International Economics, 10e (Krugman/Obstfeld/Melitz) Chapter 21
... Answer: As for Germany a period of boom with high interest rates to fight inflation. Other European countries: France, Italy and UK in recession, trying to match the high German interest rates to hold their currencies fixed against Germany's, thereby pushing their economies into deep recession. Othe ...
... Answer: As for Germany a period of boom with high interest rates to fight inflation. Other European countries: France, Italy and UK in recession, trying to match the high German interest rates to hold their currencies fixed against Germany's, thereby pushing their economies into deep recession. Othe ...
Law of the Republic of Kazakhstan on Currency
... 2) on the conditions of transaction between a resident and non-resident who possesses the right to engage in professional activity on the securities market under the laws of the state with which he is registered, in which the nonresident carries out operations subject to licensing in accordance with ...
... 2) on the conditions of transaction between a resident and non-resident who possesses the right to engage in professional activity on the securities market under the laws of the state with which he is registered, in which the nonresident carries out operations subject to licensing in accordance with ...
Monetary Velocity in a Systemic
... bank money or in short the existing moneysystem - "tems", has succeeded in becoming the absolutely dominant or monopoly money. Whether it is called Dollar, Pound, Yen Swiss Franc or Lev, it is acually of the same construction. The Euro might be slightly different because it is supranational, but the ...
... bank money or in short the existing moneysystem - "tems", has succeeded in becoming the absolutely dominant or monopoly money. Whether it is called Dollar, Pound, Yen Swiss Franc or Lev, it is acually of the same construction. The Euro might be slightly different because it is supranational, but the ...
Working Paper 12-10: The Dollar and Its Discontents
... store of value. Measuring this is more difficult than first meets the eye. I argue that for countries that accumulate international reserves through the current account (through trade surpluses), the appropriate way of assessing how well the dollar does as a store of value is by looking at the real ...
... store of value. Measuring this is more difficult than first meets the eye. I argue that for countries that accumulate international reserves through the current account (through trade surpluses), the appropriate way of assessing how well the dollar does as a store of value is by looking at the real ...
Currency Crises in Argentina - Asociación Argentina de Economía
... attacks are not only possible, but also inevitable when fiscal policy is not consistent with the exchange rate regime. The time in which the speculative attack will take place is perfectly known forehand, so nobody is taken by surprise. Secondly, there is no incompatibility between rational behavior ...
... attacks are not only possible, but also inevitable when fiscal policy is not consistent with the exchange rate regime. The time in which the speculative attack will take place is perfectly known forehand, so nobody is taken by surprise. Secondly, there is no incompatibility between rational behavior ...
The De Facto Exchange Rate Regimes in East Asia over 2003
... cross-border capital movements; and (iii) an independent monetary policy oriented toward domestic objectives. As a second example, Shambaugh (2004) showed that pegs follow base country interest rates more than non-pegs, suggesting the freedom of monetary policy is more restricted under fixed exchang ...
... cross-border capital movements; and (iii) an independent monetary policy oriented toward domestic objectives. As a second example, Shambaugh (2004) showed that pegs follow base country interest rates more than non-pegs, suggesting the freedom of monetary policy is more restricted under fixed exchang ...
Full Text
... Interestingly, evidence of dollarization hysteresis has been found most often in cases where estimates of dollar currency in circulation were used instead of, or in addition to, data on dollar denominated deposits. A seminal paper in this respect is Kamin and Ericsson (1993), who used data on record ...
... Interestingly, evidence of dollarization hysteresis has been found most often in cases where estimates of dollar currency in circulation were used instead of, or in addition to, data on dollar denominated deposits. A seminal paper in this respect is Kamin and Ericsson (1993), who used data on record ...
I cannot swear that the conversion from WordPerfect was
... study questions, please do not send them to me unedited. In other words, if I indicated on their answers that they needed to make adjustments, make these first. In addition, let me know which ones have been adjusted so I don’t have to check the entire list all over again. If you already know they ar ...
... study questions, please do not send them to me unedited. In other words, if I indicated on their answers that they needed to make adjustments, make these first. In addition, let me know which ones have been adjusted so I don’t have to check the entire list all over again. If you already know they ar ...
The euro in the `currency war` - Centre for Economic Policy Research
... expansionary policies over a relatively long period of time, which may or may not refer to explicit employment or inflation thresholds. The Fed, the ECB, and the Bank of England have implemented a variety of credit easing policies since 2008. They have also all considerably increased the size of the ...
... expansionary policies over a relatively long period of time, which may or may not refer to explicit employment or inflation thresholds. The Fed, the ECB, and the Bank of England have implemented a variety of credit easing policies since 2008. They have also all considerably increased the size of the ...
Foreign Exchange Risk Mitigation for Power and Water Projects in
... change in the interest rate differential between two countries will be off-set by an appreciation (depreciation) of one currency against another currency, making the returns on local and foreign currency investments equivalent (thereby eliminating opportunities for arbitrage). If interest rate parit ...
... change in the interest rate differential between two countries will be off-set by an appreciation (depreciation) of one currency against another currency, making the returns on local and foreign currency investments equivalent (thereby eliminating opportunities for arbitrage). If interest rate parit ...
Post-EMS Exchange Risk Trends: A Comparative Perspective
... period in question, while the standard deviations of the three excess-of-return values increased significantly, as can be seen from the results of the Pearson coefficient (Pearson). The period considered in this study features two well-differentiated stages: firstly, 1996-2000 was characterised by a ...
... period in question, while the standard deviations of the three excess-of-return values increased significantly, as can be seen from the results of the Pearson coefficient (Pearson). The period considered in this study features two well-differentiated stages: firstly, 1996-2000 was characterised by a ...
single central bank: macroeconomic costs and benefits for the
... existing central banks. If so, establishing a central bank that is more independent and exerts greater discipline over fiscal policies than is the case with national central banks may enable it to become an “agency of restraint” (in the words of Paul Collier, a prominent economist). However, histor ...
... existing central banks. If so, establishing a central bank that is more independent and exerts greater discipline over fiscal policies than is the case with national central banks may enable it to become an “agency of restraint” (in the words of Paul Collier, a prominent economist). However, histor ...
Foreign Exchange Intervention Since the Plaza Accord
... account balances. The evidence from the 1980s does not refute that skepticism. However, the experience of the past 15 years shows that intervention can have important sustained effects if it is large enough. A number of countries—most notably China—have used massive and sustained intervention to hol ...
... account balances. The evidence from the 1980s does not refute that skepticism. However, the experience of the past 15 years shows that intervention can have important sustained effects if it is large enough. A number of countries—most notably China—have used massive and sustained intervention to hol ...
On the Link between Dollarization and Inflation: Evidence
... Since the introduction of foreign currency deposits in Turkey in December 1983, dollarization has increased significantly, owing to high and volatile rates of inflation and a depreciating exchange rate (Figures 1 and 2). In addition to these factors, unsuccessful stabilization efforts, financial cri ...
... Since the introduction of foreign currency deposits in Turkey in December 1983, dollarization has increased significantly, owing to high and volatile rates of inflation and a depreciating exchange rate (Figures 1 and 2). In addition to these factors, unsuccessful stabilization efforts, financial cri ...
Are All Emerging Market Crises Alike?
... global financial crisis (through trade or financial links with advanced economies) nevertheless came through relatively unscathed if they did not have these vulnerabilities. Section V concludes. II. Underlying Vulnerabilities and Crisis Triggers Prior to the onset of the “capital account” crises of ...
... global financial crisis (through trade or financial links with advanced economies) nevertheless came through relatively unscathed if they did not have these vulnerabilities. Section V concludes. II. Underlying Vulnerabilities and Crisis Triggers Prior to the onset of the “capital account” crises of ...
Prospective Interest Rate Differential and Currency Returns
... transitory components, and propose a new currency market return predictor, ‘prospective interest rate differential’. The ‘ prospective interest rate differential’ is defined as the sum of all expected future foreign and domestic interest rate differentials. When the sum of expected future foreign in ...
... transitory components, and propose a new currency market return predictor, ‘prospective interest rate differential’. The ‘ prospective interest rate differential’ is defined as the sum of all expected future foreign and domestic interest rate differentials. When the sum of expected future foreign in ...
Design and Implementation of a Common Currency Area in the East
... The interest in regional integration—including monetary integration—in Africa has been high over the decades since independence and various regional groupings have been formed. Those initiatives were stimulated by the generally small size of individual economies leading to a desire to exploit econom ...
... The interest in regional integration—including monetary integration—in Africa has been high over the decades since independence and various regional groupings have been formed. Those initiatives were stimulated by the generally small size of individual economies leading to a desire to exploit econom ...
F inancial dollarization
... conditioned to real dollarization, as defined by the extent to which prices and wages are denominated in foreign currency and as measured by the pass-through coefficient of exchange rate changes on prices, being moderate. Otherwise, the scope for increasing the volatility of the real exchange rate w ...
... conditioned to real dollarization, as defined by the extent to which prices and wages are denominated in foreign currency and as measured by the pass-through coefficient of exchange rate changes on prices, being moderate. Otherwise, the scope for increasing the volatility of the real exchange rate w ...
IB Economics Section 3.3 The balance of payments
... When households and firms in one nation demand more of other countries’ output than the rest of the world demands of theirs, there is upward pressure on the value of trading partners’ currencies and downward pressure on the importing nation’s currency. In this way, a movement towards a current accou ...
... When households and firms in one nation demand more of other countries’ output than the rest of the world demands of theirs, there is upward pressure on the value of trading partners’ currencies and downward pressure on the importing nation’s currency. In this way, a movement towards a current accou ...