NBER WORKING PAPER SERIES EXCHANGE CONTROLS, CAPITAL CONTROLS, AND INTERNATIONAL FINANCIAL MARKETS
... taxes and quantitative restrictions on international financial transactions. We employ a general-equilibrium rational-expectations model of two-country world economy to examine the connections between the effects of these taxes or quantitative restrictions and portfolio allocation on international ...
... taxes and quantitative restrictions on international financial transactions. We employ a general-equilibrium rational-expectations model of two-country world economy to examine the connections between the effects of these taxes or quantitative restrictions and portfolio allocation on international ...
The US Dollar and the Euro as International
... ever since then, a number of observers have argued that it would challenge the US dollar’s hegemony.6 In contrast, however, Barry Eichengreen noted as far back as 1997: “(I)ncumbency is a strong advantage in the competition for reserve-currency status. Both historical and econometric evidence point ...
... ever since then, a number of observers have argued that it would challenge the US dollar’s hegemony.6 In contrast, however, Barry Eichengreen noted as far back as 1997: “(I)ncumbency is a strong advantage in the competition for reserve-currency status. Both historical and econometric evidence point ...
Emerging market currency composition of reserves
... wake of the UK currency’s 1931 floating (Drummond (2008)), central banks shifted their reserves into sterling.3 Similarly, after the yen was pegged to sterling in 1934, sterling’s share of Japanese reserves soared from 15% in 1932 to 90% in 1935 (Hatase and Ohnuki (2009), Figure 3). Conversely, afte ...
... wake of the UK currency’s 1931 floating (Drummond (2008)), central banks shifted their reserves into sterling.3 Similarly, after the yen was pegged to sterling in 1934, sterling’s share of Japanese reserves soared from 15% in 1932 to 90% in 1935 (Hatase and Ohnuki (2009), Figure 3). Conversely, afte ...
capital and speculation in emerging market economies
... economies during the 1980s and net private capital inflows had declined to a trickle. Several emerging market economies, particularly those in Latin America, experienced debtservicing difficulties and their rate of inflation had accelerated. In addition, the most heavily indebted had external debt t ...
... economies during the 1980s and net private capital inflows had declined to a trickle. Several emerging market economies, particularly those in Latin America, experienced debtservicing difficulties and their rate of inflation had accelerated. In addition, the most heavily indebted had external debt t ...
Exchange Rate Regimes in Emerging Markets
... political economy considerations. A recurring theme in the literature is that countries with important links to global financial markets cannot sustain a pegged exchange rate and must choose either a hard fix or a floating exchange rate regime. This belief is linked to the “impossible trinity,” whic ...
... political economy considerations. A recurring theme in the literature is that countries with important links to global financial markets cannot sustain a pegged exchange rate and must choose either a hard fix or a floating exchange rate regime. This belief is linked to the “impossible trinity,” whic ...
NBER WORKING PAPER SERIES INTERNATIONAL CAPITAL PERSPECTIVES
... relationship between the level of the real exthange rate that clears the balance of payments at a particular point in time and the magnitude of the current account when that real exchange rate is at that same level at some other point in time. ...
... relationship between the level of the real exthange rate that clears the balance of payments at a particular point in time and the magnitude of the current account when that real exchange rate is at that same level at some other point in time. ...
Will China and India conquer the world? Essay: We
... ‘imbalances’ that we currently see are a reflection of the way in which the emerging economies have harnessed the global economy to support development. The initial rise of many emerging economies is based on exports to the developed world. Along with the export of goods and services, the emerging ...
... ‘imbalances’ that we currently see are a reflection of the way in which the emerging economies have harnessed the global economy to support development. The initial rise of many emerging economies is based on exports to the developed world. Along with the export of goods and services, the emerging ...
Is a Benign Dollar Policy Wise? William Poole
... rate or the monetary base. The issue of how to characterize the policy instrument today, with the Fed’s array of special credit facilities, would take me far off track. Thus, for present purposes just assume that such a characterization exists. Under the Federal Reserve Act, the Fed has two policy o ...
... rate or the monetary base. The issue of how to characterize the policy instrument today, with the Fed’s array of special credit facilities, would take me far off track. Thus, for present purposes just assume that such a characterization exists. Under the Federal Reserve Act, the Fed has two policy o ...
DISCUSSION PAPERS THE MAKING OF THE TURKISH FINANCIAL CRISIS
... volatile inflation, unsustainable public debt accumulation, and increasing financial fragility, resulting from irresponsible policies and lack of fiscal discipline that had been endemic under various governments since the early 1980s. However, the stabilization program formulated and launched with s ...
... volatile inflation, unsustainable public debt accumulation, and increasing financial fragility, resulting from irresponsible policies and lack of fiscal discipline that had been endemic under various governments since the early 1980s. However, the stabilization program formulated and launched with s ...
Chapter 7
... Uncovered interest rate arbitrage caused by extremely low interest rates in Japan coupled with high real interest rates in the US was a problem in the 1990s ...
... Uncovered interest rate arbitrage caused by extremely low interest rates in Japan coupled with high real interest rates in the US was a problem in the 1990s ...
japanese retail investors and the carry trade1
... be related to the low volatility in exchange rates prior to the onset of the global financial crisis in late 2007. The reaction of the Japanese retail investors to the increase in financial market volatility (the VIX index measure of Graph 7 US equity market volatility is used as Net Positions and V ...
... be related to the low volatility in exchange rates prior to the onset of the global financial crisis in late 2007. The reaction of the Japanese retail investors to the increase in financial market volatility (the VIX index measure of Graph 7 US equity market volatility is used as Net Positions and V ...
MishkinCh17
... Comparing Expected Returns I Dollar assets pay an interest rate of i D and do not have any capital gain Foreign assets have an interest rate of i F and there is no capital gain To compare the expected returns on dollar assets and foreign assets the returns must be converted into the currency unit u ...
... Comparing Expected Returns I Dollar assets pay an interest rate of i D and do not have any capital gain Foreign assets have an interest rate of i F and there is no capital gain To compare the expected returns on dollar assets and foreign assets the returns must be converted into the currency unit u ...
The Foreign Exchange Market
... Comparing Expected Returns I Dollar assets pay an interest rate of i D and do not have any capital gain Foreign assets have an interest rate of i F and there is no capital gain To compare the expected returns on dollar assets and foreign assets the returns must be converted into the currency unit u ...
... Comparing Expected Returns I Dollar assets pay an interest rate of i D and do not have any capital gain Foreign assets have an interest rate of i F and there is no capital gain To compare the expected returns on dollar assets and foreign assets the returns must be converted into the currency unit u ...
