![NBER WORKING PAPER SERIES HISTORICAL PERSPECTIVE ON GLOBAL IMBALANCES Michael D. Bordo](http://s1.studyres.com/store/data/008232225_1-e2e36c40d95f31ca351a3bfe522d8298-300x300.png)
an analysis of pegged exchange rate between bhutan and india
... rate and negative effects of a pegged rate discussed above would disappear. Bhutan’s political pride would increase and it would be able to make its own monetary policies. It would be able to earn some revenue in terms of seignorage through the printing of more currency to replace the Indian notes t ...
... rate and negative effects of a pegged rate discussed above would disappear. Bhutan’s political pride would increase and it would be able to make its own monetary policies. It would be able to earn some revenue in terms of seignorage through the printing of more currency to replace the Indian notes t ...
Coping with crises: is there a “silver bullet”?
... We start with the observation that it is those emerging market economies which have rapidly liberalised their capital markets that have suffered the worst crises, in 1994/5, 1997 and 1998. One does not have to subscribe to the Polanyi-like perspective that the domain of political control must march ...
... We start with the observation that it is those emerging market economies which have rapidly liberalised their capital markets that have suffered the worst crises, in 1994/5, 1997 and 1998. One does not have to subscribe to the Polanyi-like perspective that the domain of political control must march ...
Exchange Rates and Purchasing Power Parity
... Exchange rates matter in many different ways to many different constituencies in the world economy Much of this section on international finance will be directly or indirectly concerned with exchange rates ...
... Exchange rates matter in many different ways to many different constituencies in the world economy Much of this section on international finance will be directly or indirectly concerned with exchange rates ...
A theory of the currency denomination of international trade
... Received 7 November 2002; received in revised form 1 October 2003; accepted 2 January 2004 ...
... Received 7 November 2002; received in revised form 1 October 2003; accepted 2 January 2004 ...
Effects of Fiscal Policy under Different Capital Mobility
... The money market equilibrium can be pictured as the “LM curve” of figure1. It shows all possible combinations of interest rate i and real GDP Y that are consistent with equilibrium in the money sector of the national economy, given the state of other fundamental influences. If any of these other fun ...
... The money market equilibrium can be pictured as the “LM curve” of figure1. It shows all possible combinations of interest rate i and real GDP Y that are consistent with equilibrium in the money sector of the national economy, given the state of other fundamental influences. If any of these other fun ...
Do you believe in Asia? Chinese bonds and the renminbi
... Despite the clear economic importance of the region, Asia ex Japan bond markets represent less than 1% of the world government bond index ...
... Despite the clear economic importance of the region, Asia ex Japan bond markets represent less than 1% of the world government bond index ...
Singapore`s Exchange Rate Policy - Monetary Authority of Singapore
... Thai baht, the Malaysian ringgit, and especially the Indonesian rupiah). In mid-98, the crisis deepened and the Singapore economy started to weaken. In the absence of inflationary pressures, MAS eased exchange rate policy. With the recent strong recovery of the economy, MAS has shifted to a preempti ...
... Thai baht, the Malaysian ringgit, and especially the Indonesian rupiah). In mid-98, the crisis deepened and the Singapore economy started to weaken. In the absence of inflationary pressures, MAS eased exchange rate policy. With the recent strong recovery of the economy, MAS has shifted to a preempti ...
Fixed Exchange Rates
... 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 ...
The Gold or the Green?
... enters and steals a wad of cash. Sound money avoids these problems. Some argue that the gold standard also suffers from detrimental inflation. The rationale behind this proposition is that increases in the stock of gold surely have the same inflationary effects as increases in the stock of money. Ho ...
... enters and steals a wad of cash. Sound money avoids these problems. Some argue that the gold standard also suffers from detrimental inflation. The rationale behind this proposition is that increases in the stock of gold surely have the same inflationary effects as increases in the stock of money. Ho ...
O D : C E
... in foreign currency, where foreign currency lacks the legal tender privileges that domestic currency enjoys (Baliño et al. 1999: 1). Unofficial dollarization may take a variety of forms, including holding (1) foreign currency bonds or other noncash assets; (2) foreign currency cash, whether possess ...
... in foreign currency, where foreign currency lacks the legal tender privileges that domestic currency enjoys (Baliño et al. 1999: 1). Unofficial dollarization may take a variety of forms, including holding (1) foreign currency bonds or other noncash assets; (2) foreign currency cash, whether possess ...
Dollarization: A Primer - The Centre for Economic Performance
... shocks in another, so that they compensate each other as factors move to the temporarily more productive region. Even in the absence of factor mobility, a scheme of fiscal transfers between member countries can yield the same result. Accordingly, the role that the symmetry argument should play while ...
... shocks in another, so that they compensate each other as factors move to the temporarily more productive region. Even in the absence of factor mobility, a scheme of fiscal transfers between member countries can yield the same result. Accordingly, the role that the symmetry argument should play while ...
Japanese yen and East-Asian currencies: before and after the Asian
... policy of East Asian countries inevitably led to their loss of competitiveness in international markets. Against this background, the crisis affected East Asian countries, except Malaysia, shifted to a free-floating exchange rate system after the 1997 crisis. Therefore, the exchange rates of their ...
... policy of East Asian countries inevitably led to their loss of competitiveness in international markets. Against this background, the crisis affected East Asian countries, except Malaysia, shifted to a free-floating exchange rate system after the 1997 crisis. Therefore, the exchange rates of their ...
Exchange rate overshooting and the costs of floating
... overshooting that can be substantial (labeled ‘Other Style’). These episodes include India in 1995, Bulgaria in 1998 and Israel in 1998. Figure 2 provides evidence that crises episodes in countries with high net debt indeed resulted in higher overshooting. More specifically, our measure of net debt ...
... overshooting that can be substantial (labeled ‘Other Style’). These episodes include India in 1995, Bulgaria in 1998 and Israel in 1998. Figure 2 provides evidence that crises episodes in countries with high net debt indeed resulted in higher overshooting. More specifically, our measure of net debt ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... eventually, then as Schwartz (1993) has commented, “a watershed would have been reached in the annals of political economy.” Do the potential benefits of currency boards outweigh their costs in these countries? Some of the theoretical advantages and disadvantages of currency boards are well known.2 ...
... eventually, then as Schwartz (1993) has commented, “a watershed would have been reached in the annals of political economy.” Do the potential benefits of currency boards outweigh their costs in these countries? Some of the theoretical advantages and disadvantages of currency boards are well known.2 ...