Document
... between countries at different stages of economic development. Because many developing economies offer potentially rich opportunities for investment, it is natural that they have current account deficits and borrow from richer countries. In the 1970s countries in Latin America entered an era of dist ...
... between countries at different stages of economic development. Because many developing economies offer potentially rich opportunities for investment, it is natural that they have current account deficits and borrow from richer countries. In the 1970s countries in Latin America entered an era of dist ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: International Capital Flows
... In other countries a similar trend was followed: Presidents Menem in Argentina, Cardoso in Brazil, and Arzu in Guatemala, among others, also launched important modernization programs during the 1990s. It is not an exaggeration to say that during the first half of this decade most countries in Latin ...
... In other countries a similar trend was followed: Presidents Menem in Argentina, Cardoso in Brazil, and Arzu in Guatemala, among others, also launched important modernization programs during the 1990s. It is not an exaggeration to say that during the first half of this decade most countries in Latin ...
PDF Download
... banks and firms. While the T-sector has access to several sources of external finance, the N-sector is heavily dependent on bank credit. Banks in turn are strongly exposed to the N-sector and denominate their liabilities mostly in foreign currency. Furthermore, banks’ lending is constrained both by ...
... banks and firms. While the T-sector has access to several sources of external finance, the N-sector is heavily dependent on bank credit. Banks in turn are strongly exposed to the N-sector and denominate their liabilities mostly in foreign currency. Furthermore, banks’ lending is constrained both by ...
The Balance of Payments and Exchange Rates
... During recessions, people in many countries become more protectionist and seek to protect jobs in their own home industries by limiting ...
... During recessions, people in many countries become more protectionist and seek to protect jobs in their own home industries by limiting ...
The Business Cycle, International Linkages, and Exchange
... and Exchange Rates econometric research has generally failed to establish a firm relationship between the exchange rate and the business cycle and other fundamental economic influences. One explanation for this failure is that exchange rates depend on expectations, which are difficult to explain or ...
... and Exchange Rates econometric research has generally failed to establish a firm relationship between the exchange rate and the business cycle and other fundamental economic influences. One explanation for this failure is that exchange rates depend on expectations, which are difficult to explain or ...
Suriname: 2005 Article IV Consultation—Staff Report; Public Information Notice on
... November 10–21, 2005. The mission consisted of Messrs. B. Fritz-Krockow (Head), M. Nozaki, R. Portillo, and Ms. M. Torres (all WHD). The mission met with Minister of Finance Hildenberg, Central Bank President Telting, and other senior government officials, representatives of the business community, ...
... November 10–21, 2005. The mission consisted of Messrs. B. Fritz-Krockow (Head), M. Nozaki, R. Portillo, and Ms. M. Torres (all WHD). The mission met with Minister of Finance Hildenberg, Central Bank President Telting, and other senior government officials, representatives of the business community, ...
Working Paper No. 408 - Levy Economics Institute of Bard College
... Before we do that, however, we need to discuss a couple of theoretical/methodological issues related to our approach. First, it should be noted that the structure above simplifies away “non-bank financial intermediaries”—deemed by Davidson (1972, p. 146-147) indispensable to “any model of a monetary ...
... Before we do that, however, we need to discuss a couple of theoretical/methodological issues related to our approach. First, it should be noted that the structure above simplifies away “non-bank financial intermediaries”—deemed by Davidson (1972, p. 146-147) indispensable to “any model of a monetary ...
here
... structuralists exists in behavior of the central bank. Horizontalists insist that central bank must satisfy every demand for additional reserves because it plays the role of lender of last resort. On the other hand, verticalists advocate that central bank can defend itself by changes in interest rat ...
... structuralists exists in behavior of the central bank. Horizontalists insist that central bank must satisfy every demand for additional reserves because it plays the role of lender of last resort. On the other hand, verticalists advocate that central bank can defend itself by changes in interest rat ...
The Impact of Post- Financial Crisis Regulations
... VC market, a largely unstructured and unregulated market with little oversight, has also been affected by the economic crisis. Since the start of the financial crisis in 2008, governments and other legislators have been introducing and implementing new regulations across the financial market(s) tryi ...
... VC market, a largely unstructured and unregulated market with little oversight, has also been affected by the economic crisis. Since the start of the financial crisis in 2008, governments and other legislators have been introducing and implementing new regulations across the financial market(s) tryi ...
NBER WORKING PAPER SERIES TAX POLICY AND INTERNATIONAL CAPiTAL FLOWS Martin Feldstein
... segmentation of global capital markets. Maddison (1991) studied the evolution of the ratio of the capital stock to GDP in six OECD countries between 1973 and 1987. He reasoned that if the capital markets are effectively integrated, the ratios of capital to GDP would tend to converge over time, with ...
... segmentation of global capital markets. Maddison (1991) studied the evolution of the ratio of the capital stock to GDP in six OECD countries between 1973 and 1987. He reasoned that if the capital markets are effectively integrated, the ratios of capital to GDP would tend to converge over time, with ...
Chapter 22 Developing Countries: Growth, Crisis
... between countries at different stages of economic development. Because many developing economies offer potentially rich opportunities for investment, it is natural that they have current account deficits and borrow from richer countries. In the 1970s countries in Latin America entered an era of dist ...
... between countries at different stages of economic development. Because many developing economies offer potentially rich opportunities for investment, it is natural that they have current account deficits and borrow from richer countries. In the 1970s countries in Latin America entered an era of dist ...
F oreig n I nvestor s A ssociatio n o f A lbania
... Memberships…. World Trade Organization (WTO) United Nations (UN) International Monetary Fund (IMF) European Bank for Reconstruction and Development (EBRD) Stabilization Association Agreement signed on 12 June 2006 (SAA) North Atlantic Treaty Organization membership to be signed (NATO) in October 200 ...
... Memberships…. World Trade Organization (WTO) United Nations (UN) International Monetary Fund (IMF) European Bank for Reconstruction and Development (EBRD) Stabilization Association Agreement signed on 12 June 2006 (SAA) North Atlantic Treaty Organization membership to be signed (NATO) in October 200 ...
The demand for loanable funds
... • Recall that GDP is both total income in an economy and total expenditure on the economy’s output of goods and services: Y = C + I + G + NX ...
... • Recall that GDP is both total income in an economy and total expenditure on the economy’s output of goods and services: Y = C + I + G + NX ...
Luis Servén
... rigidities magnifying external shocks [e.g., Argentina] Some major crises of the 1990s [Gen 3] unlike those of the 1980s: multiple equilibria under financial fragilities – e.g., currency or time mismatches making banks and firms vulnerable to BoP runs and RER collapses Emphasis on “crisis-proofing”: ...
... rigidities magnifying external shocks [e.g., Argentina] Some major crises of the 1990s [Gen 3] unlike those of the 1980s: multiple equilibria under financial fragilities – e.g., currency or time mismatches making banks and firms vulnerable to BoP runs and RER collapses Emphasis on “crisis-proofing”: ...
Balance of Payments Accounting
... – There is no international agency that can enforce international debt contracts – But sovereign governments don’t often default on loans, since doing so might disrupt trade and prevent them from borrowing in the future ...
... – There is no international agency that can enforce international debt contracts – But sovereign governments don’t often default on loans, since doing so might disrupt trade and prevent them from borrowing in the future ...
The spillover effects of unconventional monetary policies in major
... analyse the domestic and cross-border financial market impact of central bank announcements concerning unconventional monetary policy. We conduct a series of event studies and statistical analyses and look at the impact of quantitative easing by the FED, the BoE, the ECB and the BoJ on long term yie ...
... analyse the domestic and cross-border financial market impact of central bank announcements concerning unconventional monetary policy. We conduct a series of event studies and statistical analyses and look at the impact of quantitative easing by the FED, the BoE, the ECB and the BoJ on long term yie ...
IOSR Journal of Economics and Finance (IOSR-JEF) e-ISSN: 2321-5933, p-ISSN: 2321-5925 www.iosrjournals.org
... of crises if this debt is utilized efficiently and in a well-directed manner. It may also help in accelerating the rate of economic growth. In developing nations where there is lack of basic infrastructure and capital, these resources can be purchased by credit taken from developed and other nations ...
... of crises if this debt is utilized efficiently and in a well-directed manner. It may also help in accelerating the rate of economic growth. In developing nations where there is lack of basic infrastructure and capital, these resources can be purchased by credit taken from developed and other nations ...
How Does Post-Crisis Bank Capital Adequacy Affect Firm
... assets (the leverage ratio in the Basel III framework). This simple leverage ratio is intended to put a ceiling on the buildup of overall leverage in the banking sector. Globally, Basel III framework sets the minimum leverage ratio at 3 percent, but in July 2013, the U.S. authorities announced that ...
... assets (the leverage ratio in the Basel III framework). This simple leverage ratio is intended to put a ceiling on the buildup of overall leverage in the banking sector. Globally, Basel III framework sets the minimum leverage ratio at 3 percent, but in July 2013, the U.S. authorities announced that ...
Kiss Me Deadly: From Finnish Great Depression to
... capital market was relatively small and the money market virtually non-existent. Banks were at the center of credit creation in the economy. Loan expansion was tied to the inflow of deposits. Banks were not allowed to borrow from abroad. Both deposit and lending rates were very low in real terms, du ...
... capital market was relatively small and the money market virtually non-existent. Banks were at the center of credit creation in the economy. Loan expansion was tied to the inflow of deposits. Banks were not allowed to borrow from abroad. Both deposit and lending rates were very low in real terms, du ...
Economic Explorer 2 - Monetary Authority of Singapore
... powerful influence on domestic prices, either directly or indirectly. Changes in the exchange rate to offset changes in foreign price levels would thus have a significant effect on inflation. Besides its direct impact on import prices, there is another, more indirect channel by which the exchange ra ...
... powerful influence on domestic prices, either directly or indirectly. Changes in the exchange rate to offset changes in foreign price levels would thus have a significant effect on inflation. Besides its direct impact on import prices, there is another, more indirect channel by which the exchange ra ...
Push Factors and Capital Flows to Emerging Markets
... emerging markets (EMs) over the past decade have re-emphasized the importance of common factors in driving global capital flows. Following and extending the findings of Calvo, Leiderman, and Reinhart (1993, 1996) and related literature (among many others, Chuhan, Claessens, and Mamingi, 1998), a num ...
... emerging markets (EMs) over the past decade have re-emphasized the importance of common factors in driving global capital flows. Following and extending the findings of Calvo, Leiderman, and Reinhart (1993, 1996) and related literature (among many others, Chuhan, Claessens, and Mamingi, 1998), a num ...
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.