The Turkish Economy, Post-2001 Crisis
... the extent that these balances can be used as warning signals for the fragility of the peg, there was some cause for concern especially from the second quarter of 2000 and increasingly so in the lead up to November 2000. ...
... the extent that these balances can be used as warning signals for the fragility of the peg, there was some cause for concern especially from the second quarter of 2000 and increasingly so in the lead up to November 2000. ...
Commentary: Global Liquidity: Public and Private
... What aspect to focus on, again, depends on the question. For example, it is true that foreign currency and cross-border credit tends to outpace domestic credit during unsustainable credit booms (e.g., Borio et al. 2011; Avdjev et al. 2012; and Lane 2013). But its relevance should be seen within the ...
... What aspect to focus on, again, depends on the question. For example, it is true that foreign currency and cross-border credit tends to outpace domestic credit during unsustainable credit booms (e.g., Borio et al. 2011; Avdjev et al. 2012; and Lane 2013). But its relevance should be seen within the ...
Romania - The Bleyzer Foundation
... which represents 17.4% of the approved ceiling for 2004.1 The external public debt situation can be considered stable, which is reflected in a 5.7% debt service to exports ratio at the end of June (the ceiling is 25%). About 24% of external credit was used to finance budget deficits, 12.8% to suppor ...
... which represents 17.4% of the approved ceiling for 2004.1 The external public debt situation can be considered stable, which is reflected in a 5.7% debt service to exports ratio at the end of June (the ceiling is 25%). About 24% of external credit was used to finance budget deficits, 12.8% to suppor ...
The Decline in the Natural Rate of Interest
... monetary policy sometime this year, the spotlight has now turned to the question of what the new normal for interest rates may entail. This has important implications both for monetary policy and interest rates more generally. There has been a great deal of theoretical discussion of why real (inflat ...
... monetary policy sometime this year, the spotlight has now turned to the question of what the new normal for interest rates may entail. This has important implications both for monetary policy and interest rates more generally. There has been a great deal of theoretical discussion of why real (inflat ...
Fitch Lebanon full rating report published
... Heightened Syria Spillover Risks: The disruption in Lebanon from Syria‟s civil war significantly increased in the last few months, with more than 500,000 refugees arriving in the country, sectarian tensions rising and military clashes becoming regular in some parts of the country. The conflict also ...
... Heightened Syria Spillover Risks: The disruption in Lebanon from Syria‟s civil war significantly increased in the last few months, with more than 500,000 refugees arriving in the country, sectarian tensions rising and military clashes becoming regular in some parts of the country. The conflict also ...
Chapter 12
... • About 70% of foreign assets held by the US are denominated in foreign currencies and almost all of US liabilities (debt) are denominated in dollars. • Changes in the exchange rate affect the value of net foreign wealth (gross foreign assets minus gross foreign ...
... • About 70% of foreign assets held by the US are denominated in foreign currencies and almost all of US liabilities (debt) are denominated in dollars. • Changes in the exchange rate affect the value of net foreign wealth (gross foreign assets minus gross foreign ...
The 'Sense and Nonsense of Maastricht' revisited: What have we learnt about stabilization in EMU?
... the exchange-rate mechanism of the European Monetary System without severe tensions for at least the last two years before the examination In particular, the Member State shall not have devalued its currency on its own initiative for the same period. The interpretation of the ECB and, until quite re ...
... the exchange-rate mechanism of the European Monetary System without severe tensions for at least the last two years before the examination In particular, the Member State shall not have devalued its currency on its own initiative for the same period. The interpretation of the ECB and, until quite re ...
From Bimetallism to Monetarism
... debate was that inflation was a consequence of monetary expansion, and that “[t]here are many things which can be said about inflation. but most of them have relatively little to do with economic growth. Likewise, of the many things which can be said about economic growth, few have much relevance fo ...
... debate was that inflation was a consequence of monetary expansion, and that “[t]here are many things which can be said about inflation. but most of them have relatively little to do with economic growth. Likewise, of the many things which can be said about economic growth, few have much relevance fo ...
Chapter 9: Monetary Policy
... the first example of a decade of falling inflation and rising prosperity, uninterrupted by recession from 1990 to 2001. Greenspans appearances before Congress took on the character of a love-fest, with Senators and Congressmen competing to make the most obsequious compliments to the great man, a “n ...
... the first example of a decade of falling inflation and rising prosperity, uninterrupted by recession from 1990 to 2001. Greenspans appearances before Congress took on the character of a love-fest, with Senators and Congressmen competing to make the most obsequious compliments to the great man, a “n ...
Money Overhang, Credit Overhang and Financial Imbalances in the
... banking system and the ECB. 8 Over the past decade, a substantial amount of empirical literature has emerged addressing potential money demand instabilities in the euro area. Setzer and Wolff (2013) estimate a long-run co-integrating money demand function for the euro area for a time period ending i ...
... banking system and the ECB. 8 Over the past decade, a substantial amount of empirical literature has emerged addressing potential money demand instabilities in the euro area. Setzer and Wolff (2013) estimate a long-run co-integrating money demand function for the euro area for a time period ending i ...
Monetary Policy - Maria Jose Rodriguez
... monetary policy in terms of a target interest rate. This interest rate is the Federal Funds Rate, and the tool used to acheive the target is OMO. ...
... monetary policy in terms of a target interest rate. This interest rate is the Federal Funds Rate, and the tool used to acheive the target is OMO. ...
Inflating away our troubles? - The University of Chicago Booth
... default. Beneficiaries cannot sue, grab assets, and most of all cannot run or refuse a rollover. All they can do is vote. I suspect that markets are betting on eventual entitlement reform. The equation can hold ex-post from massive negative returns, i.e. an eventual default or large inflation, after ...
... default. Beneficiaries cannot sue, grab assets, and most of all cannot run or refuse a rollover. All they can do is vote. I suspect that markets are betting on eventual entitlement reform. The equation can hold ex-post from massive negative returns, i.e. an eventual default or large inflation, after ...
View PDF - The Earth Institute
... The importance of the time-horizon of the government for budget policy has recently been stressed in an important paper by Alesina and Tabellini (1987). They emphasize that when political power alternates randomly between competing political parties, each government will be tempted to leave a legacy ...
... The importance of the time-horizon of the government for budget policy has recently been stressed in an important paper by Alesina and Tabellini (1987). They emphasize that when political power alternates randomly between competing political parties, each government will be tempted to leave a legacy ...
Debt, Deficits, and the Economy John J. Seater When conversation
... the first year, the government reduces taxes by $100 billion and replaces the lost revenue by selling $100 billion worth of bonds that mature in one year and carry an interest rate of 10 percent a year. In the second year, the bonds mature, and the government pays the $100 billion principal and the ...
... the first year, the government reduces taxes by $100 billion and replaces the lost revenue by selling $100 billion worth of bonds that mature in one year and carry an interest rate of 10 percent a year. In the second year, the bonds mature, and the government pays the $100 billion principal and the ...
Do federal budget deficits cause crowding out?
... higher interest rates or a higher user cost of capital, creating higher prices for private firms to borrow money. As interest rates increase, firms face a lower rate of return and thus reduce investment. So as the public sector gets more, it “crowds out” private sector investment. As the private sec ...
... higher interest rates or a higher user cost of capital, creating higher prices for private firms to borrow money. As interest rates increase, firms face a lower rate of return and thus reduce investment. So as the public sector gets more, it “crowds out” private sector investment. As the private sec ...
surplues (+)/deficits(-) adjusted for government
... which yields the same sustainability condition as (5) using the debt-GDP ratio. Suppose that the government has no primary budget balance, i.e., G = T every period and continues borrowing to pay for its interest payments on debt. In such a situation, because the government cannot cover interest paym ...
... which yields the same sustainability condition as (5) using the debt-GDP ratio. Suppose that the government has no primary budget balance, i.e., G = T every period and continues borrowing to pay for its interest payments on debt. In such a situation, because the government cannot cover interest paym ...
Exchange rate volatility effects on export competitiveness
... of this currency over the imports and exports of Turkey. First of all, Aydin and al. (2004) have studied the situation from 1987 and 2003 and their conclusion was that the exchange rate doesn’t have any influence over export, but it influences the imports. Secondly, Binatli and Sohrabji (2009) analy ...
... of this currency over the imports and exports of Turkey. First of all, Aydin and al. (2004) have studied the situation from 1987 and 2003 and their conclusion was that the exchange rate doesn’t have any influence over export, but it influences the imports. Secondly, Binatli and Sohrabji (2009) analy ...
NBER WORKING PAPER SERIES BIG BANKS AND MACROECONOMIC OUTCOMES:
... to be passed through to firms via changes in lending rates. On the other hand, the distribution of bank size has to follow a fat-tailed power law to be sufficiently dispersed. We show that, under these conditions, the higher the concentration or volatility of idiosyncratic fluctuations in the banki ...
... to be passed through to firms via changes in lending rates. On the other hand, the distribution of bank size has to follow a fat-tailed power law to be sufficiently dispersed. We show that, under these conditions, the higher the concentration or volatility of idiosyncratic fluctuations in the banki ...
IOSR Journal of Economics and Finance (IOSR-JEF)
... real value of debt. However, Tcherneva (2011) cautions against raising debts and deficits arguing that an unsustainably high budget deficit translates into an onerous tax burden on future generations. Besides, raising debts and deficits will discourage private creditors from lending to the governmen ...
... real value of debt. However, Tcherneva (2011) cautions against raising debts and deficits arguing that an unsustainably high budget deficit translates into an onerous tax burden on future generations. Besides, raising debts and deficits will discourage private creditors from lending to the governmen ...
The nature of money
... value – ‘crying’ the coinage up or down, not the alteration of its precious metallic content. Furthermore, many units of money of account – such as the ‘pound’ of pounds, shillings and pence – were never minted as coin (Einaudi 1953 [1936]). Similarly, guineas continued as a money of account – that ...
... value – ‘crying’ the coinage up or down, not the alteration of its precious metallic content. Furthermore, many units of money of account – such as the ‘pound’ of pounds, shillings and pence – were never minted as coin (Einaudi 1953 [1936]). Similarly, guineas continued as a money of account – that ...
IOSR Journal of Business and Management (IOSRJBM)
... period 1862-1957. The result of the tests confirmed the existence of an inflation-unemployment trade-off. The discovery is strengthened by the fact that movement in the money wages could be explained by the level and changes of unemployment, an argument in favour of the Philips curve is the extensio ...
... period 1862-1957. The result of the tests confirmed the existence of an inflation-unemployment trade-off. The discovery is strengthened by the fact that movement in the money wages could be explained by the level and changes of unemployment, an argument in favour of the Philips curve is the extensio ...
three myths about canada`s flexible exchange rate
... The bottom line is that 2002 it is the central Canadian manufacturers who have the Canadian economy will complained the loudest about Canada’s appreciating currency. always be subject to shocks, But reducing the Dutch disease does not mean having a some from outside and healthier overall economy. Th ...
... The bottom line is that 2002 it is the central Canadian manufacturers who have the Canadian economy will complained the loudest about Canada’s appreciating currency. always be subject to shocks, But reducing the Dutch disease does not mean having a some from outside and healthier overall economy. Th ...
answer key - U of L Personal Web Sites
... sure to read each question carefully. Each question is worth 2 points (200 points total) and will count as 40 per cent of your final course grade. You have 120 minutes to complete this examination. NOTE: The use of calculators is prohibited. 1. Economics is the study of A) the best way of training b ...
... sure to read each question carefully. Each question is worth 2 points (200 points total) and will count as 40 per cent of your final course grade. You have 120 minutes to complete this examination. NOTE: The use of calculators is prohibited. 1. Economics is the study of A) the best way of training b ...
Optimal Devaluations - Federal Reserve Bank of Minneapolis
... importable commodity (oil).2 It is precisely to hedge against this uncertainty that, in recent years, countries in which the government either owns or taxes the firms that produce a particular commodity, like Norway (oil) and Chile (copper), passed legislation forcing the treasury to save in foreign ...
... importable commodity (oil).2 It is precisely to hedge against this uncertainty that, in recent years, countries in which the government either owns or taxes the firms that produce a particular commodity, like Norway (oil) and Chile (copper), passed legislation forcing the treasury to save in foreign ...