This paper studies the responses of residential property and equity prices,
inflation and economic activity to monetary policy shocks in 17 countries,
using data spanning 1986-2006. We estimate VARs for individual economies
and panel VARs in which we distinguish between groups of countries on the
basis of the characteristics of their financial systems. The results suggest that
using monetary policy to offset asset price movements in order to guard
against financial instability may have large effects on economic activity.
Error notes continue to carve an ever larger niche in paper money collecting. This revised reference offers collectors a comprehensive catalog of known U.S. paper money errors and includes examples of each error and detailed information on paper money printing. Updated values are provided in up to three conditions. Errors are thoroughly described and depicted, including overprint, folding and first and second printing errors. Historical photographs from the Bureau of Engraving and Printing reveal rarely seen images of U.S. paper money workers inside the printing office....
Research will focus on the basic theory in terms of liquidity management of the central bank, the status of liquidity to execute the monetary policy of the central bank by forecasting method from currency balance sheet and propose management solution on liquidity of the central bank monetary policy.
Filers categorized over half of the subjects as policyholders of either the insured,
the beneficiary, the payer, or the applicant. The next largest category of subjects was
the applicant or owner of an annuity.
Consistent with data from all other financial services industries, insurance compa-
ny filers most commonly cited “BSA/Money Laundering/Structuring” as the charac-
terization of suspicious activity. Structuring, where larger transactions are broken
into smaller exchanges, is consistent with an attempt to avoid currency reporting
Most of the remittance-receiving countries witnessed a significant macro-economic impact of
remittances, not only in terms of hel ping increase foreign currency earnings, but also by virtue of
representing a sizeable share of a country’s GDP, Moreover, these resources help expand markets
through spending and investment. Table 1 shows that the amount of remittances received by these
countries is far larger than FDI or ODA. When compared with exports, remittances also represent a
significant portion of that revenue.
The measure under consideration was reported by me from the Committee on Finance. It is hardly necessary
for me to say, however, that it does not fully reflect my individual views regarding the relation which silver
should bear to the monetary circulation of the country or of the world. I am, at all times and in all places, a
firm and unwavering advocate of the free and unlimited coinage of silver, not merely for the reason that silver
is as ancient and honorable a money metal as gold, and equally well adapted for the money use, but for the
further reason that, looking at the...
Clearly, interest rate policy implemented by the Fed’s
current operating procedures could not survive in this case. If
the Fed persisted in implementing interest rate policy with its
current procedures, the Fed would continually sell securities to
withdraw reserves and currency. Reserves, for example, would
be withdrawn to keep their marginal narrow liquidity services
yield from falling below the interest opportunity cost
represented by the federal funds rate target.
We assess some stylised facts on long-term interest rates, using weekly and daily data.
Then we explore how these events were interpreted in capital markets by reviewing
weekly notes and newsletters of four major investment banks for 2002, and we
provide a chronology of major fiscal policy events throughout the year.
What can governments do to support and drive these initiatives further? The most important thing is
to provide clear and consistent environmental policies which will fix market failures and give institutional
investors the confidence to invest in green projects. Without these policies climate finance from the private
sector will not be forthcoming.
Governments need to ensure that adequate, investment-grade deals at scale come to the market in
order to be able to tap the potential pension funds cash.
We analyze the development of 49 local bond markets. Our main finding is that policies and laws
matter: Countries with stable inflation rates and strong creditor rights have more developed local
bond markets and rely less on foreign-currency-denominated bonds. The results suggest that
“original sin” is a misnomer. Emerging economies are not inherently dependent upon
foreign-currency debt. Rather, by improving policy performance and strengthening institutions they
may develop local currency bond markets, reduce their currency mismatch, and lessen the likelihood
of future crises....
Chapter 38 - The balance of payments, exchange rates, and trade deficits. After reading this chapter, you should be able to: Explain how currencies of different nations are exchanged when international transactions take place, analyze the balance sheet the United States uses to account for the international payments it makes and receives, discuss how exchange rates are determined in currency markets, describe the difference between flexible exchange rates and fixed exchange rates, Identify the causes and consequences of recent record-high U.S. trade deficits.
Domestic bond markets have remained underdeveloped for much of Latin America’s modern
history owing to a number of policy and structural impediments. The resulting structure of
domestic government and private sector debt, which was heavily biased towards short-term
and/or dollar-indexed liabilities, contributed to a worsening of the financial crises in the region
during the 1990s and early 2000s.
In recent years, however, domestic bond markets have constituted a growing source of
financing for Latin American economies and of portfolio allocation for global investors
Finally, international (foreign currency) credit can also put upward pressure on the real
exchange rate, as borrowers exchange foreign for domestic currency for the purchase of
domestic goods or assets. With a fixed exchange rate (or within a currency area), real
exchange rate appreciation can take the form of relatively rapid inflation. For a country with
an independent currency, real exchange rate appreciation can result from either nominal
appreciation or relatively rapid inflation.
Bài giảng "Kinh tế vĩ mô - Chapter 20: Mô hình IS – LM - BP" cung cấp cho người học các kiến thức: The market for foreign currency exchange, marginal propensity to import, output determination in open economy, balance of payments, BP curve, is lm bp model, monetary and fiscal policies in open economy. Mời các bạn cùng tham khảo.
Chapter 9 - Currency exchange rates. This chapter define an exchange rate, and distinguish between nominal and real exchange rates and spot and forward exchange rates; describe functions of and participants in the foreign exchange market; describe functions of and participants in the foreign exchange market;...
388 Planning and Forecasting
EXHIBIT 12.23 Company AGCO Corporation (1999) Hedging of translation exposure: Selected company policies. Hedging Policy The Company’s translation exposure resulting from translating the financial statements of foreign subsidiaries into U.S. dollars is not hedged. When practical, this translation impact is reduced by financing local operations with local borrowings. We occasionally use foreign currency contracts to hedge the market risk of a subsidiary’s net asset position.
This study analyzes and provides empirical tests of early warning indicators
of banking and currency crises in emerging economies. The aim is
to identify key empirical regularities in the run-up to banking and currency
crises that would enable officials and private market participants
to recognize vulnerability to financial crises at an earlier stage. This, in
turn, should make it easier to motivate the corrective policy actions that
would prevent such crises from actually taking place.
Part VI Classical monetary economics and search
Chapter 24 Fiscal-Monetary Theories of Inﬂation
24.1. The issues
This chapter introduces some issues in monetary theory that mostly revolve around coordinating monetary and ﬁscal policies. We start from the observation that complete markets models have no role for inconvertible currency