Some Lags in Monetary Policy
... Much cf the variability in policy could be eliminated by allowing the banks to make adjustments in their reserve positions through the Federal funds market when there are temporary changes in float or in currency, deposit redistribution between different types of banks, etc* Let me make clear that I ...
... Much cf the variability in policy could be eliminated by allowing the banks to make adjustments in their reserve positions through the Federal funds market when there are temporary changes in float or in currency, deposit redistribution between different types of banks, etc* Let me make clear that I ...
RMB as an Anchor Currency in ASEAN, China, Japan
... Trade integration between China and the rest in the region has accelerated during the past decade, growing by around four times (Table 1) in both exports and imports (more than six times for ASEAN). As of 2012 China’s average export market share exceeded 10 percent for the ASEN+3 members, and the av ...
... Trade integration between China and the rest in the region has accelerated during the past decade, growing by around four times (Table 1) in both exports and imports (more than six times for ASEAN). As of 2012 China’s average export market share exceeded 10 percent for the ASEN+3 members, and the av ...
working papers
... The goal of this paper is to find evidence why growth performance of countries differed in the Recent Crisis. There are abundant hypotheses about the causes of the Recent Crisis (Aiginger, 2009, 2010B). Maybe they could be clustered into a first group emphasizing overleveraging of firms, banks and g ...
... The goal of this paper is to find evidence why growth performance of countries differed in the Recent Crisis. There are abundant hypotheses about the causes of the Recent Crisis (Aiginger, 2009, 2010B). Maybe they could be clustered into a first group emphasizing overleveraging of firms, banks and g ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... ratios, and probably are more familiar, their use should be avoided if the other ratios are available. The ratio of financial intermediaries' net claims against business ' These ratios disregard the fact that the assets of linanclid intermediaries are based on book values for all fixed interest-l)ea ...
... ratios, and probably are more familiar, their use should be avoided if the other ratios are available. The ratio of financial intermediaries' net claims against business ' These ratios disregard the fact that the assets of linanclid intermediaries are based on book values for all fixed interest-l)ea ...
Monetary policy, asset prices and actuarial practice
... implications for investment decision-making and, possibly, accounting in financial institutions. At the very least, monetary data provide an information stream to financial markets which should be taken into account when investment decisions are made. Modelling for management purposes to determine ...
... implications for investment decision-making and, possibly, accounting in financial institutions. At the very least, monetary data provide an information stream to financial markets which should be taken into account when investment decisions are made. Modelling for management purposes to determine ...
Why does financial sector growth crowd out real economic growth?
... workers can lend more to entrepreneurs than those who do not. With more abundant and cheaper funding, entrepreneurs have an incentive to invest in projects with higher pledgeability but lower productivity, reducing their demand for skilled labour. Conversely, entrepreneurs who hire skilled workers i ...
... workers can lend more to entrepreneurs than those who do not. With more abundant and cheaper funding, entrepreneurs have an incentive to invest in projects with higher pledgeability but lower productivity, reducing their demand for skilled labour. Conversely, entrepreneurs who hire skilled workers i ...
3 The Balance of Payments
... examines how much is spent on demand for final goods and services. The key measure is GNE. • The product approach looks at the supply of goods: it measures the value of all goods and services produced as output minus the value of goods used as inputs in production. The key measure is GDP. • The inco ...
... examines how much is spent on demand for final goods and services. The key measure is GNE. • The product approach looks at the supply of goods: it measures the value of all goods and services produced as output minus the value of goods used as inputs in production. The key measure is GDP. • The inco ...
Enhanced-Supervision-for-U.S.-Operations-of-Foreign
... • Governor Tarullo suggested that a more uniform structure should be required for the U.S. operations of foreign banks. FBOs with significant U.S. operations should be required to establish a top-tier U.S. intermediate holding company (“IHC”) over all U.S. bank and nonbank subsidiaries. • Capital re ...
... • Governor Tarullo suggested that a more uniform structure should be required for the U.S. operations of foreign banks. FBOs with significant U.S. operations should be required to establish a top-tier U.S. intermediate holding company (“IHC”) over all U.S. bank and nonbank subsidiaries. • Capital re ...
Chapter 33
... The exchange rate responds to changes in the interest rate in the United States relative to the interest rates in other countries—the U.S. interest rate differential. When the Fed raises the federal funds rate, the U.S. interest rate differential rises and, other things remaining the same, the U.S. ...
... The exchange rate responds to changes in the interest rate in the United States relative to the interest rates in other countries—the U.S. interest rate differential. When the Fed raises the federal funds rate, the U.S. interest rate differential rises and, other things remaining the same, the U.S. ...
D I C
... By the end of this year, the Central Bank’s National Financial Literacy programme will be developed into a National Training Institute for Financial Inclusion. (TG 11 Sep) Approximately 85% of local small businesses are in the business of supplying services rather than producing goods and this not o ...
... By the end of this year, the Central Bank’s National Financial Literacy programme will be developed into a National Training Institute for Financial Inclusion. (TG 11 Sep) Approximately 85% of local small businesses are in the business of supplying services rather than producing goods and this not o ...
Chapter 32
... The exchange rate responds to changes in the interest rate in the United States relative to the interest rates in other countries—the U.S. interest rate differential. When the Fed raises the federal funds rate, the U.S. interest rate differential rises and, other things remaining the same, the U.S. ...
... The exchange rate responds to changes in the interest rate in the United States relative to the interest rates in other countries—the U.S. interest rate differential. When the Fed raises the federal funds rate, the U.S. interest rate differential rises and, other things remaining the same, the U.S. ...
NBER WORKING PAPER SERIES TAX POLICY AND INTERNATIONAL COMPETATIVENESS Lawrence H. Summers
... I have benefited from useful discussions with Richard Cooper, Rudi Dornbusch, and Jeff Sachs. This paper draws in part on earlier joint work with John Earle. I am indebted to Fernando Ramos and Mark Sundberg for valuable research assistance. This paper is forthcoming in the NBER conference volume In ...
... I have benefited from useful discussions with Richard Cooper, Rudi Dornbusch, and Jeff Sachs. This paper draws in part on earlier joint work with John Earle. I am indebted to Fernando Ramos and Mark Sundberg for valuable research assistance. This paper is forthcoming in the NBER conference volume In ...
The Exchange Rate, Productivity, and the Standard of Living
... Robert Lafrance and Lawrence L. Schembri, International Department ...
... Robert Lafrance and Lawrence L. Schembri, International Department ...
1. Global Depth and the Big Shift
... factors behind the stalled recovery, some explanation is in order: what exactly is meant here by the depth of globalization? The depth of globalization measures how much of a country’s activities or flows are international versus domestic by comparing the size of its international flows with relevan ...
... factors behind the stalled recovery, some explanation is in order: what exactly is meant here by the depth of globalization? The depth of globalization measures how much of a country’s activities or flows are international versus domestic by comparing the size of its international flows with relevan ...
University Of Nigeria Nsukka
... However, economist still holds startling different opinions regarding the importance of the financial system for economic growth. While many economists have underlined the importance of financial sector development in the process of economic development others still think that its importance is over ...
... However, economist still holds startling different opinions regarding the importance of the financial system for economic growth. While many economists have underlined the importance of financial sector development in the process of economic development others still think that its importance is over ...
NBER WORKING PAPER SERIES CAPITAL CONTROLS, CAPITAL FLOW CONTRACTIONS, AND MACROECONOMIC VULNERABILITY
... Countries that for years had been praised as examples of how to conduct economic policy were subject to abrupt stops of capital inflows and had to devalue their currencies. As the crisis deepened, contagion spread to other emerging nations, affecting countries as far as Latin America. In many ways, ...
... Countries that for years had been praised as examples of how to conduct economic policy were subject to abrupt stops of capital inflows and had to devalue their currencies. As the crisis deepened, contagion spread to other emerging nations, affecting countries as far as Latin America. In many ways, ...
Chapter 24 The Open Economy with Fixed Exchange Rates
... of international trade. Thus, while the western countries liberalized their international trade regimes by reducing tariffs and eliminating quantitative restrictions on imports, they maintained substantial restrictions on the private export and import of capital. One motivation for this policy was th ...
... of international trade. Thus, while the western countries liberalized their international trade regimes by reducing tariffs and eliminating quantitative restrictions on imports, they maintained substantial restrictions on the private export and import of capital. One motivation for this policy was th ...
Financial Development and the Evolution of Property Rights and
... institutions. A simple example of this is the emergence of securities law (and enforcement). It is costly to set up and maintain institutions for enforcing the contracts and property rights involved in securities transactions, but once the securities markets have reached a tipping point, the benefit ...
... institutions. A simple example of this is the emergence of securities law (and enforcement). It is costly to set up and maintain institutions for enforcing the contracts and property rights involved in securities transactions, but once the securities markets have reached a tipping point, the benefit ...
MerCAtUS reSeArCh A MArket-Driven noMinAl GDP tArGetinG reGiMe
... 1980s, economists developed a number of proposals for removing the government from the monetary policy arena, including Hayek’s proposal for “competition in [fiat] currency.”1 The perceived failures of government-run fiat-money regimes, particularly the high and variable inflation rates experienced ...
... 1980s, economists developed a number of proposals for removing the government from the monetary policy arena, including Hayek’s proposal for “competition in [fiat] currency.”1 The perceived failures of government-run fiat-money regimes, particularly the high and variable inflation rates experienced ...
FORM 10-Q - corporate
... guidance to provide a single, comprehensive revenue recognition model for all contracts with customers. Under the new guidance, an entity will recognize revenue to depict the transfer of promised goods or services to customers at an amount that the entity expects to be entitled to in exchange for th ...
... guidance to provide a single, comprehensive revenue recognition model for all contracts with customers. Under the new guidance, an entity will recognize revenue to depict the transfer of promised goods or services to customers at an amount that the entity expects to be entitled to in exchange for th ...
Intermediary Balance Sheets - Federal Reserve Bank of New York
... leverage growth of banks and broker-dealers, identifying risk management constraints as the root cause of procyclicality. Figure II expands these findings by showing that leverage of the banking sector is also procyclical relative to total financial sector assets, while nonbank sector leverage is ac ...
... leverage growth of banks and broker-dealers, identifying risk management constraints as the root cause of procyclicality. Figure II expands these findings by showing that leverage of the banking sector is also procyclical relative to total financial sector assets, while nonbank sector leverage is ac ...
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.