Post-Hegemonic US Economic Hegemony
... Yoshi Sato for their detailed comments. All remaining errors are his own. ...
... Yoshi Sato for their detailed comments. All remaining errors are his own. ...
Global Risk and Demand for Gold by Central Banks
... The demand for gold typically rises during “risk-off” periods when there is a “flight to quality” (Baur & Lucey, 2010; Baur & McDermott, 2010). Active management of gold in the central bank reserves portfolio had been proposed to ensure better diversification of the risks in their portfolios (Europ ...
... The demand for gold typically rises during “risk-off” periods when there is a “flight to quality” (Baur & Lucey, 2010; Baur & McDermott, 2010). Active management of gold in the central bank reserves portfolio had been proposed to ensure better diversification of the risks in their portfolios (Europ ...
Revisiting the Case for a Tobin Tax Post Asian Crisis
... to the so-called capital account nature of the crisis, i.e. the initial crisis-induced devaluation and the concomitant appreciation of external liabilities (which are often foreign currency based and unhedged) appear to act as triggers that perpetuate large-scale capital outflows1. In turn this caus ...
... to the so-called capital account nature of the crisis, i.e. the initial crisis-induced devaluation and the concomitant appreciation of external liabilities (which are often foreign currency based and unhedged) appear to act as triggers that perpetuate large-scale capital outflows1. In turn this caus ...
1. Introduction
... approach to high debts of several large (European) countries and do not discriminate against them by requiring high(er) interest rates on their debt. In this paper, we focus on the interactions between fiscal policy and financial markets in multilateral monetary unions, wherein governments relinquis ...
... approach to high debts of several large (European) countries and do not discriminate against them by requiring high(er) interest rates on their debt. In this paper, we focus on the interactions between fiscal policy and financial markets in multilateral monetary unions, wherein governments relinquis ...
Early Indicators of Currency Crises
... international reserves or by sharply raising interest rates. Most popular definition of currency crisis is one given by Frankel and Rose (1996). They define a "currency crash" as a nominal depreciation of the currency of at least 25 percent in a year (the exchange rate is measured using dollar bilat ...
... international reserves or by sharply raising interest rates. Most popular definition of currency crisis is one given by Frankel and Rose (1996). They define a "currency crash" as a nominal depreciation of the currency of at least 25 percent in a year (the exchange rate is measured using dollar bilat ...
Foreign-Exchange Market and Exchange Rates
... What is the Fed’s main purpose today? How does this differ from its purposes before 1935? Who runs the Fed? How are these people chosen? What are their terms? Can anyone fire them? What function is served by the FOMC? ...
... What is the Fed’s main purpose today? How does this differ from its purposes before 1935? Who runs the Fed? How are these people chosen? What are their terms? Can anyone fire them? What function is served by the FOMC? ...
“Financial Markets, Institutions and Policies in the context of
... The currency market or foreign exchange market is the financial market where exchange rates are determined. The foreign-exchange markets underpin all other financial markets. They directly influence each country’s foreign-trade patterns, determine the flow of international investment and affect dome ...
... The currency market or foreign exchange market is the financial market where exchange rates are determined. The foreign-exchange markets underpin all other financial markets. They directly influence each country’s foreign-trade patterns, determine the flow of international investment and affect dome ...
B L R F
... require laws, rules, and norms, based on transparency and openness, that encourage and facilitate economic interchange and at the same time take into account the fact that some degree of governmental intervention in the “free” market is also required, because market participants are human and thus n ...
... require laws, rules, and norms, based on transparency and openness, that encourage and facilitate economic interchange and at the same time take into account the fact that some degree of governmental intervention in the “free” market is also required, because market participants are human and thus n ...
Growth
... Free trade (no trade restrictions) All countries use same technology No intra-industry trade ...
... Free trade (no trade restrictions) All countries use same technology No intra-industry trade ...
paper - Buffalo State College Faculty and Staff Web Server
... liquidity trap, a situation in which interest rate cuts, the conventional way to perk up an economy, have reached their limit. When this happens, unconventional measures are the only way to fight recession. Paul Krugman, “Stay the Course”, New York Times, June 15, 2009, Opinion Column. Introduction ...
... liquidity trap, a situation in which interest rate cuts, the conventional way to perk up an economy, have reached their limit. When this happens, unconventional measures are the only way to fight recession. Paul Krugman, “Stay the Course”, New York Times, June 15, 2009, Opinion Column. Introduction ...
Panama Executive Briefing - Scotia Capital
... GLOBAL ECONOMICS Executive Briefing | PANAMA April 2017 ...
... GLOBAL ECONOMICS Executive Briefing | PANAMA April 2017 ...
Europe and Central Asia
... subdued fuel costs boosting the purchasing power of consumers. Growth projections for the mostly commodity exporting eastern part of the region have been revised downward relative to the January 2016 Global Economic Prospects, amid the ongoing adjustment to the terms of trade shock (affecting oil ex ...
... subdued fuel costs boosting the purchasing power of consumers. Growth projections for the mostly commodity exporting eastern part of the region have been revised downward relative to the January 2016 Global Economic Prospects, amid the ongoing adjustment to the terms of trade shock (affecting oil ex ...
EURO ADOPTION AND EXPORT: A CASE STUDY OF THE CZECH
... and thus to somewhat mitigate the negative impact of the external demand shock on their sales abroad at the peak of the crisis. At first glance, the difference could be explained by a too strong exchange rate caused by the devaluation of neighbouring currencies. However, the pillars of the Slovak ec ...
... and thus to somewhat mitigate the negative impact of the external demand shock on their sales abroad at the peak of the crisis. At first glance, the difference could be explained by a too strong exchange rate caused by the devaluation of neighbouring currencies. However, the pillars of the Slovak ec ...
ON THE ECONOMICS OF "OPEN ECONOMY" DE-INDUSTRIALIZATION Prabhat Patnaik
... at all by the use of arguments other than the cold logic of economics. On all these, needless to say, Tagore's was the sceptical voice. But the fascinating question covered by the debate, which remains pertinent today and lies at the core of economic theory, concerns the following. While Gandhiji e ...
... at all by the use of arguments other than the cold logic of economics. On all these, needless to say, Tagore's was the sceptical voice. But the fascinating question covered by the debate, which remains pertinent today and lies at the core of economic theory, concerns the following. While Gandhiji e ...
The European Central Bank — History, Structure, and the Decision
... growth and will create more jobs (ECB, 2006). Countries have to fulfill certain criteria that are set by the Maastricht Treaty, as noted previously. The Maastricht Treaty laid out four criteria that countries must meet to become eligible to join the Euro Zone. First, a country’s inflation rate was n ...
... growth and will create more jobs (ECB, 2006). Countries have to fulfill certain criteria that are set by the Maastricht Treaty, as noted previously. The Maastricht Treaty laid out four criteria that countries must meet to become eligible to join the Euro Zone. First, a country’s inflation rate was n ...
Central bank foreign reserves
... Foreign reserves perform an important function under a fixed exchange-rate regime. A central bank operating a fixed exchangerate policy needs to trade domestic currency in the forex market to balance supply and demand, which will keep the exchange rate stable or, where applicable, within the fluctua ...
... Foreign reserves perform an important function under a fixed exchange-rate regime. A central bank operating a fixed exchangerate policy needs to trade domestic currency in the forex market to balance supply and demand, which will keep the exchange rate stable or, where applicable, within the fluctua ...
BASEL I and BASEL II: HISTORY OF AN EVOLUTION
... – Wide swings in risk-based capital requirements – Some individual banks show unreasonably large declines in required capital • As a result, parts of the Basel II Accord have been revised ...
... – Wide swings in risk-based capital requirements – Some individual banks show unreasonably large declines in required capital • As a result, parts of the Basel II Accord have been revised ...
Scenarios on the sovereign debt crisis
... ■ Balance sheet coverage – expanded to cover financial and nonfinancial corporates as well as households and governments ■ Credit ratings – Reflecting the impact of sovereign debt ratings on interest rate spreads for government bonds ■ Feedback effects – from unemployment/insolvencies on credit ...
... ■ Balance sheet coverage – expanded to cover financial and nonfinancial corporates as well as households and governments ■ Credit ratings – Reflecting the impact of sovereign debt ratings on interest rate spreads for government bonds ■ Feedback effects – from unemployment/insolvencies on credit ...
Poland - A.M. Best
... A.M. Best Country Risk Reports are designed to provide a brief, high-level explanation of some of the key factors that determine a country’s Country Risk Tier assignment. It is not intended to summarize A.M. Best’s opinion on any particular insurance market or the prospects for that market. ...
... A.M. Best Country Risk Reports are designed to provide a brief, high-level explanation of some of the key factors that determine a country’s Country Risk Tier assignment. It is not intended to summarize A.M. Best’s opinion on any particular insurance market or the prospects for that market. ...
The Euro area adjustment: about halfway there
... relative to the rest of the Euro area. For reference, German exports have increased 16.9% since the start of 2007. Source: J.P. Morgan, national statistics offices, and European Commission ...
... relative to the rest of the Euro area. For reference, German exports have increased 16.9% since the start of 2007. Source: J.P. Morgan, national statistics offices, and European Commission ...
Download paper (PDF)
... governance, and level of property rights protection) which can be used to separate economies of high-quality institutions from those of low-quality institutions. On one hand, for economies with high-quality institutions, the view that finance follows the real economy is essentially correct. Equilibr ...
... governance, and level of property rights protection) which can be used to separate economies of high-quality institutions from those of low-quality institutions. On one hand, for economies with high-quality institutions, the view that finance follows the real economy is essentially correct. Equilibr ...
In Defense of Wall Street - Faculty Directory | Berkeley-Haas
... distinction between the Schumpeterian notion of “creative destruction,” which is key factor in many models of economic growth, and the view that “destructive creations” by financial institution have exerted deleterious effects on most individuals. ...
... distinction between the Schumpeterian notion of “creative destruction,” which is key factor in many models of economic growth, and the view that “destructive creations” by financial institution have exerted deleterious effects on most individuals. ...
NBER WORKING PAPER SERIES ADVANTAGE? Jiandong Ju
... governance, and level of property rights protection) which can be used to separate economies of high-quality institutions from those of low-quality institutions. On one hand, for economies with high-quality institutions, the view that finance follows the real economy is essentially correct. Equilibr ...
... governance, and level of property rights protection) which can be used to separate economies of high-quality institutions from those of low-quality institutions. On one hand, for economies with high-quality institutions, the view that finance follows the real economy is essentially correct. Equilibr ...
![The Use of Financial Accounts in Assessing Financial Stability[1]](http://s1.studyres.com/store/data/021047713_1-aafed391479db698c5f5ae679c369a1e-300x300.png)
The Use of Financial Accounts in Assessing Financial Stability[1]
... system, whereby the financial stability of the banking sector is crucial for the soundness of financial corporations. To successfully safeguard financial stability, the vulnerabilities of the financial sector and, as their counterpart, the non-financial sectors should be effectively identified and m ...
... system, whereby the financial stability of the banking sector is crucial for the soundness of financial corporations. To successfully safeguard financial stability, the vulnerabilities of the financial sector and, as their counterpart, the non-financial sectors should be effectively identified and m ...
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.