Integration of CEE and EU-15 Money Market, Deposit and Lending
... Furthermore, it is important to note that unlike the case of EU-15 where the process of banking industry consolidation took place mainly through mergers and acquisition within national borders which impeded EU wide banking integration, in CEE countries banking consolidation was conducted through ent ...
... Furthermore, it is important to note that unlike the case of EU-15 where the process of banking industry consolidation took place mainly through mergers and acquisition within national borders which impeded EU wide banking integration, in CEE countries banking consolidation was conducted through ent ...
Bulletin Contents Volume 76 No. 2, June 2013
... One consequence of banks competing more intensely for residential mortgage lending is often a decline in lending standards. The worst loans are typically made in the best of times, and the relaxation of lending standards ...
... One consequence of banks competing more intensely for residential mortgage lending is often a decline in lending standards. The worst loans are typically made in the best of times, and the relaxation of lending standards ...
Chapter 22
... focus of policy making from the government (and fiscal policy) to the Federal Reserve (and monetary policy). During the 1960s, 1970s, and 1980s, there was an important debate between the Monetarist economists and the Keynesian economists. But in the last ten to fifteen years, much of this debate has ...
... focus of policy making from the government (and fiscal policy) to the Federal Reserve (and monetary policy). During the 1960s, 1970s, and 1980s, there was an important debate between the Monetarist economists and the Keynesian economists. But in the last ten to fifteen years, much of this debate has ...
Rating the Rating Agencies - Peterson Institute for International
... looks less persuasive for developing countries and transition economies— where many default episodes have been preceded by banking and/or currency crises.4 Latin America’s experience in the early 1980s attests to this pattern. Furthermore, had it not been for large-scale rescue packages under the au ...
... looks less persuasive for developing countries and transition economies— where many default episodes have been preceded by banking and/or currency crises.4 Latin America’s experience in the early 1980s attests to this pattern. Furthermore, had it not been for large-scale rescue packages under the au ...
NBER WORKING PAPER SERIES OPTIMAL MONETARY AND FISCAL POLICY Jordi Gali
... granted an institutional arrangement in which monetary policy is conducted by a common central bank, whereas …scal policy is conducted at the level of each member country. We contrast the case of full price ‡exibility to the more realistic one involving nominal rigidities. Section 5 concludes and su ...
... granted an institutional arrangement in which monetary policy is conducted by a common central bank, whereas …scal policy is conducted at the level of each member country. We contrast the case of full price ‡exibility to the more realistic one involving nominal rigidities. Section 5 concludes and su ...
INFLATION TARGETING IN DEVELOPING COUNTRIES Ferya KADIOĞLU Nilüfer ÖZDEMİR
... Macroeconomic policies have many goals like low inflation, high economic growth, balance of payment equilibrium etc. Since the monetary policy has more flexible framework and exerts its effect with long and variable lags, it has certain advantages over fiscal policy. The issue with the monetary poli ...
... Macroeconomic policies have many goals like low inflation, high economic growth, balance of payment equilibrium etc. Since the monetary policy has more flexible framework and exerts its effect with long and variable lags, it has certain advantages over fiscal policy. The issue with the monetary poli ...
Structural Change, the Real Exchange Rate, and the Balance of
... growth. More recently, however, several papers have (explicitly or implicitly) challenged this finding. Gouvea and Lima (2010) found evidence consistent with a rise in Mexico’s BOPequilibrium growth rate in the 1990s and early 2000s, as Mexico’s exports shifted toward more dynamic, high-technology ...
... growth. More recently, however, several papers have (explicitly or implicitly) challenged this finding. Gouvea and Lima (2010) found evidence consistent with a rise in Mexico’s BOPequilibrium growth rate in the 1990s and early 2000s, as Mexico’s exports shifted toward more dynamic, high-technology ...
NBER WORKING PAPER SERIES 1880-1913 vs. 1972-1997
... financing. Governments may have trouble making interest payments on debt coming due as capital markets become unwilling to continue rolling debt over. The capital flow reversal, if large enough, could also force the abandonment of an exchange rate peg and a large change in the nominal exchange rate. ...
... financing. Governments may have trouble making interest payments on debt coming due as capital markets become unwilling to continue rolling debt over. The capital flow reversal, if large enough, could also force the abandonment of an exchange rate peg and a large change in the nominal exchange rate. ...
Interest rates and fiscal sustainability
... slight stock effect is the more relevant one since it is most consistent with standard orthodox models in which the real interest rate are determined by the level of the capital stock, while flow effect models such as the IS-LM approach are rarely used. On the other hand, Gale and Orszag (2004) sho ...
... slight stock effect is the more relevant one since it is most consistent with standard orthodox models in which the real interest rate are determined by the level of the capital stock, while flow effect models such as the IS-LM approach are rarely used. On the other hand, Gale and Orszag (2004) sho ...
EM Currency Handbook 2014
... another difficult year, but we find the hurdles ahead to be lower than in 2013. US rates will likely remain a major risk factor into the New Year, but forward rates have already moved to Deutsche Bank’s 10Y yield forecast (3.25%). Moreover, EMFX is starting the year with better valuation, and – whil ...
... another difficult year, but we find the hurdles ahead to be lower than in 2013. US rates will likely remain a major risk factor into the New Year, but forward rates have already moved to Deutsche Bank’s 10Y yield forecast (3.25%). Moreover, EMFX is starting the year with better valuation, and – whil ...
Approaching storm. Report on transformation Central and Eastern Europe and the eurozone crisis
... Approaching storm. Report on transformation Central and Eastern Europe and the eurozone crisis ...
... Approaching storm. Report on transformation Central and Eastern Europe and the eurozone crisis ...
Free Full text
... The purpose of this paper is to examine the inflation dynamics in Malawi quantitatively, with a focus on the pass-through of exchange rate and policy-related determinants of headline inflation. Malawi’s economy is dominated by rain-fed agriculture which accounts for 30 percent of GDP, and food infla ...
... The purpose of this paper is to examine the inflation dynamics in Malawi quantitatively, with a focus on the pass-through of exchange rate and policy-related determinants of headline inflation. Malawi’s economy is dominated by rain-fed agriculture which accounts for 30 percent of GDP, and food infla ...
NBER WORKING PAPER SERIES DEPRESSION Peter F. Basile
... willingness of speculators to buy bonds. Interest rates were therefore likely to be very sticky at their normal rates. A liquidity trap could emerge at any rate that speculators believed to be normal, but it would be more likely as rates approached zero. Speculators would then be almost certain that ...
... willingness of speculators to buy bonds. Interest rates were therefore likely to be very sticky at their normal rates. A liquidity trap could emerge at any rate that speculators believed to be normal, but it would be more likely as rates approached zero. Speculators would then be almost certain that ...
Synthetic Commodity Money
... Synthetic Commodity Money verses Rule-Bound Fiat Money Although synthetic commodity money might be regarded as nothing more than a particular kind of a rule-bound fiat money, I think it proper to distinguish between these. The difference warranting the separate designations is that real resource cos ...
... Synthetic Commodity Money verses Rule-Bound Fiat Money Although synthetic commodity money might be regarded as nothing more than a particular kind of a rule-bound fiat money, I think it proper to distinguish between these. The difference warranting the separate designations is that real resource cos ...
Currency internationalisation and exchange rate dynamics in
... results present evidence that despite different structural characteristics, the Brazilian Real exhibits a strong co-movement with other internationally traded currencies, confirming the currency‘s internationalisation. In addition, short-term returns and international market conditions have an incre ...
... results present evidence that despite different structural characteristics, the Brazilian Real exhibits a strong co-movement with other internationally traded currencies, confirming the currency‘s internationalisation. In addition, short-term returns and international market conditions have an incre ...
... current account deficits are reflected in the current net foreign liabilities, and these interrelationships are enforced during model simulation and projections. These stock-flow relationships imply important closure relationships. For example, consumers have a target for equilibrium debt (net forei ...
Can Greece be saved? Current Account, fiscal imbalances and competitiveness
... and the current account depends on whether domestic households react in a Keynesian or a Ricardian fashion. In a Ricardian world, higher levels of public deficits and debts are, ceteris paribus, associated with higher domestic savings by households. In fact, the so-called Ricardian equivalence holds ...
... and the current account depends on whether domestic households react in a Keynesian or a Ricardian fashion. In a Ricardian world, higher levels of public deficits and debts are, ceteris paribus, associated with higher domestic savings by households. In fact, the so-called Ricardian equivalence holds ...
Mankiw 5/e Chapter 10: Aggregate Demand I
... Question: how is this different from the government spending multiplier considered previously? The tax multiplier: …is negative: An increase in taxes reduces consumer spending, which reduces equilibrium income. …is smaller than the govt spending multiplier: (in absolute value) Consumers save the fra ...
... Question: how is this different from the government spending multiplier considered previously? The tax multiplier: …is negative: An increase in taxes reduces consumer spending, which reduces equilibrium income. …is smaller than the govt spending multiplier: (in absolute value) Consumers save the fra ...
An estimated DSGE model for the German economy within
... Dynamic Stochastic General Equilibrium (DSGE) models have become standard tools in policy-making institutions such as central banks. This type of models has a superior theoretical foundation when compared to e.g. many Keynesian models which are traditionally used for policy analysis and forecasting. ...
... Dynamic Stochastic General Equilibrium (DSGE) models have become standard tools in policy-making institutions such as central banks. This type of models has a superior theoretical foundation when compared to e.g. many Keynesian models which are traditionally used for policy analysis and forecasting. ...
FINALTERM EXAMINATION ECO401- Economics (Session
... The upward-sloping aggregate supply curve indicates that: ► As firms increase their level of output, the cost of producing an extra unit increases. ► An increase in aggregate demand causes little, if any increase in real output the economy is operating in the long run. ► Any increase in aggregate de ...
... The upward-sloping aggregate supply curve indicates that: ► As firms increase their level of output, the cost of producing an extra unit increases. ► An increase in aggregate demand causes little, if any increase in real output the economy is operating in the long run. ► Any increase in aggregate de ...
k - Université de Liège
... where t is the number of periods = (number of dates – 1). (e.g. 1991, 1992 and 1993 are 3 dates but 1991-1992 and 1992-1993 are two periods). This average growth rate R is calculated by using the geometric mean where the growth rate compound continuously. If the number of periods is 1, then t = 1 an ...
... where t is the number of periods = (number of dates – 1). (e.g. 1991, 1992 and 1993 are 3 dates but 1991-1992 and 1992-1993 are two periods). This average growth rate R is calculated by using the geometric mean where the growth rate compound continuously. If the number of periods is 1, then t = 1 an ...
Exchange rate
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In finance, an exchange rate (also known as a foreign-exchange rate, forex rate, FX rate or Agio) between two currencies is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in terms of another currency. For example, an interbank exchange rate of 119 Japanese yen (JPY, ¥) to the United States dollar (US$) means that ¥119 will be exchanged for each US$1 or that US$1 will be exchanged for each ¥119. In this case it is said that the price of a dollar in terms of yen is ¥119, or equivalently that the price of a yen in terms of dollars is $1/119.Exchange rates are determined in the foreign exchange market, which is open to a wide range of different types of buyers and sellers where currency trading is continuous: 24 hours a day except weekends, i.e. trading from 20:15 GMT on Sunday until 22:00 GMT Friday. The spot exchange rate refers to the current exchange rate. The forward exchange rate refers to an exchange rate that is quoted and traded today but for delivery and payment on a specific future date.In the retail currency exchange market, a different buying rate and selling rate will be quoted by money dealers. Most trades are to or from the local currency. The buying rate is the rate at which money dealers will buy foreign currency, and the selling rate is the rate at which they will sell the currency. The quoted rates will incorporate an allowance for a dealer's margin (or profit) in trading, or else the margin may be recovered in the form of a commission or in some other way. Different rates may also be quoted for cash (usually notes only), a documentary form (such as traveler's cheques) or electronically (such as a credit card purchase). The higher rate on documentary transactions has been justified to compensate for the additional time and cost of clearing the document, while the cash is available for resale immediately. Some dealers on the other hand prefer documentary transactions because of the security concerns with cash.