Capital regulation and credit fluctuations
... becomes more pronounced and the welfare gains that can be achieved by macroprudential regulation increase. In a second extension, we introduce labor as a further factor of production supplied by workers. We obtain a broader conclusion that tighter capital requirements for booms stabilize other facto ...
... becomes more pronounced and the welfare gains that can be achieved by macroprudential regulation increase. In a second extension, we introduce labor as a further factor of production supplied by workers. We obtain a broader conclusion that tighter capital requirements for booms stabilize other facto ...
Globalization and the Industrial Development of Nigeria: Evidence
... (WTO) agreements and the growing global technology and improved work organizations. Nigeria is increasingly launching herself into the globalization train, expecting to address her current economic problems of unemployment, prices instability, balance of payments disequilibrium, poverty, income ineq ...
... (WTO) agreements and the growing global technology and improved work organizations. Nigeria is increasingly launching herself into the globalization train, expecting to address her current economic problems of unemployment, prices instability, balance of payments disequilibrium, poverty, income ineq ...
Sectoral Analysis
... the IS-LM model in the open macro-economics. The degree of mobility of international capital flows and the choice of foreign exchange policy modify the operation of IS-LM. No country other than the might U.S. can claim that the IS-LM model works as itself. All other countries should take into consid ...
... the IS-LM model in the open macro-economics. The degree of mobility of international capital flows and the choice of foreign exchange policy modify the operation of IS-LM. No country other than the might U.S. can claim that the IS-LM model works as itself. All other countries should take into consid ...
Interim Report of the Commission of Enquiry_0
... between 15% and 55% to the commercial rand over the thirty years that this mechanism was in place. 2.2.2 On different occasions during the 1970’s the commercial rand was fixed to the US dollar or to the British pound and fluctuated in line with the value of these currencies. In September 1975, speci ...
... between 15% and 55% to the commercial rand over the thirty years that this mechanism was in place. 2.2.2 On different occasions during the 1970’s the commercial rand was fixed to the US dollar or to the British pound and fluctuated in line with the value of these currencies. In September 1975, speci ...
Booms and Banking Crises
... the amplification of random adverse financial shocks. Rare, large enough, adverse financial shocks can account for the first two properties (see e.g. Gertler and Kiyotaki, 2009). However, by implying that banking crises may break out at any time in the business cycle, they do not seem in line with t ...
... the amplification of random adverse financial shocks. Rare, large enough, adverse financial shocks can account for the first two properties (see e.g. Gertler and Kiyotaki, 2009). However, by implying that banking crises may break out at any time in the business cycle, they do not seem in line with t ...
The Gold Price Outlook
... and SE Asian trade; indeed many countries want the US dollar to be replaced in global trade and global reserves. To encourage other countries to hold CNY balances (and as reserve currency) the CNY must have: ...
... and SE Asian trade; indeed many countries want the US dollar to be replaced in global trade and global reserves. To encourage other countries to hold CNY balances (and as reserve currency) the CNY must have: ...
The Positive and Negative Impact of Remittances on Economic
... an example the US and Mexico, the importance of flows of remittances encourages the banks to intervene in the routing of these flows, which is also desirable from the point of view of the State. Study by Taparia (2005) shows; in the case of several countries like Morocco, the surge of the remittance ...
... an example the US and Mexico, the importance of flows of remittances encourages the banks to intervene in the routing of these flows, which is also desirable from the point of view of the State. Study by Taparia (2005) shows; in the case of several countries like Morocco, the surge of the remittance ...
Caribbean Corner: IMF Newsletter for the Caribbean Region
... by the financial crisis and ensuing Great Recession before joining the Fund, the widespread fallout in the Caribbean region surprised him upon arrival. He observed that “the countries from the constituency suffered greatly during the crisis (and continue to do so) partly due to decline in global tra ...
... by the financial crisis and ensuing Great Recession before joining the Fund, the widespread fallout in the Caribbean region surprised him upon arrival. He observed that “the countries from the constituency suffered greatly during the crisis (and continue to do so) partly due to decline in global tra ...
Collapse in World Trade - The International Economy
... orld trade has been collapsing faster than at any time since the Great Depression because global output has been doing the same (with the exception of the World War II years). More interesting is the question of why world trade is collapsing even faster than global output. I believe there are at lea ...
... orld trade has been collapsing faster than at any time since the Great Depression because global output has been doing the same (with the exception of the World War II years). More interesting is the question of why world trade is collapsing even faster than global output. I believe there are at lea ...
Corporate Hedging for Foreign Exchange Risk in India
... economic) and term of exposure. Accounting exposure, also called translation exposure, results from the need to restate foreign subsidiaries’ financial statements into the parent’s reporting currency and is the sensitivity of net income to the variation in the exchange rate between a foreign subsidi ...
... economic) and term of exposure. Accounting exposure, also called translation exposure, results from the need to restate foreign subsidiaries’ financial statements into the parent’s reporting currency and is the sensitivity of net income to the variation in the exchange rate between a foreign subsidi ...
Financial Stability Report November 2011 Contents
... and the global growth outlook has weakened. Concerns about the ability of Europe’s political institutions to resolve the ongoing crisis have contributed to market fragility. Funding market conditions have deteriorated, particularly for those European banks with exposure to the worst affected soverei ...
... and the global growth outlook has weakened. Concerns about the ability of Europe’s political institutions to resolve the ongoing crisis have contributed to market fragility. Funding market conditions have deteriorated, particularly for those European banks with exposure to the worst affected soverei ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... fundamental reason why India and China had been spared from massive currency crises was that they did not allow free capital mobility. Stiglitz went even further and argued that the easing of controls on capital mobility was at the center of most (if not all) of currency crises in the emerging marke ...
... fundamental reason why India and China had been spared from massive currency crises was that they did not allow free capital mobility. Stiglitz went even further and argued that the easing of controls on capital mobility was at the center of most (if not all) of currency crises in the emerging marke ...
Sarik, Vidak - European Commission
... also includes lending from the central bank to troubled institutions as part of the central bank’s lender of last resort role or exceptional, direct government infusion of cash into TBTF institutions in form of too-big-to-fail policy (Mishkin 2005). The extension of government safety net is an indi ...
... also includes lending from the central bank to troubled institutions as part of the central bank’s lender of last resort role or exceptional, direct government infusion of cash into TBTF institutions in form of too-big-to-fail policy (Mishkin 2005). The extension of government safety net is an indi ...
BIS Working Papers Asset prices, financial and monetary stability: exploring the nexus
... deflation. While such imbalances can be difficult to identify ex ante, the results presented in this paper provide some evidence that useful measures can be developed. This suggests that, despite the difficulties involved, a monetary policy response to imbalances as they build up may be both possibl ...
... deflation. While such imbalances can be difficult to identify ex ante, the results presented in this paper provide some evidence that useful measures can be developed. This suggests that, despite the difficulties involved, a monetary policy response to imbalances as they build up may be both possibl ...
Challenges of Investing in Emerging Capital Markets: Integration vs. Segmentation
... Paper presented by Global Investment House in the ...
... Paper presented by Global Investment House in the ...
COM SEC(2010)
... In 2008, the Commission completed the implementation of the previous package of macrofinancial assistance, totalling EUR 45 million, which was adopted by the Council on 16 April 2007. The second and third instalments of, respectively, EUR 10 and 15 million were released in June and December 2008. Th ...
... In 2008, the Commission completed the implementation of the previous package of macrofinancial assistance, totalling EUR 45 million, which was adopted by the Council on 16 April 2007. The second and third instalments of, respectively, EUR 10 and 15 million were released in June and December 2008. Th ...
NBER WORKING PAPER SERIES CURRENT ACCOUNT BALANCES, FINANCIAL DEVELOPMENT AND INSTITUTIONS:
... saving (e.g., Edwards, 1996). While we implement our analysis using a model that controls for financial deepening, part of the current account imbalances for the United States and other countries including emerging market countries in East Asia cannot be explained. We will investigate whether this d ...
... saving (e.g., Edwards, 1996). While we implement our analysis using a model that controls for financial deepening, part of the current account imbalances for the United States and other countries including emerging market countries in East Asia cannot be explained. We will investigate whether this d ...
Russian Federation: Staff Report for the 2016 Article IV
... economy from the dual shocks of lower oil prices and sanctions. At the same time, the Russian economy will need to adjust to the challenge of persistently lower oil prices by reducing its dependence on oil and energy exports over the medium term. They stressed that structural reforms will be essenti ...
... economy from the dual shocks of lower oil prices and sanctions. At the same time, the Russian economy will need to adjust to the challenge of persistently lower oil prices by reducing its dependence on oil and energy exports over the medium term. They stressed that structural reforms will be essenti ...
Book Review_ After the Music Stopped - WSJ
... another way to go, the way Alan Greenspan handled the 1987 stock market crash, the Y2K episode in 1999 and 2000, and the post-9/11 economy. That way was to have the Fed purchase Treasury bills through open-market operations to make sure the economy had ample liquidity. In all three cases, it worked. ...
... another way to go, the way Alan Greenspan handled the 1987 stock market crash, the Y2K episode in 1999 and 2000, and the post-9/11 economy. That way was to have the Fed purchase Treasury bills through open-market operations to make sure the economy had ample liquidity. In all three cases, it worked. ...
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... saving (e.g., Edwards, 1996). While we implement our analysis using a model that controls for financial deepening, part of the current account imbalances for the United States and other countries including emerging market countries in East Asia cannot be explained. We will investigate whether this d ...
... saving (e.g., Edwards, 1996). While we implement our analysis using a model that controls for financial deepening, part of the current account imbalances for the United States and other countries including emerging market countries in East Asia cannot be explained. We will investigate whether this d ...
After Washington Consensus
... building a national innovation system (to promote the diffusion of technological information, fund precompetitive research, providing tax incentives, encouraging venture capital and industrial clusters), modernizing the market institutional structure (property rights and bankruptcy laws) and institu ...
... building a national innovation system (to promote the diffusion of technological information, fund precompetitive research, providing tax incentives, encouraging venture capital and industrial clusters), modernizing the market institutional structure (property rights and bankruptcy laws) and institu ...
Bangladesh`s Balance of Payments: an Econometric Analysis
... 1500 (adjusted by per chasing power parity). According to the International Monetary Fund (IMF) Bangladesh ranked as the 48th largest economy in the world in 2009, with a GDP of US$ 256 billion. The economy has growth at the rate of 6-7% p.a. over the past few years, more than half of the GDP belong ...
... 1500 (adjusted by per chasing power parity). According to the International Monetary Fund (IMF) Bangladesh ranked as the 48th largest economy in the world in 2009, with a GDP of US$ 256 billion. The economy has growth at the rate of 6-7% p.a. over the past few years, more than half of the GDP belong ...
Exchange rate volatility of Nigerian Naira against some major
... Botswana, Gabon and Mauritius). Since 1996, at the end of over twelve years of international sanctions, South Africa's Gross Domestic Product has since almost tripled to $400 billion, and foreign exchange reserves have increased from $3 billion to nearly $50 billion; creating a growing and sizable A ...
... Botswana, Gabon and Mauritius). Since 1996, at the end of over twelve years of international sanctions, South Africa's Gross Domestic Product has since almost tripled to $400 billion, and foreign exchange reserves have increased from $3 billion to nearly $50 billion; creating a growing and sizable A ...
Financialisation and the financial and economic crises: Theoretical
... Sustainable Development (FESSUD). It has received funding from the European Union Seventh Framework Programme (FP7/2007-2013) under grant agreement n° 266800. For helpful comments we would like to thank Trevor Evans, and the participants of the FESSUD Workshop on 7-8 May in Berlin where parts of the ...
... Sustainable Development (FESSUD). It has received funding from the European Union Seventh Framework Programme (FP7/2007-2013) under grant agreement n° 266800. For helpful comments we would like to thank Trevor Evans, and the participants of the FESSUD Workshop on 7-8 May in Berlin where parts of the ...
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.