Bulletin Contents Volume 77, No. 2, June 2014
... for example, be the result of stronger domestic demand from higher export prices. Even though spending effects from terms of trade changes tend to take time to affect the real economy, and therefore inflation, the nominal exchange rate may quickly be bid-up in anticipation of consequent demand press ...
... for example, be the result of stronger domestic demand from higher export prices. Even though spending effects from terms of trade changes tend to take time to affect the real economy, and therefore inflation, the nominal exchange rate may quickly be bid-up in anticipation of consequent demand press ...
costs and benefits of running an international currency
... Rey (2001), Zhou (1997), and Matsuyama, Kiyotaki, and Matsui (1993)). An economic agent (individual, corporation or government) is more likely to use a particular currency in the goods or asset markets if others are also using this money. Although network externalities give a strong argument favouri ...
... Rey (2001), Zhou (1997), and Matsuyama, Kiyotaki, and Matsui (1993)). An economic agent (individual, corporation or government) is more likely to use a particular currency in the goods or asset markets if others are also using this money. Although network externalities give a strong argument favouri ...
Overborrowing and Systemic Externalities in the Business Cycle
... recessions which differ from typical business cycles. In emerging markets crises are often preceded by tranquil times during which the economy experiences an increase in debt, before it suddenly loses access to the international financial market. The disruption associated with these episodes has lea ...
... recessions which differ from typical business cycles. In emerging markets crises are often preceded by tranquil times during which the economy experiences an increase in debt, before it suddenly loses access to the international financial market. The disruption associated with these episodes has lea ...
Monetary Policy in the 2008-2009 Recession
... in the boom period. As with psychological-factors explanations of the business cycle, investor “animal spirits” drove the cycle. The failure of the price system to allocate resources efficiently, either across markets or over time, produced an underemployment equilibrium in which, in response to sho ...
... in the boom period. As with psychological-factors explanations of the business cycle, investor “animal spirits” drove the cycle. The failure of the price system to allocate resources efficiently, either across markets or over time, produced an underemployment equilibrium in which, in response to sho ...
Monetary Policy in the 2008–2009 Recession
... in the boom period. As with psychological-factors explanations of the business cycle, investor “animal spirits” drove the cycle. The failure of the price system to allocate resources efficiently, either across markets or over time, produced an underemployment equilibrium in which, in response to sho ...
... in the boom period. As with psychological-factors explanations of the business cycle, investor “animal spirits” drove the cycle. The failure of the price system to allocate resources efficiently, either across markets or over time, produced an underemployment equilibrium in which, in response to sho ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... deflation. The core CPI, published by the Directorate-General of Budget, Accounting, and Statistics of the Executive Yuan in Taiwan, exhibited a negative growth rate in each quarter in 2003. These findings have made deflation a cause for concern among both scholars and the media. Although the Centra ...
... deflation. The core CPI, published by the Directorate-General of Budget, Accounting, and Statistics of the Executive Yuan in Taiwan, exhibited a negative growth rate in each quarter in 2003. These findings have made deflation a cause for concern among both scholars and the media. Although the Centra ...
(See report).
... weak side. Not surprisingly, European peripherals Portugal and Greece can be found at the very bottom. However, as their economies are small, the global impact should rather be ...
... weak side. Not surprisingly, European peripherals Portugal and Greece can be found at the very bottom. However, as their economies are small, the global impact should rather be ...
Government Finance Indicators: Truth and Myth
... documents in the range of 500 pages. These reports are subsequently scrutinised by Eurostat, the statistical office of the EU, with the support of the GNI-committee in which all Member States are represented. If it shows that the estimates are not compiled according to international standards (the E ...
... documents in the range of 500 pages. These reports are subsequently scrutinised by Eurostat, the statistical office of the EU, with the support of the GNI-committee in which all Member States are represented. If it shows that the estimates are not compiled according to international standards (the E ...
Capital Markets Union
... 2009 until 2014. That said, regulatory changes are set to boost the securitisation market by setting up regulations aimed at standardising and increasing the transparency of this type of products. EU capital markets are heterogeneous and concentrated. Capital markets in the EU are concentrated in th ...
... 2009 until 2014. That said, regulatory changes are set to boost the securitisation market by setting up regulations aimed at standardising and increasing the transparency of this type of products. EU capital markets are heterogeneous and concentrated. Capital markets in the EU are concentrated in th ...
Statement of Financial Condition
... revenue on a net basis. Investment banking fees principally consist of underwriting fees earned by the Company and UBSFSIPR, net of related expenses. Account service fees represent fees charged on certain types of customer accounts. These fees vary depending on the type of account and are recognized ...
... revenue on a net basis. Investment banking fees principally consist of underwriting fees earned by the Company and UBSFSIPR, net of related expenses. Account service fees represent fees charged on certain types of customer accounts. These fees vary depending on the type of account and are recognized ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: International Aspects of Fiscal Policies
... specific model of fiscal policy. International financial markets permit individuals to trade over time and across prospective states of the world. By borrowing or lending with their counterparts in other countries, individuals can, for example, try to eliminate fluctuations in consumption caused by ...
... specific model of fiscal policy. International financial markets permit individuals to trade over time and across prospective states of the world. By borrowing or lending with their counterparts in other countries, individuals can, for example, try to eliminate fluctuations in consumption caused by ...
BIS 76th Annual Report - June 2006
... Pattern of demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rising inflation pressures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Outlook and risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...
... Pattern of demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rising inflation pressures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Outlook and risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...
Some lessons from the financial crisis for the economic analysis
... a number of factors which, with the benefit of hindsight, the economic analysis could – and in our view should – have paid more attention to during the crisis. These would include: i) the leading indicator properties of various financial variables; ii) the prevalence of the non-linear dynamics that ...
... a number of factors which, with the benefit of hindsight, the economic analysis could – and in our view should – have paid more attention to during the crisis. These would include: i) the leading indicator properties of various financial variables; ii) the prevalence of the non-linear dynamics that ...
03/2015 The Impacts of the 2008 Global Financial Crisis most affected countries
... After 2001, advanced economies started to pursue expansionary monetary policies. In the US, policymakers decided to use monetary expansion in order to minimize the depth and the duration of the crisis arising from the bursting of the US high tech bubble in 2000 and the September 11 attacks of 2001. ...
... After 2001, advanced economies started to pursue expansionary monetary policies. In the US, policymakers decided to use monetary expansion in order to minimize the depth and the duration of the crisis arising from the bursting of the US high tech bubble in 2000 and the September 11 attacks of 2001. ...
The Troubled Dollar - Beck-Shop
... States. Meanwhile, the dollar’s slump * The base value was 100 in January 1980. has triggered a virtual fire sale for foreigners seeking to buy U.S. compa** Through second quarter. nies, real estate and other assets. For Sources: Federal Reserve, Bureau of Economic Analysis example, 15 percent of al ...
... States. Meanwhile, the dollar’s slump * The base value was 100 in January 1980. has triggered a virtual fire sale for foreigners seeking to buy U.S. compa** Through second quarter. nies, real estate and other assets. For Sources: Federal Reserve, Bureau of Economic Analysis example, 15 percent of al ...
Promoting active learning
... 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. ...
Quantitative Easing and Proposals for Reform of Monetary Policy
... none of the subsequent amendments to the original 1913 Act have supplanted the Fed’s directive to act as lender of last resort or manager of the national payments system, providing an “elastic currency.” Finally, the Fed has always been responsible for regulating and supervising member banks—a respo ...
... none of the subsequent amendments to the original 1913 Act have supplanted the Fed’s directive to act as lender of last resort or manager of the national payments system, providing an “elastic currency.” Finally, the Fed has always been responsible for regulating and supervising member banks—a respo ...
Lecture 3 - Akateeminen talousblogi
... Model an Argument for Protection? Krugman: • No. This is just an explanation for why e.g. Japan’s car industry expanded when the domestic producers were initially protected. • If this would be used as a basis for protection, the other country would retaliate. The result would be relatively unaffecte ...
... Model an Argument for Protection? Krugman: • No. This is just an explanation for why e.g. Japan’s car industry expanded when the domestic producers were initially protected. • If this would be used as a basis for protection, the other country would retaliate. The result would be relatively unaffecte ...
preparing to transition to frs 102
... and changes in accounting policy will be inevitable. However, transition to FRS 102 can also provide an opportunity to look again at current accounting policies and reconsider their appropriateness to the business. In some cases there will also be accounting options that were not previously availabl ...
... and changes in accounting policy will be inevitable. However, transition to FRS 102 can also provide an opportunity to look again at current accounting policies and reconsider their appropriateness to the business. In some cases there will also be accounting options that were not previously availabl ...
APRA Insight Issue 2 2012 - Australian Prudential Regulation Authority
... well capitalised, supported by a domestic economy that has not experienced a recession for over 20 years. However, the outlook for the industry is clouded by an uncertain operating environment, driven primarily by concerns external to the Australian economy. These concerns focus on the risks around ...
... well capitalised, supported by a domestic economy that has not experienced a recession for over 20 years. However, the outlook for the industry is clouded by an uncertain operating environment, driven primarily by concerns external to the Australian economy. These concerns focus on the risks around ...
NBER WORKING PAPER SERIES FINANCE AND INEQUALITY: THEORY AND EVIDENCE Asli Demirguc-Kunt
... theoretical structure, promising research suggests that growth and inequality interact during the process of economic development (Galor & Moav 2004). Different work indicates that finance and economic growth are inextricably linked (Greenwood & Jovanovic 1990, King & Levine 1993b). Yet, we do not h ...
... theoretical structure, promising research suggests that growth and inequality interact during the process of economic development (Galor & Moav 2004). Different work indicates that finance and economic growth are inextricably linked (Greenwood & Jovanovic 1990, King & Levine 1993b). Yet, we do not h ...
Exposure to international crises: trade vs. financial contagion
... to the United States did not increase the crisis incidence of other countries. In fact, they found that, if anything, greater exposure to the United States corresponded with greater growth. I extend the focus of this research beyond the initial 2008 crisis year to find that, while the experiences of ...
... to the United States did not increase the crisis incidence of other countries. In fact, they found that, if anything, greater exposure to the United States corresponded with greater growth. I extend the focus of this research beyond the initial 2008 crisis year to find that, while the experiences of ...
The Economic Origins of Democracy Reconsidered
... context of inequality as an influence on democratization. Empirical tests of these theories have, however, produced inconclusive results on the linkage between inequality and democratization. (See, e.g., Houle 2009.) And, important anomalies have been observed. The democratization of much of South A ...
... context of inequality as an influence on democratization. Empirical tests of these theories have, however, produced inconclusive results on the linkage between inequality and democratization. (See, e.g., Houle 2009.) And, important anomalies have been observed. The democratization of much of South A ...
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.