EN EN Results of in-depth reviews under Regulation (EU) No 1176
... In the Alert Mechanism Report (AMR) published on 13 November 2013, the Commission found it useful to investigate the nature of and potential risks related to Croatia's external position, trade performance and competitiveness, as well as internal developments. To this end this In-Depth Review (IDR) p ...
... In the Alert Mechanism Report (AMR) published on 13 November 2013, the Commission found it useful to investigate the nature of and potential risks related to Croatia's external position, trade performance and competitiveness, as well as internal developments. To this end this In-Depth Review (IDR) p ...
international money and the future of the sdr
... The common manufacturer, if he understood his own interest, would approve rather than complain of the temporary substitution of paper for gold, which has been thus occasioned; for the export of gold has served to ease him in the first instance: his labour, indeed must hereafter purchase back again t ...
... The common manufacturer, if he understood his own interest, would approve rather than complain of the temporary substitution of paper for gold, which has been thus occasioned; for the export of gold has served to ease him in the first instance: his labour, indeed must hereafter purchase back again t ...
Central banks and financial crises
... institutionally. My thesis is that both monetary theory and the practice of central banking have failed to keep up with key developments in the financial systems of advanced market economies, and that as a result of this, many central banks were to varying degrees illprepared for the financial crisi ...
... institutionally. My thesis is that both monetary theory and the practice of central banking have failed to keep up with key developments in the financial systems of advanced market economies, and that as a result of this, many central banks were to varying degrees illprepared for the financial crisi ...
The Elusive Gains from International Financial Integration
... Our results are consistent with the recent developments in the literature on growth and convergence in international perspective. In contrast with early papers that stressed factor accumulation as a source of growth (Mankiw, Romer and Weil, 1992; Barro, Mankiw and Sala-i-Martin, 1995), the literatur ...
... Our results are consistent with the recent developments in the literature on growth and convergence in international perspective. In contrast with early papers that stressed factor accumulation as a source of growth (Mankiw, Romer and Weil, 1992; Barro, Mankiw and Sala-i-Martin, 1995), the literatur ...
Government Budget Deficits and the Development of the Bond
... considering the degrees of development in various countries. The more recent literature has attempted to explain why even perfectly rational voters may be led to vote for opportunistic politicians who incur deficit spending. Rogoff (1990) and Rogoff and Sibert (1988) argue that voters have only impe ...
... considering the degrees of development in various countries. The more recent literature has attempted to explain why even perfectly rational voters may be led to vote for opportunistic politicians who incur deficit spending. Rogoff (1990) and Rogoff and Sibert (1988) argue that voters have only impe ...
Decomposing the Effects of Financial Liberalization
... strengthens financial development and contributes to higher long-run growth. In another view, liberalization induces excessive risk-taking, increases macroeconomic volatility and leads to more frequent crises. In this paper we propose an empirical framework that brings these two views together. We d ...
... strengthens financial development and contributes to higher long-run growth. In another view, liberalization induces excessive risk-taking, increases macroeconomic volatility and leads to more frequent crises. In this paper we propose an empirical framework that brings these two views together. We d ...
Charles I. Plosser Robert G. King Working Paper No. 853 1050
... Grossman, John Long, and Bennett McCallum provided useful feedback on earlier drafts of this paper. We have also benefited from seminars at the University of Rochester, University of Chicago, and University of Pennsylvania. King's participation in this research is supported by the National Science F ...
... Grossman, John Long, and Bennett McCallum provided useful feedback on earlier drafts of this paper. We have also benefited from seminars at the University of Rochester, University of Chicago, and University of Pennsylvania. King's participation in this research is supported by the National Science F ...
Financing the Capital Development of the Economy: A Keynes
... investments that promote capital development using state-of-the-art knowledge, techniques, and processes. Since new investment in physical capital as well as in human development will generally utilize the newest knowledge, techniques, and processes, new and replacement investment will usually promo ...
... investments that promote capital development using state-of-the-art knowledge, techniques, and processes. Since new investment in physical capital as well as in human development will generally utilize the newest knowledge, techniques, and processes, new and replacement investment will usually promo ...
3BUAdvising and Supervision (as main/co
... Journal of Development Economics, Journal of Money Credit and Banking, Applied Economics (3), Emerging Markets Review, Emerging Markets Finance and Trade , Journal of Economics and Business, Applied Financial Economics (2) Asian Journal of Finance and Accounting (2), Journal of Economics and Finance ...
... Journal of Development Economics, Journal of Money Credit and Banking, Applied Economics (3), Emerging Markets Review, Emerging Markets Finance and Trade , Journal of Economics and Business, Applied Financial Economics (2) Asian Journal of Finance and Accounting (2), Journal of Economics and Finance ...
From Open-Market Operations to Open-Mouth Policy
... policy-makers to respond with some flexibility to changing economic conditions. 8 From a communication perspective, also of great value is a clear statement of the reasons for the policy decision. That statement is the press release announcing the interest rate decision, which is typically supplemen ...
... policy-makers to respond with some flexibility to changing economic conditions. 8 From a communication perspective, also of great value is a clear statement of the reasons for the policy decision. That statement is the press release announcing the interest rate decision, which is typically supplemen ...
the Building Capital Markets progress report
... The new Ministry of Business, Innovation and Employment is working alongside other agencies to coordinate the agenda and ensure businesses can more easily access the advice and support from Government agencies they need to be successful. ...
... The new Ministry of Business, Innovation and Employment is working alongside other agencies to coordinate the agenda and ensure businesses can more easily access the advice and support from Government agencies they need to be successful. ...
Central Bank of the Republic of China (Taiwan)
... The global economic recovery continued at a mild pace despite the fact that the downside risks in international financial markets had risen in 2014. Meanwhile, Taiwan’s economy grew steadily. Financial markets kept evolving and the health of financial institutions was sound. These, coupled with the ...
... The global economic recovery continued at a mild pace despite the fact that the downside risks in international financial markets had risen in 2014. Meanwhile, Taiwan’s economy grew steadily. Financial markets kept evolving and the health of financial institutions was sound. These, coupled with the ...
Latin America and the Rising South: Changing World, Changing
... sluggish and thus reduce the potential gains from globalization; and the region’s notoriously low national saving rates, which may hamper long-term growth by undermining external competitiveness. ...
... sluggish and thus reduce the potential gains from globalization; and the region’s notoriously low national saving rates, which may hamper long-term growth by undermining external competitiveness. ...
Booms and Systemic Banking Crises ∗ Fr´ ed´
... non permanent, supply shocks hits the economy. The resulting increase in the productivity of capital leads to a demand–driven expansion of credit that pushes interest rates up. The more efficient banks expand their loan operations by drawing funds from the less efficient banks and market funding in ...
... non permanent, supply shocks hits the economy. The resulting increase in the productivity of capital leads to a demand–driven expansion of credit that pushes interest rates up. The more efficient banks expand their loan operations by drawing funds from the less efficient banks and market funding in ...
Inflation Targeting and the Global Financial Crisis: Successes and Challenges
... Despite inflation-targeting central banks’ noteworthy successes in maintaining low inflation and anchoring inflation expectations during and after the crisis, inflation targeting faces two critical challenges. The first is the zero lower bound on nominal interest rates, which has constrained convent ...
... Despite inflation-targeting central banks’ noteworthy successes in maintaining low inflation and anchoring inflation expectations during and after the crisis, inflation targeting faces two critical challenges. The first is the zero lower bound on nominal interest rates, which has constrained convent ...
Monetary Integration, Partisanship, and
... bank, as is typically the case, then the CB can undermine accommodating fiscal policies by raising interest rates (Scharpf 1991; Tabellini 1990). This gives the government an incentive not to engage in accommodating policies. Once the government is committed to a particular set of fiscal and moneta ...
... bank, as is typically the case, then the CB can undermine accommodating fiscal policies by raising interest rates (Scharpf 1991; Tabellini 1990). This gives the government an incentive not to engage in accommodating policies. Once the government is committed to a particular set of fiscal and moneta ...
Accounting for asymmetric growth effect of capital flows in a model
... emerging economies that liberalized capital accounts in the early 1990s were the darlings of international investors. The fast and stable economic expansion during that time was often claimed to be the outcome of capital account liberalization. As the crisis unfolded and capital flows suddenly rever ...
... emerging economies that liberalized capital accounts in the early 1990s were the darlings of international investors. The fast and stable economic expansion during that time was often claimed to be the outcome of capital account liberalization. As the crisis unfolded and capital flows suddenly rever ...
A socioeconomics approach
... “classical” theory and monetarism to create what came to be called New Classical theory. The most important conclusion was that money would be neutral in the short run, as well as the long run, so long as policy was predictable. In practical terms, this meant that an announced and believable policy ...
... “classical” theory and monetarism to create what came to be called New Classical theory. The most important conclusion was that money would be neutral in the short run, as well as the long run, so long as policy was predictable. In practical terms, this meant that an announced and believable policy ...
2013 Audit - Hartsel Fire Protection District
... financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s ...
... financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s ...
a democratic reformation of finance
... big to fail’ operating in the UK in 2011/12 benefited from an implicit public subsidy worth an estimated £65 billion through artificially lowered operating costs, little lower than before the crash (IMF 2014a).3 Yet these banks poorly serve the real economy, with net lending to UK businesses falling ...
... big to fail’ operating in the UK in 2011/12 benefited from an implicit public subsidy worth an estimated £65 billion through artificially lowered operating costs, little lower than before the crash (IMF 2014a).3 Yet these banks poorly serve the real economy, with net lending to UK businesses falling ...
3 – The East Asian Crisis - Utrecht University Repository
... Not many organisations have been the subject of so much controversy as the International Monetary Fund (IMF). Numerous highly acclaimed academics such as Jeffrey Sachs and Joseph Stiglitz have accused the IMF of being incompetent, secretive and a pawn of the United States Government.1 People in poor ...
... Not many organisations have been the subject of so much controversy as the International Monetary Fund (IMF). Numerous highly acclaimed academics such as Jeffrey Sachs and Joseph Stiglitz have accused the IMF of being incompetent, secretive and a pawn of the United States Government.1 People in poor ...
application of the countercyclical capital buffer in lithuania
... create an effective system for the use of macroprudential measures. Basel III, the new capital formation standards, was one of such initiatives. These standards have been approved at EU level; many of their proposals have been transposed into the CRR and CRD IV, while the provisions of the latter tw ...
... create an effective system for the use of macroprudential measures. Basel III, the new capital formation standards, was one of such initiatives. These standards have been approved at EU level; many of their proposals have been transposed into the CRR and CRD IV, while the provisions of the latter tw ...
N 162
... over the last half-century, some claim that the last time an advanced economy defaulted was over six decades ago.6 However, in the past several years many advanced countries have assumed significant debts with today’s levels matched only by the periods following the two world wars (Figure 2).7 At pr ...
... over the last half-century, some claim that the last time an advanced economy defaulted was over six decades ago.6 However, in the past several years many advanced countries have assumed significant debts with today’s levels matched only by the periods following the two world wars (Figure 2).7 At pr ...
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.