
... Principles of Money Supply Determination • The money supply in an all-currency economy – A trading system based on barter is inconvenient – The creation of a central bank to print money can improve matters • The central bank uses money it prints to buy real assets from the public; this gets money i ...
... Principles of Money Supply Determination • The money supply in an all-currency economy – A trading system based on barter is inconvenient – The creation of a central bank to print money can improve matters • The central bank uses money it prints to buy real assets from the public; this gets money i ...
Chapter 14
... Principles of Money Supply Determination • The money supply in an all-currency economy – A trading system based on barter is inconvenient – The creation of a central bank to print money can improve matters • The central bank uses money it prints to buy real assets from the public; this gets money i ...
... Principles of Money Supply Determination • The money supply in an all-currency economy – A trading system based on barter is inconvenient – The creation of a central bank to print money can improve matters • The central bank uses money it prints to buy real assets from the public; this gets money i ...
Liquidity Traps, Capital Flows and Currency Wars
... when the demand for these goods is low, and away from them when the demand is high. It also shifts expenditure away from and toward South goods, but these effects are offset by monetary policy in the South, which is not constrained by the ZLB. At first glance, our finding that capital does not flow ...
... when the demand for these goods is low, and away from them when the demand is high. It also shifts expenditure away from and toward South goods, but these effects are offset by monetary policy in the South, which is not constrained by the ZLB. At first glance, our finding that capital does not flow ...
Yip, Paul SL, (2005). The Exchange Rate Systems in Hong
... liberalization based on sequencing and preconditions. Unless the process of liberalization is properly managed, it could provoke destabilizing capital flows and lead to volatile exchange rates. This highlights the need for regional coordination of policy measures during the liberalization process, ...
... liberalization based on sequencing and preconditions. Unless the process of liberalization is properly managed, it could provoke destabilizing capital flows and lead to volatile exchange rates. This highlights the need for regional coordination of policy measures during the liberalization process, ...
NBER WORKING PAPER SERIES GLOBAL ECONOMIC ARCHITECTURE
... may be a symptom of an emerging new global financial architecture, which is manifested in the proliferation of decentralized and less cooperative arrangements. The emerging financial configuration of developing countries in the aftermath of the 1990s crises has been growing managed exchange rate fle ...
... may be a symptom of an emerging new global financial architecture, which is manifested in the proliferation of decentralized and less cooperative arrangements. The emerging financial configuration of developing countries in the aftermath of the 1990s crises has been growing managed exchange rate fle ...
Monetary Policy and Real Exchange Rate Dynamics in Sticky-Price Models
... persistence. In fact, if the policy rule followed by the monetary authorities has too strong an interest rate smoothing component, even the multisector sticky-price model fails to generate meaningful real exchange rate persistence in response to monetary shocks. Our …nding that policy inertia hampe ...
... persistence. In fact, if the policy rule followed by the monetary authorities has too strong an interest rate smoothing component, even the multisector sticky-price model fails to generate meaningful real exchange rate persistence in response to monetary shocks. Our …nding that policy inertia hampe ...
The Relationship between Exchange Rates and International Trade
... the latter being only relevant in the light of the earlier. Policy-makers have always been attentive to the effects of exchange rate misalignments, not the least because the IMF precludes competitive devaluations.3 The issue gained greater prominence in the economic debate from the 1990s onwards, wh ...
... the latter being only relevant in the light of the earlier. Policy-makers have always been attentive to the effects of exchange rate misalignments, not the least because the IMF precludes competitive devaluations.3 The issue gained greater prominence in the economic debate from the 1990s onwards, wh ...
The Relationship between Exchange Rates and International Trade
... the latter being only relevant in the light of the earlier. Policy-makers have always been attentive to the effects of exchange rate misalignments, not the least because the IMF precludes competitive devaluations.3 The issue gained greater prominence in the economic debate from the 1990s onwards, wh ...
... the latter being only relevant in the light of the earlier. Policy-makers have always been attentive to the effects of exchange rate misalignments, not the least because the IMF precludes competitive devaluations.3 The issue gained greater prominence in the economic debate from the 1990s onwards, wh ...
What Drives Movements in Exchange Rates?
... parameter value on the energy term to change in the second half of the sample period.2 As shown, the equation is now able to explain a significant proportion of the latest Can$/US$ appreciation.3 A second hypothesis focuses on global trade imbalances and the trend depreciation of the U.S. dollar aga ...
... parameter value on the energy term to change in the second half of the sample period.2 As shown, the equation is now able to explain a significant proportion of the latest Can$/US$ appreciation.3 A second hypothesis focuses on global trade imbalances and the trend depreciation of the U.S. dollar aga ...
What Drives Movements in Exchange Rates?
... parameter value on the energy term to change in the second half of the sample period.2 As shown, the equation is now able to explain a significant proportion of the latest Can$/US$ appreciation.3 A second hypothesis focuses on global trade imbalances and the trend depreciation of the U.S. dollar aga ...
... parameter value on the energy term to change in the second half of the sample period.2 As shown, the equation is now able to explain a significant proportion of the latest Can$/US$ appreciation.3 A second hypothesis focuses on global trade imbalances and the trend depreciation of the U.S. dollar aga ...
Free Full Text ( Final Version , 647kb )
... There are many different methods for estimating exchange rate determination in an oil exporting countries like Nigeria. Rautava (2002) used vector autoregression and co-integration techniques in analysing oil prices and real exchange rates in Russia’s economy. Dawson (2006) used multivariate model i ...
... There are many different methods for estimating exchange rate determination in an oil exporting countries like Nigeria. Rautava (2002) used vector autoregression and co-integration techniques in analysing oil prices and real exchange rates in Russia’s economy. Dawson (2006) used multivariate model i ...
the prerequisites for progress towards a single currency in the
... Although relatively little progress has been made in other regional organisations in Africa, there is nothing in the criteria set out for the MHP that could be interpreted as being damaging to the interests of non-member countries or as currently conflicting with the objectives of other regional gr ...
... Although relatively little progress has been made in other regional organisations in Africa, there is nothing in the criteria set out for the MHP that could be interpreted as being damaging to the interests of non-member countries or as currently conflicting with the objectives of other regional gr ...
Effects of Monetary and Macroprudential Policies on Financial
... aftermath of the GFC, they were actively used in the United States (but also in other countries) for many decades prior to the early 1990’s.4 In particular, they were deployed either jointly with monetary policy actions to affect monetary conditions—the correlation between two policies varies betwee ...
... aftermath of the GFC, they were actively used in the United States (but also in other countries) for many decades prior to the early 1990’s.4 In particular, they were deployed either jointly with monetary policy actions to affect monetary conditions—the correlation between two policies varies betwee ...
The Zero Bound in an Open Economy: A Foolproof Way of Escaping from
... expected domestic inflation). The output gap will increase because of (1) and (2), and deflation will turn into inflation because of (1), (3), and the increased output gap. The economy will find itself out of the liquidity trap (a credible peg will be associated with a positive short nominal interes ...
... expected domestic inflation). The output gap will increase because of (1) and (2), and deflation will turn into inflation because of (1), (3), and the increased output gap. The economy will find itself out of the liquidity trap (a credible peg will be associated with a positive short nominal interes ...
Trade Invoicing in Major Currencies in the 1970s
... shares of the three major currencies in export invoicing show that the dollar was unequivocally a global invoicing currency, and that the DM was the most important regional currency in Europe while the yen was never a global or a regional currency. DM invoicing was driven by European countries’ trad ...
... shares of the three major currencies in export invoicing show that the dollar was unequivocally a global invoicing currency, and that the DM was the most important regional currency in Europe while the yen was never a global or a regional currency. DM invoicing was driven by European countries’ trad ...