Financial Cycle, Financial Stability and Monetary Policy
... • Economic community in general was aware that the pre-crisis decade was a period of rapid global economic growth on the one hand and the build-up of significant risks due to financial market developments on the other, but there was not much open debate in central banks about making fundamental chan ...
... • Economic community in general was aware that the pre-crisis decade was a period of rapid global economic growth on the one hand and the build-up of significant risks due to financial market developments on the other, but there was not much open debate in central banks about making fundamental chan ...
SUPERVISION in the EU - European Commission
... banking system through protection of stability – avoiding a run on the banks ...
... banking system through protection of stability – avoiding a run on the banks ...
Interdependence, Exchange Rate Flexibility, And National Economies
... will promote an inward flow of foreign capital and a gain in international reserves. The latter reserve inflow will more than offset any tendency for reserves to decline due to the trade account deficit. That is because, if imports are a reasonably stable proportion of income, the trade deficit woul ...
... will promote an inward flow of foreign capital and a gain in international reserves. The latter reserve inflow will more than offset any tendency for reserves to decline due to the trade account deficit. That is because, if imports are a reasonably stable proportion of income, the trade deficit woul ...
http://www.econstor.eu/bitstream/10419/89039/1/IDB-WP-276.pdf
... institution risks. The standards neither consider how risks might develop within financial institutions nor how they are transmitted from one institution to another. In fact, Basel II’s advanced approaches focus on the risk of each institution, assuming each has a diversified credit portfolio—as if ...
... institution risks. The standards neither consider how risks might develop within financial institutions nor how they are transmitted from one institution to another. In fact, Basel II’s advanced approaches focus on the risk of each institution, assuming each has a diversified credit portfolio—as if ...
Presentation to the Deutsche Bundesbank Conference Housing Markets and the... Challenges for Monetary Policy and Financial Stability
... financial stability? The recognition that people behave in this way can move us a long way closer to understanding how asset price booms and busts can emerge and how policy actions could influence that process. Let me give a concrete example. Low interest rates boost fundamental valuation of assets. ...
... financial stability? The recognition that people behave in this way can move us a long way closer to understanding how asset price booms and busts can emerge and how policy actions could influence that process. Let me give a concrete example. Low interest rates boost fundamental valuation of assets. ...
Crises in Asia or Crisis of Globalisation? Heribert Dieter November 1998
... Another point to consider when thinking about the reasons for the crisis in Asia is the rapidly growing power of institutional investors, which comprise pension funds, insurance companies and mutual funds. In 1995, institutional investors, according to BIS-data, held investments worth over US-$ 20,9 ...
... Another point to consider when thinking about the reasons for the crisis in Asia is the rapidly growing power of institutional investors, which comprise pension funds, insurance companies and mutual funds. In 1995, institutional investors, according to BIS-data, held investments worth over US-$ 20,9 ...
Exchange Rate Determination
... balance in BOP is almost impossible for countries. It is not so easy to balance foreign-based expenditures with foreign-based receipts. Imbalances in BOP will affect the whole economy of countries and their relationships with the world. There are various policies that countries may follow in case of ...
... balance in BOP is almost impossible for countries. It is not so easy to balance foreign-based expenditures with foreign-based receipts. Imbalances in BOP will affect the whole economy of countries and their relationships with the world. There are various policies that countries may follow in case of ...
Why Does the Economy Fall to Pieces after a Financial Crisis?
... process operate on its own, but the Federal Reserve encourages equilibration of sources and uses of output by raising its short-term rate in booms and lowering it in slumps. Prior to 2008, many economists had begun to think that this process worked pretty well. Though recessions occurred in 1990 and ...
... process operate on its own, but the Federal Reserve encourages equilibration of sources and uses of output by raising its short-term rate in booms and lowering it in slumps. Prior to 2008, many economists had begun to think that this process worked pretty well. Though recessions occurred in 1990 and ...
International Finance I
... • Faster growth in the U.S. compared with its trading partners will probably keep imports growing faster than exports and widen the trade gap in coming months, economists said. • The U.S. economy is expected to grow 2.8 percent this year while Japan, the world's second-biggest economy, is seen expan ...
... • Faster growth in the U.S. compared with its trading partners will probably keep imports growing faster than exports and widen the trade gap in coming months, economists said. • The U.S. economy is expected to grow 2.8 percent this year while Japan, the world's second-biggest economy, is seen expan ...
Post-NPM and Governance Redefi ned Instituting a whole-of-government
... A vast amount of literature covers the subject of globalisation. Since the 1980s the term “globalisation” has become a core concept in both political and academic debates. Globalisation is used as a generic term that refers to a variety of economic processes where the barriers between national marke ...
... A vast amount of literature covers the subject of globalisation. Since the 1980s the term “globalisation” has become a core concept in both political and academic debates. Globalisation is used as a generic term that refers to a variety of economic processes where the barriers between national marke ...
search for yield
... larger credit and liquidity risk. In recent years, the US non-financial corporate sector has issued increasing volumes of high-yield bonds and high-yield syndicated loans (see Figures 5 and 6). In the euro area, where companies have tried to a greater extent to reduce their substantial leverage and ...
... larger credit and liquidity risk. In recent years, the US non-financial corporate sector has issued increasing volumes of high-yield bonds and high-yield syndicated loans (see Figures 5 and 6). In the euro area, where companies have tried to a greater extent to reduce their substantial leverage and ...
Gini coefficient (simple averages)
... cost has increased. The increase does not reflect better risk sharing or production information than the finance industry of John Pierpont Improvements in information technology should have reduced the intermediation costs. Morgan a century ago?” Why is the non-financial sector transfering inc ...
... cost has increased. The increase does not reflect better risk sharing or production information than the finance industry of John Pierpont Improvements in information technology should have reduced the intermediation costs. Morgan a century ago?” Why is the non-financial sector transfering inc ...
ECONOMICS 018/019-01: QUANTITATIVE INTERMEDIATE MACROECONOMIC THEORY
... the financial and popular press, including the New York Times, the Financial Times, the Wall Street Journal, and the Economist — a weekly magazine that is read by (almost) all economists — and to reason on matters of macroeconomic policy. All of these publications are available at Tisch and on line. ...
... the financial and popular press, including the New York Times, the Financial Times, the Wall Street Journal, and the Economist — a weekly magazine that is read by (almost) all economists — and to reason on matters of macroeconomic policy. All of these publications are available at Tisch and on line. ...
Financial Liberalisation and Crises
... US financial liberalization experience prior to the international financial crisis of 2007/2008; Financial liberalization in the US began in 1977, when the US started to deregulate its financial system; The apotheosis of the financial liberalization in the US, however, took place in 1999 with th ...
... US financial liberalization experience prior to the international financial crisis of 2007/2008; Financial liberalization in the US began in 1977, when the US started to deregulate its financial system; The apotheosis of the financial liberalization in the US, however, took place in 1999 with th ...
Banking System and Money Supply
... example of this was German hyperinflation after World War I, which made the mark worth less than 1 billionth of its former value within a four-year period. 1. Worthless money leads to the use of other currencies that are more stable. 2. Worthless money may lead to barter exchange system. The Demand ...
... example of this was German hyperinflation after World War I, which made the mark worth less than 1 billionth of its former value within a four-year period. 1. Worthless money leads to the use of other currencies that are more stable. 2. Worthless money may lead to barter exchange system. The Demand ...
Fixed versus floating exchange rates and the role of central bank
... Currency crises • Often just seen as a large devaluation • Speculative attack with sudden loss of confidence in the central bank promise to keep the exchange rate fixed: run on the central bank foreign reserves : to defend the fixed exchange rate the central bank sells its reserves • But not all at ...
... Currency crises • Often just seen as a large devaluation • Speculative attack with sudden loss of confidence in the central bank promise to keep the exchange rate fixed: run on the central bank foreign reserves : to defend the fixed exchange rate the central bank sells its reserves • But not all at ...
D. LEVY - CEPREMAP
... There are both empirical and theoretical problems with this interpretation. First, it is not clear that the share of profit (or the profit rate) increased dramatically during the 1920s. Measures for the United States show that it was not so. The profit rate increased strongly during the war, but pr ...
... There are both empirical and theoretical problems with this interpretation. First, it is not clear that the share of profit (or the profit rate) increased dramatically during the 1920s. Measures for the United States show that it was not so. The profit rate increased strongly during the war, but pr ...
Limitations of Monetary Unions for Peripheral Countries
... an alarming 13.5% (U.S. Bureau of Labor Statistics). During this time, the U.S. economy faced severe stagflation. This means that inflation was increasing without proportionate levels of growth in aggregate output (Mishkin 2007). Volcker’s new policy initiatives were implemented to remedy these extr ...
... an alarming 13.5% (U.S. Bureau of Labor Statistics). During this time, the U.S. economy faced severe stagflation. This means that inflation was increasing without proportionate levels of growth in aggregate output (Mishkin 2007). Volcker’s new policy initiatives were implemented to remedy these extr ...
The impact of the economic and financial crisis on Africa
... Improving Productivity and Competitiveness through an increase in Research and Development (R&D). An economic and financial crisis provides a golden opportunity for a country and its private sector to review policies and programmes aimed at improving productivity and competitiveness. In a fast and ...
... Improving Productivity and Competitiveness through an increase in Research and Development (R&D). An economic and financial crisis provides a golden opportunity for a country and its private sector to review policies and programmes aimed at improving productivity and competitiveness. In a fast and ...
aggregate demand-aggregate supply model
... monetary policy alters the nominal exchange rate, exports and imports of goods and services and thus aggregate demand can change. The change in aggregate demand due to changes in the exchange rate may offset the effect on aggregate demand of the fiscal or monetary policy. ...
... monetary policy alters the nominal exchange rate, exports and imports of goods and services and thus aggregate demand can change. The change in aggregate demand due to changes in the exchange rate may offset the effect on aggregate demand of the fiscal or monetary policy. ...
G-SIIs - Home.BARCLAYS
... (BCBS) establish a framework to identify Global Systemically Important Institutions (G-SIIs), defined as those financial institutions that could be expected to have the greatest impact on the global financial system and the global economy, should they fail. G-SIIs are required to hold an additional ...
... (BCBS) establish a framework to identify Global Systemically Important Institutions (G-SIIs), defined as those financial institutions that could be expected to have the greatest impact on the global financial system and the global economy, should they fail. G-SIIs are required to hold an additional ...
Netherlands: at the periphery of core countries
... property bubble creating difficulties for two major banks – forcing the government to nationalise them as a matter of urgency – deep recession, difficulties in reducing the public deficit. ...
... property bubble creating difficulties for two major banks – forcing the government to nationalise them as a matter of urgency – deep recession, difficulties in reducing the public deficit. ...
Advances in Environmental Biology Crises, Governments
... accountability and transparency in their work plans. IMF successful in accomplishing their goals are not achieved, because the assumption was that the economy normally established early in the settlement of the balance of the temporary imbalance in the incidence of the guidance's Fund of the balance ...
... accountability and transparency in their work plans. IMF successful in accomplishing their goals are not achieved, because the assumption was that the economy normally established early in the settlement of the balance of the temporary imbalance in the incidence of the guidance's Fund of the balance ...
Global financial system
The global financial system is the worldwide framework of legal agreements, institutions, and both formal and informal economic actors that together facilitate international flows of financial capital for purposes of investment and trade financing. Since emerging in the late 19th century during the first modern wave of economic globalization, its evolution is marked by the establishment of central banks, multilateral treaties, and intergovernmental organizations aimed at improving the transparency, regulation, and effectiveness of international markets. In the late 1800s, world migration and communication technology facilitated unprecedented growth in international trade and investment. At the onset of World War I, trade contracted as foreign exchange markets became paralyzed by money market illiquidity. Countries sought to defend against external shocks with protectionist policies and trade virtually halted by 1933, worsening the effects of the global Great Depression until a series of reciprocal trade agreements slowly reduced tariffs worldwide. Efforts to revamp the international monetary system after World War II improved exchange rate stability, fostering record growth in global finance.A series of currency devaluations and oil crises in the 1970s led most countries to float their currencies. The world economy became increasingly financially integrated in the 1980s and 1990s due to capital account liberalization and financial deregulation. A series of financial crises in Europe, Asia, and Latin America followed with contagious effects due to greater exposure to volatile capital flows. The global financial crisis, which originated in the United States in 2007, quickly propagated among other nations and is recognized as the catalyst for the worldwide Great Recession. A market adjustment to Greece's noncompliance with its monetary union in 2009 ignited a sovereign debt crisis among European nations known as the Eurozone crisis.A country's decision to operate an open economy and globalize its financial capital carries monetary implications captured by the balance of payments. It also renders exposure to risks in international finance, such as political deterioration, regulatory changes, foreign exchange controls, and legal uncertainties for property rights and investments. Both individuals and groups may participate in the global financial system. Consumers and international businesses undertake consumption, production, and investment. Governments and intergovernmental bodies act as purveyors of international trade, economic development, and crisis management. Regulatory bodies establish financial regulations and legal procedures, while independent bodies facilitate industry supervision. Research institutes and other associations analyze data, publish reports and policy briefs, and host public discourse on global financial affairs.While the global financial system is edging toward greater stability, governments must deal with differing regional or national needs. Some nations are trying to orderly discontinue unconventional monetary policies installed to cultivate recovery, while others are expanding their scope and scale. Emerging market policymakers face a challenge of precision as they must carefully institute sustainable macroeconomic policies during extraordinary market sensitivity without provoking investors to retreat their capital to stronger markets. Nations' inability to align interests and achieve international consensus on matters such as banking regulation has perpetuated the risk of future global financial catastrophes.