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Exchange Rate Volatility and Democratization in Emerging Market
... of economic policy, and therefore better able to anticipate macroeconomic performance, than where policymaking is more opaque. Of course political transparency is a key correlate of democracy so there should be a direct relationship between the degree of democratic development and the amount of curr ...
... of economic policy, and therefore better able to anticipate macroeconomic performance, than where policymaking is more opaque. Of course political transparency is a key correlate of democracy so there should be a direct relationship between the degree of democratic development and the amount of curr ...
current account
... Unlike in markets for goods and services, the supply of $US is caused by just the same elements as cause the demand for $US, only in reverse: firms, households, and speculators wanting to obtain (say) Japanese yen, and pay for them with U.S. dollars. The equilibrium exchange rate is the exchange rat ...
... Unlike in markets for goods and services, the supply of $US is caused by just the same elements as cause the demand for $US, only in reverse: firms, households, and speculators wanting to obtain (say) Japanese yen, and pay for them with U.S. dollars. The equilibrium exchange rate is the exchange rat ...
Competitive Monetary Easing: Is it yesterday once more?
... driven by agency (and other) considerations that do not necessarily relate to economic conditions in the recipient countries. One argument along these lines is that if some large country adopts unconventional and highly accommodative sub optimal policies, other countries may follow suit to avoid exc ...
... driven by agency (and other) considerations that do not necessarily relate to economic conditions in the recipient countries. One argument along these lines is that if some large country adopts unconventional and highly accommodative sub optimal policies, other countries may follow suit to avoid exc ...
in Stanley Fischer of Working Paper No. 936
... conditions (8)—(11)'. In a full perfect foresight equilibrium, the rate of consumption and the resulting rates of inflation and interest will be consistent with the expectations under which the consumption path was chosen. It is well known that convergence of such paths in a monetary economy is a di ...
... conditions (8)—(11)'. In a full perfect foresight equilibrium, the rate of consumption and the resulting rates of inflation and interest will be consistent with the expectations under which the consumption path was chosen. It is well known that convergence of such paths in a monetary economy is a di ...
PDF
... China’s exchange rate policy has become an important factor in world agricultural trade. The renminbi, while no longer fixed in U.S. dollar terms, is subject to significant intervention, and is widely regarded as undervalued. In the long run, an undervalued exchange rate is self-correcting, as incre ...
... China’s exchange rate policy has become an important factor in world agricultural trade. The renminbi, while no longer fixed in U.S. dollar terms, is subject to significant intervention, and is widely regarded as undervalued. In the long run, an undervalued exchange rate is self-correcting, as incre ...
Slides
... – Required devaluation brings unit labor cost (Wt /At ) relative to Germany to its 1995 ratio – Maximal fiscal devaluation is constrained by zero lower bound on payroll contributions and 45% maximal VAT rate (which is never binding). A reduction of x in payroll tax and similar increase in VAT is equ ...
... – Required devaluation brings unit labor cost (Wt /At ) relative to Germany to its 1995 ratio – Maximal fiscal devaluation is constrained by zero lower bound on payroll contributions and 45% maximal VAT rate (which is never binding). A reduction of x in payroll tax and similar increase in VAT is equ ...
Introduction to FX and Python to analyse markets
... • Value – buying undervalued currencies and selling overvalued currencies using some long term measure • Relative yield momentum – trading relative monetary policy via FX • Fundamentals – underlying economic environment • Risk sentiment – flight to quality vs. buying risky assets • Flows – related t ...
... • Value – buying undervalued currencies and selling overvalued currencies using some long term measure • Relative yield momentum – trading relative monetary policy via FX • Fundamentals – underlying economic environment • Risk sentiment – flight to quality vs. buying risky assets • Flows – related t ...
2001:3 The International Monetary Fund´s quotas
... cy – a form of committed credit line to the IMF. This constitutes the remaining obligation fulfilled by the member country in contributing its currency. As the need for reserves increased, opportunities were introduced for member countries to buy currency in excessive of 25 per cent of their quota ...
... cy – a form of committed credit line to the IMF. This constitutes the remaining obligation fulfilled by the member country in contributing its currency. As the need for reserves increased, opportunities were introduced for member countries to buy currency in excessive of 25 per cent of their quota ...
Alternative Interpretations of a Stateless Currency
... The prescient conclusion was that “it is a dangerous error to believe that monetary and economic union can precede a political union or that it will act (in the words of the Werner report) ‘as a leaven for the evolvement of a political union which in the long run it will in any case be unable to do ...
... The prescient conclusion was that “it is a dangerous error to believe that monetary and economic union can precede a political union or that it will act (in the words of the Werner report) ‘as a leaven for the evolvement of a political union which in the long run it will in any case be unable to do ...
Chapter 13
... … the odds are that the authorities won't give up the peg with the U.S. dollar, say market participants. The Hong Kong Monetary Authority pushed overnight interest rates up to 300% in a desperate attempt to maintain the Hong Kong dollar's link with the U.S. dollar. Does this make sense? (Yes, if a d ...
... … the odds are that the authorities won't give up the peg with the U.S. dollar, say market participants. The Hong Kong Monetary Authority pushed overnight interest rates up to 300% in a desperate attempt to maintain the Hong Kong dollar's link with the U.S. dollar. Does this make sense? (Yes, if a d ...
E719_No13_Chapter13
... … the odds are that the authorities won't give up the peg with the U.S. dollar, say market participants. The Hong Kong Monetary Authority pushed overnight interest rates up to 300% in a desperate attempt to maintain the Hong Kong dollar's link with the U.S. dollar. Does this make sense? (Yes, if a d ...
... … the odds are that the authorities won't give up the peg with the U.S. dollar, say market participants. The Hong Kong Monetary Authority pushed overnight interest rates up to 300% in a desperate attempt to maintain the Hong Kong dollar's link with the U.S. dollar. Does this make sense? (Yes, if a d ...
*Stability* and *Instability* Determinants of International Monetary
... not linkage to other policies but issue indivisibilities such as territorial disputes and Chinese consumer’s boycott not to buy Japanese imports. – According to James Fearon, some issues, by their very natures, simply will not admit compromise. Fierce conflicts between two countries can arrive at th ...
... not linkage to other policies but issue indivisibilities such as territorial disputes and Chinese consumer’s boycott not to buy Japanese imports. – According to James Fearon, some issues, by their very natures, simply will not admit compromise. Fierce conflicts between two countries can arrive at th ...
A Bird Eye View of International Finance (revised on January 20
... Thus we can say that • the current setting of ‘U.S. Dollar Liquidity’ is serving good purposes for the U.S. part. • Most of outcries about ‘trade deficits’ and ‘Chinese undervalued FX rates’ may be just rhetoric (al). • Real concerns of the U.S. government is the liquidity, not coming back to U.S. ...
... Thus we can say that • the current setting of ‘U.S. Dollar Liquidity’ is serving good purposes for the U.S. part. • Most of outcries about ‘trade deficits’ and ‘Chinese undervalued FX rates’ may be just rhetoric (al). • Real concerns of the U.S. government is the liquidity, not coming back to U.S. ...
PDF
... assess how adjustments in exchange rates influence the cost structure of production in 13 regions world-wide (Table 1). The model is a dynamic optimization model built upon the earlier work of Sedjo and Lyon (1990) and Sohngen et al. (1999). The current version is more dis-aggregated and contains m ...
... assess how adjustments in exchange rates influence the cost structure of production in 13 regions world-wide (Table 1). The model is a dynamic optimization model built upon the earlier work of Sedjo and Lyon (1990) and Sohngen et al. (1999). The current version is more dis-aggregated and contains m ...
International Accounting Standard 29
... At the beginning of the first period of application of this Standard, the components of owners’ equity, except retained earnings and any revaluation surplus, are restated by applying a general price index from the dates the components were contributed or otherwise arose. Any revaluation surplus that ...
... At the beginning of the first period of application of this Standard, the components of owners’ equity, except retained earnings and any revaluation surplus, are restated by applying a general price index from the dates the components were contributed or otherwise arose. Any revaluation surplus that ...
Zimbabwe - COMESA Monetary Institute (CMI)
... Because the underlying macroeconomic fundamentals had not been corrected, and that monetary injections into the economy continued unabated, the positive impact of currency rebasing did not last for long. The three zeros knocked out of the currency were soon to return – with a vengeance (Kramarenko, ...
... Because the underlying macroeconomic fundamentals had not been corrected, and that monetary injections into the economy continued unabated, the positive impact of currency rebasing did not last for long. The three zeros knocked out of the currency were soon to return – with a vengeance (Kramarenko, ...
The Price of Gold and the Exchange Rates
... are traded continuously in organized markets such as the Chicago Board of Trade, a change in any exchange rate will result in an immediate adjustment in the prices of those commodities in at least one currency, and perhaps in both currencies if both countries are "large". For example, when the dolla ...
... are traded continuously in organized markets such as the Chicago Board of Trade, a change in any exchange rate will result in an immediate adjustment in the prices of those commodities in at least one currency, and perhaps in both currencies if both countries are "large". For example, when the dolla ...
Chapter 2
... The International Gold Standard, 1879-1913 With stable exchange rates and a common monetary policy, prices of tradable commodities were much equalized across countries. Real rates of interest also tended toward equality across a broad range of countries. On the other hand, the workings of the ...
... The International Gold Standard, 1879-1913 With stable exchange rates and a common monetary policy, prices of tradable commodities were much equalized across countries. Real rates of interest also tended toward equality across a broad range of countries. On the other hand, the workings of the ...
Openness and the Effects of Monetary Policy on the Exchange Rates
... eliminate the obstacles before the capital movements (Yi idim: 1999). The theoretical intuition behind the difference between more open and less open economies in terms of the effectiveness of monetary policy can be explained as follows. On the demand side, an increase in money supply is expected to ...
... eliminate the obstacles before the capital movements (Yi idim: 1999). The theoretical intuition behind the difference between more open and less open economies in terms of the effectiveness of monetary policy can be explained as follows. On the demand side, an increase in money supply is expected to ...
Open Economy Macroeconomics 26
... A: There are several ways to organize an exchange rate system, including fixed and flexible exchange rate systems. A fixed exchange rate system is one in which governments determine their exchange rates and then use macroeconomic adjustments to maintain these rates. A flexible or floating exchange r ...
... A: There are several ways to organize an exchange rate system, including fixed and flexible exchange rate systems. A fixed exchange rate system is one in which governments determine their exchange rates and then use macroeconomic adjustments to maintain these rates. A flexible or floating exchange r ...
A Primer on the Euro Breakup
... > The mechanics of a currency breakup are surprisingly straightforward; the real problem for Europe is overvalued real effective exchange rates and extremely high debt – Historically, moving from one currency to another has not led to severe economic or legal problems. In almost all cases, the trans ...
... > The mechanics of a currency breakup are surprisingly straightforward; the real problem for Europe is overvalued real effective exchange rates and extremely high debt – Historically, moving from one currency to another has not led to severe economic or legal problems. In almost all cases, the trans ...
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... cheaper. It is also a normal compensation for the estimated initial under-valuation at the beginning of the transition and the set-up of the pegs that have been used to achieve the initial “gross” disinflation at the beginning of the 1990s. A successful catching-up process is in principle facilitate ...
... cheaper. It is also a normal compensation for the estimated initial under-valuation at the beginning of the transition and the set-up of the pegs that have been used to achieve the initial “gross” disinflation at the beginning of the 1990s. A successful catching-up process is in principle facilitate ...
Chapter 20
... • Costs of fixed exchange rates are that they require the loss of monetary policy for stabilizing output and employment, and the loss of automatic adjustment of exchange rates to changes in aggregate demand. • Define this loss that would occur if a country joined a fixed exchange rate system as the ...
... • Costs of fixed exchange rates are that they require the loss of monetary policy for stabilizing output and employment, and the loss of automatic adjustment of exchange rates to changes in aggregate demand. • Define this loss that would occur if a country joined a fixed exchange rate system as the ...