The Challenges of Capital Inflows Including Aid
... account, not capital account, restrictions) maintains detailed compilation of member countries’ capital account restrictions The information in the AREAER has been used to construct measures of financial openness based on a 1 (controlled) to 0 (liberalized) classification They show a trend towar ...
... account, not capital account, restrictions) maintains detailed compilation of member countries’ capital account restrictions The information in the AREAER has been used to construct measures of financial openness based on a 1 (controlled) to 0 (liberalized) classification They show a trend towar ...
A Comparison of Optimal Policy Rules Eras: Empirical Evidence from
... Interest rate smoothing incentive is another crucial issue for the policymakers and is widely accepted as a characteristic of monetary policy in most industrial countries. It refers to the tendency for monetary authorities to adjust official interest rates mainly in sequences of small steps in the s ...
... Interest rate smoothing incentive is another crucial issue for the policymakers and is widely accepted as a characteristic of monetary policy in most industrial countries. It refers to the tendency for monetary authorities to adjust official interest rates mainly in sequences of small steps in the s ...
Macroeconomic Stabilization and Capital Inflows in Transition
... inflationary pressure in the economy. And secondly, on the public perception of inflation. People relatively soon realize their costs of inflation in everyday life. In order to protect their wealth held in money, they figure out numerous ways to fight inflation. Transactions are processed faster, wa ...
... inflationary pressure in the economy. And secondly, on the public perception of inflation. People relatively soon realize their costs of inflation in everyday life. In order to protect their wealth held in money, they figure out numerous ways to fight inflation. Transactions are processed faster, wa ...
Stock Prices, Exchange Rates, and Oil
... Oil is the main product in the most of Middle East countries -especially in the Gulf areasuch as Kuwait, Oman and Saudi Arabia. We can say that, without exaggeration, the oil is the main product that these countries export to the world, so that the oil price shocks have a crucial effect on the econo ...
... Oil is the main product in the most of Middle East countries -especially in the Gulf areasuch as Kuwait, Oman and Saudi Arabia. We can say that, without exaggeration, the oil is the main product that these countries export to the world, so that the oil price shocks have a crucial effect on the econo ...
- Banco Central
... Actually, we believe the model can be used not only for the channel decomposition, but also for policy analysis and other simulations. The estimated model is able to generate impulse responses of relevant macroeconomic aggregates to di¤erent shocks— not only monetary ones— with shape and timing cons ...
... Actually, we believe the model can be used not only for the channel decomposition, but also for policy analysis and other simulations. The estimated model is able to generate impulse responses of relevant macroeconomic aggregates to di¤erent shocks— not only monetary ones— with shape and timing cons ...
Chapter 12 Appendix A
... higher investment spending and net exports, thereby increasing equilibrium output at each inflation rate. The rightward shift in the aggregate demand curve then moves the economy to point 2 in all the panels, with both a higher rate of inflation at p2 and higher output at Y2, and as we can see from ...
... higher investment spending and net exports, thereby increasing equilibrium output at each inflation rate. The rightward shift in the aggregate demand curve then moves the economy to point 2 in all the panels, with both a higher rate of inflation at p2 and higher output at Y2, and as we can see from ...
monetary policy and stock market performance in nigeria
... that the pain of an economic recession is deeply felt if there is a severe downturn or persistent fall in stock prices which culminates into lower earnings per share. A stock market crash reduces aggregate demand, putting downward pressure on output and employment. The standard response is for the C ...
... that the pain of an economic recession is deeply felt if there is a severe downturn or persistent fall in stock prices which culminates into lower earnings per share. A stock market crash reduces aggregate demand, putting downward pressure on output and employment. The standard response is for the C ...
NBER WORKING PAPER SERIES A GLOBAL PERSPECTIVE ON EXTERNAL POSITIONS
... or reversed in some emerging markets, particularly so in Asia after the 1997 crisis, and from the following year in Latin America. As shown in Table 1, valuation effects implied some losses for the United States and the United Kingdom during 1994-2000, on account of their strengthening currencies an ...
... or reversed in some emerging markets, particularly so in Asia after the 1997 crisis, and from the following year in Latin America. As shown in Table 1, valuation effects implied some losses for the United States and the United Kingdom during 1994-2000, on account of their strengthening currencies an ...
Implications for the Australian Economy of Strong
... for domestic factors of production.1 For some industries, such as mining, construction and professional services, the real (consumer) wage has grown quite strongly, while growth in real wages has been more subdued, yet still positive, in rental, hiring & real estate, retail and manufacturing. Growth ...
... for domestic factors of production.1 For some industries, such as mining, construction and professional services, the real (consumer) wage has grown quite strongly, while growth in real wages has been more subdued, yet still positive, in rental, hiring & real estate, retail and manufacturing. Growth ...
Between war and peace: The Ottoman economy and foreign
... WWI, where he uses Swiss Franc against five of the belligerent currencies. He shows a statistically significant correlation between exchange rates and some war events, by which the currencies of the Allies appreciate as they win. In a recent study, Kanago and McCormick (2013) evince the depreciation ...
... WWI, where he uses Swiss Franc against five of the belligerent currencies. He shows a statistically significant correlation between exchange rates and some war events, by which the currencies of the Allies appreciate as they win. In a recent study, Kanago and McCormick (2013) evince the depreciation ...
M o n e t a r y ... Contents 1 September 2003
... Current monetary policy settings are consistent with medium-term inflation remaining comfortably within the target range, with the risks to inflation balanced. Although imported inflation is currently weak due to the higher exchange rate, inflation pressures remain robust across a range of domestic ...
... Current monetary policy settings are consistent with medium-term inflation remaining comfortably within the target range, with the risks to inflation balanced. Although imported inflation is currently weak due to the higher exchange rate, inflation pressures remain robust across a range of domestic ...
Continuous time regime switching model applied to foreign
... numerical results as to options on exchange rate. All the above models, among some others, are about exchange rate options basing on different interest rates in domestic and foreign country, rather than the exchange rate itself. Nevertheless, starting from the seminal paper of Meese and Rogoff (1983 ...
... numerical results as to options on exchange rate. All the above models, among some others, are about exchange rate options basing on different interest rates in domestic and foreign country, rather than the exchange rate itself. Nevertheless, starting from the seminal paper of Meese and Rogoff (1983 ...
STRICT DOLLARIZATION AND ECONOMIC PERFORMANCE: An Empirical Investigation Sebastian Edwards
... systems excluded dollarized countries, and the recent paper by Levy-Yeyati and Sturzenegger (2003) does not include nations that do not have a central bank. 2 In this paper we analyze empirically the historical record of strictly dollarized economies. We investigate whether, as argued by its support ...
... systems excluded dollarized countries, and the recent paper by Levy-Yeyati and Sturzenegger (2003) does not include nations that do not have a central bank. 2 In this paper we analyze empirically the historical record of strictly dollarized economies. We investigate whether, as argued by its support ...
Free Full text
... in the domestic prices of importables. This will lead to high demand of foreign currency (to take advantage of cheap imports), and less demand for domestic currency. Hence an increase in the degree of openness is expected to lead to the depreciation of the equilibrium real effective exchange rate. A ...
... in the domestic prices of importables. This will lead to high demand of foreign currency (to take advantage of cheap imports), and less demand for domestic currency. Hence an increase in the degree of openness is expected to lead to the depreciation of the equilibrium real effective exchange rate. A ...
Keynes`s relevance in the new millennium
... consensus and then to compare it with Keynes’s reasoning in the General Theory. There are essentially two ways in which differential inflation rates can be linked to the level of output. Although both produce the same end result (and might therefore be regarded as amounting to the same thing) they a ...
... consensus and then to compare it with Keynes’s reasoning in the General Theory. There are essentially two ways in which differential inflation rates can be linked to the level of output. Although both produce the same end result (and might therefore be regarded as amounting to the same thing) they a ...
Introducing the Bank of Canada`s Projection Model for the Global
... a large source of uncertainty and introduces near-consistency in variables such as exchange rates across all countries. The RoW block consists of 28 of the 40 largest countries other than the G-4 economies, and accounts for roughly 35 per cent of global output. This block includes a fairly heterogen ...
... a large source of uncertainty and introduces near-consistency in variables such as exchange rates across all countries. The RoW block consists of 28 of the 40 largest countries other than the G-4 economies, and accounts for roughly 35 per cent of global output. This block includes a fairly heterogen ...
F585 Global Economy June 2010
... Paragraph two concerns the impact of recession on government finance. You will be aware that, as a condition of membership of the EU single currency, the eurozone countries are required to limit the size of government fiscal deficit, and of cumulative public sector debt. Although Britain is not part ...
... Paragraph two concerns the impact of recession on government finance. You will be aware that, as a condition of membership of the EU single currency, the eurozone countries are required to limit the size of government fiscal deficit, and of cumulative public sector debt. Although Britain is not part ...
is a monetary union in caricom desirable?
... shocks of on which Mundell insisted so much would appear less and less as the commerce inside Europe is widely a commerce inside branch and inside industry. “This commerce is based on scale economy and on the defects of competitiveness caused by the differentiation of the products” (DeGrauwe (1999)) ...
... shocks of on which Mundell insisted so much would appear less and less as the commerce inside Europe is widely a commerce inside branch and inside industry. “This commerce is based on scale economy and on the defects of competitiveness caused by the differentiation of the products” (DeGrauwe (1999)) ...
1 HOW DOES THE US TRADE DEFICIT AFFECT US
... In the United States, the trade deficit is measured and defined by the Bureau of Economic Analysis. It defines U.S. imports as goods and services produced in a foreign country and bought by U.S. consumers (About.com (a), 2014). It refers to all goods that are shipped into the U.S., even if they are ...
... In the United States, the trade deficit is measured and defined by the Bureau of Economic Analysis. It defines U.S. imports as goods and services produced in a foreign country and bought by U.S. consumers (About.com (a), 2014). It refers to all goods that are shipped into the U.S., even if they are ...
Is the unobserved/illegal economy included in gross domestic
... for intra-EU trade. This means that exports and imports of the EU (the euro area) are increased by trade within the EU (the euro area). Their levels are hence not directly comparable with those of, for example, the United States or Japan. In external balance (ie exports minus imports) however, trade ...
... for intra-EU trade. This means that exports and imports of the EU (the euro area) are increased by trade within the EU (the euro area). Their levels are hence not directly comparable with those of, for example, the United States or Japan. In external balance (ie exports minus imports) however, trade ...
NBER WORKING PAPER SERIES EXCHANGE RATE VOLATILITY AND PRODUCTIVITY
... In the second part of the paper, we test our theoretical predictions by conducting a systematic panel data analysis with a data set for 83 countries over the years 1960-2000. When a country’s de facto degree of exchange rate ‡exibility is interacted with its level of …nancial development the results ...
... In the second part of the paper, we test our theoretical predictions by conducting a systematic panel data analysis with a data set for 83 countries over the years 1960-2000. When a country’s de facto degree of exchange rate ‡exibility is interacted with its level of …nancial development the results ...
Q&A U U.S. Monetary Policy An Introduction
... decisions people make in this country—whether to get a loan to buy a new house or car or to start up a company, whether to expand a business by investing in a new plant or equipment, and whether to put savings in a bank, in bonds, or in the stock market, for example. Furthermore, because the U.S. is ...
... decisions people make in this country—whether to get a loan to buy a new house or car or to start up a company, whether to expand a business by investing in a new plant or equipment, and whether to put savings in a bank, in bonds, or in the stock market, for example. Furthermore, because the U.S. is ...
The estimation of money demand in the Slovak Republic
... also confirmed – the fact that their elasticity is negative confirms the hypothesis of substitution between them and household deposits. Our model also used a dummy variable representing seasonality, according to which the amount of the M2 money supply increased by 0.03% in the fourth quarter. This ...
... also confirmed – the fact that their elasticity is negative confirms the hypothesis of substitution between them and household deposits. Our model also used a dummy variable representing seasonality, according to which the amount of the M2 money supply increased by 0.03% in the fourth quarter. This ...
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.