Pick Your Poison: The Choices and 1 4
... In the following analysis, we want to avoid counting a major policy change which persists over several quarters as multiple events. Therefore, we also impose the condition that after a major policy change of the type described above, we do not score another policy change of that type for the next t ...
... In the following analysis, we want to avoid counting a major policy change which persists over several quarters as multiple events. Therefore, we also impose the condition that after a major policy change of the type described above, we do not score another policy change of that type for the next t ...
The IMF and Danmarks Nationalbank`s Balance Sheet
... Danmarks Nationalbank's credit exposure vis-à-vis the SDR Department is compiled as its commitments to pay for SDR. Danmarks Nationalbank's maximum commitment is to buy SDR equivalent to twice the value of the allocated SDR, i.e. kr. 3.4 billion at end-2002. Table 4 shows the total credit exposure. ...
... Danmarks Nationalbank's credit exposure vis-à-vis the SDR Department is compiled as its commitments to pay for SDR. Danmarks Nationalbank's maximum commitment is to buy SDR equivalent to twice the value of the allocated SDR, i.e. kr. 3.4 billion at end-2002. Table 4 shows the total credit exposure. ...
Currency Jumps, Cojumps and the Role of Macro News
... explain the behavior of exchange rates led Frankel and Rose (1994) to conclude that: “The case for macroeconomic determinants of exchange rates is in a sorry state ... results indicate that no model based on such standard fundamentals like money supplies, real income, interest rates, inflation rate ...
... explain the behavior of exchange rates led Frankel and Rose (1994) to conclude that: “The case for macroeconomic determinants of exchange rates is in a sorry state ... results indicate that no model based on such standard fundamentals like money supplies, real income, interest rates, inflation rate ...
Foreign exchange reserves - how much is enough?
... The political correctness of an economy influences what it considers to be an adequate level of foreign exchange reserves. A centrally planned economy like China is not a politically correct economy. Nor, today, is Venezuela. Such countries see themselves as needing to avoid placing themselves in a ...
... The political correctness of an economy influences what it considers to be an adequate level of foreign exchange reserves. A centrally planned economy like China is not a politically correct economy. Nor, today, is Venezuela. Such countries see themselves as needing to avoid placing themselves in a ...
Multilateral Aspects of Managing the Capital Account
... plummeted to less than $170 billion in 2008, only to surge again in 2010 as the global recovery got underway. Following the US sovereign downgrade, capital flows to EMEs again dried up, then resumed, and have been bouncing around quite a bit ever since. This volatility, as well as the policy respons ...
... plummeted to less than $170 billion in 2008, only to surge again in 2010 as the global recovery got underway. Following the US sovereign downgrade, capital flows to EMEs again dried up, then resumed, and have been bouncing around quite a bit ever since. This volatility, as well as the policy respons ...
EditedxThesis
... is complete government intervention in the foreign exchange market. The exchange rate is fixed at a given equilibrium level; and if the market forces of demand and supply tend to upset this equilibrium, the central bank would intervene and see that the fixed exchange rate is maintained (IBID). This ...
... is complete government intervention in the foreign exchange market. The exchange rate is fixed at a given equilibrium level; and if the market forces of demand and supply tend to upset this equilibrium, the central bank would intervene and see that the fixed exchange rate is maintained (IBID). This ...
The Yen and Its East Asian Neighbors 1980
... new topic. The widely cited study by Frankel and Wei (1994), for example, has examined this very issue by econometrically estimating the implicit weights of the U.S. dollar and the Japanese yen in the determination of the nominal values of major Asian currencies. The present study is meant to comple ...
... new topic. The widely cited study by Frankel and Wei (1994), for example, has examined this very issue by econometrically estimating the implicit weights of the U.S. dollar and the Japanese yen in the determination of the nominal values of major Asian currencies. The present study is meant to comple ...
Exchange Rate Policies in Arab Countries
... different exchange rate regimes by analyzing key macroeconomic variables encapsulated in growth and inflation and by evaluating how Arab countries as a group have fared in terms of competitiveness—to this end, developments in real effective exchange rates, as a relevant indicator, are analyzed. The ...
... different exchange rate regimes by analyzing key macroeconomic variables encapsulated in growth and inflation and by evaluating how Arab countries as a group have fared in terms of competitiveness—to this end, developments in real effective exchange rates, as a relevant indicator, are analyzed. The ...
Political Institutions and Exchange-Rate
... international traders and investors, who therefore favor a defense of the fixed exchange rate. Since these elites tend to be politically powerful in autocratic countries, this increases the costs of a devaluation for autocratic policy-makers (Bearce and Hallerberg, 2008).3 Similarly, the signaling co ...
... international traders and investors, who therefore favor a defense of the fixed exchange rate. Since these elites tend to be politically powerful in autocratic countries, this increases the costs of a devaluation for autocratic policy-makers (Bearce and Hallerberg, 2008).3 Similarly, the signaling co ...
Exchange rate stabilization in developed and
... Since the so-called Jurgensen report a large and still growing literature has scrutinized the motivation and effects of sterilized foreign exchange intervention in Germany, Japan and the US, i.e. in large countries issuing international currencies. This research on foreign exchange intervention has ...
... Since the so-called Jurgensen report a large and still growing literature has scrutinized the motivation and effects of sterilized foreign exchange intervention in Germany, Japan and the US, i.e. in large countries issuing international currencies. This research on foreign exchange intervention has ...
Globalizing Capital: A History of the International Monetary System
... transactions dwarfed official international reserves made it all but impossible to carry out orderly adjustments of currency pegs. Not only could discussion before the fact excite the markets and provoke unmanageable capital flows, but the act of devaluation, following obligatory denials, could damage ...
... transactions dwarfed official international reserves made it all but impossible to carry out orderly adjustments of currency pegs. Not only could discussion before the fact excite the markets and provoke unmanageable capital flows, but the act of devaluation, following obligatory denials, could damage ...
Lecture 1 International Economics Introduction and
... Nigeria struggles to maintain the official value of its currency, which is pegged at 199 naira to the dollar but has fallen to 520 per dollar on the black market. Traders on the black market are now being arrested, their dollars confiscated, and their licenses ...
... Nigeria struggles to maintain the official value of its currency, which is pegged at 199 naira to the dollar but has fallen to 520 per dollar on the black market. Traders on the black market are now being arrested, their dollars confiscated, and their licenses ...
NBER WORKING PAPER SERIES THE NIXON SHOCK AFTER FORTY YEARS:
... the report (Committee on International Trade and Investment Policy 1971, 37). Also in July, new data was released showing that the United States ran an unexpectedly large merchandise trade deficit in June and was on track to have its first annual trade deficit since the nineteenth century. These dat ...
... the report (Committee on International Trade and Investment Policy 1971, 37). Also in July, new data was released showing that the United States ran an unexpectedly large merchandise trade deficit in June and was on track to have its first annual trade deficit since the nineteenth century. These dat ...
IMF World Economic Outlook, May 1998-
... used. This must be borne in mind in interpreting the results and drawing inferences of general applicability. A currency crisis could be identified simply as a substantial nominal currency devaluation.83 This criterion, however, would exclude instances where a currency came under severe pressure but ...
... used. This must be borne in mind in interpreting the results and drawing inferences of general applicability. A currency crisis could be identified simply as a substantial nominal currency devaluation.83 This criterion, however, would exclude instances where a currency came under severe pressure but ...
The Nixon Shock after 40 Years
... United States should ‘take advantage of the present crisis to achieve (i) a lasting improvement in the balance-of-payments position of the United States, (ii) a more equitable sharing of the responsibilities for world security and economic progress, and (iii) a basic reform of the international mone ...
... United States should ‘take advantage of the present crisis to achieve (i) a lasting improvement in the balance-of-payments position of the United States, (ii) a more equitable sharing of the responsibilities for world security and economic progress, and (iii) a basic reform of the international mone ...
Global Macro Risks in Currency Excess Returns
... risk factors are high-minus low (HML) di↵erences in conditional moments of macroeconomic performance indicators between the top and bottom quartiles of countries. These HML conditional moment measures are an enhancement over standard measures of uncertainty because they allow asymmetries in the dist ...
... risk factors are high-minus low (HML) di↵erences in conditional moments of macroeconomic performance indicators between the top and bottom quartiles of countries. These HML conditional moment measures are an enhancement over standard measures of uncertainty because they allow asymmetries in the dist ...
Yip, Paul SL, (2005). The Exchange Rate Systems in Hong
... properly managed, it could provoke destabilizing capital flows and lead to volatile exchange rates. This highlights the need for regional coordination of policy measures during the liberalization process, even though it is the domestic authorities and institutions that are ultimately responsibility ...
... properly managed, it could provoke destabilizing capital flows and lead to volatile exchange rates. This highlights the need for regional coordination of policy measures during the liberalization process, even though it is the domestic authorities and institutions that are ultimately responsibility ...
A Guided Tour of the Market Microstructure Approach to
... growth a new equilibrium exchange rate is reached without any change in investors’ portfolios. The meagre explanatory power of these traditional models alongside the empirical evidence showing the importance of micro-structural aspects of the functioning of equity markets in explaining short-term mo ...
... growth a new equilibrium exchange rate is reached without any change in investors’ portfolios. The meagre explanatory power of these traditional models alongside the empirical evidence showing the importance of micro-structural aspects of the functioning of equity markets in explaining short-term mo ...
Dreher ge08 6483485 en
... important, but more indirect, channel is what we call the “scapegoat-channel.” By allowing policymakers to shift the blame for unpopular policies onto the Fund and thus increasing their chances of political survival, the IMF can enhance the chances that economically sensible policies will in fact be ...
... important, but more indirect, channel is what we call the “scapegoat-channel.” By allowing policymakers to shift the blame for unpopular policies onto the Fund and thus increasing their chances of political survival, the IMF can enhance the chances that economically sensible policies will in fact be ...
The economic and legal implications of speculative capital flows
... I wish to express my gratitude to the staff of James Cook University. A special thank you is directed toward the School of Law, Business and Creative Arts. I would like to express my sincere appreciation to my supervisors Professors Stephen Graw, Wolfgang Fischer and Richard Monypenny for allowing m ...
... I wish to express my gratitude to the staff of James Cook University. A special thank you is directed toward the School of Law, Business and Creative Arts. I would like to express my sincere appreciation to my supervisors Professors Stephen Graw, Wolfgang Fischer and Richard Monypenny for allowing m ...
