Globalizing Capital: A History of the International Monetary System
... may choose to do likewise to obtain technical advice and ease the exchange of data files, even if a technologically incompatible alternative exists (think Linux or Leopard) that is more reliable and easier to learn when used in isolation. These synergistic effects influence the costs and benefits of th ...
... may choose to do likewise to obtain technical advice and ease the exchange of data files, even if a technologically incompatible alternative exists (think Linux or Leopard) that is more reliable and easier to learn when used in isolation. These synergistic effects influence the costs and benefits of th ...
The Importance of Composition of Fiscal Policy: Evidence from
... the marginal cost, also expressed in foreign currency. In this model with one factor, the marginal cost is equal to labor compensation W (1 + v), i.e. the wage paid to the employee plus any labor tax paid by the employer. The effects of an increase in the labor tax paid by the employer v are qualitat ...
... the marginal cost, also expressed in foreign currency. In this model with one factor, the marginal cost is equal to labor compensation W (1 + v), i.e. the wage paid to the employee plus any labor tax paid by the employer. The effects of an increase in the labor tax paid by the employer v are qualitat ...
Trade Integration, Competition, and the Decline in
... the responsiveness of import prices to exchange-rate movements. To the extent that exchangerate pass-through is high, exchange-rate movements will be accompanied by similar changes in import prices, inducing relatively large movements in trade flows and consumer prices. As a consequence, pass-throug ...
... the responsiveness of import prices to exchange-rate movements. To the extent that exchangerate pass-through is high, exchange-rate movements will be accompanied by similar changes in import prices, inducing relatively large movements in trade flows and consumer prices. As a consequence, pass-throug ...
Price dispersion: the role of borders, distance, and location∗
... than intranational price differences. To the extent that the latter phenomenon cannot be explained solely by the geographic distance between locations, it has been attributed to the "border effect." The latter is often attributed to the fact that, unlike intranational prices, international prices are ...
... than intranational price differences. To the extent that the latter phenomenon cannot be explained solely by the geographic distance between locations, it has been attributed to the "border effect." The latter is often attributed to the fact that, unlike intranational prices, international prices are ...
NBER WORKING PAPER SERIES A CURRENCY OF ONE’S OWN?
... between the two types of “common currency” regimes discussed above: strictly dollarized and independent currency unions (ICU). For instance, an inspection of the data sets used by Engel and Rose (2002) and Frankel and Rose (2002) indicates that they treat dollarized and ICU nations as a homogeneous ...
... between the two types of “common currency” regimes discussed above: strictly dollarized and independent currency unions (ICU). For instance, an inspection of the data sets used by Engel and Rose (2002) and Frankel and Rose (2002) indicates that they treat dollarized and ICU nations as a homogeneous ...
189 KB - Standard Life Investments
... sustainable yield as a theme. We have further increased our positions in corporate bonds; although selective purchases are required given balance sheet risks. We also prefer to move up the capital structure when corporate earnings growth is low. Within government bonds, we prefer European to US bond ...
... sustainable yield as a theme. We have further increased our positions in corporate bonds; although selective purchases are required given balance sheet risks. We also prefer to move up the capital structure when corporate earnings growth is low. Within government bonds, we prefer European to US bond ...
Recap Section F
... They measure the price of one country’s money in terms of another. Consequently, they depend on factors both at home and abroad, including domestic and foreign interest rates. Changes in interest rates in the United Kingdom may affect the exchange rate between sterling and, say, the euro. But so may ...
... They measure the price of one country’s money in terms of another. Consequently, they depend on factors both at home and abroad, including domestic and foreign interest rates. Changes in interest rates in the United Kingdom may affect the exchange rate between sterling and, say, the euro. But so may ...
A small open economy`s view on interest rate differential`s
... and depreciate the foreign currency. However, the forward premium puzzle could cause opposite effects on currencies value (Lothian 2016, p. 1). Our main objective is to investigate the uncovered interest rate parity in four currency pairs. This is of interest since the nominal exchange rates as fina ...
... and depreciate the foreign currency. However, the forward premium puzzle could cause opposite effects on currencies value (Lothian 2016, p. 1). Our main objective is to investigate the uncovered interest rate parity in four currency pairs. This is of interest since the nominal exchange rates as fina ...
Appendix: Decomposing Changes in Agricultural Producer Prices
... The large decline in budget subsidies to the agro-food sector during transition has eliminated the support that food consumers enjoyed during the planned period. Rather, agricultural import tariffs have taxed consumers. Misalignment of Russia’s exchange rate has indirectly distorted producer and con ...
... The large decline in budget subsidies to the agro-food sector during transition has eliminated the support that food consumers enjoyed during the planned period. Rather, agricultural import tariffs have taxed consumers. Misalignment of Russia’s exchange rate has indirectly distorted producer and con ...
International Capital Inflows, Domestic Financial Intermediation
... of investment and production at lower cost. The government faces the same informational disadvantage vis-a-vis private banks as do foreign lenders. Investments take time to build in the model. This assumption plays a key and interesting role in the dynamics of bank lending because it introduces cons ...
... of investment and production at lower cost. The government faces the same informational disadvantage vis-a-vis private banks as do foreign lenders. Investments take time to build in the model. This assumption plays a key and interesting role in the dynamics of bank lending because it introduces cons ...
Appendix 5
... advisory services in relation to the Collective Investment Scheme’s portfolio and person(s) whose opinion(s) as (an) expert(s) is/are referred to in any document included in this application. ...
... advisory services in relation to the Collective Investment Scheme’s portfolio and person(s) whose opinion(s) as (an) expert(s) is/are referred to in any document included in this application. ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... were financed using official flows and debt flows. As in other countries that were liberalizing capital flows in this period, the conceptual framework underlying the reforms of the 1990s was based on experiences with volatile debt flows, views about the sustainability of debt flows, and views about a ...
... were financed using official flows and debt flows. As in other countries that were liberalizing capital flows in this period, the conceptual framework underlying the reforms of the 1990s was based on experiences with volatile debt flows, views about the sustainability of debt flows, and views about a ...
Tr a n s p a r e n c... Hans Dillén and Jonny Nilsson, Economics Department, Sveriges Riksbank
... Most commentators, especially non-central bankers, would argue that transparency is beneficial for society. In Faust and Svensson (1998) it is shown that transparency improves social welfare. Central bankers also recognise advantages of a transparent policy, including: (i) Credibility gains. Transpa ...
... Most commentators, especially non-central bankers, would argue that transparency is beneficial for society. In Faust and Svensson (1998) it is shown that transparency improves social welfare. Central bankers also recognise advantages of a transparent policy, including: (i) Credibility gains. Transpa ...
Economic Costs of Alternative Monetary Policy Responses During
... Sudden depreciations can affect the economy through a number of channels. Depreciations typically increase both the level and volatility of inflation, they generate economic uncertainty, and they may reduce central bank credibility if low and stable inflation or a stable exchange rate are explicit o ...
... Sudden depreciations can affect the economy through a number of channels. Depreciations typically increase both the level and volatility of inflation, they generate economic uncertainty, and they may reduce central bank credibility if low and stable inflation or a stable exchange rate are explicit o ...
File
... Determine a compensation system for bank executives Ensure proper disclosure of the financial condition and performance Oversee growth strategies such as acquisitions Oversee policies for changing capital structure Assess performance and ensure that corrective action is taken if there is weak perfor ...
... Determine a compensation system for bank executives Ensure proper disclosure of the financial condition and performance Oversee growth strategies such as acquisitions Oversee policies for changing capital structure Assess performance and ensure that corrective action is taken if there is weak perfor ...
Has Macroeconomic Policy Been Pro-Poor in Brazil?
... measures such as import licenses, tariffs and subsidized interest rates. Unlike the rapidly growing Asian economies, protected industries were not forced to compete in international markets, which had not created an incentive for higher productivity. The ISI favoured high employment and the domestic ...
... measures such as import licenses, tariffs and subsidized interest rates. Unlike the rapidly growing Asian economies, protected industries were not forced to compete in international markets, which had not created an incentive for higher productivity. The ISI favoured high employment and the domestic ...
Exchange rate exposure among European firms
... firm to three exchange rates; specifically, the exchange rates of their home currencies with respect to the ECU, the yen and the US dollar. Because exchange rates and interest rates are closely linked through currency markets, it is possible that an apparent statistical relationship between firm ret ...
... firm to three exchange rates; specifically, the exchange rates of their home currencies with respect to the ECU, the yen and the US dollar. Because exchange rates and interest rates are closely linked through currency markets, it is possible that an apparent statistical relationship between firm ret ...
The Components of Electronic Order-Driven Spot FX Bid
... market makers to “recover inventory holding costs from trade and quote reversals”. In order-driven markets, this need does not exist, as there are no exogenous liquidity providing market makers who risk their own capital to create a market and who require compensation for doing so. Market participan ...
... market makers to “recover inventory holding costs from trade and quote reversals”. In order-driven markets, this need does not exist, as there are no exogenous liquidity providing market makers who risk their own capital to create a market and who require compensation for doing so. Market participan ...
Monetary Policy, Private Information, and
... on private information could thus be a potential cause of the comovements in international stock returns if the agents had superior knowledge about the common macroeconomic factors that price equities in many countries. But the economic origins of such private information remain unexplored. Indeed, ...
... on private information could thus be a potential cause of the comovements in international stock returns if the agents had superior knowledge about the common macroeconomic factors that price equities in many countries. But the economic origins of such private information remain unexplored. Indeed, ...
The Framework of Trade in the Council for Mutual Economic
... trade relations with the countries of people’s democracy and the USSR because these countries did not consider it appropriate that they should submit themselves to the dictatorship of the Marshall Plan, which would have violated their sovereignty and the interests of their national economies. In the ...
... trade relations with the countries of people’s democracy and the USSR because these countries did not consider it appropriate that they should submit themselves to the dictatorship of the Marshall Plan, which would have violated their sovereignty and the interests of their national economies. In the ...
How the Gold Standard Worked
... expenditure, price level, and real income in another country. An example of a monetary shock was the California gold discovery in 1848. The newly produced gold increased the U.S. money supply, which then raised domestic expenditures, nominal income, and ultimately, the price level. The rise in the d ...
... expenditure, price level, and real income in another country. An example of a monetary shock was the California gold discovery in 1848. The newly produced gold increased the U.S. money supply, which then raised domestic expenditures, nominal income, and ultimately, the price level. The rise in the d ...
International Arbitrage And Interest Rate Parity
... © 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. ...
... © 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. ...