Fiscal and monetary policy: interdependence and possible sources
... In both of these economic policy areas, sustainability is key: Fiscal policy can only ensure the lasting achievement of its goals if public finances remain healthy over the long term. Monetary policy, for its part, should focus on the medium to long term, because any economic stimulus motivated by s ...
... In both of these economic policy areas, sustainability is key: Fiscal policy can only ensure the lasting achievement of its goals if public finances remain healthy over the long term. Monetary policy, for its part, should focus on the medium to long term, because any economic stimulus motivated by s ...
The Czech National Bank`s Role Since the Global Crisis
... impulse estimated at around 0.3 p.p. that in68 Public Finance Quarterly 2016/1 ...
... impulse estimated at around 0.3 p.p. that in68 Public Finance Quarterly 2016/1 ...
report on the macro-prudential research network (mars)
... example, combining moral hazard between banks and their depositors with a costly state verification problem between entrepreneurs and banks in a dynamic stochastic general equilibrium (DSGE) model better captures the extent of macroeconomic fluctuations, because it allows firm and bank leverage to rei ...
... example, combining moral hazard between banks and their depositors with a costly state verification problem between entrepreneurs and banks in a dynamic stochastic general equilibrium (DSGE) model better captures the extent of macroeconomic fluctuations, because it allows firm and bank leverage to rei ...
Monetary Policy Functions and Transmission Mechanisms: An
... more creditpari passu with the monetary expansionthus financing a rise in aggregate demand.7 Up to now we have considered four main transmission mechanisms, all of which focus on money and asset markets (second column of figure 1). The literature identifies a separate, fifth channel, based on priv ...
... more creditpari passu with the monetary expansionthus financing a rise in aggregate demand.7 Up to now we have considered four main transmission mechanisms, all of which focus on money and asset markets (second column of figure 1). The literature identifies a separate, fifth channel, based on priv ...
Financial Access 2012 Getting to a More Comprehensive Picture Forum
... in 2011. Interestingly, the growth rate of deposit accounts was slightly higher than the growth rate for loan accounts, following a pattern of deposit penetration increasing faster than loan penetration established in 2008. Coming out of the financial crisis, people’s willingness to save may have be ...
... in 2011. Interestingly, the growth rate of deposit accounts was slightly higher than the growth rate for loan accounts, following a pattern of deposit penetration increasing faster than loan penetration established in 2008. Coming out of the financial crisis, people’s willingness to save may have be ...
NBER WORKING PAPER SERIES CAPITAL GOODS IMPORTS AND LONG-RUN GROWFH Jong-Wha Lee
... rates of income. A simple model of an open economy that incorporates this characteristic is presented by extending a recent endogenous growth model of Rebelo(1991) in which two final goods--one consumption and one capital good--are produced and the "core" capital good sector determines the long-run ...
... rates of income. A simple model of an open economy that incorporates this characteristic is presented by extending a recent endogenous growth model of Rebelo(1991) in which two final goods--one consumption and one capital good--are produced and the "core" capital good sector determines the long-run ...
Russia Country Report - Raiffeisen Bank International AG
... Supervisory authority: As a credit institution (acc. to § 1 Austrian Banking Act; Bankwesengesetz) Raiffeisen Bank International AG is subject to the supervision by the Austrian Financial Market Authority (FMA, Finanzmarktaufsicht) and the National Bank of Austria (OeNB, Oesterreichische Nationalban ...
... Supervisory authority: As a credit institution (acc. to § 1 Austrian Banking Act; Bankwesengesetz) Raiffeisen Bank International AG is subject to the supervision by the Austrian Financial Market Authority (FMA, Finanzmarktaufsicht) and the National Bank of Austria (OeNB, Oesterreichische Nationalban ...
FS - Midas Gold Corp.
... Investments and other assets are classified as AFS and are stated at fair value. Gains and losses arising from changes in fair value are recognized in other comprehensive income. Impairment losses, interest calculated using the effective interest method and foreign exchange ...
... Investments and other assets are classified as AFS and are stated at fair value. Gains and losses arising from changes in fair value are recognized in other comprehensive income. Impairment losses, interest calculated using the effective interest method and foreign exchange ...
likviditás és reálgazdaság kapcsolata - doktori
... Moneychangers to perform their activity first had to gain public trust and trusted for one reason became trusted for a different purpose; coin validation and safekeeping was followed by money transfer. By assuring the value of coins the moneychangers provided liquidity service for the economy, maki ...
... Moneychangers to perform their activity first had to gain public trust and trusted for one reason became trusted for a different purpose; coin validation and safekeeping was followed by money transfer. By assuring the value of coins the moneychangers provided liquidity service for the economy, maki ...
Rentier Incomes and Financial Crises: An Empirical Examination of Trends... Cycles in Some OECD Countries
... that the rise of the rentiers has gone hand in hand with an alliance between the internationally oriented components of both finance and industry. More recently, there has been a further evolution of thinking that supports the "unity" view. Some have written of the "financialization" of non-financi ...
... that the rise of the rentiers has gone hand in hand with an alliance between the internationally oriented components of both finance and industry. More recently, there has been a further evolution of thinking that supports the "unity" view. Some have written of the "financialization" of non-financi ...
3312-11547-1-SP
... stated that the tradable sector in developing countries can be too small because it suffers more than the non-tradable sector from institutional weaknesses and market failures. A real exchange rate undervaluation works as a second-best policy to compensate for the negative effects of this misinterpr ...
... stated that the tradable sector in developing countries can be too small because it suffers more than the non-tradable sector from institutional weaknesses and market failures. A real exchange rate undervaluation works as a second-best policy to compensate for the negative effects of this misinterpr ...
Towards a framework for financial stability
... Over the past decade, safeguarding financial stability has become an increasingly dominant objective in economic policy making. This is illustrated by the periodic Financial Stability Reports that have been launched by more than a dozen central banks and several international financial institutions ...
... Over the past decade, safeguarding financial stability has become an increasingly dominant objective in economic policy making. This is illustrated by the periodic Financial Stability Reports that have been launched by more than a dozen central banks and several international financial institutions ...
RETHINKING MACROECONOMICS: WHAT FAILED, AND HOW TO REPAIR IT Joseph E. Stiglitz
... to prevent a crisis or to accelerate a recovery, is accordingly limited. This has made the models of limited relevance either for prediction, explanation, or policy—at least in times of severe downturns, when markets evidently are working so poorly. Prediction is the test of a scientific theory. But ...
... to prevent a crisis or to accelerate a recovery, is accordingly limited. This has made the models of limited relevance either for prediction, explanation, or policy—at least in times of severe downturns, when markets evidently are working so poorly. Prediction is the test of a scientific theory. But ...
CEPR responds to the IMF’s defense Mark Weisbrot
... The International Monetary Fund (IMF) presented a response to CEPR’s latest paper, which looked at the macroeconomic policies of 41 countries that currently have agreements with the Fund. Our paper had found that 31 of the 41 countries had implemented pro-cyclical policies, that is, either fiscal or ...
... The International Monetary Fund (IMF) presented a response to CEPR’s latest paper, which looked at the macroeconomic policies of 41 countries that currently have agreements with the Fund. Our paper had found that 31 of the 41 countries had implemented pro-cyclical policies, that is, either fiscal or ...
A Working Solution to the Question of Nominal GDP
... consequence of such things as the payment of interest on deposits, the availability of a broader array of deposit accounts, and the greater substitution among these accounts by consumers in response to changes in user costs. In this context, it is interesting to note that Working, nearly ninety year ...
... consequence of such things as the payment of interest on deposits, the availability of a broader array of deposit accounts, and the greater substitution among these accounts by consumers in response to changes in user costs. In this context, it is interesting to note that Working, nearly ninety year ...
Amlak International for Real Estate Finance Company
... commitment is not expected to result in the drawdown, commitment fees are recognised on a straight-line basis over the commitment period. Investment in joint ventures A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net ...
... commitment is not expected to result in the drawdown, commitment fees are recognised on a straight-line basis over the commitment period. Investment in joint ventures A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net ...
NBER WORKING PAPER SERIES MARKET POWER AND EXCHANGE RATE ADJUSTMENT
... of the quota rent such as to keep the net domestic demand for foreign goods intact. As a result, the relative price (of the domestic good to the foreign good) facing the foreign consumer adjusts more in the quota regime than in the tariff regime. At the same time the relative price facing domestic c ...
... of the quota rent such as to keep the net domestic demand for foreign goods intact. As a result, the relative price (of the domestic good to the foreign good) facing the foreign consumer adjusts more in the quota regime than in the tariff regime. At the same time the relative price facing domestic c ...
Macroeconomics in developing countries
... In such price-wage interaction, the role of trade unions is often significant but not quite recognized. Obviously, generalizations are difficult. Yet, it can be said that agricultural prices are more flexible than industriaI prices, and agriculture is typically more important in developing countries ...
... In such price-wage interaction, the role of trade unions is often significant but not quite recognized. Obviously, generalizations are difficult. Yet, it can be said that agricultural prices are more flexible than industriaI prices, and agriculture is typically more important in developing countries ...
Arab Republic of Egypt Request For Extended Arrangement Under
... “Reducing fiscal deficits considerably and thereby placing public debt on a clearly declining path is an important objective of the authorities’ program. To this end, the key policy measures are the introduction of a VAT, a reduction of energy subsidies, and the optimization of the public sector wag ...
... “Reducing fiscal deficits considerably and thereby placing public debt on a clearly declining path is an important objective of the authorities’ program. To this end, the key policy measures are the introduction of a VAT, a reduction of energy subsidies, and the optimization of the public sector wag ...
The St~cture of Financial Markets and the Monetary Mechanism
... example, within the United States the views range from proposals to focus control on the monetary base (favored in particular by the shadow Open Market Committee) to proposals to control the broadest possible measures of aggregate liquidity or credit such as the old M7 or the new liquidity measure L ...
... example, within the United States the views range from proposals to focus control on the monetary base (favored in particular by the shadow Open Market Committee) to proposals to control the broadest possible measures of aggregate liquidity or credit such as the old M7 or the new liquidity measure L ...
real-world economics review
... language of statistics, while for economists like Goldberger, statistics has dubious substance if it excludes from its province all aspects of the data generating mechanism that do not show up in the joint probability distribution. Econometric textbooks fall on all sides of this debate. Some explici ...
... language of statistics, while for economists like Goldberger, statistics has dubious substance if it excludes from its province all aspects of the data generating mechanism that do not show up in the joint probability distribution. Econometric textbooks fall on all sides of this debate. Some explici ...
Bank Capital Methodology And Assumptions - A
... ratios are likely to be different from those of regulators. Bank regulators focus on issues at a national or regional level when defining their capital measures, whereas our goal is to produce capital measures that are globally comparable. ...
... ratios are likely to be different from those of regulators. Bank regulators focus on issues at a national or regional level when defining their capital measures, whereas our goal is to produce capital measures that are globally comparable. ...
Spotl june 7_6.p65
... under control and creating a basis for economic revival. By strengthening the military and the police force significantly Alvaro Uribe will most probably make an attempt to exert pressure on the rebel organizations to such an extent that these will be prepared to resume negotiations seriously. This ...
... under control and creating a basis for economic revival. By strengthening the military and the police force significantly Alvaro Uribe will most probably make an attempt to exert pressure on the rebel organizations to such an extent that these will be prepared to resume negotiations seriously. This ...
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.