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The Sequence of Capital Account Liberalization: a Microcosmic Model
... integrates with the international capital market after capital account liberalization, the UIRP will no longer hold owing to the existence of a time-varying risk premium as a compensation for the speculative position in the foreign currency. ...
... integrates with the international capital market after capital account liberalization, the UIRP will no longer hold owing to the existence of a time-varying risk premium as a compensation for the speculative position in the foreign currency. ...
English
... Figure 1, which shows a clear negative relationship between the fraction of imports invoiced in the importer’s currency and the pass-through of exchange rate changes to import prices for a set of 7 industrialized countries.1 If firms set prices in the importer’s currency, we should expect zero pass- ...
... Figure 1, which shows a clear negative relationship between the fraction of imports invoiced in the importer’s currency and the pass-through of exchange rate changes to import prices for a set of 7 industrialized countries.1 If firms set prices in the importer’s currency, we should expect zero pass- ...
Costs and Benefits of Dollarization
... resort, central banks provide loans to banks facing liquidity problems by assuring the availability of deposits in a bank run situation. Under full dollarization, printing money is no longer the source for liquidity and the central bank needs to look for alternative sources to respond to financial e ...
... resort, central banks provide loans to banks facing liquidity problems by assuring the availability of deposits in a bank run situation. Under full dollarization, printing money is no longer the source for liquidity and the central bank needs to look for alternative sources to respond to financial e ...
Statistical Appendix
... • On July 31, 2013, the U.S. Bureau of Economic Analysis released the Comprehensive Revision of the National Income and Product Accounts (NIPA). The revision includes improvements in methodology and data sources as well as significant changes in definitions and classifications. With this update, th ...
... • On July 31, 2013, the U.S. Bureau of Economic Analysis released the Comprehensive Revision of the National Income and Product Accounts (NIPA). The revision includes improvements in methodology and data sources as well as significant changes in definitions and classifications. With this update, th ...
01.07 - Study Center Gerzensee
... currency. Country size and the cyclicality of real wages play a role as well, but are empirically less important. We also show that when a set of countries forms a monetary union, the new currency is likely to be used more extensively in trade than the sum of the currencies it replaces. ...
... currency. Country size and the cyclicality of real wages play a role as well, but are empirically less important. We also show that when a set of countries forms a monetary union, the new currency is likely to be used more extensively in trade than the sum of the currencies it replaces. ...
The Triffin Dilemma and the Saver`s Curse - Economics
... quantity of dollars that the US needed to create in order to satisfy the rest of the world’s demand for international liquidity grew at a faster rate than the US gold reserves, so that the fixed parity between the dollar and gold would be increasingly difficult to maintain. Triffin’s ...
... quantity of dollars that the US needed to create in order to satisfy the rest of the world’s demand for international liquidity grew at a faster rate than the US gold reserves, so that the fixed parity between the dollar and gold would be increasingly difficult to maintain. Triffin’s ...
The Effect of Exchange Rates on Statistical Decisions Author(s
... the issues raised by example 1 and its extensions have wide-ranging consequences in philosophy whenever uncertainty is connected with decision making. For instance, the issues affect how the criterion of coherence ðavoiding sure loss when bettingÞ regulates rational degrees of belief ðShimony 1955Þ. ...
... the issues raised by example 1 and its extensions have wide-ranging consequences in philosophy whenever uncertainty is connected with decision making. For instance, the issues affect how the criterion of coherence ðavoiding sure loss when bettingÞ regulates rational degrees of belief ðShimony 1955Þ. ...
25 development of the czechoslovak koruna exchange rate
... over the years 1989 – 1990 The situation in 1989 displayed all the signs of a top-down managed economy. All prices whether for goods or work were administratively governed. In 1988 the attempts to introduce a real, single foreign exchange rate began to manifest themselves, where there had been long ...
... over the years 1989 – 1990 The situation in 1989 displayed all the signs of a top-down managed economy. All prices whether for goods or work were administratively governed. In 1988 the attempts to introduce a real, single foreign exchange rate began to manifest themselves, where there had been long ...
Chapter 8
... United States? •The increase in the value of the Japanese yen following the financial crisis made it more expensive for Japanese firms to export products to the United States. •Some Japanese firms like Toyota shifted production to the U.S. so that both revenue and costs would be in dollars, thus ins ...
... United States? •The increase in the value of the Japanese yen following the financial crisis made it more expensive for Japanese firms to export products to the United States. •Some Japanese firms like Toyota shifted production to the U.S. so that both revenue and costs would be in dollars, thus ins ...
Corporate Debt in emerging eConomies
... To begin, we see four risks that the firms themselves face—risks that either may not be fully internalized or may not be fully appreciated. In many ways, these are quite conventional. We call them maturity, currency, roll-over, and speculative risks. Maturity mismatches can arise in the usual way, w ...
... To begin, we see four risks that the firms themselves face—risks that either may not be fully internalized or may not be fully appreciated. In many ways, these are quite conventional. We call them maturity, currency, roll-over, and speculative risks. Maturity mismatches can arise in the usual way, w ...
File - GBM/381 International Trade Instructor: Charissa
... – External disequilibria are automatically corrected by exchange rate movements. – Avoid mistaken or distortionary government determination of exchange rates – Are more efficient since resources are not required to manage the exchange rate system – Provide some insulation to the domestic economy ...
... – External disequilibria are automatically corrected by exchange rate movements. – Avoid mistaken or distortionary government determination of exchange rates – Are more efficient since resources are not required to manage the exchange rate system – Provide some insulation to the domestic economy ...
EPFT-May162014 - Conference of State Bank Supervisors
... Often, the various core payments systems will compete for market share within the six payment categories. ...
... Often, the various core payments systems will compete for market share within the six payment categories. ...
Chapter 7
... international reserve assets (foreign assets)? • It must devalue the domestic currency so that it takes more domestic currency (assets) to exchange for 1 unit of foreign currency (asset). – This will allow the central bank to replenish its foreign assets by buying them back at a devalued rate, – inc ...
... international reserve assets (foreign assets)? • It must devalue the domestic currency so that it takes more domestic currency (assets) to exchange for 1 unit of foreign currency (asset). – This will allow the central bank to replenish its foreign assets by buying them back at a devalued rate, – inc ...
Searching for financial stability: the Mexican Moritz Cruz
... Even when is true that this strategy provides a certain degree of financial stability, it is not an strategy designed to support the process of development in which emerging economies are involve. In this context the question raises straightforward, what is the logic in accumulating large amounts of ...
... Even when is true that this strategy provides a certain degree of financial stability, it is not an strategy designed to support the process of development in which emerging economies are involve. In this context the question raises straightforward, what is the logic in accumulating large amounts of ...
Chapter 22
... Many developing countries have received a lot of capital inflows that lead them to a huge debt to foreigners. These debts are been produced because the economy of the developing world is very small compared to the economy of the industrial world. Since developing countries face a lot of poverty and ...
... Many developing countries have received a lot of capital inflows that lead them to a huge debt to foreigners. These debts are been produced because the economy of the developing world is very small compared to the economy of the industrial world. Since developing countries face a lot of poverty and ...
Multiple Choice Questions
... Many developing countries have received a lot of capital inflows that lead them to a huge debt to foreigners. These debts are been produced because the economy of the developing world is very small compared to the economy of the industrial world. Since developing countries face a lot of poverty and ...
... Many developing countries have received a lot of capital inflows that lead them to a huge debt to foreigners. These debts are been produced because the economy of the developing world is very small compared to the economy of the industrial world. Since developing countries face a lot of poverty and ...
PDF Download
... access to international markets (including via multilateral and regional means). However, many studies report that there is no simple linear relationship between size and openness, with size in particular being influenced by many other determinants that have not only economic but also historical and ...
... access to international markets (including via multilateral and regional means). However, many studies report that there is no simple linear relationship between size and openness, with size in particular being influenced by many other determinants that have not only economic but also historical and ...
How do resource-driven economies cope with the oil price
... by the decline of the domestic currency’s external value. While over time, the depreciation preserves or enhances competitiveness, this is not typically a smooth process.8 A successful devaluation may be conducive to export diversification or import substitution strategies, although the improvement ...
... by the decline of the domestic currency’s external value. While over time, the depreciation preserves or enhances competitiveness, this is not typically a smooth process.8 A successful devaluation may be conducive to export diversification or import substitution strategies, although the improvement ...
Should Gold-Exporters Peg Their Currencies to
... fluctuations in world prices of the commodities that they produce, especially mineral and agricultural commodities, as well as fluctuations in the foreign exchange values of major currencies, especially the dollar, yen, and euro. Some countries see the currency to which they are linked moving one di ...
... fluctuations in world prices of the commodities that they produce, especially mineral and agricultural commodities, as well as fluctuations in the foreign exchange values of major currencies, especially the dollar, yen, and euro. Some countries see the currency to which they are linked moving one di ...
The Dynamics of Currency Substitution, Asset Substitution and De
... ([email protected]). The author wishes to thank Paul Wachtel and Vedran Šošić for helpful comments and suggestions. ...
... ([email protected]). The author wishes to thank Paul Wachtel and Vedran Šošić for helpful comments and suggestions. ...
Translation Exposure
... – These reserves are typically comprised of major currencies that are used in international trade and financial transactions and reserve accounts (SDRs) held at the IMF – Under a fixed rate regime official reserves are more important as the government assumes the responsibility to maintain parity am ...
... – These reserves are typically comprised of major currencies that are used in international trade and financial transactions and reserve accounts (SDRs) held at the IMF – Under a fixed rate regime official reserves are more important as the government assumes the responsibility to maintain parity am ...
Chapter 20
... Spain, Britain (until 1992) and Italy (until 1990). – These countries wanted greater flexibility with monetary policy. – The wider bands were also intended to prevent speculation caused by differing monetary and fiscal policies. ...
... Spain, Britain (until 1992) and Italy (until 1990). – These countries wanted greater flexibility with monetary policy. – The wider bands were also intended to prevent speculation caused by differing monetary and fiscal policies. ...