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The Domestic Institutional Sources of Monetary Integration in the
... Why does the international sector seems to exhibit opposite preferences towards exchange rate regimes in different contexts? To answer that question, the model proposed here considers the two distinct distributional consequences that the adoption of a fixed exchange rate regime has. On the one hand, ...
... Why does the international sector seems to exhibit opposite preferences towards exchange rate regimes in different contexts? To answer that question, the model proposed here considers the two distinct distributional consequences that the adoption of a fixed exchange rate regime has. On the one hand, ...
STATISTICS BRIEF Creation of the euro area
... to OECD Member countries (see table above). Furthermore, such data are indispensable for financial market participants and increasingly for social partners due to the need to take developments elsewhere into account during wage negotiations. This demand for statistical information goes therefore muc ...
... to OECD Member countries (see table above). Furthermore, such data are indispensable for financial market participants and increasingly for social partners due to the need to take developments elsewhere into account during wage negotiations. This demand for statistical information goes therefore muc ...
How do exchange rate movements affect Chinese exports? – A firm
... domestic producers and caused exit of firms and layoff of workers 2 .In particular, the everincreasing trade deficit between the US and China adds further tension between the two largest countries in the world. China’s pegged nominal RMB (Renminbi) has been claimed too low and responsible for the cu ...
... domestic producers and caused exit of firms and layoff of workers 2 .In particular, the everincreasing trade deficit between the US and China adds further tension between the two largest countries in the world. China’s pegged nominal RMB (Renminbi) has been claimed too low and responsible for the cu ...
THREE ESSAYS ON MONETARY ECONOMICS by
... theoretical work. The first essay uses annual data from twenty-seven countries to determine whether unexpected inflation has an effect on unexpected output, as suggested by the Lucas Supply Function. Additional specifications are added to show that Lucas’ base model is incomplete. Once money level e ...
... theoretical work. The first essay uses annual data from twenty-seven countries to determine whether unexpected inflation has an effect on unexpected output, as suggested by the Lucas Supply Function. Additional specifications are added to show that Lucas’ base model is incomplete. Once money level e ...
A Model of the Twin Ds: Optimal Default and Devaluation ∗ S. Na
... allows households to make optimal consumption and savings decisions but maintains the assumption of a real economy. The second unfolding goes one step further and considers an environment in which all transactions are performed in nominal prices that adjust sluggishly. The first unfolding demonstrat ...
... allows households to make optimal consumption and savings decisions but maintains the assumption of a real economy. The second unfolding goes one step further and considers an environment in which all transactions are performed in nominal prices that adjust sluggishly. The first unfolding demonstrat ...
virtual currency schemes, october 2012 - ECB
... Linden Dollars, and describes their basic features, technical elements and monetary aspects. It also addresses the latest issues and security incidents in which these schemes have been involved. Chapter 4 offers an assessment of how central banks could be affected by these schemes, taking into accou ...
... Linden Dollars, and describes their basic features, technical elements and monetary aspects. It also addresses the latest issues and security incidents in which these schemes have been involved. Chapter 4 offers an assessment of how central banks could be affected by these schemes, taking into accou ...
International Outsourcing, Exchange Rates, and
... added contributed by the factors of production in different locations. The results are summarized as follows. First, under a fixed nominal exchange rate regime, the effects of monetary and productivity shocks depend not only on the presence of international outsourcing activities but also on the co ...
... added contributed by the factors of production in different locations. The results are summarized as follows. First, under a fixed nominal exchange rate regime, the effects of monetary and productivity shocks depend not only on the presence of international outsourcing activities but also on the co ...
Liberalization of Foreign Exchange Controls: Japan`s Experiences
... restrictions, sterilized interventions and monetary policy independence, and attempts to identify its implications for China. China has made tremendous achievements in economic growth in past thirty years, by attracting foreign direct investment and increasing manufactures export. With the domestic ...
... restrictions, sterilized interventions and monetary policy independence, and attempts to identify its implications for China. China has made tremendous achievements in economic growth in past thirty years, by attracting foreign direct investment and increasing manufactures export. With the domestic ...
The Asian Crises Reexamined
... common place to put heavy emphasis on the role of pegged exchange rates as a cause of the currency crises. This is surely correct with respect to Thailand with its fixed narrow band peg to a basket of currencies dominated by the dollar. We thus do have further confirmation that Bretton Woods type na ...
... common place to put heavy emphasis on the role of pegged exchange rates as a cause of the currency crises. This is surely correct with respect to Thailand with its fixed narrow band peg to a basket of currencies dominated by the dollar. We thus do have further confirmation that Bretton Woods type na ...
A Common Currency Peg in East Asia?
... the financial crises of 1997 ended the de facto pegging to the US dollar for several countries, pegging to a common currency or basket of currencies is being promoted as a means to financial stability and as a preventive measure against future crises in the region. Tying the national currency to an ...
... the financial crises of 1997 ended the de facto pegging to the US dollar for several countries, pegging to a common currency or basket of currencies is being promoted as a means to financial stability and as a preventive measure against future crises in the region. Tying the national currency to an ...
Exchange Rate Developments and Fundamentals in Four
... Turkey has a tradition in exchange rate pegs. Since the 1930s, it has experienced pegs to the pound sterling, the French franc, the U.S. dollar, the Deutsche mark and the euro. During most of the 1980s and 1990s, the Turkish exchange rate system was a managed float. Turkey introduced convertibility ...
... Turkey has a tradition in exchange rate pegs. Since the 1930s, it has experienced pegs to the pound sterling, the French franc, the U.S. dollar, the Deutsche mark and the euro. During most of the 1980s and 1990s, the Turkish exchange rate system was a managed float. Turkey introduced convertibility ...
CHAPTER 12—EXCHANGE-RATE DETERMINATION MULTIPLE
... 21. Under a system of floating exchange rates, relatively low productivity and high inflation rates in the United States result in: a. An increase in the demand for foreign currency, a decrease in the supply of foreign currency, and a depreciation in the dollar b. An increase in the demand for forei ...
... 21. Under a system of floating exchange rates, relatively low productivity and high inflation rates in the United States result in: a. An increase in the demand for foreign currency, a decrease in the supply of foreign currency, and a depreciation in the dollar b. An increase in the demand for forei ...
EMU Break-up
... the first two years is over 12%. This is substantially greater than the losses that followed the demise of Lehman Brothers in September 2008. The complexity of financial and trade inter-linkages are such that the short term consequences would be traumatic. In the first year, Eurozone GDP might fall ...
... the first two years is over 12%. This is substantially greater than the losses that followed the demise of Lehman Brothers in September 2008. The complexity of financial and trade inter-linkages are such that the short term consequences would be traumatic. In the first year, Eurozone GDP might fall ...
Scotland analysis: Currency and monetary policy
... policy set by the European Central Bank would therefore likely be less well suited to Scotland’s economy than that currently set by the Bank of England. If an independent Scottish state joined the euro area, fiscal policy would be constrained by the EU fiscal framework: principally, the Stability and ...
... policy set by the European Central Bank would therefore likely be less well suited to Scotland’s economy than that currently set by the Bank of England. If an independent Scottish state joined the euro area, fiscal policy would be constrained by the EU fiscal framework: principally, the Stability and ...
Non-price competitiveness of exports from - ECB
... in emerging countries outperformed that of advanced countries every year since 1996, with just two exceptions in 1997 and 2010. In the general discussion, growing world market shares are mainly associated with improving price competitiveness. Hence, policy makers often focus on price measures and ai ...
... in emerging countries outperformed that of advanced countries every year since 1996, with just two exceptions in 1997 and 2010. In the general discussion, growing world market shares are mainly associated with improving price competitiveness. Hence, policy makers often focus on price measures and ai ...
A Model of the Twin Ds: Optimal Default and Devaluation ∗ S. Na
... devaluation policy is not set optimally. Motivated by the recent debt crisis in the periphery of the eurozone, we characterize the model’s dynamics around a typical default under a currency peg. Under this exchange-rate regime, the central bank loses its ability to counteract the deleterious conseq ...
... devaluation policy is not set optimally. Motivated by the recent debt crisis in the periphery of the eurozone, we characterize the model’s dynamics around a typical default under a currency peg. Under this exchange-rate regime, the central bank loses its ability to counteract the deleterious conseq ...
Regional Monetary Cooperation and Growth
... initiative, namely to foster trade expansion, to balance trade among member countries and to decouple their currencies from the dollar, are important. But in the longer term, in order to reap the expected gains, it will be necessary to go beyond these targets by establishing a roadmap towards deeper ...
... initiative, namely to foster trade expansion, to balance trade among member countries and to decouple their currencies from the dollar, are important. But in the longer term, in order to reap the expected gains, it will be necessary to go beyond these targets by establishing a roadmap towards deeper ...
Leaving the euro: A practical guide
... as two distinct events: the adoption of a new currency, requiring the redenomination of domestic wages, prices and other monetary values; and a change in the external value of that currency on the foreign exchange markets. To avoid tedious duplication which would result from examining every conceiva ...
... as two distinct events: the adoption of a new currency, requiring the redenomination of domestic wages, prices and other monetary values; and a change in the external value of that currency on the foreign exchange markets. To avoid tedious duplication which would result from examining every conceiva ...
The Coming U.S. Interest Rate Tightening Cycle: Smooth Sailing or
... exceptionally accommodative monetary policy stance of the U.S. Federal Reserve (Fed) has helped support activity, bolstered asset valuations, and reduced risk premia. In addition, it has been instrumental in boosting capital flows to emerging and frontier market economies (EFEs). As the U.S. economy ...
... exceptionally accommodative monetary policy stance of the U.S. Federal Reserve (Fed) has helped support activity, bolstered asset valuations, and reduced risk premia. In addition, it has been instrumental in boosting capital flows to emerging and frontier market economies (EFEs). As the U.S. economy ...