NBER WORKING PAPER SERIES A LONG RUN VIEW Michael D. Bordo
... (e.g., London, Paris, and Berlin) was denominated in the currency of the financial leaders. Private and sovereign debt contracts often demanded repayment in a fixed weight of precious metal such as gold. However this was by no means the rule within this period. Many emerging markets managed to plac ...
... (e.g., London, Paris, and Berlin) was denominated in the currency of the financial leaders. Private and sovereign debt contracts often demanded repayment in a fixed weight of precious metal such as gold. However this was by no means the rule within this period. Many emerging markets managed to plac ...
An Overview of the Great Depression
... Moreover, Eichengreen (1992) suggests that the episode of 1920–21 led the Federal Reserve System to believe that the economy could be successfully deflated or “liquidated” without paying a severe penalty in terms of reduced output. This conclusion, however, proved to be mistaken at the onset of the ...
... Moreover, Eichengreen (1992) suggests that the episode of 1920–21 led the Federal Reserve System to believe that the economy could be successfully deflated or “liquidated” without paying a severe penalty in terms of reduced output. This conclusion, however, proved to be mistaken at the onset of the ...
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... Using a dynamic model of global timber marketsl provides several benefits for this analysis. First, we are able to monitor changes in investment and harvesting patterns and timber prices associated with different types of policies. When policies in one region change, the resulting adjustments in exc ...
... Using a dynamic model of global timber marketsl provides several benefits for this analysis. First, we are able to monitor changes in investment and harvesting patterns and timber prices associated with different types of policies. When policies in one region change, the resulting adjustments in exc ...
Figure 1 - Cengage Learning
... – Increase in the official value of a currency – A unit of a nation’s currency buys more units of foreign currency © 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 ...
... – Increase in the official value of a currency – A unit of a nation’s currency buys more units of foreign currency © 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 ...
Fluctuations in the Yen/Dollar Exchange Rate, East Asian Business
... this view rests on the assumption that the East Asian currencies have been pegged to the dollar sufficiently tightly that fluctuations in the yen/dollar rate are largely synonymous to those in the relative manufacturing competitiveness of Japan and the other Asian countries, we show that this has in ...
... this view rests on the assumption that the East Asian currencies have been pegged to the dollar sufficiently tightly that fluctuations in the yen/dollar rate are largely synonymous to those in the relative manufacturing competitiveness of Japan and the other Asian countries, we show that this has in ...
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... Asset bubbles appeared in some national housing markets and were further inflated by expansions in bank credit, predominantly in Spain and Ireland. Sustained increases in demand caused inflationary pressure, which led to both wage and price increases in the booming euro area economies and in turn co ...
... Asset bubbles appeared in some national housing markets and were further inflated by expansions in bank credit, predominantly in Spain and Ireland. Sustained increases in demand caused inflationary pressure, which led to both wage and price increases in the booming euro area economies and in turn co ...
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... the point of view of macroeconomic stabilisation that should be set against the loss of national monetary policy as a stabilisation instrument and of exchange rate flexibility as an adjustment mechanism.1 Recent literature has stressed a number of effects of joining EMU which are not analysed in the ...
... the point of view of macroeconomic stabilisation that should be set against the loss of national monetary policy as a stabilisation instrument and of exchange rate flexibility as an adjustment mechanism.1 Recent literature has stressed a number of effects of joining EMU which are not analysed in the ...
Chapter 11
... The FOMC consists of the seven members of the Board of Governors, the president of the FRB of New York, and four other FRB presidents on a rotating basis. The chairman of the Board of Governors also chairs the FOMC. The FOMC determines the conduct of open market operations, the buying and selling of ...
... The FOMC consists of the seven members of the Board of Governors, the president of the FRB of New York, and four other FRB presidents on a rotating basis. The chairman of the Board of Governors also chairs the FOMC. The FOMC determines the conduct of open market operations, the buying and selling of ...
Invoice Currency: puzzling evidence and new questions from Brazil
... We register, for the first time, the Brazilian foreign trade according to its invoice currency, exploring the Brazilian Ministry of Development, Industry and Foreign Trade (MDIC) series from 2007 to 2011. Our description allows the proposition of fresh questions on Brazil’s economic integration—both ...
... We register, for the first time, the Brazilian foreign trade according to its invoice currency, exploring the Brazilian Ministry of Development, Industry and Foreign Trade (MDIC) series from 2007 to 2011. Our description allows the proposition of fresh questions on Brazil’s economic integration—both ...
Full Text
... The …rst stage begins during times of high in‡ation and currency depreciation, when people loose con…dence in their local currency, and start to hold a foreign currency, often the U.S. dollar, as a store of value (”asset substitution”). During the second stage, as the local currency continues to dep ...
... The …rst stage begins during times of high in‡ation and currency depreciation, when people loose con…dence in their local currency, and start to hold a foreign currency, often the U.S. dollar, as a store of value (”asset substitution”). During the second stage, as the local currency continues to dep ...
Exchange Rates
... 14. The FAFA guides the reporting policies between UNDP and the EC. The FAFA clearly states that “…reports to be submitted to the Commission will be in Euro, except in PAGODA contract templates. These reports may be drawn from financial statements denominated in US Dollars as per UN legislative requ ...
... 14. The FAFA guides the reporting policies between UNDP and the EC. The FAFA clearly states that “…reports to be submitted to the Commission will be in Euro, except in PAGODA contract templates. These reports may be drawn from financial statements denominated in US Dollars as per UN legislative requ ...
... most of the models that exist in the literature -- this is the price-consumption puzzle identified by Uribe (1998a).3 A series of recent empirical studies provide growing evidence indicating that a few key macroeconomic indicators are robust predictors of currency crises, in the sense of statistical ...
Criteria To Be Considered In Assessing A Country`s
... poor policy credibility of monetary policy authorities in Argentina, other monetary regimes under a float (a Taylor rule, monetary aggregate targeting, et cetera) are less likely to be effective than a credible inflation-targeting regime to ensure persistent low inflation. If instead dollarization i ...
... poor policy credibility of monetary policy authorities in Argentina, other monetary regimes under a float (a Taylor rule, monetary aggregate targeting, et cetera) are less likely to be effective than a credible inflation-targeting regime to ensure persistent low inflation. If instead dollarization i ...
NBER WORKING PAPER SERIES STRICT DOLLARIZATION AND ECONOMIC PERFORMANCE: AN EMPIRICAL INVESTIGATION
... give up their domestic currency, and adopt an advanced nation’s currency as legal tender. This policy option has received the generic name of “official dollarization,” even if the advanced country’s currency is other than the dollar. There is wide agreement among economists that countries that give ...
... give up their domestic currency, and adopt an advanced nation’s currency as legal tender. This policy option has received the generic name of “official dollarization,” even if the advanced country’s currency is other than the dollar. There is wide agreement among economists that countries that give ...
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.