Exchange rates and export performance: evidence from micro-data
... level survival function refers to the number of consecutive years over which a first-time exporter exports, regardless of the product and destination composition of those exports. We do not consider here the survival of the firm itself, only the longevity of its export status. ...
... level survival function refers to the number of consecutive years over which a first-time exporter exports, regardless of the product and destination composition of those exports. We do not consider here the survival of the firm itself, only the longevity of its export status. ...
NBER WORKING PAPER SERIES ROLE REVERSAL IN GLOBAL FINANCE Eswar S. Prasad
... with the objective of sharing risk across countries, with foreign investors bearing capital as well as currency risk on such investment. Emerging markets have thus accumulated enough good karma to cast off their “original sin.”3 By contrast, portfolio debt and bank loans together constitute the majo ...
... with the objective of sharing risk across countries, with foreign investors bearing capital as well as currency risk on such investment. Emerging markets have thus accumulated enough good karma to cast off their “original sin.”3 By contrast, portfolio debt and bank loans together constitute the majo ...
The Euro-Dollar Market: Some Unresolved Issues.
... goods, services, and capital assets. Virtually all Euro-dollar balances represent deposits placed with a view to earning a return, but some— notably in Switzerland and Canada—are held in current accounts maintained by corporations for transactions purposes. These dollar balances from nonbank sources ...
... goods, services, and capital assets. Virtually all Euro-dollar balances represent deposits placed with a view to earning a return, but some— notably in Switzerland and Canada—are held in current accounts maintained by corporations for transactions purposes. These dollar balances from nonbank sources ...
Problem Session-2
... b. Individuals who desire or need to spend a lot on clothing will be those most likely to buy clothing insurance. c. Clothing insurance will cost more than $2,000. Only those who spend more than average will want to purchase the insurance. The insurance company will have to set the premium such that ...
... b. Individuals who desire or need to spend a lot on clothing will be those most likely to buy clothing insurance. c. Clothing insurance will cost more than $2,000. Only those who spend more than average will want to purchase the insurance. The insurance company will have to set the premium such that ...
Fixing Argentina Executive Summary by Kurt Schuler No. 445
... before the peso was floated that the IMF was advising either floating or dollarization (eliminating the peso and making the U.S. dollar Argentina’s national currency). The IMF gave advice as if both choices were equally good, even though under central banking the peso had depreciated against the dol ...
... before the peso was floated that the IMF was advising either floating or dollarization (eliminating the peso and making the U.S. dollar Argentina’s national currency). The IMF gave advice as if both choices were equally good, even though under central banking the peso had depreciated against the dol ...
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... period, gross saving is associated with higher international reserves in the developing and emerging markets; the outward direct-investment effect is consistent with the efforts of diverting international assets from the IR account into the purchase of more tangible foreign assets; the Joneses’ effe ...
... period, gross saving is associated with higher international reserves in the developing and emerging markets; the outward direct-investment effect is consistent with the efforts of diverting international assets from the IR account into the purchase of more tangible foreign assets; the Joneses’ effe ...
PPT
... The Fed is the lender of last resort, which means the Fed stands ready to lend reserves to depository institutions that are short of reserves. Required Reserve Ratio The Fed sets the required reserve ratio, which is the minimum percentage of deposits that a depository institution must hold as re ...
... The Fed is the lender of last resort, which means the Fed stands ready to lend reserves to depository institutions that are short of reserves. Required Reserve Ratio The Fed sets the required reserve ratio, which is the minimum percentage of deposits that a depository institution must hold as re ...
A Portfolio Theory of International Capital Flows Michael B. Devereux
... currency area would reduce welfare, so would the elimination of nominal assets which operate as a risk-sharing mechanism. By contrast, the model implies a unique welfare maximizing monetary rule for each country to follow (which requires ‡exible exchange rates). There are limitations of our analysis ...
... currency area would reduce welfare, so would the elimination of nominal assets which operate as a risk-sharing mechanism. By contrast, the model implies a unique welfare maximizing monetary rule for each country to follow (which requires ‡exible exchange rates). There are limitations of our analysis ...
ge14 Fidrmuc
... purchasing-power-adjusted prices, nearly doubled from 7.5% as of 2001 to 14.3% in 2011 (see Figure 2a). This remarkable economic development is accompanied by financial sector reforms and growing competition among domestic companies. Despite a global slowdown, China’s economy has continued to expand ...
... purchasing-power-adjusted prices, nearly doubled from 7.5% as of 2001 to 14.3% in 2011 (see Figure 2a). This remarkable economic development is accompanied by financial sector reforms and growing competition among domestic companies. Despite a global slowdown, China’s economy has continued to expand ...
-1- Benjamin J. Cohen
... military strife. But then global finance staged a dramatic comeback – a veritable phoenix risen from the ashes – leading to a degree of monetary integration not seen since the end of the nineteenth century (Cohen 1996). More and more, it was felt, capital mobility was becoming something akin to a st ...
... military strife. But then global finance staged a dramatic comeback – a veritable phoenix risen from the ashes – leading to a degree of monetary integration not seen since the end of the nineteenth century (Cohen 1996). More and more, it was felt, capital mobility was becoming something akin to a st ...
NBER WORKING PAPER SERIES NEGATIVE NOMINAL INTEREST RATES: Willem H. Buiter
... its means of payment/medium of exchange function and introduces a variable exchange rate between a unit of the one-period safe non-monetary security denominated in terms of the numéraire and the currency/means of payment. That exchange rate can either be set by the government or be market-determined ...
... its means of payment/medium of exchange function and introduces a variable exchange rate between a unit of the one-period safe non-monetary security denominated in terms of the numéraire and the currency/means of payment. That exchange rate can either be set by the government or be market-determined ...
Negative Nominal Interest Rates:Three ways to overcome the zero lower bound
... its means of payment/medium of exchange function and introduces a variable exchange rate between a unit of the one-period safe non-monetary security denominated in terms of the numéraire and the currency/means of payment. That exchange rate can either be set by the government or be market-determined ...
... its means of payment/medium of exchange function and introduces a variable exchange rate between a unit of the one-period safe non-monetary security denominated in terms of the numéraire and the currency/means of payment. That exchange rate can either be set by the government or be market-determined ...
chapter 1
... trade directly with one another, rather deal through foreign exchange brokers. 4.central banks: they normally buy and sell currency in the foreign exchange market to keep the external value of their currency stable. ...
... trade directly with one another, rather deal through foreign exchange brokers. 4.central banks: they normally buy and sell currency in the foreign exchange market to keep the external value of their currency stable. ...
Chap010
... US$ which was convertible to gold at $35/oz. Agreed not to engage in competitive devaluations for trade purposes and defend their currencies Weak currencies could be devalued up to 10% ...
... US$ which was convertible to gold at $35/oz. Agreed not to engage in competitive devaluations for trade purposes and defend their currencies Weak currencies could be devalued up to 10% ...
DP2009/17 Global shocks, economic growth and financial
... includes New Zealand. In the existing literature, New Zealand is often not included in the estimation samples because of missing values in key variables. Based on the results from the estimation, we highlight factors which were important in mitigating or exacerbating crisis risk in the country. We f ...
... includes New Zealand. In the existing literature, New Zealand is often not included in the estimation samples because of missing values in key variables. Based on the results from the estimation, we highlight factors which were important in mitigating or exacerbating crisis risk in the country. We f ...
Definition
... • No immediate plans to officially dollarize under new President Fernando de la Rua. • Debate/discussion continues - Argentine and American officials met last month in Washington to discuss dollarization. ...
... • No immediate plans to officially dollarize under new President Fernando de la Rua. • Debate/discussion continues - Argentine and American officials met last month in Washington to discuss dollarization. ...
NBER WORKING PAPER SERIES GLOBAL SHOCKS, ECONOMIC GROWTH AND FINANCIAL CRISES:
... includes New Zealand. In the existing literature, New Zealand is often not included in the estimation samples because of missing values in key variables. Based on the results from the estimation, we highlight factors which were important in mitigating or exacerbating crisis risk in the country. We f ...
... includes New Zealand. In the existing literature, New Zealand is often not included in the estimation samples because of missing values in key variables. Based on the results from the estimation, we highlight factors which were important in mitigating or exacerbating crisis risk in the country. We f ...
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... Thus compared to the recent past there is no particular reason for a portfolio shift in favour of euro assets. Nor is there any clear evidence that growth prospects are better in Europe than in the United States: the crisis is at least as severe as in the US, the aging problem is worse, and, despite ...
... Thus compared to the recent past there is no particular reason for a portfolio shift in favour of euro assets. Nor is there any clear evidence that growth prospects are better in Europe than in the United States: the crisis is at least as severe as in the US, the aging problem is worse, and, despite ...
RMB as an Anchor Currency in ASEAN, China, Japan
... as measured by bilateral trade and investment activities are indeed the major reason why the RMB is becoming more important. The business cycle factor is found to be insignificant. In addition to the economic factors, we notice that the deeper trade and financial integration is perhaps also a resul ...
... as measured by bilateral trade and investment activities are indeed the major reason why the RMB is becoming more important. The business cycle factor is found to be insignificant. In addition to the economic factors, we notice that the deeper trade and financial integration is perhaps also a resul ...
Slide 1
... The Fed’s Organization • The Fed is run by a Board of Governors, which has seven members appointed by the president and confirmed by the Senate. • Among the seven members, the most important is the chairman. • The chairman directs the Fed staff, presides over board meetings, and testifies about Fed ...
... The Fed’s Organization • The Fed is run by a Board of Governors, which has seven members appointed by the president and confirmed by the Senate. • Among the seven members, the most important is the chairman. • The chairman directs the Fed staff, presides over board meetings, and testifies about Fed ...
Reserve currency
A reserve currency (or anchor currency) is a currency that is held in significant quantities by governments and institutions as part of their foreign exchange reserves. The reserve currency is commonly used in international transactions and often considered a hard currency or safe-haven currency. People who live in a country that issues a reserve currency can purchase imports and borrow across borders more cheaply than people in other nations because they don't need to exchange their currency to do so.By the end of the 20th century, the United States dollar was considered the world's most dominant reserve currency, and the world's need for dollars has allowed the United States government as well as Americans to borrow at lower costs, granting them an advantage in excess of $100 billion per year. However, the U.S. dollar's status as a reserve currency, by increasing in value, hurts U.S. exporters.