INTRODUCTION - UWI St. Augustine
... real effective exchange rate. Fofack (2005) reveals that changes in the real effective exchange rate have a positive impact on NPLs of commercial banks that operate in some Sub-Saharan African countries with fixed exchange rate regimes. The author argues that this result is due to the large concentr ...
... real effective exchange rate. Fofack (2005) reveals that changes in the real effective exchange rate have a positive impact on NPLs of commercial banks that operate in some Sub-Saharan African countries with fixed exchange rate regimes. The author argues that this result is due to the large concentr ...
MONETARY POLICY REPORT CENTRAL BANK OF THE REPUBLIC OF TURKEY JULY 2002
... reaching TL 122.8 quadrillion as of May 2002 from TL 122.2 quadrillion at the end of 2001. IMF credits which were transferred to the Treasury as of February 7, 2002; early redemption of the FX linked securities in CBRT’s portfolio and securities in the portfolio of the banks that are with the Saving ...
... reaching TL 122.8 quadrillion as of May 2002 from TL 122.2 quadrillion at the end of 2001. IMF credits which were transferred to the Treasury as of February 7, 2002; early redemption of the FX linked securities in CBRT’s portfolio and securities in the portfolio of the banks that are with the Saving ...
What Determines Bilateral Trade Flows? - bu people
... There are a wide range of explicit trade barriers used by the countries in our dataset. They can be roughly broken down into two groups. The first group measures barriers to flows of goods. Most of these barriers are non-tariff barriers, such as quotas, which explicitly limit the flows of goods. Tari ...
... There are a wide range of explicit trade barriers used by the countries in our dataset. They can be roughly broken down into two groups. The first group measures barriers to flows of goods. Most of these barriers are non-tariff barriers, such as quotas, which explicitly limit the flows of goods. Tari ...
Essays on Monetary Economics DEPARTMENT OF ECONOMICS UNIVERSITAT POMPEU FABRA
... (1984) study the trade off between coordination and policy competition in a dynamic setting. they study both policies under commitment and discretion. The non cooperative equilibrium is associated with losses due to the presence of beggar-thy-neighbor policies. Cooperation may be useful in moving th ...
... (1984) study the trade off between coordination and policy competition in a dynamic setting. they study both policies under commitment and discretion. The non cooperative equilibrium is associated with losses due to the presence of beggar-thy-neighbor policies. Cooperation may be useful in moving th ...
The Contribution of Economic Fundamentals to Movements in
... The rest of the paper is organized as follows. In section 2, we outline the simple monetary model of exchange rates used by Engel and West (2005) to show how the spot exchange rate can be written as a function of expectations of future fundamentals, some of which are observed and some of which are u ...
... The rest of the paper is organized as follows. In section 2, we outline the simple monetary model of exchange rates used by Engel and West (2005) to show how the spot exchange rate can be written as a function of expectations of future fundamentals, some of which are observed and some of which are u ...
PDF
... prices adjust instantaneously in response to a change in the money supply. In Frankel’s model, a decrease in nominal money supply is a decline in real money supply. This leads to an increase in interest rate, which in turn depresses real commodity prices. The latter then overshoot (downward) their ...
... prices adjust instantaneously in response to a change in the money supply. In Frankel’s model, a decrease in nominal money supply is a decline in real money supply. This leads to an increase in interest rate, which in turn depresses real commodity prices. The latter then overshoot (downward) their ...
How big (small?) are fiscal multipliers?
... The basic assumption behind the SVAR approach used in this paper is that fiscal policy requires some time to respond to news about the state of the economy. After using a VAR to eliminate predictable responses of endogenous variables, it is assumed that any remaining correlation between the residual ...
... The basic assumption behind the SVAR approach used in this paper is that fiscal policy requires some time to respond to news about the state of the economy. After using a VAR to eliminate predictable responses of endogenous variables, it is assumed that any remaining correlation between the residual ...
The international monetary and financial system
... No doubt, short horizons play a key role in these two sources of procyclicality. For instance, short horizons for risk measurement – varying from a few days for market instruments to roughly a year for non-traded loans – make it more natural to extrapolate current conditions; this downplays the tend ...
... No doubt, short horizons play a key role in these two sources of procyclicality. For instance, short horizons for risk measurement – varying from a few days for market instruments to roughly a year for non-traded loans – make it more natural to extrapolate current conditions; this downplays the tend ...
mmi14-Cheung 19106708 en
... underdeveloped financial sector and extensive reform agenda, restrictions on capital movement is believed to be an important attribute that helps insulate China from the unduly large external financial volatility in the recent global finance crisis (Fernald and Babson; 1999; Yu, 2009). Capital contr ...
... underdeveloped financial sector and extensive reform agenda, restrictions on capital movement is believed to be an important attribute that helps insulate China from the unduly large external financial volatility in the recent global finance crisis (Fernald and Babson; 1999; Yu, 2009). Capital contr ...
Australian Exports: Global Demand and the High Exchange Rate
... shifted over the past 10 years towards iron ore, coal and LNG, and away from oil and processed metals. This shift has been primarily driven by trends in export volumes, with most resource prices increasing substantially over the period, although they have eased back over the past year or so (Table 2 ...
... shifted over the past 10 years towards iron ore, coal and LNG, and away from oil and processed metals. This shift has been primarily driven by trends in export volumes, with most resource prices increasing substantially over the period, although they have eased back over the past year or so (Table 2 ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: International Economic Policy Coordination
... come from the literature on political business cycles.' We should therefore investigate whether international policy coordination is likely to exacerbate or meliorate this shortsighted behavior. Third, governments act under a fundamental constraint that they cannot bind the actions of later governme ...
... come from the literature on political business cycles.' We should therefore investigate whether international policy coordination is likely to exacerbate or meliorate this shortsighted behavior. Third, governments act under a fundamental constraint that they cannot bind the actions of later governme ...
Annexes Annex I 1. Indicators of structural change
... exports and π is the income elasticity of imports. When the actual growth rate is equal to LTG, then y = y E , and equation (1) holds. This equality, which is satisfied over the long run, has been called the “45-degree rule” (Krugman, 1988). If the relative growth rate (y/z) is denoted on the ordina ...
... exports and π is the income elasticity of imports. When the actual growth rate is equal to LTG, then y = y E , and equation (1) holds. This equality, which is satisfied over the long run, has been called the “45-degree rule” (Krugman, 1988). If the relative growth rate (y/z) is denoted on the ordina ...
Mercantilism and China`s hunger for international reserves
... countries, and China in particular, have the objective of absorbing unskilled surplus labor in the modern manufacturing sector, while simultaneously building the domestic capital stock along the way. To achieve those goals these countries follow mercantilist policies in that they deliberately underv ...
... countries, and China in particular, have the objective of absorbing unskilled surplus labor in the modern manufacturing sector, while simultaneously building the domestic capital stock along the way. To achieve those goals these countries follow mercantilist policies in that they deliberately underv ...
Should Financial Flows Be Regulated? Yes
... In the aftermath of the collapse and the ensuing, catastrophic Second World War, governments in most of the world—with the reluctant blessing of the newly created International Monetary Fund (IMF)— adopted government controls (exchange and capital controls) to manage the international flows of money ...
... In the aftermath of the collapse and the ensuing, catastrophic Second World War, governments in most of the world—with the reluctant blessing of the newly created International Monetary Fund (IMF)— adopted government controls (exchange and capital controls) to manage the international flows of money ...
Adaptational Pressure, Domestic Politics and the Evolution of the
... countries in the EMU are now able to enjoy monetary sovereignty as they did before and the newly founded European Central Bank (ECB) and the European System of Central Banks (ESCB) take charge of monetary policy making. It is truly a historic and pathbreaking achievement in the history of European i ...
... countries in the EMU are now able to enjoy monetary sovereignty as they did before and the newly founded European Central Bank (ECB) and the European System of Central Banks (ESCB) take charge of monetary policy making. It is truly a historic and pathbreaking achievement in the history of European i ...
full text pdf
... of 22.5% in 2012. Due to this, peripheral countries encountered difficulties to finance their budget deficits via financial markets. This increased the probability of a sovereign default or even an exit from the euro-area. The capital flows into a country are measured by its current account deficit— ...
... of 22.5% in 2012. Due to this, peripheral countries encountered difficulties to finance their budget deficits via financial markets. This increased the probability of a sovereign default or even an exit from the euro-area. The capital flows into a country are measured by its current account deficit— ...
The External Wealth of Malaysia
... Except Korea, the crisis countries clearly have very different net external positions compared to the ‘Asian tigers’ China was relatively unaffected by the crisis, and enjoyed improving net external position due to peg to dollar Net External Positions: Malaysia and the Rest ...
... Except Korea, the crisis countries clearly have very different net external positions compared to the ‘Asian tigers’ China was relatively unaffected by the crisis, and enjoyed improving net external position due to peg to dollar Net External Positions: Malaysia and the Rest ...
Chapters 31
... Panel (a) shows national saving and domestic investment as a percentage of GDP. You can see from the figure that national saving has been lower since 1980 than it was before 1980. This fall in national saving has been reflected primarily in reduced net capital outflow rather than in reduced domestic ...
... Panel (a) shows national saving and domestic investment as a percentage of GDP. You can see from the figure that national saving has been lower since 1980 than it was before 1980. This fall in national saving has been reflected primarily in reduced net capital outflow rather than in reduced domestic ...
What Determines Government Spending Multipliers?
... and the exchange rate regime. In addition, the response of private demand to a fiscal intervention may also depend on the state of public finances. For instance, fiscal expansions at high levels of debt could play out differently if they increase the likelihood of a sharp future retrenchment. Anothe ...
... and the exchange rate regime. In addition, the response of private demand to a fiscal intervention may also depend on the state of public finances. For instance, fiscal expansions at high levels of debt could play out differently if they increase the likelihood of a sharp future retrenchment. Anothe ...
The role of house prices in the monetary policy transmission
... in the monetary policy literature (see Obstfeld, 1985; Blanchard and Quah, 1989; Clarida and Gali, 1994). Similar restrictions have also recently been found to be highly successful in alleviating the exchange rate puzzle in several small open economies, see Bjørnland (2009). Identified in this way, h ...
... in the monetary policy literature (see Obstfeld, 1985; Blanchard and Quah, 1989; Clarida and Gali, 1994). Similar restrictions have also recently been found to be highly successful in alleviating the exchange rate puzzle in several small open economies, see Bjørnland (2009). Identified in this way, h ...
Twin deficits and the sustainability of public debt and exchange rate
... budget deficit would induce upward pressure on interest rates, thus, causing capital inflows. This will lead to an appreciation of the exchange rate through the high demand on domestic financial assets, leading to an increase in the trade deficit. The second strand of the literature falling under the Ri ...
... budget deficit would induce upward pressure on interest rates, thus, causing capital inflows. This will lead to an appreciation of the exchange rate through the high demand on domestic financial assets, leading to an increase in the trade deficit. The second strand of the literature falling under the Ri ...
Revisiting the J-Curve for Japan
... 1973 to 2005 to analyze a J-curve and an S-curve, respectively, not only in the total trade of Japan but also in bilateral trade with major trading partners. They report the presence of an S-curve in Japan’s bilateral trade data with many of its trading partners. Using the data from 1980 to 2001, ho ...
... 1973 to 2005 to analyze a J-curve and an S-curve, respectively, not only in the total trade of Japan but also in bilateral trade with major trading partners. They report the presence of an S-curve in Japan’s bilateral trade data with many of its trading partners. Using the data from 1980 to 2001, ho ...
NBER WORKING PAPER SERIES ISSUES CONCERNING NOMINAL ANCHORS FOR MONETARY POLICY Robert Flood
... group of commodities we refer to such an anchor as a fixed nominal anchor, with the gold standard as a famous example. Second, and more generally, when monetary policy targets the growth of a nominal magnitude such as the price level, a monetary aggregate or nominal income for example, building on a ...
... group of commodities we refer to such an anchor as a fixed nominal anchor, with the gold standard as a famous example. Second, and more generally, when monetary policy targets the growth of a nominal magnitude such as the price level, a monetary aggregate or nominal income for example, building on a ...
Building a picture of New Zealand manufacturing AN 2012/11
... A more timely, but less reliable, approximation of international exposure is obtained by combining ESM sales with MT data. These data are collected from different sources and for different purposes, so they are not directly comparable; inferences drawn by comparing them may be imprecise. Nonetheless ...
... A more timely, but less reliable, approximation of international exposure is obtained by combining ESM sales with MT data. These data are collected from different sources and for different purposes, so they are not directly comparable; inferences drawn by comparing them may be imprecise. Nonetheless ...