How the Crisis Has Changed the Economic Policy Paradigm
... BOJ’s quantitative easing strategy worked well, while fiscal policy was ineffective. My interpretation of the evidence is exactly the opposite. . . . [The BOJ’s] expansion of excess reserves to extraordinary levels appears , on its own, to have had very little impact. . . . For all these reasons I s ...
... BOJ’s quantitative easing strategy worked well, while fiscal policy was ineffective. My interpretation of the evidence is exactly the opposite. . . . [The BOJ’s] expansion of excess reserves to extraordinary levels appears , on its own, to have had very little impact. . . . For all these reasons I s ...
Annual Meeting - Lorenzo Bini Smaghi
... appears as a determinant of inflation.8 What effect prevails, and at what speed, depends on the relative importance of the two channels in the Phillips curve. Ceteris paribus, the more integrated and flexible a country, the likelier it will be that the forces of convergence prevail over those of di ...
... appears as a determinant of inflation.8 What effect prevails, and at what speed, depends on the relative importance of the two channels in the Phillips curve. Ceteris paribus, the more integrated and flexible a country, the likelier it will be that the forces of convergence prevail over those of di ...
chapter16
... effectively means a revaluation for its main trading partners If done without international consultation, these policy shifts might invite retaliation (as occurred during the Great Depression) ...
... effectively means a revaluation for its main trading partners If done without international consultation, these policy shifts might invite retaliation (as occurred during the Great Depression) ...
Why does the investment rate do not increase? Capital
... behavior along time shows low growth rates and lost of economic dynamism. Recent literature on globalization and financialization helps to understand the behavior of capital accumulation of productive firms in Brazil as it highlights the interaction between financial and non-financial firms. So, in ...
... behavior along time shows low growth rates and lost of economic dynamism. Recent literature on globalization and financialization helps to understand the behavior of capital accumulation of productive firms in Brazil as it highlights the interaction between financial and non-financial firms. So, in ...
The impact of international capital flows on the South Africa... since the end of apartheid Seeraj Mohamed
... prices seems to have continued and to have been supported by easier private sector access to credit. The same applies to growth of imports and household consumption. In addition, capital flows are positively correlated with large-scale capital flight from the South African economy. Therefore, the su ...
... prices seems to have continued and to have been supported by easier private sector access to credit. The same applies to growth of imports and household consumption. In addition, capital flows are positively correlated with large-scale capital flight from the South African economy. Therefore, the su ...
Money Market Operations in China: Monetary Policy or
... Commission (CBRC)4 have also introduced various restrictive measures to control fresh loan and property-related financing projects for over-capacity industries. They also have substantial influence on the development of bank loans. C. Towards Macroeconomic Control Based on Price Mechanism While the ...
... Commission (CBRC)4 have also introduced various restrictive measures to control fresh loan and property-related financing projects for over-capacity industries. They also have substantial influence on the development of bank loans. C. Towards Macroeconomic Control Based on Price Mechanism While the ...
Issue Brief A snapshot of illicit financial flows from eight developing
... residents incur a relatively smaller tax burden than poorer citizens who do not have the opportunity to hide their wealth abroad. While technically legal, tax avoidance has similar adverse distributional effects. As a result, the middle class and the poor end up subsidizing the consumption of public ...
... residents incur a relatively smaller tax burden than poorer citizens who do not have the opportunity to hide their wealth abroad. While technically legal, tax avoidance has similar adverse distributional effects. As a result, the middle class and the poor end up subsidizing the consumption of public ...
F CHAPTER 1. REGIONAL ECONOMIC DEVELOPMENTS AND PROSPECTS
... around 5% of GDP since 1999; there is less dependence on portfolio capital inflows; financial sectors have improved; and these countries have established considerable foreign currency reserves. ...
... around 5% of GDP since 1999; there is less dependence on portfolio capital inflows; financial sectors have improved; and these countries have established considerable foreign currency reserves. ...
The global context
... with other subjects wherever relevant. This will (hopefully) increase (a) their interest and (b) understanding. ...
... with other subjects wherever relevant. This will (hopefully) increase (a) their interest and (b) understanding. ...
Origins and Measurement of Financial Repression: The
... This paper makes three contributions: first, existing methods for measuring the effects of financial repression are critiqued, revealing a number of methodological issues and limitations that can be addressed in part through a proposed composite indicator (composite index) of financial repressio ...
... This paper makes three contributions: first, existing methods for measuring the effects of financial repression are critiqued, revealing a number of methodological issues and limitations that can be addressed in part through a proposed composite indicator (composite index) of financial repressio ...
“Role of financial intermediaries in creating international financial
... remittance due to reductions in derived demand from regions hit hardest in the first round. Export growth in FY12 has already slowed considerably to less than 9 percent, and this may improve only marginally to 12 percent in FY13. While the direct effect of the Euro zone crisis on remittances may be ...
... remittance due to reductions in derived demand from regions hit hardest in the first round. Export growth in FY12 has already slowed considerably to less than 9 percent, and this may improve only marginally to 12 percent in FY13. While the direct effect of the Euro zone crisis on remittances may be ...
economic policy, globalization and the labour movement
... The end of the Bretton-Woods financial arrangements and the rise of Thatcherism in the United Kingdom and Reaganism in the United States have become important iconic events associated with the shift in economic policy thinking from the Golden Age to the neoliberal era. Later, the decline and subsequ ...
... The end of the Bretton-Woods financial arrangements and the rise of Thatcherism in the United Kingdom and Reaganism in the United States have become important iconic events associated with the shift in economic policy thinking from the Golden Age to the neoliberal era. Later, the decline and subsequ ...
The "new normal"
... Euro/U.S. Dollar exchange rate, (ix) changing levels of competition, (x) changes in laws and regulations, including monetary convergence and the European Monetary Union, (xi) changes in the policies of central banks and/or foreign governments, (xii) the impact of acquisitions, including related inte ...
... Euro/U.S. Dollar exchange rate, (ix) changing levels of competition, (x) changes in laws and regulations, including monetary convergence and the European Monetary Union, (xi) changes in the policies of central banks and/or foreign governments, (xii) the impact of acquisitions, including related inte ...
Economic Dualism - Central Bank of Nigeria
... ―needless to say that in Africa and most countries of Asia and Latin America, this transformation did not take place (and the optimism about economic growth ...
... ―needless to say that in Africa and most countries of Asia and Latin America, this transformation did not take place (and the optimism about economic growth ...
1 Grexit: why it will not happen
... territories or other entities that exited currency unions since the Second World War. By “currency unions”, Rose effectively means that a country’s money was interchangeable with that of another member country at a 1:1 parity for an extended period of time, so that there was no nec ...
... territories or other entities that exited currency unions since the Second World War. By “currency unions”, Rose effectively means that a country’s money was interchangeable with that of another member country at a 1:1 parity for an extended period of time, so that there was no nec ...
T.W. Schultz Lecture Accounting for the Poor Robert M. Townsend
... Economists and other social scientists have long tried to understand the nature of poverty and how poor people make decisions. T.W. Schultz, a Nobel Laureate, former professor of economics at the University of Chicago, and former president of the American Economic Association, spent his career worki ...
... Economists and other social scientists have long tried to understand the nature of poverty and how poor people make decisions. T.W. Schultz, a Nobel Laureate, former professor of economics at the University of Chicago, and former president of the American Economic Association, spent his career worki ...
Scharpf , Fritz W.. 'Monetary Union, Fiscal Crisis and the Preemption of Democracy.' Paper presented at the LEQS Annual Lecture ' Saving the Euro at the expense of democracy in Europe?' on 12 May 2011 at the London School of Economics , LEQS Paper No. 36, May 2011
... management. At that time, liberalization had been largely confined to product markets. National economic policy needed to ensure international competitiveness under a balance-of-payments constraint – but it was free in the choice of production regimes and in the macroeconomic management of the domes ...
... management. At that time, liberalization had been largely confined to product markets. National economic policy needed to ensure international competitiveness under a balance-of-payments constraint – but it was free in the choice of production regimes and in the macroeconomic management of the domes ...
Monetary Policy and Economic Policy
... Monetary policy is the process by which the government, central bank, or monetary authority of a country controls the supply of money, availability of money, and cost of money or rate of interest to attain a set of objectives oriented towards the growth and stability of the economy.Monetary theory p ...
... Monetary policy is the process by which the government, central bank, or monetary authority of a country controls the supply of money, availability of money, and cost of money or rate of interest to attain a set of objectives oriented towards the growth and stability of the economy.Monetary theory p ...
Macroeconomic Adjustment Mechanisms in An Oil Based Economy: Saudi Arabia Looney, R.E.
... therefore, SAMA became an increasing net debtor to the government. This process began with the introduction of the government's stabilization program in June 1958, the liquidation of the debt received priority. Although complete data for that period are not available, it is clear that through fiscal ...
... therefore, SAMA became an increasing net debtor to the government. This process began with the introduction of the government's stabilization program in June 1958, the liquidation of the debt received priority. Although complete data for that period are not available, it is clear that through fiscal ...
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... The calls by some articulate and well-placed economists became loud and even shrill. These calls were supported, and amplified, by similar calls coming from international institutions including the IMF. Those advocating counter-cyclical Keynesian fiscal policies were not satisfied with letting the a ...
... The calls by some articulate and well-placed economists became loud and even shrill. These calls were supported, and amplified, by similar calls coming from international institutions including the IMF. Those advocating counter-cyclical Keynesian fiscal policies were not satisfied with letting the a ...
The Panic of 1857 in the absence of a National Bank Peter Kostadinov
... Reference List ........................................................................................................................................................ 27 ...
... Reference List ........................................................................................................................................................ 27 ...
Germany - A.M. Best
... • Germany is a CRT-1 country with very low levels of economic, political and financial system risk. As the fourth largest economy in the world and a member of the Eurozone, Germany has been heavily relied on to support growth throughout the region. Growth has remained between 1.0-2.0% as supporting ...
... • Germany is a CRT-1 country with very low levels of economic, political and financial system risk. As the fourth largest economy in the world and a member of the Eurozone, Germany has been heavily relied on to support growth throughout the region. Growth has remained between 1.0-2.0% as supporting ...
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.