Regional Economic Issues
... Risks to the outlook are two sided, but tilted to the downside, notably over the medium term. There is potential for some upside from stronger external demand, notably higher growth in the euro area and the United States, and a firmer recovery in commodity prices, which would help the CIS, and lower ...
... Risks to the outlook are two sided, but tilted to the downside, notably over the medium term. There is potential for some upside from stronger external demand, notably higher growth in the euro area and the United States, and a firmer recovery in commodity prices, which would help the CIS, and lower ...
Mechanics of Futures Markets
... October oil futures contract. There is period of time during the delivery month when delivery can be made. Trading usually ends some time during the delivery period. The party with the short position chooses when delivery is made. However majorty of the futures contracts that are initiated do not le ...
... October oil futures contract. There is period of time during the delivery month when delivery can be made. Trading usually ends some time during the delivery period. The party with the short position chooses when delivery is made. However majorty of the futures contracts that are initiated do not le ...
S2005065_en.pdf
... living, as would be the case with PPP data. However, they have an analytical meaning of their own. The dollar values of GDP are related to the concrete measure of the purchasing power of a country's output over traded goods, given actual market prices. In this sense, those dollar values, and the exp ...
... living, as would be the case with PPP data. However, they have an analytical meaning of their own. The dollar values of GDP are related to the concrete measure of the purchasing power of a country's output over traded goods, given actual market prices. In this sense, those dollar values, and the exp ...
An estimated DSGE model for the German economy within
... attempting to explain the links between the European Monetary Union (EMU) and the US. However, those models neglect the fact that the euro area is a conglomerate of heterogeneous economies. The euro area is modeled there as one homogenous country. So far, researchers estimate the models for EMU empl ...
... attempting to explain the links between the European Monetary Union (EMU) and the US. However, those models neglect the fact that the euro area is a conglomerate of heterogeneous economies. The euro area is modeled there as one homogenous country. So far, researchers estimate the models for EMU empl ...
Quality, Trade, and Exchange Rate Pass-Through
... empirical research typically …nds that the pass-through of exchange rate changes to domestic prices is incomplete (or, in other words, import prices do not fully adjust to exchange rate changes). 12 A challenge for both economists and policymakers is to understand the reasons for incomplete passthr ...
... empirical research typically …nds that the pass-through of exchange rate changes to domestic prices is incomplete (or, in other words, import prices do not fully adjust to exchange rate changes). 12 A challenge for both economists and policymakers is to understand the reasons for incomplete passthr ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... the argument went, opponents would successfully block liberalization efforts. In the early 1990s the U.S. government also began to argue that the time had come for the East Asian nations to liberalize their capital account restrictions and to allow capital to move more freely. Policymakers and academ ...
... the argument went, opponents would successfully block liberalization efforts. In the early 1990s the U.S. government also began to argue that the time had come for the East Asian nations to liberalize their capital account restrictions and to allow capital to move more freely. Policymakers and academ ...
VENEZUELA - Historical Review - Emerging Countries Critical
... Since 1999, Venezuela has gained a reputation as a price hawk in OPEC, pushing for stringent enforcement of production quotas and higher target oil prices. The state income from oil revenue has increased rapidly; nonetheless its dependence on oil is one of the main problems facing the Chávez governm ...
... Since 1999, Venezuela has gained a reputation as a price hawk in OPEC, pushing for stringent enforcement of production quotas and higher target oil prices. The state income from oil revenue has increased rapidly; nonetheless its dependence on oil is one of the main problems facing the Chávez governm ...
Consistency of two major data sources for
... Einzig (1937). Secondly, we scrutinize the commentaries offered by The Chronicle to shed light on the impact of news on the behaviour of the US dollar/German reichsmark exchange rate over the interwar German hyperinflation, and to check whether the narrative analysis provided therein is consistent w ...
... Einzig (1937). Secondly, we scrutinize the commentaries offered by The Chronicle to shed light on the impact of news on the behaviour of the US dollar/German reichsmark exchange rate over the interwar German hyperinflation, and to check whether the narrative analysis provided therein is consistent w ...
Global Macro Risks in Currency Excess Returns
... In this paper, we study the cross-section of carry-trade generated currency excess returns in terms of their exposure to risk. We focus attention on global risk factors, constructed from macroeconomic fundamentals. The factors are designed to reflect variations in global macroeconomic uncertainty. T ...
... In this paper, we study the cross-section of carry-trade generated currency excess returns in terms of their exposure to risk. We focus attention on global risk factors, constructed from macroeconomic fundamentals. The factors are designed to reflect variations in global macroeconomic uncertainty. T ...
The Payments System and the Market for Interbank Funds
... contributes to systemic stability. The banks’ trading of funds mitigates the risk of overconcentration of reserves in some banks, and contributes to the liquidity of the fed funds market and keeps price volatility relatively low. The second paper, by Morten Bech of the New York Fed, Walter Beyeler a ...
... contributes to systemic stability. The banks’ trading of funds mitigates the risk of overconcentration of reserves in some banks, and contributes to the liquidity of the fed funds market and keeps price volatility relatively low. The second paper, by Morten Bech of the New York Fed, Walter Beyeler a ...
View/Open
... the early stage of transition. When national currency is overvalued PSE shows greater support. In the Soviet economy rouble was overvalued. At the beginning of transitional stage it was undervalued due to the sharp fall of its rate. Thus, in 1992 rouble’s rate fell 110 times relative to USA dollar w ...
... the early stage of transition. When national currency is overvalued PSE shows greater support. In the Soviet economy rouble was overvalued. At the beginning of transitional stage it was undervalued due to the sharp fall of its rate. Thus, in 1992 rouble’s rate fell 110 times relative to USA dollar w ...
A Real Option Perspective on the Future of the Euro
... Size of idiosyncratic shock σ, which self-correct at speed µ . Effect on each country (welfare, output) of misalignment ("β (xi )2 "). ...
... Size of idiosyncratic shock σ, which self-correct at speed µ . Effect on each country (welfare, output) of misalignment ("β (xi )2 "). ...
DOCUMENT DE TRAVAIL N° 562
... analysts still view a soft landing as their baseline scenario, several reasons can be put forward to justify a more pronounced slowdown: historical rebalancing precedents, overinvestment,2 unsustainable debt trends, and the bursting of a real estate bubble. The rebalancing process itself, with China ...
... analysts still view a soft landing as their baseline scenario, several reasons can be put forward to justify a more pronounced slowdown: historical rebalancing precedents, overinvestment,2 unsustainable debt trends, and the bursting of a real estate bubble. The rebalancing process itself, with China ...
Current account imbalances in the Euro area
... “euro holiday” (Sinn and Sell, 2012). Such a temporary exit from the common currency would allow these countries to restore price competitiveness via an exchange rate devaluation. Yet the actual rebalancing that has occurred so far since the financial crisis does not seem to be fully in line with th ...
... “euro holiday” (Sinn and Sell, 2012). Such a temporary exit from the common currency would allow these countries to restore price competitiveness via an exchange rate devaluation. Yet the actual rebalancing that has occurred so far since the financial crisis does not seem to be fully in line with th ...
Abstract
... Several studies indicate that depositors in Indonesian banks exhibited a “flight to quality” behavior during and shortly after the 1997/1998 crisis. For example, Yudistira (2002) documents the flight to quality behavior as deposits being shifted from small banks to large banks. In this regard, depos ...
... Several studies indicate that depositors in Indonesian banks exhibited a “flight to quality” behavior during and shortly after the 1997/1998 crisis. For example, Yudistira (2002) documents the flight to quality behavior as deposits being shifted from small banks to large banks. In this regard, depos ...
EM Currency Handbook 2014
... EMFX in 2014: Diverging Currencies In light of the events of 2013, investors have increasingly questioned whether emerging markets are still an attractive investment. Growth has weakened, especially in larger economies, just at the time when growth expectations in developed markets have improved. Ca ...
... EMFX in 2014: Diverging Currencies In light of the events of 2013, investors have increasingly questioned whether emerging markets are still an attractive investment. Growth has weakened, especially in larger economies, just at the time when growth expectations in developed markets have improved. Ca ...
NBER WORKING PAPER SERIES CURRENT ACCOUNT DEFICITS IN INDUSTRIAL COUNTRIES:
... limitations preclude analysis of the range of preconditions and outcomes that we are able to analyze. Clarida, Gorretti, and Taylor (2005), using empirical time series analysis, examine the points at which current accounts might reverse. Obstfeld and Rogoff (2005), in a general equilibrium model, st ...
... limitations preclude analysis of the range of preconditions and outcomes that we are able to analyze. Clarida, Gorretti, and Taylor (2005), using empirical time series analysis, examine the points at which current accounts might reverse. Obstfeld and Rogoff (2005), in a general equilibrium model, st ...
Losing Our Marbles in the New Century? Perspective
... situation as they give back, in the form of net investment income flows, their “marbles” to the “loser,” to use Jacques Rueff’s memorable terminology. Rueff and his colleagues were bothered by the United States’ ability to use this strategy during the heyday of the Bretton Woods era (Despres, Kindleb ...
... situation as they give back, in the form of net investment income flows, their “marbles” to the “loser,” to use Jacques Rueff’s memorable terminology. Rueff and his colleagues were bothered by the United States’ ability to use this strategy during the heyday of the Bretton Woods era (Despres, Kindleb ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... rent account adjusts, and the adjustment appears to be spurred by real export growth as well as declining investment and consumption. Current account adjustments are generally matched by reversals in the financial account. In emerging markets, all types of portfolio investment flows—debt, equity, an ...
... rent account adjusts, and the adjustment appears to be spurred by real export growth as well as declining investment and consumption. Current account adjustments are generally matched by reversals in the financial account. In emerging markets, all types of portfolio investment flows—debt, equity, an ...
IMF World Economic Outlook, May 1998-
... rate changes.84 Crises identified by using such an index would therefore include not only those occasions in which the currency depreciated significantly, but also occasions where actions by the authorities averted a large devaluation or the abandonment of an exchange rate peg. Banking crises are mo ...
... rate changes.84 Crises identified by using such an index would therefore include not only those occasions in which the currency depreciated significantly, but also occasions where actions by the authorities averted a large devaluation or the abandonment of an exchange rate peg. Banking crises are mo ...
The Experience of Foreign Investment in Egypt Under Infitah
... debt-equity swaps as a solution to the external debt problem of developing countries. However, the use of debt-equity swaps among heavily indebted countries has so far remained rather limited and DFI and foreign borrowing seem to be more complements than substitutes. 3 In this sense, understanding t ...
... debt-equity swaps as a solution to the external debt problem of developing countries. However, the use of debt-equity swaps among heavily indebted countries has so far remained rather limited and DFI and foreign borrowing seem to be more complements than substitutes. 3 In this sense, understanding t ...
Payment for Goods
... B. Modes of Payment III. Letter of Credit i) is to make a payment to or to the order of a third party(the "Beneficiary"), or is to accept and pay bills of exchange (Draft(s)) drawn by the Beneficiary, or ii) authorises another bank to effect such payment, or to accept and pay such bills of exchange ...
... B. Modes of Payment III. Letter of Credit i) is to make a payment to or to the order of a third party(the "Beneficiary"), or is to accept and pay bills of exchange (Draft(s)) drawn by the Beneficiary, or ii) authorises another bank to effect such payment, or to accept and pay such bills of exchange ...