Document
... deficit of 0.2 percent. In 2005 large increases in expenditure are planned against the backdrop of anticipated privatisation revenues. The general government deficit is projected to increase to 4.8 percent of GDP on a cash basis. Supported by a rebound in investor confidence, yields on Treasury bill ...
... deficit of 0.2 percent. In 2005 large increases in expenditure are planned against the backdrop of anticipated privatisation revenues. The general government deficit is projected to increase to 4.8 percent of GDP on a cash basis. Supported by a rebound in investor confidence, yields on Treasury bill ...
16 EFFECT OF FINANCIAL LIBERALIZATION ON ECONOMIC
... costs, along with a greater reliance on the private sector as the engine of growth (Bhaduri, 2005). Financial liberalization has become an important economic policy package in both advanced and advancing countries. For more than a decade now, financial liberalization in developing countries has been ...
... costs, along with a greater reliance on the private sector as the engine of growth (Bhaduri, 2005). Financial liberalization has become an important economic policy package in both advanced and advancing countries. For more than a decade now, financial liberalization in developing countries has been ...
Market-specific and Currency-specific Risk During the Global
... Offered Rate (TIBOR) was synchronized with the London Interbank Offered Rate (LIBOR) denominated in the US dollar and the Japanese yen. Regardless of the currency denomination, TIBOR was highly synchronized with LIBOR in tranquil periods. However, the interbank rates showed substantial deviations in ...
... Offered Rate (TIBOR) was synchronized with the London Interbank Offered Rate (LIBOR) denominated in the US dollar and the Japanese yen. Regardless of the currency denomination, TIBOR was highly synchronized with LIBOR in tranquil periods. However, the interbank rates showed substantial deviations in ...
A Modest Proposal for Reforming the Undergraduate
... This paper makes the case for a detailed and systematic treatment of the so-called ‘balance mechanics’ and the accounting relationships that form the basis for a better understanding of national income accounting but can also fruitfully be used for evaluating economic models and economic policy prop ...
... This paper makes the case for a detailed and systematic treatment of the so-called ‘balance mechanics’ and the accounting relationships that form the basis for a better understanding of national income accounting but can also fruitfully be used for evaluating economic models and economic policy prop ...
NBER WORKING PAPER SERIES INTERNATIONAL EFFECTS ON THE U.S. CAPITAL MARKET
... value of bonds held as well as purchases and sales. When only net purchases are considered (Figure 6), a dramatic effect on U.S. investor behavior is apparent only after the lET elimination. Some idea of the potential effects of these transactions can be obtained from comparing U.S. purchases of for ...
... value of bonds held as well as purchases and sales. When only net purchases are considered (Figure 6), a dramatic effect on U.S. investor behavior is apparent only after the lET elimination. Some idea of the potential effects of these transactions can be obtained from comparing U.S. purchases of for ...
Measuring the Contribution of Financial Intermediation to Gross
... (GDP) is challenging. Agents within an economy that are primarily engaged in the activity of matching borrowers with lenders are termed as financial intermediaries within the System of National Accounts (SNA). This activity of financial intermediation is also considered to be a service output, provi ...
... (GDP) is challenging. Agents within an economy that are primarily engaged in the activity of matching borrowers with lenders are termed as financial intermediaries within the System of National Accounts (SNA). This activity of financial intermediation is also considered to be a service output, provi ...
Market-specific and Currency-specific Risk during the
... intensified its quantitative easing policy. The unconventional monetary policy distorted yen-denominated money markets but not dollar-denominated ones. The TIBOR–LIBOR spreads still remained small even in yen-denominated transactions in the first half of the 2000s. A more noteworthy result in the Ta ...
... intensified its quantitative easing policy. The unconventional monetary policy distorted yen-denominated money markets but not dollar-denominated ones. The TIBOR–LIBOR spreads still remained small even in yen-denominated transactions in the first half of the 2000s. A more noteworthy result in the Ta ...
Goals of the Monetary Policy and the Stability of the Purchasing
... One of the basic goals of the macroeconomic policy, and in those frames of the monetary policy is to secure stabile macroeconomic conditions of action. Such conditions are secured if the monetary funds are in balance with the commodity funds. Each deviation from the balance in direction of increase ...
... One of the basic goals of the macroeconomic policy, and in those frames of the monetary policy is to secure stabile macroeconomic conditions of action. Such conditions are secured if the monetary funds are in balance with the commodity funds. Each deviation from the balance in direction of increase ...
I. International and Domestic Developments Affecting Financial Stability
... outlook in economic activity and the fall in oil prices. Although ...
... outlook in economic activity and the fall in oil prices. Although ...
stability report
... diversify the investor base. The market has been gradually opened to foreign investments to ensure smooth and safe transition. Market infrastructure has also been improved. Initiatives were taken to strengthen the scope of existing payment and settlement systems to facilitate economic developments a ...
... diversify the investor base. The market has been gradually opened to foreign investments to ensure smooth and safe transition. Market infrastructure has also been improved. Initiatives were taken to strengthen the scope of existing payment and settlement systems to facilitate economic developments a ...
NBER WORKING PAPER SERIES --THE PREVAILING "EXPORT OVERSHOOTING" PHENOMENON
... exchange rates had been shown to be a significant factor negatively affecting exports of the Asian economies during the Asian financial crisis. The exports of countries outside Asia, however, were less affected by the Asian crisis due possibly to the relatively smaller financial contagion and trade ...
... exchange rates had been shown to be a significant factor negatively affecting exports of the Asian economies during the Asian financial crisis. The exports of countries outside Asia, however, were less affected by the Asian crisis due possibly to the relatively smaller financial contagion and trade ...
Official PDF , 31 pages
... savings, S, less real government spending, G, which is financed by domestic credit creation. If P denotes domestic prices and P: foreign prices, given purchasing power parity (Ppp), P = x P". Setting P* = 1 gives P = x, which can be applied here without loss of generality. These assumptions, and the ...
... savings, S, less real government spending, G, which is financed by domestic credit creation. If P denotes domestic prices and P: foreign prices, given purchasing power parity (Ppp), P = x P". Setting P* = 1 gives P = x, which can be applied here without loss of generality. These assumptions, and the ...
econ stor www.econstor.eu
... developed new approaches and took untraditional measures to contain the crisis. As policy rates approached the lower bound, they increasingly viewed balance sheet operations as a supplementary policy tool. The Federal Reserve decision to pay interest on reserves in October 2008 paved the way for a m ...
... developed new approaches and took untraditional measures to contain the crisis. As policy rates approached the lower bound, they increasingly viewed balance sheet operations as a supplementary policy tool. The Federal Reserve decision to pay interest on reserves in October 2008 paved the way for a m ...
Financial Development and Economic Growth: Views and
... According to Hicks, the products manufactured during the first decades of the industrial revolution had been invented much earlier. Thus, technological innovation did not spark sustained growth. Many of these existing inventions, however, required large injections and longrun commitments of capital. ...
... According to Hicks, the products manufactured during the first decades of the industrial revolution had been invented much earlier. Thus, technological innovation did not spark sustained growth. Many of these existing inventions, however, required large injections and longrun commitments of capital. ...
Sweden`s Approach to Monetary Policy
... equaled about SKr 1,700 billion. (These two assets represent the great bulk of all securities issued in kronor.) At that time, the banks held SKr 200 billion in securities approved as collateral, of which only SKr 50 billion were actually being used as collateral for loans from the Riksbank. Because ...
... equaled about SKr 1,700 billion. (These two assets represent the great bulk of all securities issued in kronor.) At that time, the banks held SKr 200 billion in securities approved as collateral, of which only SKr 50 billion were actually being used as collateral for loans from the Riksbank. Because ...
Fiscal Policy for the Crisis
... downturn will last for some time; diversified because of the unusual degree of uncertainty associated with any single measure; contingent, because the need to reduce the perceived probability of another “Great Depression” requires a commitment to do more, if needed; collective, since each country th ...
... downturn will last for some time; diversified because of the unusual degree of uncertainty associated with any single measure; contingent, because the need to reduce the perceived probability of another “Great Depression” requires a commitment to do more, if needed; collective, since each country th ...
Document
... For capital: it is arithmetic sum of different categories of capital. Quality component captures changes in composition of factors of production. Output growth averaged 5.3% for the group as a whole. Quality of labor rose on average by 1.4%, and quantity of labor by 2%. Quality of capital fell by 0. ...
... For capital: it is arithmetic sum of different categories of capital. Quality component captures changes in composition of factors of production. Output growth averaged 5.3% for the group as a whole. Quality of labor rose on average by 1.4%, and quantity of labor by 2%. Quality of capital fell by 0. ...
Determinants of International Capital Flows:The Case of Malaysia:
... to have positive relation with CAPF. This is because an economically well doing country can attract more inflows of capital than the reverse, and also, the higher the domestic interest rate, the more attractive the country is in terms of attraction to foreign capital. In contrast, both domestic BB a ...
... to have positive relation with CAPF. This is because an economically well doing country can attract more inflows of capital than the reverse, and also, the higher the domestic interest rate, the more attractive the country is in terms of attraction to foreign capital. In contrast, both domestic BB a ...
Finance and international trade: A review of the literature
... fell by 12% in 2009. The decline in merchandise export volumes was particularly severe in North America (-15%) and Europe (-15%) compared to South America (-8%) and Asia (-11%)1 . As emphasized by Francois and Woerz (2009), the decline in trade flows was more dramatic for manufactured products (-15. ...
... fell by 12% in 2009. The decline in merchandise export volumes was particularly severe in North America (-15%) and Europe (-15%) compared to South America (-8%) and Asia (-11%)1 . As emphasized by Francois and Woerz (2009), the decline in trade flows was more dramatic for manufactured products (-15. ...
Public Debt Management in Emerging Market
... basis points from its low point in June 2007, and the international capital markets were effectively closed to issuers for several months. Yet, despite the severity of the global crisis, it did not result in an emerging market sovereign debt crisis of the type that we have seen in the 1990s and earl ...
... basis points from its low point in June 2007, and the international capital markets were effectively closed to issuers for several months. Yet, despite the severity of the global crisis, it did not result in an emerging market sovereign debt crisis of the type that we have seen in the 1990s and earl ...
Leverage, Risk and Regulatory Capital in Latin
... Regulatory capital plays a central role after the recent banking crisis of 2007-2009. The debate around the level of capital is complex, with opposite views about the optimal level of bank capital. Some researchers claim lower levels of capital because raising them would induce increases in loan rat ...
... Regulatory capital plays a central role after the recent banking crisis of 2007-2009. The debate around the level of capital is complex, with opposite views about the optimal level of bank capital. Some researchers claim lower levels of capital because raising them would induce increases in loan rat ...
Regime-Switching Measure of Systemic Financial Stress
... The notations of reported parameters correspond to equations (1), (3), and (4). Standard errors of estimated parameters are reported in parentheses. ...
... The notations of reported parameters correspond to equations (1), (3), and (4). Standard errors of estimated parameters are reported in parentheses. ...
The Politics of Central Banking and Implications for Regulatory
... have been the worst financial crisis ever. And yet a view emerging among African policymakers and development practitioners is that central banks should play a role that goes beyond safeguarding monetary and financial stability and seeks to develop a responsible financial sector, particularly throug ...
... have been the worst financial crisis ever. And yet a view emerging among African policymakers and development practitioners is that central banks should play a role that goes beyond safeguarding monetary and financial stability and seeks to develop a responsible financial sector, particularly throug ...
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.