The IMF’s Indonesian Myths
... The are four myths concerning the IMF’s role in Indonesia to justify continued deference to the institution. The first myth is that the presence of an IMF agreement increases investor confidence in Indonesia. Yet after numerous Letters of Intent and four years under IMF supervision, investors have y ...
... The are four myths concerning the IMF’s role in Indonesia to justify continued deference to the institution. The first myth is that the presence of an IMF agreement increases investor confidence in Indonesia. Yet after numerous Letters of Intent and four years under IMF supervision, investors have y ...
DP2010/04 Internationalised Production in a Small Open Economy Aur´
... is a major component of total trade, since the degree of intra-zone openness is 4.39% for capital goods, 16.46% for intermediate goods and 9.22% for consumption goods.2 Moreover, for most inflation targeting small open economies trade of the intermediate imports represents approximately half of thei ...
... is a major component of total trade, since the degree of intra-zone openness is 4.39% for capital goods, 16.46% for intermediate goods and 9.22% for consumption goods.2 Moreover, for most inflation targeting small open economies trade of the intermediate imports represents approximately half of thei ...
Enhancing Effectiveness of Fiscal Policy
... of government expenditure and tax policies to boost efficiency and improve long term economic performance by dealing with critical market failures. For instance, government provisions of infrastructure, research and development, or education among other public goods which the private sector itself i ...
... of government expenditure and tax policies to boost efficiency and improve long term economic performance by dealing with critical market failures. For instance, government provisions of infrastructure, research and development, or education among other public goods which the private sector itself i ...
Solutions to Study Guide Questions
... Similarly, if you are a domestic worker employed in a high-cost production industry that competes with imports, then you will oppose less-expensive imports from abroad. Environmentalists may oppose trade if it means expansion of domestic export industries that pollute or increased imports from natio ...
... Similarly, if you are a domestic worker employed in a high-cost production industry that competes with imports, then you will oppose less-expensive imports from abroad. Environmentalists may oppose trade if it means expansion of domestic export industries that pollute or increased imports from natio ...
Macroeconomic policies for full and productive employment
... The current global policy discourse on macroeconomics and development has created space for muchneeded re-thinking in macroeconomic policy in the wake of the Great Recession. The IMF, for example, has suggested the need to adopt a more flexible approach towards inflation targeting, to broaden the go ...
... The current global policy discourse on macroeconomics and development has created space for muchneeded re-thinking in macroeconomic policy in the wake of the Great Recession. The IMF, for example, has suggested the need to adopt a more flexible approach towards inflation targeting, to broaden the go ...
Vo l u m e 6 5 ... C o n t e n t s
... macro-financial developments in the United States, Europe, Latin America and Asia. Despite the considerable turbulence in international equity markets, uncertainty over the extent of recovery in the United States economy and continued structural and financial difficulties in Japan, the article ...
... macro-financial developments in the United States, Europe, Latin America and Asia. Despite the considerable turbulence in international equity markets, uncertainty over the extent of recovery in the United States economy and continued structural and financial difficulties in Japan, the article ...
Investment in the euro area
... 20% by 2014. This decline was driven in part by a deterioration in financing conditions, a high degree of uncertainty and the need to deleverage. All in all, the macroeconomic environment was characterised by major adjustment processes, though some of these inhibitive factors have since lost signifi ...
... 20% by 2014. This decline was driven in part by a deterioration in financing conditions, a high degree of uncertainty and the need to deleverage. All in all, the macroeconomic environment was characterised by major adjustment processes, though some of these inhibitive factors have since lost signifi ...
Real and financial crises in the Keynes-Kalecki structuralist model:
... (Taylor, 1981) and the profit rate (Taylor and O’Connell, 1985). Since then the literature on “financialization” has emphasized the bloat, waste, and inequality ushered in by growth of the financial services sector (Epstein, 2005; Palley, 2014). This literature has been less concerned with the cent ...
... (Taylor, 1981) and the profit rate (Taylor and O’Connell, 1985). Since then the literature on “financialization” has emphasized the bloat, waste, and inequality ushered in by growth of the financial services sector (Epstein, 2005; Palley, 2014). This literature has been less concerned with the cent ...
How to Check Corporate, Financial, and Monopoly Power
... to the largest corporations and the wealthiest, whose untamed power and success comes at the expense of average workers. This is not only unfair and unnecessary but can lead to weaker growth and a less productive economy. In Rewriting the Rules, we argued that just as the current slow-growth, high-r ...
... to the largest corporations and the wealthiest, whose untamed power and success comes at the expense of average workers. This is not only unfair and unnecessary but can lead to weaker growth and a less productive economy. In Rewriting the Rules, we argued that just as the current slow-growth, high-r ...
Should Monetary Policy Monitor Risk Premiums in Financial Markets?
... households slowed, and inflation eventually fell well below 2 percent. However, GDP growth also began to slow, and the Riksbank eventually reversed all of its policy rate increases. This new decline in GDP growth was likely due in large part to the poor economic performance of the eurozone, Sweden’s ...
... households slowed, and inflation eventually fell well below 2 percent. However, GDP growth also began to slow, and the Riksbank eventually reversed all of its policy rate increases. This new decline in GDP growth was likely due in large part to the poor economic performance of the eurozone, Sweden’s ...
Reforming the International Monetary System A Stock
... Gennaro Zezza – UNICLaM & Levy Economics Institute ...
... Gennaro Zezza – UNICLaM & Levy Economics Institute ...
A Fair and Substantial Contribution by the Financial Sector
... adopted or are considering as to how the financial sector could make a fair and substantial contribution toward paying for any burden associated with government interventions to repair the banking system.” While the net fiscal cost of government interventions in support of the financial system may u ...
... adopted or are considering as to how the financial sector could make a fair and substantial contribution toward paying for any burden associated with government interventions to repair the banking system.” While the net fiscal cost of government interventions in support of the financial system may u ...
Sterling and the Tariff, 1929-32
... economic problems. When he first came to advise the Labour Government, he was widely perceived as a proponent of free trade, a reputation he had acquired as a result of his activities during the 1923 General Election. In an article published that year in the Nation and Athenaeum (Dec. 1, p. 336), Ke ...
... economic problems. When he first came to advise the Labour Government, he was widely perceived as a proponent of free trade, a reputation he had acquired as a result of his activities during the 1923 General Election. In an article published that year in the Nation and Athenaeum (Dec. 1, p. 336), Ke ...
Dollar Adjustment - Peterson Institute for International Economics
... Seven (G-7) issued three communiqués, starting in Dubai in September 2003, that addressed the need for greater flexibility of exchange rates by countries whose rates do not now flex. There has been continuing pressure from Congress, most recently on May 19, 2004, at a hearing of the Senate Banking C ...
... Seven (G-7) issued three communiqués, starting in Dubai in September 2003, that addressed the need for greater flexibility of exchange rates by countries whose rates do not now flex. There has been continuing pressure from Congress, most recently on May 19, 2004, at a hearing of the Senate Banking C ...
Taylor Economics Chapter 33 Test Bank
... 1. When governments are borrowers in financial capital markets, which of the following is least likely to be a possible source of the funds from a macroeconomic point of view? A. central bank prints more money B. increase in household savings C. decrease in borrowing by private firms D. foreign fina ...
... 1. When governments are borrowers in financial capital markets, which of the following is least likely to be a possible source of the funds from a macroeconomic point of view? A. central bank prints more money B. increase in household savings C. decrease in borrowing by private firms D. foreign fina ...
Background document - European Central Bank
... records the amounts of interest receivable by the different sectors of the economy, whereas the uses side shows interest payable. For each type of transaction, total resources of all sectors and the rest of the world equal total uses. Each account leads to a meaningful balancing item, the value of ...
... records the amounts of interest receivable by the different sectors of the economy, whereas the uses side shows interest payable. For each type of transaction, total resources of all sectors and the rest of the world equal total uses. Each account leads to a meaningful balancing item, the value of ...
NBER WORKING PAPER SERIES DO CAPITAL ADEQUACY REQUIREMENTS MATTER FOR MONETARY POLICY?
... Central bankers know that Þnancial intermediation is important for achieving macroeconomic stability. Without a functioning banking system, an economy will grind to a halt. It is the job of regulators and supervisors to ensure that the Þnancial system functions smoothly. But monetary policy and prud ...
... Central bankers know that Þnancial intermediation is important for achieving macroeconomic stability. Without a functioning banking system, an economy will grind to a halt. It is the job of regulators and supervisors to ensure that the Þnancial system functions smoothly. But monetary policy and prud ...
Why Do Emerging Economies Import Direct Investment and
... 1% for a $400 million issue. These costs appear to be larger on average than those paid by issuers in more advanced economies; Melnik and Nissim (2003) document that the average issue costs in the Eurobond market is about 0.37 percent of the issue size. While these numbers are not directly comparabl ...
... 1% for a $400 million issue. These costs appear to be larger on average than those paid by issuers in more advanced economies; Melnik and Nissim (2003) document that the average issue costs in the Eurobond market is about 0.37 percent of the issue size. While these numbers are not directly comparabl ...
PDF
... The bilateral rate between region i and region j is then simply the quotient of the two exchange rates with the US, Eij = Ei /Ej. Quotients such as this appear in all international transactions. The most straightforward of these in the original model are trade transactions. There the bilateral excha ...
... The bilateral rate between region i and region j is then simply the quotient of the two exchange rates with the US, Eij = Ei /Ej. Quotients such as this appear in all international transactions. The most straightforward of these in the original model are trade transactions. There the bilateral excha ...
Deficit Financing
... to fill the gap between the total receipt and the total expenditure by levying new taxes or increasing the rates of existing tax beyond a certain limits to avoid displeasure of the people, the government has been choosing an easy path of deficit financing or creation of new currency. ...
... to fill the gap between the total receipt and the total expenditure by levying new taxes or increasing the rates of existing tax beyond a certain limits to avoid displeasure of the people, the government has been choosing an easy path of deficit financing or creation of new currency. ...
China Policy Institute - University of Nottingham
... Expectations for Shanghai’s future run high because of its illustrious history as a centre of trade and industry of national importance. It was Asia’s most significant financial centre prior to 1949, and was notable for its receptiveness to international capital and ...
... Expectations for Shanghai’s future run high because of its illustrious history as a centre of trade and industry of national importance. It was Asia’s most significant financial centre prior to 1949, and was notable for its receptiveness to international capital and ...
Government-controlled acquirers
... • Does deal activity led by government-controlled acquirers emanate from some countries more than from others? Are they more likely to pursue targets in some countries more than others? • We compute yearly cross-border ratios (AGit) of government-led deal activity (by counts and by cumulative dollar ...
... • Does deal activity led by government-controlled acquirers emanate from some countries more than from others? Are they more likely to pursue targets in some countries more than others? • We compute yearly cross-border ratios (AGit) of government-led deal activity (by counts and by cumulative dollar ...
Confronting Financial Crisis: Dodd
... crisis, it will be impossible to guarantee the safety of a complex financial system operating on global scale. The result? The failure of any systemically important firm will be a shock. The receivership of a large firm, even if well managed, will roil markets domestically and internationally. It co ...
... crisis, it will be impossible to guarantee the safety of a complex financial system operating on global scale. The result? The failure of any systemically important firm will be a shock. The receivership of a large firm, even if well managed, will roil markets domestically and internationally. It co ...
Macroprudential Policy: Promise and Challenges * By Enrique G
... factors and to global spillovers in the form of shifts in global liquidity, news about global fundamentals, and the recurrent waves of financial innovation and structural/regulatory change in world financial markets. Macroprudential regulation can be implemented with rules simpler than the optimal r ...
... factors and to global spillovers in the form of shifts in global liquidity, news about global fundamentals, and the recurrent waves of financial innovation and structural/regulatory change in world financial markets. Macroprudential regulation can be implemented with rules simpler than the optimal r ...
The impact of Brexit on foreign investment in the UK Swati Dhingra
... per capita. The model addresses the question of how much more FDI would flow between two countries if the sender or the recipient joins the EU, once all these factors are taken into account. Since many FDI determinants – such as geographical distance and culture – are broadly stable over time, we ca ...
... per capita. The model addresses the question of how much more FDI would flow between two countries if the sender or the recipient joins the EU, once all these factors are taken into account. Since many FDI determinants – such as geographical distance and culture – are broadly stable over time, we ca ...
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.