Does Saying Yes to Capital Inflows Necessarily Mean Good
... (Caribbean Community) countries, domestic credit7 over GDP was on average 30 percent higher in blacklisted territories. It is important to note that when compared to the rest of the LAC region, blacklisted jurisdiction had lower rates of GDP and productivity growth, on average, and offered smaller ga ...
... (Caribbean Community) countries, domestic credit7 over GDP was on average 30 percent higher in blacklisted territories. It is important to note that when compared to the rest of the LAC region, blacklisted jurisdiction had lower rates of GDP and productivity growth, on average, and offered smaller ga ...
the eurozone between austerity and default
... 4. In the periphery, the Stability and Growth Pact has prevented the public sector from registering systematic financial deficits. Consequently, current account deficits have corresponded largely to private sector financial deficits. Furthermore, current account deficits were financed overwhelmingly ...
... 4. In the periphery, the Stability and Growth Pact has prevented the public sector from registering systematic financial deficits. Consequently, current account deficits have corresponded largely to private sector financial deficits. Furthermore, current account deficits were financed overwhelmingly ...
Lost at Sea: The Euro Needs a Euro Treasury
... union. For with nominal exchange rates abolished through the common currency, balanced intra-area competitiveness positions came to critically hinge on national trends in wages and unit-labor costs. In actual fact, persistent divergences in wages and unit-labor costs arose under the euro, but were j ...
... union. For with nominal exchange rates abolished through the common currency, balanced intra-area competitiveness positions came to critically hinge on national trends in wages and unit-labor costs. In actual fact, persistent divergences in wages and unit-labor costs arose under the euro, but were j ...
The Impact of the Financial Crisis on Emerging Asia
... growth in the emerging and developing countries went from 6.6 percent in April 2008 to just 1.5 percent this July. In October 2008, the emerging‐market bond spread hit 850 points – almost six times its pre‐crisis level in June 2007. Industrial production and exports in emerging economies have ...
... growth in the emerging and developing countries went from 6.6 percent in April 2008 to just 1.5 percent this July. In October 2008, the emerging‐market bond spread hit 850 points – almost six times its pre‐crisis level in June 2007. Industrial production and exports in emerging economies have ...
Political Credit Cycles: Myth or Reality?
... financially open economies face constraints in the use of monetary policy (if exchange rates are fixed and/or the economy is relatively small) and fiscal policy (if exchange rates are flexible) for pre-electoral manipulation.7 Following this logic, the occurrence of political credit cycles should Se ...
... financially open economies face constraints in the use of monetary policy (if exchange rates are fixed and/or the economy is relatively small) and fiscal policy (if exchange rates are flexible) for pre-electoral manipulation.7 Following this logic, the occurrence of political credit cycles should Se ...
Annual Report 2013
... Edrington has always taken its governance responsibilities seriously and this year we are taking steps to detail the high standards of control operating within the Company. In the Corporate Governance Statement we list the composition of the board, the ways in which effectiveness is measured, and th ...
... Edrington has always taken its governance responsibilities seriously and this year we are taking steps to detail the high standards of control operating within the Company. In the Corporate Governance Statement we list the composition of the board, the ways in which effectiveness is measured, and th ...
1.8 billion.
... Expected organic growth from each of Stockland’s operating businesses over the next few years will ensure the Group remains in line with these weightings. Potential growth opportunities are assessed in the context of these weightings. It is evident that good buying opportunities are starting to emer ...
... Expected organic growth from each of Stockland’s operating businesses over the next few years will ensure the Group remains in line with these weightings. Potential growth opportunities are assessed in the context of these weightings. It is evident that good buying opportunities are starting to emer ...
Poverty traps, the money growth rule, and the stage of financial
... with one unit of labor in the first period, which is supplied inelastically to the final goods sector. There are potentially two assets in the economy, capital and money. It is assumed that q units of final good are required to build one firm. Alternatively, each agent has to access the indivisible ...
... with one unit of labor in the first period, which is supplied inelastically to the final goods sector. There are potentially two assets in the economy, capital and money. It is assumed that q units of final good are required to build one firm. Alternatively, each agent has to access the indivisible ...
Fiscal policy convergence and business cycle
... areas” (Mundell, 1961). At this time, participating countries of the Bretton Woods system had pegged their national currencies to the US dollar which again had a fixed exchange rate to gold. In his article, Mundell (1961) questions: What is the appropriate domain of a currency area? Mundell stresses ...
... areas” (Mundell, 1961). At this time, participating countries of the Bretton Woods system had pegged their national currencies to the US dollar which again had a fixed exchange rate to gold. In his article, Mundell (1961) questions: What is the appropriate domain of a currency area? Mundell stresses ...
FX swap market dislocations
... European banks reliance on dollars was not met by a proportionate need of US banks for European currencies, which implied that a shock to counterparty risk affected the FX swap market disproportionately (Baba et al, 2009). ...
... European banks reliance on dollars was not met by a proportionate need of US banks for European currencies, which implied that a shock to counterparty risk affected the FX swap market disproportionately (Baba et al, 2009). ...
SP227: Lost at Sea: The Euro Needs a Euro Treasury
... area wide unemployment peaked at 11 percent, declining to a low point of 8 percent by 200001. In the 2000s, unemployment climbed back up to over 9 percent in 2004 before falling again, reaching a new trough of 7.3 percent by early 2008. Today, the area’s unemployment rate is at a record high of over ...
... area wide unemployment peaked at 11 percent, declining to a low point of 8 percent by 200001. In the 2000s, unemployment climbed back up to over 9 percent in 2004 before falling again, reaching a new trough of 7.3 percent by early 2008. Today, the area’s unemployment rate is at a record high of over ...
Benefits and Costs of Higher Capital Requirements
... The fifth column indicates the cumulative five-year loss of output against the benchmark potential GDP path, as a percent of potential GDP in the year before the crisis. The median five-year loss amounted to about 23 percent of base-year potential GDP. The final column of the table reports a simila ...
... The fifth column indicates the cumulative five-year loss of output against the benchmark potential GDP path, as a percent of potential GDP in the year before the crisis. The median five-year loss amounted to about 23 percent of base-year potential GDP. The final column of the table reports a simila ...
Trade and Development Report, 2014 – Global governance
... Policy Space and Global Governance: Issues at Stake........................................... 43 Notes............................................................................................................................................................ 49 References........................... ...
... Policy Space and Global Governance: Issues at Stake........................................... 43 Notes............................................................................................................................................................ 49 References........................... ...
Systemic Financial-Service Institutions and Monopoly Power
... From this English common law, the United States developed its antitrust law. The Congressional Record containing the debates leading to the passage of the Sherman Act in 1890-the first antitrust act in the United States-indicates a concern with restraints on trade similar to English common law conce ...
... From this English common law, the United States developed its antitrust law. The Congressional Record containing the debates leading to the passage of the Sherman Act in 1890-the first antitrust act in the United States-indicates a concern with restraints on trade similar to English common law conce ...
What is the Wealth of a Nation?
... that theory nevertheless can be a powerful guide to straight thinking. The consumer-choice theory we covered at the beginning of the course occasionally serves that purpose. There we styled human beings as managers of a perpetual "happiness-production process" whose output was measured in what econo ...
... that theory nevertheless can be a powerful guide to straight thinking. The consumer-choice theory we covered at the beginning of the course occasionally serves that purpose. There we styled human beings as managers of a perpetual "happiness-production process" whose output was measured in what econo ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... country into an industrialized society. Second, this rapid economic development was accompanied and supported by a swift expansion of the Swedish monetary system. Commercial banking spread, measured by the number of banks, number of branch offices, and volume of deposits. Third, Denmark, Norway, and ...
... country into an industrialized society. Second, this rapid economic development was accompanied and supported by a swift expansion of the Swedish monetary system. Commercial banking spread, measured by the number of banks, number of branch offices, and volume of deposits. Third, Denmark, Norway, and ...
What Can Exchange Rates Tell Us?
... Bergsten and Williamson (1983) did not define exchange rate misalignment, but they implied that misalignments are prolonged departures from fundamental equilibrium.10 They carefully described three concepts of equilibrium exchange rates: a “market equilibrium” that is produced by an absence of offic ...
... Bergsten and Williamson (1983) did not define exchange rate misalignment, but they implied that misalignments are prolonged departures from fundamental equilibrium.10 They carefully described three concepts of equilibrium exchange rates: a “market equilibrium” that is produced by an absence of offic ...
- Covenant University Repository
... firm’s risk. Corporate risk can be classified into business risk and financial risk. Business risk refers to the relative dispersion (variability) in the firm’s Earnings Before Interest and Taxes (EBIT) and it has a direct impact on the firm’s investment decision. Financial risk is a direct impact o ...
... firm’s risk. Corporate risk can be classified into business risk and financial risk. Business risk refers to the relative dispersion (variability) in the firm’s Earnings Before Interest and Taxes (EBIT) and it has a direct impact on the firm’s investment decision. Financial risk is a direct impact o ...
Introduntion - Hakan Berument`sHomepage
... consumption due to the lower cost of borrowing. Firms, finding that cost of borrowing has decreased, increase their investment expenditure. Likewise, consumers facing lower borrowing cost, increase their purchases of consumption goods. Moreover, expansionary monetary policy increases consumption wit ...
... consumption due to the lower cost of borrowing. Firms, finding that cost of borrowing has decreased, increase their investment expenditure. Likewise, consumers facing lower borrowing cost, increase their purchases of consumption goods. Moreover, expansionary monetary policy increases consumption wit ...
The Concept of Systemic Risk
... towards short-term profits), a collective failure of management in the bank (or across the financial system), which leads to inertia and the inability to respond to changed economic circumstances and high (over)exposure of banks to the same type of risk (symmetric shock) in the system as a whole. A ...
... towards short-term profits), a collective failure of management in the bank (or across the financial system), which leads to inertia and the inability to respond to changed economic circumstances and high (over)exposure of banks to the same type of risk (symmetric shock) in the system as a whole. A ...
UNDERSTANDING MONETARY POLICY SERIES NO 3 CENTRAL BANK OF NIGERIA
... usually achieved indirectly by the monetary authorities (central banks) through its use of monetary policy instruments. These instruments, though different from country to country, usually include open market operations (OMO), changes in discount/bank rate (both of which determine the monetary base) ...
... usually achieved indirectly by the monetary authorities (central banks) through its use of monetary policy instruments. These instruments, though different from country to country, usually include open market operations (OMO), changes in discount/bank rate (both of which determine the monetary base) ...
NBER WORKING PAPER SERIES TOWARDS A THEORY OF CURRENT ACCOUNTS Jaume Ventura
... give the theory the best possible chance to succeed as the industrial country data is less affected by the debt crisis of the 1980s. Unfortunately, the theory reviewed here is not well equipped yet to provide a full account of this important episode. ...
... give the theory the best possible chance to succeed as the industrial country data is less affected by the debt crisis of the 1980s. Unfortunately, the theory reviewed here is not well equipped yet to provide a full account of this important episode. ...
Economics of Money, Banking, and Financial Markets, 8e
... 4) The monetarist-Keynesian debate on the importance of monetary policy is unresolved because monetarists and Keynesians focus on two different types of evidence that generate conflicting conclusions. Monetarists tend to focus on A) structural-model evidence, while Keynesians focus on reduced-form e ...
... 4) The monetarist-Keynesian debate on the importance of monetary policy is unresolved because monetarists and Keynesians focus on two different types of evidence that generate conflicting conclusions. Monetarists tend to focus on A) structural-model evidence, while Keynesians focus on reduced-form e ...
NBER WORKING PAPER SERIES BUSINESS CYCLES Luca Guerrieri
... to foreign sovereign debt affect the transmission of shocks across countries?4 If banks deleverage by selling government bonds, they will aggravate the financing problems of the government, but will avoid a credit crunch on firms. If instead banks deleverage by contracting credit to the corporate s ...
... to foreign sovereign debt affect the transmission of shocks across countries?4 If banks deleverage by selling government bonds, they will aggravate the financing problems of the government, but will avoid a credit crunch on firms. If instead banks deleverage by contracting credit to the corporate s ...
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.