STRICT DOLLARIZATION AND ECONOMIC PERFORMANCE: An Empirical Investigation Sebastian Edwards
... growth and lower GDP growth volatility. The reason for focusing on strictly dollarized countries is simple: the policy debate in the emerging world is whether these countries ought to adopt an “advanced” country's currency as a way of achieving credibility. For Argentina it is very different to dele ...
... growth and lower GDP growth volatility. The reason for focusing on strictly dollarized countries is simple: the policy debate in the emerging world is whether these countries ought to adopt an “advanced” country's currency as a way of achieving credibility. For Argentina it is very different to dele ...
Baldwin & Wyplosz The Economics of Euroepan Integration
... "Price stability is defined as a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) for the euro area of below 2%. Price stability is to be maintained over the medium term." “The Governing Council agreed that in the pursuit of price stability it will aim to maintain inflation ra ...
... "Price stability is defined as a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) for the euro area of below 2%. Price stability is to be maintained over the medium term." “The Governing Council agreed that in the pursuit of price stability it will aim to maintain inflation ra ...
1 ECONOMIC MIRACLE OF POST
... versa. But it is necessary to separate the effects associated with the dynamics of output from the effects of the terms of trade and financial flows. At the end of the Soviet period, in the 1980s, real incomes in Uzbekistan were about half of the Russia level. After the collapse of the USSR real inc ...
... versa. But it is necessary to separate the effects associated with the dynamics of output from the effects of the terms of trade and financial flows. At the end of the Soviet period, in the 1980s, real incomes in Uzbekistan were about half of the Russia level. After the collapse of the USSR real inc ...
Adjusted operating income excludes “Realized
... certain derivative contracts, as a related adjustment. Pursuant to a currency hedging program, we execute forward sale contracts in the hedged currencies in exchange for U.S. dollars at a specified exchange rate. The maturities of these contracts correspond with future periods in which non-U.S. earn ...
... certain derivative contracts, as a related adjustment. Pursuant to a currency hedging program, we execute forward sale contracts in the hedged currencies in exchange for U.S. dollars at a specified exchange rate. The maturities of these contracts correspond with future periods in which non-U.S. earn ...
exchange rate volatility and trade
... debate on the optimality of alternative exchange rate regimes.1 Proponents of fixed rates argue that since the advent of the floating regime, exchange rates have been subject to excessive volatility and deviations from equilibrium values have persisted over sustained periods of time. In their view, ...
... debate on the optimality of alternative exchange rate regimes.1 Proponents of fixed rates argue that since the advent of the floating regime, exchange rates have been subject to excessive volatility and deviations from equilibrium values have persisted over sustained periods of time. In their view, ...
NBER WORKING PAPER SERIES CAN INFLATION TARGETING WORK IN EMERGING MARKET COUNTRIES?
... An important theme in Guillermo Calvo’s work has been that emerging market economies are very different from advanced economies, and this has important implications that need to be factored in when designing macroeconomic policies. For example, Guillermo (e.g., see Calvo, 1999a, Calvo, 2001 and Cal ...
... An important theme in Guillermo Calvo’s work has been that emerging market economies are very different from advanced economies, and this has important implications that need to be factored in when designing macroeconomic policies. For example, Guillermo (e.g., see Calvo, 1999a, Calvo, 2001 and Cal ...
AR-Butt - Lahore School of Economics
... Unlike in the United States, governments in Asia are more involved in business development (Poon, 1998). This reliance on more personalised and a cozy relationship based transaction increases the potential for corruption. That was one of the reasons of the crisis. The critical turn in the global eco ...
... Unlike in the United States, governments in Asia are more involved in business development (Poon, 1998). This reliance on more personalised and a cozy relationship based transaction increases the potential for corruption. That was one of the reasons of the crisis. The critical turn in the global eco ...
New Consensus Macroeconomics: A Critical Appraisal
... 5) represents stochastic shocks, and Et refers to expectations held at time t. The change in the nominal exchange rate, as it appears in equation (2), can be derived from equation (6) as in Δer = Δrer + pwt - pt. Equation (1) is the aggregate demand equation with the current output gap determined by ...
... 5) represents stochastic shocks, and Et refers to expectations held at time t. The change in the nominal exchange rate, as it appears in equation (2), can be derived from equation (6) as in Δer = Δrer + pwt - pt. Equation (1) is the aggregate demand equation with the current output gap determined by ...
NBER WORKING PAPER SERIES Jean Boivin Marc P. Giannoni
... which contribute to larger contractions of consumption in these two countries. Also, restrictive monetary policy in the EA tended to trigger a depreciation of the lira and the peseta, and a smaller decline of exports of these countries than in the rest of the EA. The creation of the euro has contrib ...
... which contribute to larger contractions of consumption in these two countries. Also, restrictive monetary policy in the EA tended to trigger a depreciation of the lira and the peseta, and a smaller decline of exports of these countries than in the rest of the EA. The creation of the euro has contrib ...
IRISH INFLATION: APPROPRIATE POLICY RESPONSES 33
... Prof. Kevin H. O’Rourke, Dept. of Economics, TCD Prof. Rodney Thom, Dept. of Economics, UCD * ...
... Prof. Kevin H. O’Rourke, Dept. of Economics, TCD Prof. Rodney Thom, Dept. of Economics, UCD * ...
Forecasting Global Commodity Prices Using South
... with respect to the global market, and therefore price takers. This research explores whether five South American commodity currencies, those of Argentina, Brazil, Columbia, Paraguay and Peru, can be used to develop a model that predicts future prices for individual commodities, and aggregate commod ...
... with respect to the global market, and therefore price takers. This research explores whether five South American commodity currencies, those of Argentina, Brazil, Columbia, Paraguay and Peru, can be used to develop a model that predicts future prices for individual commodities, and aggregate commod ...
New Consensus Macroeconomics: A Critical Appraisal
... 5) represents stochastic shocks, and Et refers to expectations held at time t. The change in the nominal exchange rate, as it appears in equation (2), can be derived from equation (6) as in Δer = Δrer + pwt - pt. Equation (1) is the aggregate demand equation with the current output gap determined by ...
... 5) represents stochastic shocks, and Et refers to expectations held at time t. The change in the nominal exchange rate, as it appears in equation (2), can be derived from equation (6) as in Δer = Δrer + pwt - pt. Equation (1) is the aggregate demand equation with the current output gap determined by ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... dustries, and this has to be taken into account in assessing the overall impact of the dollar depreciation. Another widespread belief in the policy literature is that a pickup in foreign productivity growth rates, relative to U.S. rates, should lead to a closing of global imbalances. Our analytical ...
... dustries, and this has to be taken into account in assessing the overall impact of the dollar depreciation. Another widespread belief in the policy literature is that a pickup in foreign productivity growth rates, relative to U.S. rates, should lead to a closing of global imbalances. Our analytical ...
Georgia: Neighbourhood SME financing
... to widen again in 2014, amid weak external demand, and stood at 9.7% in 2014. In Q1:2015 the current account deficit reached 14.1% of GDP, owing to an even higher trade deficit. The deficit is financed through substantial FDI and some portfolio investments. The latter, generally, are a potential sou ...
... to widen again in 2014, amid weak external demand, and stood at 9.7% in 2014. In Q1:2015 the current account deficit reached 14.1% of GDP, owing to an even higher trade deficit. The deficit is financed through substantial FDI and some portfolio investments. The latter, generally, are a potential sou ...
publication - Centre for European Policy Studies
... arrangements tend to break down under the attacks of financial speculation, but also that these attacks are encouraged by sustained divergences in prices, wages and productivity. Countries with higher inflation and lower productivity growth typically display persistent public-sector deficits and ris ...
... arrangements tend to break down under the attacks of financial speculation, but also that these attacks are encouraged by sustained divergences in prices, wages and productivity. Countries with higher inflation and lower productivity growth typically display persistent public-sector deficits and ris ...
The Relationship between Exchange Rates and International Trade
... After a period of thirty years of relative stability of both nominal and real exchange rates under the Bretton-Woods system, increased volatility of exchange rates from the early 1970's triggered a rich and lively debate on the channels through which such increased volatility could affect the real ...
... After a period of thirty years of relative stability of both nominal and real exchange rates under the Bretton-Woods system, increased volatility of exchange rates from the early 1970's triggered a rich and lively debate on the channels through which such increased volatility could affect the real ...
The Relationship between Exchange Rates and International Trade
... After a period of thirty years of relative stability of both nominal and real exchange rates under the Bretton-Woods system, increased volatility of exchange rates from the early 1970's triggered a rich and lively debate on the channels through which such increased volatility could affect the real ...
... After a period of thirty years of relative stability of both nominal and real exchange rates under the Bretton-Woods system, increased volatility of exchange rates from the early 1970's triggered a rich and lively debate on the channels through which such increased volatility could affect the real ...
Chapter 12 - Pearson Higher Education
... • Crawling peg increases vulnerability to financial crises in two ways – Requires monetary authorities to exercise discipline in the issuance of new money; anti-inflationary tendencies are exacerbated by intentional slow devaluation, and a severe overvaluation of the real exchange rate may result – ...
... • Crawling peg increases vulnerability to financial crises in two ways – Requires monetary authorities to exercise discipline in the issuance of new money; anti-inflationary tendencies are exacerbated by intentional slow devaluation, and a severe overvaluation of the real exchange rate may result – ...
regional economic integration in africa: benefits for lesotho
... Conclusion A brief expose of the erosive effects of money laundering on the economy ...
... Conclusion A brief expose of the erosive effects of money laundering on the economy ...
20 pages - World bank documents
... 1984-85 arose in the context of difficulties in the external sector, deterioration of public finances, and sociopolitical conflicts. In the early 1980s, Bolivia lost access to private and multilateral international lending sources; it responded by suspending the servicing of its foreign debt. On the ...
... 1984-85 arose in the context of difficulties in the external sector, deterioration of public finances, and sociopolitical conflicts. In the early 1980s, Bolivia lost access to private and multilateral international lending sources; it responded by suspending the servicing of its foreign debt. On the ...
Chapter 15
... • LOP does not hold for non-traded items such as services, only freely-traded goods • LOP does not hold for differentiated products • LOP and PPP may not hold in the short run ...
... • LOP does not hold for non-traded items such as services, only freely-traded goods • LOP does not hold for differentiated products • LOP and PPP may not hold in the short run ...
Official PDF , 37 pages
... respect to this index so that all economies with an index value at or below this cut-off value are classified as small. ...
... respect to this index so that all economies with an index value at or below this cut-off value are classified as small. ...
Measuring Market Exposure - NYU Stern School of Business
... model. We believe that the number of companies utilizing foundries will increase as they focus on their core strengths—designing semiconductors and product marketing. Such a business model transfers the risk associated with investing capital in production assets, giving the now "fabless" semiconduct ...
... model. We believe that the number of companies utilizing foundries will increase as they focus on their core strengths—designing semiconductors and product marketing. Such a business model transfers the risk associated with investing capital in production assets, giving the now "fabless" semiconduct ...
Greece and the fiscal crisis in the EMU
... There are six ways to achieve a reduction in the non-monetary debt burden of the government (by which we mean the augmented general government – the consolidated general government (federal, state and local, including social security etc.) and the central bank): 1. Fiscal pain, that is, an increase ...
... There are six ways to achieve a reduction in the non-monetary debt burden of the government (by which we mean the augmented general government – the consolidated general government (federal, state and local, including social security etc.) and the central bank): 1. Fiscal pain, that is, an increase ...
