Macro Pre-conditions for Rupee Internationalisation
|
|
|
- MargaretMargaret Doyle
- 6 years ago
- Views:
Transcription
1 Macro Pre-conditions for Rupee Internationalisation October 30, 2015
2 Outline 1 The Dollar s international currency status. 2 Efforts by China to internationalize RMB. 3 Macro pre-conditions for Indian Rupee internationalization.
3 Attributes of an international currency 1 Scale: Size of economy, size of international transactions with rest of the world. 2 Stability: Confidence in the value of the currency. 3 Liquidity: Buying and selling assets without affecting price of the currency. Measures of currency internationalization Share of the currency in countries FX reserves. Share of the currency in international bonds denomination. Share of the currency in global trade invoicing.
4 19th century international economy: Pre WW I Bank of England : conductor of the international orchestra" (Keynes, 1930)
5 Early 20th century In 1913 the Federal Reserve Act established the central bank in the US.
6 Early 20th century By 1924, Dollar had emerged as an international reserve currency alongside the Pound. Concerted policy reform and institutional innovation can help develop a liquid market needed to support currency internationalization. By late 1930s, Dollar surpassed Sterling as a currency of denomination for international bonds
7 Mid 20th century: Dollar Standard Post WW II, international economy organized around the Dollar and was dominated by the US. In the Bretton Woods System countries pegged their currencies to Dollar which was pegged to gold. US provided political stability, financial depth, and financial intermediation. US provided deep and liquid financial markets, that were open to the world. This gave the Federal Reserve System leverage over global financial conditions
8 Currency Composition of FX Reserves, Figure: Chitu, Eichengreen and Mehl (2014)
9 Currency Composition of FX Reserves 1999 vs 2010
10 US holdings of EME LC bonds
11 New currency on the block?
12 China and the RMB
13 China and the RMB Scale: China is the world s largest trading nation. By 2030, it will account for 28% of global GDP compared to 18% for US. Significantly smaller in terms of international financial transactions, compared to the US. Stability: Financial, Economic, Political Lack of a political democracy in China could be a challenge. Liquidity: Local currency bond market is very small in size Capital controls are a deterrent.
14 Macro pre-conditions for Rupee Internationalization Scale Indian economy is 7th largest in the world by nominal GDP ($2.38 trillion). It is the world s fastest growing major economy since 2014Q4. India has the potential to become the world s 3rd-largest economy by the next decade. However share of India s trade in world trade is less than 3%. Stability Inflation has been declining. Policy credibility is getting established (reduction of fiscal deficit and adoption of inflation targeting). Like all other countries with international currencies, India is a political democracy. Liquidity
15 Challenges for Rupee Internationalization Liquidity: India does not have a deep and liquid bond market. Hedging opportunities against all possible risks are limited. There continues to exist a comprehensive set of capital controls. Exchange rate is in a managed floating regime. Steps must be taken to facilitate financial development, improve financial stability and liquidity, before internationalization of the Rupee becomes feasible.
16 Thank you.
The Rise of China and the International Monetary System
The Rise of China and the International Monetary System Masahiro Kawai Asian Development Bank Institute Macro Economy Research Conference China and the Global Economy Hosted by the Nomura Foundation Tokyo,
International currencies and the macroeconomy. Richard Portes London Business School and CEPR
International currencies and the macroeconomy Richard Portes London Business School and CEPR Ministry of the Economy and Finance Rome 23-24 July 2009 Road map I: the fundamentals Determinants of international
John Maynard Keynes, the Bancor, and an International Money Clearing Unit (ICU): from Bretton Woods to 21st Century International Trade
John Maynard Keynes, the Bancor, and an International Money Clearing Unit (ICU): from Bretton Woods to 21st Century International Trade Dr David Rees Bretton Woods (New Hampshire). 1944. 44 countries organise
27 th Year of Publication. A monthly publication from South Indian Bank. To kindle interest in economic affairs... To empower the student community...
Experience Next Generation Banking A monthly publication from South Indian Bank To kindle interest in economic affairs... To empower the student community... www.southindianbank.com Student s corner ho2099@sib.co.in
Capital Flows and Monetary Coordination. Rakesh Mohan Executive Director International Monetary Fund
Capital Flows and Monetary Coordination Rakesh Mohan Executive Director International Monetary Fund June 9, 214 Capital Flows: Historical Overview Pre-WW I Debt flows, mostly long-term Gold standard stable
The Renminbi s Ascendance in International Finance
257 COMMENTARY The Renminbi s Ascendance in International Finance Menzie Chinn In this wide-ranging review of recent developments involving the progress in renminbi internationalization, Eswar Prasad concludes,
The Economics of the European Union
Fletcher School of Law and Diplomacy, Tufts University The Economics of the European Union Professor George Alogoskoufis Lecture 10: Introduction to International Macroeconomics Scope of International
Hedging Foreign Currency Exposure vs. Accepting Unmitigated Foreign Currency Risk
Hedging Foreign Currency Exposure vs. Accepting Unmitigated Foreign Currency Risk June 28, 2018 by Josh Rubin of Thornburg Investment Management Many forces undercut and bolster the greenback. Rather than
The Economics of International Financial Crises 3. An Introduction to International Macroeconomics and Finance
Fletcher School of Law and Diplomacy, Tufts University The Economics of International Financial Crises 3. An Introduction to International Macroeconomics and Finance Prof. George Alogoskoufis Scope of
Consumption expenditure The five most important variables that determine the level of consumption are:
The aggregate expenditure model: A macroeconomic model that focuses on the relationship between total spending and real GDP, assuming the price level is constant. Macroeconomic equilibrium: AE = GDP Consumption
Study Questions. Lecture 14 Pegging the Exchange Rate
Study Questions Page 1 of 7 Study Questions Lecture 14 the Exchange Rate Part 1: Multiple Choice Select the best answer of those given. 1. Suppose the central bank of Mexico is pegging its currency, the
Reform of Global Reserve System and China s Choice 1
Reform of Global Reserve System and China s Choice 1 Liqing Zhang Professor and Dean, School of Finance, Central University of Finance and Economics, Beijing Email: zhlq@cufe.edu.cn 1. Why the Regime should
Dealing with Foreign Exchange. Chapter 7
Dealing with Foreign Exchange Chapter 7 Why Exchange Rates Matter? Wal-Mart 80% of Wal-Mart s suppliers produce in China 60% of Wal-Mart items produced in China If Chinese Yuan (RMB) appreciates then Wal-Mart
Why So Much Interest? International Role of the Dollar. Raises General Issues. Key Currencies and Asymmetries
Why So Much Interest? International Role of the Dollar Rise of Euro US Current Account Deficit Role of Oil Pricing and Iraq War 797 Lecture Raises General Issues The Nature and Role of Reserve Currencies
Exchange Rates and International Finance
Exchange Rates and International Finance Week 12 Vivaldo Mendes Dep. of Economics Instituto Universitário de Lisboa 8 December 2017 (Vivaldo Mendes ISCTE-IUL ) Macroeconomics I (L0271) 8 December 2014
Rutgers University Spring Econ 336 International Balance of Payments Professor Roberto Chang. Problem Set 1. Name:
Rutgers University Spring 2013 Econ 336 International Balance of Payments Professor Roberto Chang Problem Set 1 Name: 1. When the exchange value of the euro rises in terms of the U.S. dollar, U.S. residents
EconS 327 Review for Test 2
Test 2 is on Friday, April 24 Test 2 has 30 multiple choice questions. Test 2 will cover the material assigned during weeks 1-14. This includes o Material covered on Test 1 o Material from weeks 8-14 o
Table 1. The Demand for International Reserves: Benchmark Specification (Constant, Log GNP, Import Share, Export Variability)
Table 1. The Demand for International Reserves: Benchmark Specification (Constant, Log GNP, Import Share, Export Variability) Import Export Period Constant Log GNP Share Variability Total -3.87 1.0 1.94-0.03
Currency Derivatives
Currency Derivatives Objectives How to the read the quotes Evolution of Foreign Exchange Market Factors affecting the Currency Market Current scenario Currency Futures Opportunities & Advantages Currency
The LBMA Bullion Market Forum June The World Needs New Reserve Currency: from the perspective of global liquidity
The World Needs New Reserve Currency: from the perspective of global liquidity Yao Yudong People s Bank of China 215-6-25 Outline 1 Global liquidity provision: History and Status quo 2 Global liquidity
The Role of Asian Currencies in the International Monetary System
The Role of Asian Currencies in the International Monetary System Masahiro Kawai Asian Development Bank Institute The Global Monetary and Financial System and Its Governance Tokyo Club Foundation for Global
Mansoor Dailami The World Bank Ankara, Turkey June 22, 2011
Mansoor Dailami The World Bank Ankara, Turkey June 22, 2011 Multipolarity: A New Global Economy A new global economic order is unfolding as the balance of global growth shifts from developed to emerging
Introduction The magnitude and gyrations of capital flows becoming the primary determinant of exchange rate movements on a day-to-day basis for most E
EXCHANGE RATE REGIME AND CAPITAL FLOWS: THE INDIAN EXPERIENCE NARENDRA JADHAV RESERVE BANK OF INDIA Introduction The magnitude and gyrations of capital flows becoming the primary determinant of exchange
Study Questions. Lecture 15 International Macroeconomics
Study Questions Page 1 of 5 Study Questions Lecture 15 International Macroeconomics Part 1: Multiple Choice Select the best answer of those given. 1. If the aggregate supply and demand curves in the figure
INTERNATIONAL FINANCIAL MARKETS
INTERNATIONAL FINANCIAL MARKETS The Market for Currencies The Forex trading market is the market for currencies. It is a large network of central banks and individual investors all engaged in the process
5. Openness in Goods and Financial Markets: The Current Account, Exchange Rates and the International Monetary System
Fletcher School of Law and Diplomacy, Tufts University 5. Openness in Goods and Financial Markets: The Current Account, Exchange Rates and the International Monetary System Macroeconomics Prof. George
10 Years After the Financial Crisis Uneven Progress and Some Structural Disconnects
10 Years After the Financial Crisis Uneven Progress and Some Structural Disconnects Karim Foda and Eswar Prasad * September 2018 The world economy has come a long way since the global financial crisis
Recent developments in the Mexican Peso market. March 2009
Recent developments in the Mexican Peso market March 2009 1 Index 1. The FX market before the financial turmoil 2. What we got right what we missed 3. Structural change in the FX market 4. Final remarks
Regulatory framework for foreign capital flows to India
Regulatory framework for foreign capital flows to India NIPFP, January 2007 Part I Framework of Capital controls Game plan of early 1990s Desire high investment, Game plan of early 1990s Desire high investment,
Renminbi Internationalization in Light of Recent Turbulence. Barry Eichengreen
Renminbi Internationalization in Light of Recent Turbulence Barry Eichengreen Renminbi Internationalization Lots of talk 76,000 unique Google hits the last time I looked. But how are they doing? (Curb
Local currency trade settlement under the international monetary system with the US dollar as a key currency
Local currency trade settlement under the international monetary system with the US dollar as a key currency RIETI and Hiitotsubashi University Eiji Ogawa RIETI-IWEP-CESSA Joint-Workshop Contents Lessons
Test Bank Multinational Business Finance 14th Edition by Eiteman Stonehill Moffett
Test Bank Multinational Business Finance 14th Edition by Eiteman Stonehill Moffett Solutions Manual for Multinational Business Finance 14th Edition by David K. Eiteman, Arthur I. Stonehill, Michael H.
A Map to the Revived Bretton Woods End Game. Peter Garber Global Risk Strategist June 18, 2004
A Map to the Revived Bretton Woods End Game Peter Garber Global Risk Strategist June 18, 2004 The international monetary system is determined by the basic economic problem to be solved Bretton Woods was
Monetary stability in economic development
PACIFIC INTEGRATION AND REGIONAL GOVERNANCE Monetary stability in economic development Ross Garnaut Professor of Economics, Research School of Pacific and Asian Studies, The Australian National University
Global Currency Dollar: What Next? Is Yuan Currency to Replace or Other
Global Currency Dollar: What Next? Is Yuan Currency to Replace or Other Name of Author: Rajan J.Nandola Designation: Asst.Prof. Organization: Thakur college of Science and Commerce. Address: Thakur College
Is There Really a RMB Bloc in Asia?
Is There Really a RMB Bloc in Asia? Masahiro Kawai Graduate School of Public Policy University of Tokyo Victor Pontines Asian Development Bank Institute 13th Research Meeting of NIPFP-DEA Research Program
Research on the Influencing Factors of Dollar Exchange Rate Fluctuation after Financial Crisis
2017 4th International Conference on Business, Economics and Management (BUSEM 2017) Research on the Influencing Factors of Dollar Exchange Rate Fluctuation after Financial Crisis Ruoxi Gong Majoring in
Investment Insights. International Strategy: Understanding Currency Movements
International Strategy: Understanding Currency Movements Executive Summary In the past few years, international investing or the purchase of non-u.s. securities has become increasingly popular. We believe
Currency Asymmetry, Global Imbalance, and the Needed Reform of Global Monetary System
Currency Asymmetry, Global Imbalance, and the Needed Reform of Global Monetary System FAN Gang National Economic Research Institute China Reform Foundation May 2006 1.China s trade balance In most of past
7/29/2017. Learning Objectives. The International Monetary and Financial Environment. Currencies and Exchange Rates
Learning Objectives The International Monetary and Financial Environment International Business: The New Realities, 4 th Edition by Cavusgil, Knight, and Riesenberger 9.1 Learn about exchange rates and
19.2 Exchange Rates in the Long Run Introduction 1/24/2013. Exchange Rates and International Finance. The Nominal Exchange Rate
Chapter 19 Exchange Rates and International Finance By Charles I. Jones International trade of goods and services exceeds 20 percent of GDP in most countries. Media Slides Created By Dave Brown Penn State
Lecture 6: Intermediate macroeconomics, autumn Lars Calmfors
Lecture 6: Intermediate macroeconomics, autumn 2009 Lars Calmfors 1 Topics Systems of fixed exchange rates Interest rate parity under a fixed exchange rate Stabilisation policy under a fixed exchange rate
China: the myth of capital outflows
Asia Pacific Economic Research China: the myth of capital outflows China s FX reserve hit a historical high at $3.993 trillion in June 214, and then reversed the direction and declined by $299 billion
internationa macroeconomics
internationa macroeconomics ROBERT C. FEENSTRA ALAN M.TAYLOR University WORTH PUBLISHERS Contents Preface XVII CHAPTER 1 The Globai Macroeconomy 1 PART 1 1 Foreign Exchange: Of Currencies and Crises 2,.
Stability. Central Bank of Sri Lanka PAMPHLET SERIES NO. 3
PAMPHLET SERIES NO. 3 EXCHANGE Financial System RATE Stability The pamphlet explains what the exchange rate is, why it is important and the factors that determine it. It also touches upon exchange rate
The Euro Might Overtake the Dollar as Leading International Currency by 2020
The Euro Might Overtake the Dollar as Leading International Currency by 2020 Jeffrey Frankel Harpel Professor of Capital Formation and Growth Harvard University For presentation, conference on Common Currency
Opening the Economy. Topic 9
Opening the Economy Topic 9 Goals of Topic 9 What is the exchange rate? NX is back!! What is the link between the exchange rate and net exports? What is the trade deficit? How do different shocks affect
Evaluating the international monetary system and the availability to move towards one single global currency
Faculty of Commerce Graduate Studies Economics Department A Thesis Summary: Evaluating the international monetary system and the availability to move towards one single global currency Submitted by: Mohammed
Monetary Integration
Monetary Integration By Michael Möhnle Table of Contents 1. 6-Stages of Economic Integration 2. International Monetary Integration - Bretton Woods 3. European Monetary Integration 4. European (Economic
iboxx July bond monitor: Corporate bonds bounce back
iboxx July bond monitor: Corporate bonds bounce back After seeing spreads widen over June, corporate bonds bounced back over July as investors regained their appetite for risk assets. Euro, dollar and
To Fix or Not to Fix?
To Fix or Not to Fix? Linda Tesar, Department of Economics Notes at: http://www.econ.lsa.umich.edu/~ltesar April 5, 2000 Fixed vs. Flexible Exchange rates The Theory: Money demand: M/P = L(Y,I) Interest
Study Questions (with Answers) Lecture 15 International Macroeconomics
Study Questions (with Answers) Page 1 of 5 Study Questions (with Answers) Lecture 15 International Macroeconomics Part 1: Multiple Choice Select the best answer of those given. 1. If the aggregate supply
International Finance
International Finance 19 1 Balance of Payments International economic transactions Flow of transactions period of time May not involve cash payments Double-entry bookkeeping Credits Inflow of receipts
Foreign Exchange Management, Regulation and External Payment Processes in Nepal* Keshav Acharya
Foreign Exchange Management, Regulation and External Payment Processes in Nepal* Keshav Acharya *Power point presentation for Training on International Trading Systems and Trade Development Opportunities
Chapter 18. The International Financial System
Chapter 18 The International Financial System Unsterilized Foreign Exchange Intervention Federal Reserve System Assets Liabilities Federal Reserve System Assets Liabilities Foreign Assets -$1B Currency
Week Fourteen. Bretton Woods, New Hampshire
Week Fourteen Linus Yamane Bretton Woods, New Hampshire July 1944 Delegates from 44 Allied nations meet Create the IMF and World Bank Establish the Bretton Woods System Lord Keynes addresses conference
Exchange Rate Forecasting
Exchange Rate Forecasting Controversies in Exchange Rate Forecasting The Cases For & Against FX Forecasting Performance Evaluation: Accurate vs. Useful A Framework for Currency Forecasting Empirical Evidence
Balance of Payment Q3 FY (October-December 2012)
Balance of Payment Q3 FY2012-13 (October-December 2012) Key Highlights: - India s Current Account Deficit (CAD) widened to a record high of 6.7% of GDP in Q3 FY2012-13 on the back of surging oil and gold
Trends in the dollar rupee rate and its implications on India s imports and exports
Trends in the dollar rupee rate and its implications on India s imports and exports Stuti Saria 1 & Priyanka Raheja 2 1Student Researcher, 2 Research Scholar Mewar University Received: December 10, 2018
Currency Markets and Exchange Rates
C H A P T E R 7 Currency Markets and Exchange Rates I n the modern economy, firms buy and sell products from more than just local or national markets. Often a firm s supplier is located in a different
Managing Sovereign External Debt to Serve Development: The Case of CABO VERDE. Ms. Cristina Duarte Minister of Finance and Planning Cabo Verde
Managing Sovereign External Debt to Serve Development: The Case of CABO VERDE Ms. Cristina Duarte Minister of Finance and Planning Cabo Verde 2015 1 Overview 1. From Poverty to MIC: The implementation
4/14/2011. Exchange Rate Policy and Devaluation. The Central Bank Balance Sheet. Central Bank Policy Options in a Crisis
Exchange Rate Policy and Devaluation BOP Surpluses: excess supply of Forex CB buys BOP Deficits: excess demand for Forex CB sells OSB must offset BOP ISLM-FX with an unexpected devaluation ISLM-FX with
Capital Flows and External Vulnerability Examining the Recent Trends in India
Capital Flows and External Vulnerability Examining the Recent Trends in India Prasenjit Bose After India s current account deficit (CAD) reached an all-time high of 4.2% of GDP in March 212, the Annual
Chapter 7 Fixed Exchange Rate Regimes and Short Run Macroeconomic Policy
George Alogoskoufis, International Macroeconomics and Finance Chapter 7 Fixed Exchange Rate Regimes and Short Run Macroeconomic Policy Up to now we have been assuming that the exchange rate is determined
LECTURES 7-9: POLICY INSTRUMENTS, including MONEY. L7: Goals and Instruments Policy goals: Internal balance & External balance Policy instruments
LECTURES 7-9: POLICY INSTRUMENTS, including MONEY L7: Goals and Instruments Policy goals: Internal balance & External balance Policy instruments The Swan Diagram The principle of goals & instruments L8:
RENMINBI INTERNATIONALISATION: THE NEXT STEP AND BEYOND
RENMINBI INTERNATIONALISATION: THE NEXT STEP AND BEYOND Presentation to the Budapest Renminbi Initiative Conference CHI LO, SENIOR ECONOMIST Budapest 5 April 2017 1 RENMINBI INTERNATIONALISATION 2 First
VI. International Monetary Study II for KUINEP The Internationalization of the Yen. its importance and issues to overcome.
VI. International Monetary Study II for KUINEP The Internationalization of the Yen its importance and issues to overcome April-July 2004 1 1.What is the internationalization of the yen? What is the internationalization
Prof. Nelson Barbosa São Paulo School of Economics (Getulio Vargas Foundation), Brazil
11 th UNCTAD Debt Management Conference 13 15 November 2017 Palais des Nations, Geneva Financing for Development: Beyond Business as Usual by Prof. Nelson Barbosa São Paulo School of Economics (Getulio
RMB Internationalization and Offshore Markets Developments. Zhihuan E. I. A brief history of dollar internationalization and its main factors
RMB Internationalization and Offshore Markets Developments Zhihuan E As the RMB is increasingly used in cross-border trade and investment, a number of offshore RMB centers have rapidly emerged. With consistently
Brazil Currency Crisis
From the SelectedWorks of Yogendra Sisodia Winter February 1, 2010 Brazil Currency Crisis Yogendra Sisodia Available at: https://works.bepress.com/ysisodia/1/ Brazil Crisis : Story of remarkable recovery
Globalization. International Financial (Chap. 8) and Monetary (Chap. 9) Relations
Globalization International Financial (Chap. 8) and Monetary (Chap. 9) Relations The Puzzle of Finance n Every year, approximately $5 trillion is invested abroad. Why is so much money invested in foreign
P R E S E N T S. U.S. Economic Outlook Virtuous Growth
P R E S E N T S U.S. Economic Outlook Virtuous Growth December 2013 Presenter Robin Wehbé, CFA, CMT Director (617) 722-3965 Robin is the Lead Portfolio Manager on the Global Natural Resources Long/Short
AGENDA. The Role of ABVCAP The Brazilian Private Equity Ecosystem Brazil from a Global Fundraising and Investing Perspective
1 1 AGENDA The Role of ABVCAP The Brazilian Private Equity Ecosystem Brazil from a Global Fundraising and Investing Perspective 2 ABVCAP Who We Are Founded in 2000 to promote and develop long-term investments
Leveraging FX Reserves, Spillbacks, and the Prospective Role of the RMB By Miriam L. Campanella University of Turin ECIPE, Brussels.
Shanghai Development Research Foundation 2017 Symposium on Global Economy and Finance. «Reflections on Global Financial Crisis: Causes, Aftermaths and Solutions» Shanghai Cina, September 5-6, 2017 Leveraging
Reducing Currency Mismatching: A Domestic Agenda
9 Reducing Currency Mismatching: A Domestic Agenda The central message of this book is that simultaneous and deliberate policy action, taken on a number of fronts mostly at the national level, can nurture
Bretton Woods II: The Reemergence of the Bretton Woods System
Bretton Woods II: The Reemergence of the Bretton Woods System by Teresa M. Foy January 28, 2005 Department of Economics, Queen s University, Kingston, Ontario, Canada, K7L 3N6. foyt@qed.econ.queensu.ca,
Emerging market central banks investment strategies: Tailwind for the euro?
Economic Research Allianz Group Dresdner Bank Working Paper No.:38, 11.04.2005 Autor: Dr. R. Schäfer Emerging market central banks investment strategies: Tailwind for the euro? The euro has appreciated
The Fiscal Theory of the Exchange Rate: A Quantitative Assessment
The Fiscal Theory of the Exchange Rate: A Quantitative Assessment Alexander Kriwoluzky (U Halle & IWH), Gernot Müller (U Tübingen & CEPR), Martin Wolf (U Bonn) April 1, 2016 FTER Model description Mechanism
Fluctuating Rupee: Impact on Indian Economy
International Journal of Allied Practice, Research and Review Website: www.ijaprr.com (ISSN 2350-1294) Fluctuating Rupee: Impact on Indian Economy Mukesh Kumar Ranga Assistant Professor Bharti Niketan
M.Sc. in Economic Policy Studies
M.Sc. in Economic Policy Studies John FitzGerald, room 3012, jofitzge@tcd.ie 30/10/2015 1 Outline of lectures 5: October 30 th Exchange rates monetary policy and the real economy Exchange rates What drives
Asian Financial Markets Years since the Asian Financial Crisis, and Prospects for the Next 20 Years --
November 28, 2017 Bank of Japan Asian Financial Markets -- 20 Years since the Asian Financial Crisis, and Prospects for the Next 20 Years -- Keynote Speech at 2017 Annual General Meeting of Asia Securities
Asian Development Bank Institute. ADBI Working Paper Series. Paths to a Reserve Currency: Internationalization of the Renminbi and Its Implications
ADBI Working Paper Series Paths to a Reserve Currency: Internationalization of the Renminbi and Its Implications Yiping Huang, Daili Wang, and Gang Fan No. 482 May 2014 Asian Development Bank Institute
Transmitting global liquidity to East Asia: policy rates, bond yields, currencies and dollar credit, by Dong He and Robert McCauley
Transmitting global liquidity to East Asia: policy rates, bond yields, currencies and dollar credit, by Dong He and Robert McCauley Discussion by Simon Potter, New York Fed June 3, 2013, Bank of Korea
Rules of the Monetary Game
Rules of the Monetary Game Prachi Mishra Reserve Bank of India Raghuram Rajan University of Chicago Presentation at the South African Reserve Bank October 27-28, 2016 Qualifier Views are personal. Not
The Final Exam is Tuesday May 4 th at 1:00 in the normal Todd classroom
The Final Exam is Tuesday May 4 th at 1:00 in the normal Todd classroom The final exam is comprehensive. The best way to prepare is to review tests 1 and 2, the reviews for Test 1 and Test 2, and the Aplia
Fx Derivatives- Simplified CA NAVEEN JAIN AUGUST 1, 2015
1 Fx Derivatives- Simplified CA NAVEEN JAIN AUGUST 1, 2015 Agenda 2 History of Fx Overview of Forex Markets Understanding Forex Concepts Hedging Instruments RBI Guidelines Current Forex Markets History
The RMB Internationalization and the Reform of the International Monetary System
The RMB Internationalization and the Reform of the International Monetary System GAO HAIHONG Institute of World Economics and Politics, Chinese Academy of Social Sciences No. 5 Jianguomennei Dajie, Beijing
Bretton Woods and the IMS in a Multipolar World? Keynote Speech
Jacques de Larosière Former Managing Director International Monetary Fund I would like to thank the organizers of this conference for having asked so many eminent experts to focus on a subject the International
Monetary Policy under Fixed Exchange Rates
Monetary Policy under Fixed Exchange Rates 1. CB attempts to stimulate economy (buys domestic assets) 2. E 0 E 2 ; AA 1 AA 2 3. But CB is pegging! Can t allow depreciation to happen 4. So the CB sells
LECTURES 7-9: POLICY INSTRUMENTS, including MONEY
LECTURES 7-9: POLICY INSTRUMENTS, including MONEY L7: Goals and Instruments Policy goals: Internal balance & External balance Policy instruments The Swan Diagram The principle of goals & instruments L8:
CONSUMPTION TRENDS AN ECONOMIC ANALYSIS OF ASIA S CHANGING TRADE. Brian Jackson, Senior Economist,
CONSUMPTION TRENDS AN ECONOMIC ANALYSIS OF ASIA S CHANGING TRADE Brian Jackson, Senior Economist, brian.jackson@ihsmarkit.com 1 IHS Markit. All Rights Reserved. Asia overview 1 IHS Markit. All Rights Reserved.
RUPEE DEPRECIATION AND ITS IMPACT ON INDIAN ECONOMY
RUPEE DEPRECIATION AND ITS IMPACT ON INDIAN ECONOMY Dr.A.Saravanan, M.A., M.Phil., Ph.D., Assistant Professor in Economics, J.K.K.Nataraja College of Arts & Science, Komarapalayam-638183, Namakkal Dt.
Canada: A RMB Hub for the Americas
Canada: A RMB Hub for the Americas 3 74 % Canadian companies are embracing trade with Mainland China. 74% of Canadian companies surveyed expect to increase trade with the country in the next 12 months
The Financial Crisis, Global Imbalances, and the
The Financial Crisis, Global Imbalances, and the International Monetary System David Vines Oxford University, Australian National University, and CEPR ICRIER-CEPII-BRUEGEL Conference on International Cooperation
INTERNATIONAL MONETARY FUND. Reserve Accumulation and International Monetary Stability: Supplementary Information
INTERNATIONAL MONETARY FUND Reserve Accumulation and International Monetary Stability: Supplementary Information Prepared by the Strategy, Policy and Review Department In collaboration with the Finance,
Africa Fixed Income. Old finance on an old continent makes for new things. SAAX July 2014
Africa Fixed Income Old finance on an old continent makes for new things SAAX July 2014 Which Africa? 4mn Irish aid stolen in office of Ugandan prime minister 100mn profit after tax Guinness Nigeria (2012)
INVESTMENT STRATEGIES FOR TORTOISES CURRENCIES. Robert G. Kahl, CFA, CPA, MBA
INVESTMENT STRATEGIES FOR TORTOISES CURRENCIES Robert G. Kahl, CFA, CPA, MBA www.sabinoim.com https://tortoiseportfolios.com BOOK AVAILABLE VIA: 1) BOOKSELLERS 2) AMAZON KINDLE E-VERSION $1.99 3) HTTPS://TORTOISEPORTFOLIOS.COM
Global Investment Outlook
Global Investment Outlook Ewen Cameron Watt June 16 FOR PROFESSIONAL CLIENTS ONLY - UKRSM-16 Asset performance YTD Sterling Returns Brent Crude Oil Gold German Bund ML Global High Yield JPM EMBI Emerging
ECN 160B SSI Final Exam August 1 st, 2012 VERSION B
ECN 160B SSI Final Exam August 1 st, 2012 VERSION B Name: ID#: Instruction: Write your name and student ID number on this exam and your blue book and your scantron. Be sure to answer all multiple choice
Week 1. Currency Systems and Crises
Week 1 Currency Systems and Crises Definition An exchange rate is the amount of currency that one needs in order to buy one unit of another currency, or the amount of currency that one receive when selling