... The unconstrained versions of all four models have standard errors of about 3%, and thus do not provide strong grounds in themselves for choosing among the alternative specifications. In earlier work, Boothe (1981) has constructed monthly and quarterly versions of these same models, and used rolling ...
The impact of the Real Effective Exchange Rate on South Africa`s
... economic growth and development and trade associated problems such as trade deficits, misalignment of exchange rates and disequilibria in the balance of payments. These trade-associated problems have affected several emerging economies including South Africa. According to Mohr, Fourie and Associates ...
... economic growth and development and trade associated problems such as trade deficits, misalignment of exchange rates and disequilibria in the balance of payments. These trade-associated problems have affected several emerging economies including South Africa. According to Mohr, Fourie and Associates ...
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 ...
The Crisis in Retrospect: Causes, Effects and - Fritz Breuss
... Routledge Handbook of the Economics of European Integration Routledge, London and New York, 2016, pp. 331-350. ...
... Routledge Handbook of the Economics of European Integration Routledge, London and New York, 2016, pp. 331-350. ...
Conducting Monetary Policy in Turbulent Times
... QE and also with the recent experiences of US and other advanced countries, evidence on the effectiveness of UMP remains mixed (Morgan, 2009). Baseline monetary models generally prove that there is a significant link between monetary expansion driven by central bank monetary accommodation and long-t ...
... QE and also with the recent experiences of US and other advanced countries, evidence on the effectiveness of UMP remains mixed (Morgan, 2009). Baseline monetary models generally prove that there is a significant link between monetary expansion driven by central bank monetary accommodation and long-t ...
S2000560_en.pdf
... account liberalization until policies are in place, both nationally and internationally, to avoid recurrent costly currency crises. They also imply the need to combine domestic financial liberalization with simultaneous regulation of the financial sector. For small open economies in a world of volat ...
... account liberalization until policies are in place, both nationally and internationally, to avoid recurrent costly currency crises. They also imply the need to combine domestic financial liberalization with simultaneous regulation of the financial sector. For small open economies in a world of volat ...
NBER WORKING PAPERS SERIES Nouriel Roubini
... under free trade than under autarky if the economy is very advanced or very backward relative to the rest of the world. It follows that openness might be harmful to economic growth. An additional link between trade policy and growth is given by the existence of rent—seeking activities associated wit ...
... under free trade than under autarky if the economy is very advanced or very backward relative to the rest of the world. It follows that openness might be harmful to economic growth. An additional link between trade policy and growth is given by the existence of rent—seeking activities associated wit ...
Substituted Compliance - Program on International Financial Systems
... Hardly a day passes without the emergence of some new evidence of the inter-connectedness of the world’s financial markets. In Global Financial Crisis of 2008, mounting losses on sub-prime mortgages made in the USA passed immediately onto the European and Asian balance sheets and posed vexing questi ...
... Hardly a day passes without the emergence of some new evidence of the inter-connectedness of the world’s financial markets. In Global Financial Crisis of 2008, mounting losses on sub-prime mortgages made in the USA passed immediately onto the European and Asian balance sheets and posed vexing questi ...
in Ahmet Kose, Fikret Senses and Erinc Yeldan (eds) Neoliberal
... Inflation targeting (IT) has recently become the dominant monetary policy prescription for both the developing and the industrialized countries alike. Emerging market governments, in particular, are increasingly pressured to follow IT as part of their IMF-led stabilization packages and the routine r ...
... Inflation targeting (IT) has recently become the dominant monetary policy prescription for both the developing and the industrialized countries alike. Emerging market governments, in particular, are increasingly pressured to follow IT as part of their IMF-led stabilization packages and the routine r ...
Epstein, Gerald and Erinc Yeldan: "Inflation Targeting, Employment
... Inflation targeting (IT) has recently become the dominant monetary policy prescription for both the developing and the industrialized countries alike. Emerging market governments, in particular, are increasingly pressured to follow IT as part of their IMF-led stabilization packages and the routine r ...
... Inflation targeting (IT) has recently become the dominant monetary policy prescription for both the developing and the industrialized countries alike. Emerging market governments, in particular, are increasingly pressured to follow IT as part of their IMF-led stabilization packages and the routine r ...
financial development and real growth: deciding the chicken and
... What about real growth and development? Real growth refers to the growth of the nonfinancial sectors of the economy – the agricultural sector, the industrial sector, the commercial and services sector etc. Growth here is usually measured by the output of these other sectors. Output in these sectors ...
... What about real growth and development? Real growth refers to the growth of the nonfinancial sectors of the economy – the agricultural sector, the industrial sector, the commercial and services sector etc. Growth here is usually measured by the output of these other sectors. Output in these sectors ...
A Study of Financial Distress based on MDA
... Financial statement analysis is described as the process of identifying financial strengths and weaknesses of the firm by correctly launching association between the items of the balance sheet and the profit and loss account. It is usually recognized that the objective of financial statements is to ...
... Financial statement analysis is described as the process of identifying financial strengths and weaknesses of the firm by correctly launching association between the items of the balance sheet and the profit and loss account. It is usually recognized that the objective of financial statements is to ...
ECN 202 Lecture 5
... The Financial System • The financial system consists of the group of institutions in the economy that help to match one person’s saving with another person’s investment. • It moves the economy’s scarce resources from savers to borrowers. ...
... The Financial System • The financial system consists of the group of institutions in the economy that help to match one person’s saving with another person’s investment. • It moves the economy’s scarce resources from savers to borrowers. ...
The Shifting Composition of External Liabilities André Faria International Monetary Fund
... particularly for the high-income countries, where bilateral financial integration has often taken a twoway form (assets and liabilities), in a manner loosely analogous to that observed for intra-industry trade among advanced countries. This increase has been especially pronounced for equity since th ...
... particularly for the high-income countries, where bilateral financial integration has often taken a twoway form (assets and liabilities), in a manner loosely analogous to that observed for intra-industry trade among advanced countries. This increase has been especially pronounced for equity since th ...
HSBC in Europe
... We aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and ultimately helping people to fulfil their hopes and dreams and realise their ambitions. Our local presence and global footprint gives us access to 90% of world trade f ...
... We aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and ultimately helping people to fulfil their hopes and dreams and realise their ambitions. Our local presence and global footprint gives us access to 90% of world trade f ...
Spillovers from United States Monetary Policy on Emerging Markets
... (government deficit, public debt, foreign reserves, growth) did not dampen spillovers, contrarily to Mishra, Moriyama, N’Diaye, and Nguyen (2014), and Bowman, Londoño, and Sapriza (2014). Differences may come from whether (and how) papers control for the size and sign of U.S. monetary policy shocks. ...
... (government deficit, public debt, foreign reserves, growth) did not dampen spillovers, contrarily to Mishra, Moriyama, N’Diaye, and Nguyen (2014), and Bowman, Londoño, and Sapriza (2014). Differences may come from whether (and how) papers control for the size and sign of U.S. monetary policy shocks. ...
Abstract
... 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 wh ...
... 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 wh ...
NBER WORKING PAPER SERIES ECONOMIES Joshua Aizenman
... exercise whose aim is to develop early‐warning‐systems or to assist in developing preventive measures that may inhibit the occurrence of these crises. They identify a list of ...
... exercise whose aim is to develop early‐warning‐systems or to assist in developing preventive measures that may inhibit the occurrence of these crises. They identify a list of ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... The macroeconomic adjustment process in East Asia is in general consistent with these stylized patterns. However, the degree of initial contraction and following recovery has been far greater in East Asia than what the cross-country evidence predicts. This paper tries to make an evaluation of what f ...
... The macroeconomic adjustment process in East Asia is in general consistent with these stylized patterns. However, the degree of initial contraction and following recovery has been far greater in East Asia than what the cross-country evidence predicts. This paper tries to make an evaluation of what f ...
The Fundamental Principles of Financial Regulation
... first Chairman of the Financial Stability Forum, a group of senior financial officials from the major economies that monitors the health of the International Financial System. Earlier in his career, Mr. Crockett had held senior positions at the Bank of England and the International Monetary Fund. Mr ...
... first Chairman of the Financial Stability Forum, a group of senior financial officials from the major economies that monitors the health of the International Financial System. Earlier in his career, Mr. Crockett had held senior positions at the Bank of England and the International Monetary Fund. Mr ...
Aging, Savings, and Financial Markets
... concerns about labor supply and productivity discussed in chapter 2, some observers—primarily in Western Europe and Japan—have drawn very pessimistic conclusions about the growth potential of aging societies (see, for example, de Serres and others 1998; Martins and others 2005). It turns out that th ...
... concerns about labor supply and productivity discussed in chapter 2, some observers—primarily in Western Europe and Japan—have drawn very pessimistic conclusions about the growth potential of aging societies (see, for example, de Serres and others 1998; Martins and others 2005). It turns out that th ...
FREE Sample Here
... 23. Which of the following is mentioned in the text as a possible means by which the government may attempt to improve its balance of trade position (increase its exports or reduce its imports). a. It could attempt to reduce its home currency's value. b. The government could require firms to engage ...
... 23. Which of the following is mentioned in the text as a possible means by which the government may attempt to improve its balance of trade position (increase its exports or reduce its imports). a. It could attempt to reduce its home currency's value. b. The government could require firms to engage ...
World bank documents
... institutions fail to exert sound corporate governance over the firms that they fund, this makes it easier for managers to pursue projects that benefit themselves rather than the firm and the overall economy. When financial institutions create complex financial instruments and sell them to unsophisti ...
... institutions fail to exert sound corporate governance over the firms that they fund, this makes it easier for managers to pursue projects that benefit themselves rather than the firm and the overall economy. When financial institutions create complex financial instruments and sell them to unsophisti ...
From Boom to Bust: The Iceland Story
... areas in parliament that still imparts a provincial, protectionist bias to economic policy and to the structure and functioning of the economy. Throughout most of the 20th century, the number of votes needed to elect a member of parliament for the Reykjavík area was two, three, and up to four times ...
... areas in parliament that still imparts a provincial, protectionist bias to economic policy and to the structure and functioning of the economy. Throughout most of the 20th century, the number of votes needed to elect a member of parliament for the Reykjavík area was two, three, and up to four times ...
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.