Table 1. The Demand for International Reserves: Benchmark Specification (Constant, Log GNP, Import Share, Export Variability)
|
|
|
- Laurence Long
- 6 years ago
- Views:
Transcription
1 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 (-13.43) (40.08) ( 1.65) ( -0.90) Gold ( -4.96) ( 7.3) ( 1.1) ( 0.86) Interwar ( -9.19) ( 8.8) ( 5.84) ( 3.88) Interwar ( -8.98) ( 6.47) ( 4.61) ( 3.5) Bretton ( -9.57) (170.8) ( 11.) ( -3.88) Bretton (-17.91) (181.70) ( 10.4) ( -3.90) Floating (-16.41) (17.05) ( 10.93) ( -1.3) B. Dependent Variable: Gold Reserves Import Export Period Constant Log GNP Share Variability Total (-10.66) (164.90) ( 10.58) (.11) Gold ( -7.75) ( 31.06) ( 1.8) ( 1.17) Interwar ( -9.09) (.7) ( 5.97) ( 3.05) Interwar ( -8.56) ( 1.) ( 3.90) (.4) Bretton ( -6.44) ( 97.3) ( 6.71) ( -3.84) Bretton (-1.85) ( 98.83) ( 5.65) ( -3.57) Floating (-17.30) ( 93.5) ( 8.80) (.50) 95% confidence level and.58 at 99% level. Year dummies are included. Variable definitions: Dependent variables are log values. Import share = imports/gnp. Export variability = three year moving standard deviation of log exports. Sources: See Appendix.
2 Table. The Demand for International Reserves: Including Money Supply (M0) Volatility Import Export Money Supply Period Constant Log GNP Share Variability Volatility Total (-65.58) (477.59) ( 1.0) ( -1.37) ( 4.5) Gold ( -8.65) ( 30.07) (.5) (.35) ( 0.67) Interwar (-10.51) ( 8.73) ( 5.9) ( 3.33) ( 0.17) Interwar ( -9.69) ( 6.79) ( 4.41) ( 3.18) ( 1.06) Bretton (-1.68) (17.58) ( 11.4) ( -4.36) ( -.30) Bretton (-5.75) (183.3) ( 10.38) ( -3.68) (.00) Floating (-.9) (179.6) ( 10.60) ( -0.49) ( 1.33) B. Dependent Variable: Ratio of Gold Reserves to Total Reserves Import Export Money Supply Period Constant Log GNP Share Variability Volatility Total ( 41.06) (-.37) ( 0.65) ( -5.10) ( -3.74) Gold ( 6.39) ( 5.73) ( -0.53) ( -0.80) ( -0.18) Interwar (.88) ( 1.71) ( 0.61) ( 0.13) ( 0.41) Interwar ( 3.4) ( 0.55) ( -0.89) ( -0.70) ( -0.03) Bretton ( 4.65) (.51) ( 0.98) ( -1.74) ( -1.51) Bretton ( 3.14) (.16) ( 1.40) ( -0.10) ( 8.07) Floating ( 0.03) ( 3.53) ( 3.9) (.) ( 0.78) 95% confidence level and.58 at 99% level. Year dummies are not included. Variable definitions: Ratio of gold reserves to total reserves = log (gold reserves) / log (gold reserve + foreign reserves). Money supply volatility = three year moving standard deviation of log M0 of major countries; gold standard (UK), interwar (US, UK and France), Bretton Woods (US), floating (US, German and Japan). Sources: See Appendix.
3 Table 3. The Demand for International Reserves: Including Exchange Rate Volatility A. Dependent Variable: Gold Reserves Import Export Exchange Rate Period Constant Log GNP Share Variability Volatility Total (-3.59) (184.14) ( 9.88) (-.7) ( 3.87) Interwar (-11.8) (.61) ( 5.83) (.70) ( 0.90) Interwar ( -9.50) ( 1.44) ( 3.7) (.0) ( 0.77) Bretton (-15.74) ( 97.05) ( 6.19) (-4.0) (-1.74) Bretton (-16.1) ( 99.03) ( 5.53) (-3.84) (-1.59) Floating (-3.04) ( 97.8) ( 9.13) (.39) (.4) B. Dependent Variable: Ratio of Gold Reserves to Total Reserves Import Export Exchange Rate Period Constant Log GNP Share Variability Volatility Total (.16) (-11.38) ( 1.4) ( -3.57) ( 4.74) Interwar (.80) ( 1.77) ( 0.80) ( -0.03) ( 1.05) Interwar ( 3.30) ( 0.63) ( -0.64) ( -0.89) ( 1.05) Bretton ( 4.06) (.41) ( 1.5) ( -1.47) ( -1.14) Bretton ( 4.14) (.46) ( 1.35) ( -1.31) ( -1.54) Floating ( -0.4) ( 3.57) ( 3.18) (.6) ( 1.90) 95% confidence level and.58 at 99% level. Year dummies are not included. Variable definitions: Exchange rate volatility = standard deviation of monthly exchange rates of major currencies; interwar(pound/dollar), post war(index of trade weighted dollar). Sources: See Appendix.
4 Table 4. The Demand for International Reserves: Including World Inflation A. Dependent Variable: Gold Reserves Import Export World Period Constant Log GNP Share Variability Inflation (1) Floating (-1.15) (95.01) (9.11) (.46) (1.41) () Floating (-.37) (96.3) (9.06) (.41) (1.57) (3) Floating (-.39) (94.76) (9.14) (.48) (1.7) B. Dependent Variable: Ratio of Gold Reserves to Total Reserves Import Export World Period Constant Log GNP Share Variability Inflation (1) Floating (-.01) (4.53) (3.04) (.7) (4.40) () Floating (-1.3) (4.14) (.99) (.43) (3.64) (3) Floating (-1.51) (4.59) (3.09) (.87) (4.5) 95% confidence level and.58 at 99% level. Year dummies are not included. Variable definitions: (1)World inflation = the GDP weighted average of the G-5 (US, UK, France, German and Japan) inflation rate () World inflation = 1 if the GDP weighted average of G-5 inflation rate exceeds 3%, 0 otherwise (3) World inflation = 1 if high inflation period ( ), 0 otherwise. Sources: See Appendix.
5 Table 5. The Demand for International Reserves: Including Instrumented Lagged Dependent Variable, Global Gold Ratio, Dummy for Statutory Gold Reserve Requirements A. Dependent Variable: Gold Reserves Log Import Export Lagged Global Statutory Period Constant GNP Share Var. Dep. Gold Requirements Total ( -0.67) (-0.19) ( 0.08) ( 0.48) ( 1.65) ( 0.81) ( 1.93) Gold ( 1.5) ( 0.50) ( 1.39) ( -0.64) (.47) ( -1.05) ( -8.7) Interwar ( -0.7) ( 0.3) ( 0.6) ( 0.88) ( 3.55) ( 0.61) ( 1.0) Interwar ( -0.07) ( 0.3) ( -0.4) ( 0.06) ( 3.56) ( -0.16) ( 1.48) Bretton ( -1.48) ( 0.99) ( 1.14) ( 0.83) (.8) ( 0.9) ( 7.91) Bretton ( -1.46) ( 1.03) ( 0.99) ( 0.86) ( 0.93) ( 1.37) ( 6.10) B. Dependent Variable: Ratio of Gold Reserves to Total Reserves Log Import Export Lagged Global Statutory Period Constant GNP Share Var. Dep. Gold Requirements Total ( -.95) (.6) ( 0.61) ( 0.18) ( -.57) ( 7.46) ( 6.68) Gold ( -0.18) ( 1.33) ( 0.13) ( 0.04) ( -0.73) ( 0.44) ( 0.37) Interwar ( 0.3) (-1.) ( -0.4) ( -0.3) ( 1.58) (.4) (.01) Interwar ( 0.38) (-1.5) ( -1.0) ( -1.0) ( 1.45) ( 1.91) (.97) Bretton ( -0.3) (-1.01) ( -0.04) (.08) ( 1.4) ( 1.87) ( 10.84) Bretton ( -0.3) (-0.3) ( 0.17) ( 1.78) ( 0.44) ( 1.5) ( 8.63) 95% confidence level and.58 at 99% level. Year dummies are not included. Two-stage least squares estimates. Variable definitions: Lagged dependent variable is instrumented by the benchmark specification. Global Gold Ratios are calculated using our data; gold standard(16 countries), interwar and post war(1 countries). Dummy for statutory gold reserve requirements = 1 if requirements are present, 0 otherwise. Sources: See Appendix.
6 Table 6. The Demand for International Reserves: Including an Exchange Rate Regime Dummy Variable Import Export Exchange Rate Period Constant Log GNP Share Variability Regime Total (-13.5) (43.87) ( 11.54) ( -0.4) ( -6.4) Gold ( -5.) ( 9.48) ( 0.13) ( 0.77) ( -7.40) Interwar ( -7.78) ( 7.53) ( 5.90) ( 3.34) ( -.1) Interwar ( -7.65) ( 5.5) ( 4.68) (.85) ( -.59) Bretton ( -9.95) (184.78) ( 11.56) ( -4.1) ( 3.63) Bretton (-19.3) (191.1) ( 10.61) ( -4.19) ( 3.61) Floating (-15.19) (17.46) ( 9.87) ( -0.96) ( -3.15) B. Dependent Variable: Gold Reserves Import Export Exchange Rate Period Constant Log GNP Share Variability Regime Total (-10.73) (167.3) ( 9.73) (.61) (-4.76) Gold ( -8.0) ( 3.59) ( 0.41) ( 1.15) (-5.8) Interwar ( -7.76) ( 1.6) ( 6.09) (.58) (-.08) Interwar ( -7.1) ( 0.50) ( 4.04) ( 1.70) (-3.08) Bretton ( -6.44) (101.95) ( 6.46) (-3.91) ( 1.97) Bretton (-13.45) (101.51) ( 5.48) (-3.70) (.18) Floating (-16.9) ( 93.48) ( 8.14) (.67) (-1.91) 95% confidence level and.58 at 99% level. Year dummies are included. Variable definitions: Exchange rate regime dummy = 0 if a country has a fixed exchange rate regime, 1 if a country has a floating exchange rate regime. Sources: See Appendix.
7 Table 7. The Demand for International Reserves: Including a Capital Controls Dummy Variable (Current Account Restrictions) Import Export Capital Period Constant Log GNP Share Variability Controls Total ( -6.38) (0.18) ( 15.34) ( -1.36) ( 3.77) Bretton ( -6.37) (104.17) ( 10.7) ( -0.86) ( -0.8) Bretton (-1.88) (110.73) ( 9.90) ( -0.91) ( 0.3) Floating (-19.10) (18.63) ( 11.03) ( -.83) ( 6.19) B. Dependent Variable: Gold Reserves Import Export Capital Period Constant Log GNP Share Variability Controls Total ( -4.73) ( 88.75) ( 10.86) ( 1.4) ( 5.47) Bretton ( -4.16) ( 35.78) ( 6.01) ( -1.16) ( -0.10) Bretton ( -7.51) ( 35.17) ( 5.1) ( -0.94) ( 1.45) Floating ( (-15.51) ( 77.43) ( 8.59) ( -0.44) ( 7.64) 95% confidence level and.58 at 99% level. Year dummies are included. Variable definitions: Capital controls dummy = 1 if a country has restrictions on its current account, 0 otherwise. Sources: See Appendix.
8 Table 8. The Demand for International Reserves: Including a Capital Controls Dummy Variable (Capital Account Restrictions) Import Export Capital Period Constant Log GNP Share Variability Controls Total ( -6.86) (30.37) (16.5) (-1.49) ( 7.60) Bretton ( -6.31) (104.85) (10.78) (-0.80) (-1.87) Bretton (-1.73) (110.73) ( 9.87) (-0.73) (-0.78) Floating (-.39) (04.49) (13.0) (-.65) (11.1) B. Dependent Variable: Gold Reserves Import Export Capital Period Constant Log GNP Share Variability Controls Total ( -3.88) (86.69) (10.11) (.59) (-1.13) Bretton ( -3.58) (37.95) ( 6.16) (-0.56) (-5.81) Bretton ( -6.65) (36.59) ( 4.78) (-0.1) (-4.60) Floating (-13.84) (7.57) ( 8.04) ( 1.7) (.39) 95% confidence level and.58 at 99% level. Year dummies are included. Variable definitions: Capital controls dummy = 1 if a country has restrictions on its capital account, 0 otherwise. Data Sources: See Appendix.
Why so low for so long? A long-term view of real interest rates
Why so low for so long? A long-term view of real interest rates Claudio Borio, Piti Disyatat, and Phurichai Rungcharoenkitkul Bank of Finland/CEPR Conference, Demographics and the Macroeconomy, Helsinki,
LECTURE XIV. 31 July Tuesday, July 31, 12
LECTURE XIV 31 July 2012 TOPIC 16 Exchange Rates and Policy BIG PICTURE What are different common exchange rate systems? How can exchange rates be manipulated to affect a country s real variables? What
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
POLI 12D: International Relations Sections 1, 6
POLI 12D: International Relations Sections 1, 6 Spring 2017 TA: Clara Suong Chapter 9 International Monetary Relations 9 INTERNATIONAL MONETARY RELATIONS Core of the Analysis National Monetary Order Fixed
Chapter 9 Essential macroeconomic tools. Baldwin&Wyplosz 2009 The Economics of European Integration, 3 rd Edition
Chapter 9 Essential macroeconomic tools 2 Background theory A quick refresher on basic macroeconomic principles Application of these principles to the question of exchange rate regimes 3 Output and prices
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
A new approach for measuring volatility of the exchange rate
Available online at www.sciencedirect.com Procedia Economics and Finance 1 ( 2012 ) 374 382 International Conference On Applied Economics (ICOAE) 2012 A new approach for measuring volatility of the exchange
Basic Regression Analysis with Time Series Data
with Time Series Data Chapter 10 Wooldridge: Introductory Econometrics: A Modern Approach, 5e The nature of time series data Temporal ordering of observations; may not be arbitrarily reordered Typical
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
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
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
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
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
INTERNATIONAL MONETARY REFORM ALL OVER AGAIN. Robert Z. Aliber
INTERNATIONAL MONETARY REFORM ALL OVER AGAIN Robert Z. Aliber OVERVIEW THREE KEY QUESTIONS HOW CAN THE $500 BILLION U.S. TRADE DEFICIT BE REDUCED WITHOUT MOVING AWAY FROM GLOBALIZATION? WHAT INNOVATIONS
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
Prepared by Iordanis Petsas To Accompany. by Paul R. Krugman and Maurice Obstfeld
Chapter 18 The International Monetary System, 1870-19731973 Prepared by Iordanis Petsas To Accompany International Economics: Theory and Policy, Sixth Edition by Paul R. Krugman and Maurice Obstfeld Chapter
Discussion of Exits from Recessions by Bordo and Landon-Lane
Discussion of Exits from Recessions by Bordo and Landon-Lane Robert J. Gordon Northwestern University, NBER, and CEPR SNB Conference on Monetary Policy after the Financial Crisis, Zurich, 24 September
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
Did the Swiss Demand for Money Function Shift? Journal of Economics and Business, 35(2) April 1983,
Did the Swiss Demand for Money Function Shift? By: Stuart Allen Did the Swiss Demand for Money Function Shift? Journal of Economics and Business, 35(2) April 1983, 239-249. Made available courtesy of Elsevier:
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
1)International Monetary System
1) (International Monetary System) 2) 3) (Balance of Payments) 4) (Foreign Exchange Market) 5) Interest Rate Parity (IRP) 6) Covered Interest Arbitrage 1 1)International Monetary System 1.1 The Gold Standard
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
International Currency Experiences: National and Global Choices. International currency experiences in the 20th C. Choices for an exchange rate system
International Currency Experiences: National and Global Choices International currency experiences in the 20th C.» The Gold Standard period» The interwar 1920-1930 period» The Bretton Woods period» Post
Economics of European Integration Lecture # 9 Monetary Integration I
Economics of European Integration Lecture # 9 Monetary Integration I Spring Semester 2009 Gerald Willmann Gerald Willmann, Department of Economics, KU Leuven Why Studying History? Monetary union is the
TOPIC 9. International Economics
TOPIC 9 International Economics 2 Goals of Topic 9 What is the exchange rate? NX back!! What is the link between the exchange rate and net exports? What is the trade deficit? How do different shocks affect
Global Business Environment
Global Business Environment Capital Movements and the exchange rate Francesco Franco Nova SBE October 15, 2014 Francesco Franco Global Business Environment 1/32 The Framework What we have done so far Figure
Global Business Environment
Global Business Environment Capital Movements and the exchange rate Francesco Franco Nova SBE March 12, 2014 Francesco Franco Global Business Environment 1/29 The Framework What we have done so far Figure
3. If the price of a British pound increases from $1.50 per pound to $1.80 per pound, we say that:
STUDY GUIDE FINAL ECO41 FALL 2013 UDAYAN ROY Ch 13 National Income Accounting See the questions in Homework 7 and Homework 8. CHAPTER 14 Exchange Rates and Interest Parity 1. How many dollars would it
Predictability of future economic growth and the credibility of
Predictability of future economic growth and the credibility of monetary regimes in Germany, 1870-2003 Markus Baltzer (University of Tuebingen) * and Gerhard Kling (Utrecht School of Economics) ** Our
Export and Import Regressions on 2009Q1 preliminary release data Menzie Chinn, 23 June 2009 ( )
Export and Import Regressions on 2009Q1 preliminary release data Menzie Chinn, 23 June 2009 ( mchinn@lafollette.wisc.edu ) EXPORTS Nonagricultural real exports, regressand; Real Fed dollar broad index
Macro Pre-conditions for Rupee Internationalisation
Macro Pre-conditions for Rupee Internationalisation October 30, 2015 Outline 1 The Dollar s international currency status. 2 Efforts by China to internationalize RMB. 3 Macro pre-conditions for Indian
India: Effect of Income and Exchange rate Elasticities on Foreign Trade. Anshul Kumar Singh
India: Effect of Income and Exchange rate Elasticities on Foreign Trade Anshul Kumar Singh Indian Institute of Technology, Kanpur Email id: ansks@iitk.ac.in The Indian currency (rupee) has depreciated
Afghanistan. Key Indicators of Developing Asian and Pacific Countries. Item
184 POPULATION Total population million; as of 1 July 16.7 17.6 19.2 21.0 21.4 21.8 22.2 23.2 Population density persons per square kilometer 23 25 27 30 31 31 32 33 Population annual change, % 1.92 1.92
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
Review Questions (with Answers) Lecture 14 Pegging the Exchange Rate
Review Questions (with Answers) Page 1 of 6(7) Review Questions (with Answers) Lecture 14 the Exchange Rate Part 1: Multiple Choice Select the best answer of those given. 1. If the central bank of Mexico
The source of real and nominal exchange rate fluctuations in Thailand: Real shock or nominal shock
MPRA Munich Personal RePEc Archive The source of real and nominal exchange rate fluctuations in Thailand: Real shock or nominal shock Binh Le Thanh International University of Japan 15. August 2015 Online
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
Mutual Fund Holdings of Credit Default Swaps: Liquidity Management and Risk Taking
Mutual Fund Holdings of Credit Default Swaps: Liquidity Management and Risk Taking Wei Jiang, Columbia Business School and Zhongyan Zhu, Chinese University of Hong Kong For 2 nd Annual Conference on the
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
Chapter 21 The International Monetary System: Past, Present, and Future
Chapter 21 The International Monetary System: Past, Present, and Future "...for the international economy the existence of a well-functioning financial system assuring efficient exchange is as important
Economics of Money, Banking, and Fin. Markets, 10e (Mishkin) Chapter 18 The International Financial System
Economics of Money, Banking, and Fin. Markets, 10e (Mishkin) Chapter 18 The International Financial System 18.1 Intervention in the Foreign Exchange Market 1) A central bank of domestic currency and corresponding
Stock Prices, Output and the Monetary Regime. Robert Flood and Nancy Marion. September 22, 2004
Draft Comments Welcome Stock Prices, Output and the Monetary Regime By Robert Flood and Nancy Marion September 22, 2004 Abstract: Should monetary policy react to stock prices? The answer depends on whether
Open economy macroeconomics and exchange rates Part I
Understanding the World Economy Master in Economics and Business Open economy macroeconomics and exchange rates Part I Lecture 10 Nicolas Coeurdacier nicolas.coeurdacier@sciencespo.fr Lecture 10 : Open
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
The International Monetary System
The International Monetary System Eiteman et al., Chapter 2 Winter 2004 Outline of the Chapter Currency Terminology History of the International Monetary System Contemporary Currency Regimes Emerging Markets
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
The International Monetary System
INTERNATIONAL FINANCIAL MANAGEMENT Fourth Edition EUN / RESNICK The International Monetary System 2 Chapter Two INTERNATIONAL Chapter Objective: FINANCIAL MANAGEMENT This chapter serves to introduce the
Chapter 18. The International Financial System Intervention in the Foreign Exchange Market
Chapter 18 The International Financial System 18.1 Intervention in the Foreign Exchange Market 1) A central bank of domestic currency and corresponding of foreign assets in the foreign exchange market
Are Intrinsic Inflation Persistence Models Structural in the Sense of Lucas (1976)?
Are Intrinsic Inflation Persistence Models Structural in the Sense of Lucas (1976)? Luca Benati, European Central Bank National Bank of Belgium November 19, 2008 This talk is based on 2 papers: Investigating
Constraints on Exchange Rate Flexibility in Transition Economies: a Meta-Regression Analysis of Exchange Rate Pass-Through
Constraints on Exchange Rate Flexibility in Transition Economies: a Meta-Regression Analysis of Exchange Rate Pass-Through Igor Velickovski & Geoffrey Pugh Applied Economics 43 (27), 2011 National Bank
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
Lessons for Iceland from the monetary policy of Sweden FREDRIK N G ANDERSSON AND LARS JONUNG, LUND UNIVERSITY SWEDEN
Lessons for Iceland from the monetary policy of Sweden FREDRIK N G ANDERSSON AND LARS JONUNG, LUND UNIVERSITY SWEDEN Iceland and Sweden a comparison Population: 330 000 GDP: 17 billion USD (2016) Exports:
Welcome to: International Finance
Welcome to: International Finance Introduction & International Monetary System Reading: Chapter 1 (p1-3) & Chapter 2 Why is International Finance Important? ٣ Why is International Finance Important? In
Study Questions. Lecture 13. Exchange Rates
Study Questions Page 1 of 5 Part 1: Multiple Choice Select the best answer of those given. Study Questions Lecture 13 1. The statement the yen rose today from 121 to 117 makes sense because a. The U.S.
Study Questions (with Answers) Lecture 13. Exchange Rates
Study Questions (with Answers) Page 1 of 5 Part 1: Multiple Choice Select the best answer of those given. Study Questions (with Answers) Lecture 13 1. The statement the yen rose today from 121 to 117 makes
Appendix for "Financial Markets Views about the. Euro-Swiss Franc Floor"
Appendix for "Financial Markets Views about the Euro-Swiss Franc Floor" Urban J. Jermann January 21, 2017 Contents 1 Empirical approach in detail 2 2 Robustness to alternative weighting functions 4 3 Model
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
Chapter 29 The Global Economy and Policy Principles of Economics in Context (Goodwin et al)
Chapter 29 The Global Economy and Policy Principles of Economics in Context (Goodwin et al) Chapter Overview This chapter will take you through the basics of international trade and finance. The chapter
The simple monetarist model (inflation as a function of money supply growth and real GDP growth) seems to have been followed by the RBI in its
Inflation, Growth and Monetary Policy Surjit S Bhalla, Jan 9, 2009 Prepared for NBER Neemrana Conference, Jan 10-13, 13, 2009 What determines inflation a historical view The simple monetarist model (inflation
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
Currency Undervaluation: A Time-Tested Policy for Growth
Currency Undervaluation: A Time-Tested Policy for Growth 12 Study the past, if you would divine the future. Confucius, Analects of Confucius Currency valuation matters for growth. The evidence offered
Open economy macroeconomics and exchange rates Part I
Understanding the World Economy Master in Economics and Business Open economy macroeconomics and exchange rates Part I Lecture 10 Nicolas Coeurdacier nicolas.coeurdacier@sciencespo.fr Lecture 10 : Open
Chapter 4. The Balance of Payments. The Balance of Payments: Learning Objectives. The Balance of Payments. The Balance of Payments
Chapter 4 The Balance of Payments The Balance of Payments: Learning Objectives Learn how nations measure their own levels of international economic activity, and how that is measured by the balance of
Impact of Exchange Rate on Exports in Case of Pakistan
Impact of Exchange Rate on Exports in Case of Pakistan Khalil Ahmed Govt Civil Lines, Islamia College, Lahore, Pakistan. National College of Business Administration and Economics, Lahore, Pakistan. Muhammad
THE GLOBAL ECONOMY AND POLICY Macroeconomics in Context (Goodwin, et al.)
Chapter 14 THE GLOBAL ECONOMY AND POLICY Macroeconomics in Context (Goodwin, et al.) Chapter Overview This chapter will take you through the basics of international trade and finance. The chapter introduces
Aviation Economics & Finance
Aviation Economics & Finance Professor David Gillen (University of British Columbia )& Professor Tuba Toru-Delibasi (Bahcesehir University) Istanbul Technical University Air Transportation Management M.Sc.
Currency as an Asset Class
Currency as an Asset Class Contents I. History Lesson 1 II. Why Use Currencies? 2 III. A Note About Risk 3 IV. PowerShares CurrencyShares 3 For many years, Foreign Exchange (Forex), or currency trading,
Olivier Blanchard Economic Counsellor and Director of the Research Department, International Monetary Fund
Centre for Economic Performance 21st Birthday Lecture Series The State of the World Economy Olivier Blanchard Economic Counsellor and Director of the Research Department, International Monetary Fund Lord
3/9/2010. Topics PP542. Macroeconomic Goals (cont.) Macroeconomic Goals. Gold Standard. Macroeconomic Goals (cont.) International Monetary History
Topics PP542 International Monetary History Goals of macroeconomic policies Gold standard International monetary system during 98-939 Bretton Woods system: 944-973 Collapse of the Bretton Woods system
Study Questions. Lecture 13. Exchange Rates
Study Questions Page 1 of 5 Study Questions Lecture 13 Part 1: Multiple Choice Select the best answer of those given. 1. The statement the yen rose today from 121 to 117 makes sense because a. The U.S.
From the Great Moderation to the Great Recession and Beyond
From the Great Moderation to the Great Recession and Beyond Kenneth Rogoff, Harvard University Washington DC October 24 2018 THE WORLD BANK SOVEREIGN DEBT FORUM Low real rates --- if they stay low -- imply
1. The international monetary system can be defined as the institutional framework within which
Chapter 02 International Monetary System Multiple Choice Questions 1. The international monetary system can be defined as the institutional framework within which A. international payments are made. B.
Chapter 02 International Monetary System
Chapter 02 International Monetary System Multiple Choice Questions 1. The international monetary system can be defined as the institutional framework within which A. international payments are made. B.
Fall 2004 Social Sciences 7418 University of Wisconsin-Madison Problem Set 5 Answers
Economics 310 Menzie D. Chinn Fall 2004 Social Sciences 7418 University of Wisconsin-Madison Problem Set 5 Answers This problem set is due in lecture on Wednesday, December 15th. No late problem sets will
On Monetary Stability and Monetary Reform by Allan H. Meitzer*
May 1987 On Monetary Stability and Monetary Reform by Allan H. Meitzer* Prepared for The Third International Conference of the Institute of Monetary and Economic Studies Bank of Japan The organizers have
Deep Determinants. Sherif Khalifa. Sherif Khalifa () Deep Determinants 1 / 65
Deep Determinants Sherif Khalifa Sherif Khalifa () Deep Determinants 1 / 65 Sherif Khalifa () Deep Determinants 2 / 65 There are large differences in income per capita across countries. The differences
At Current Purchasers Value, Kina Per capita GDP Per capita GNP
267 1992 Item 1993 1994 1995 1985 1990 1996 1995 1997 1998 1999 2000 2000 2001 2001 2002 POPULATION Total population a million; as of 1 July 3.33 3.69 4.08 4.32 4.36 5.19 5.34 5.52 Population density persons
Chapter 19 (8) International Monetary Systems: An Historical Overview
Chapter 19 (8) International Monetary Systems: An Historical Overview Preview Goals of macroeconomic policies internal and external balance Gold standard era 1870 1914 International monetary system during
Appendix 1: Variable description and sources
APPENDIX Appendix 1: Variable description and sources Appendix 2: Heterogeneity Measure Appendix 3: List of interviews Appendix 4: Double delegation model, random effects Appendix 5: Earmarking model,
The attached tables are organized in four sections. As with the 2015 External Sector Report, these correspond to four sets of estimates: 2
EBA ESTIMATES: ANALYSIS OF 2015 CURRENT ACCOUNTS AND REAL EFFECTIVE EXCHANGE RATES Introduction The attached tables contain estimates from the External Balance Assessment (EBA) analysis of 2015 current
Rutgers University Department of Economics. Midterm 1
Rutgers University Department of Economics Econ 336: International Balance of Payments Spring 2006 Professor Roberto Chang Midterm 1 Instructions: All questions are multiple choice. Select the correct
Session 16. Review Session
Session 16. Review Session The long run [Fundamentals] Output, saving, and investment Money and inflation Economic growth Labor markets The short run [Business cycles] What are the causes business cycles?
EFFECT OF GENERAL UNCERTAINTY ON EARLY AND LATE VENTURE- CAPITAL INVESTMENTS: A CROSS-COUNTRY STUDY. Rajeev K. Goel* Illinois State University
DRAFT EFFECT OF GENERAL UNCERTAINTY ON EARLY AND LATE VENTURE- CAPITAL INVESTMENTS: A CROSS-COUNTRY STUDY Rajeev K. Goel* Illinois State University Iftekhar Hasan New Jersey Institute of Technology and
Imports. Exports. T135 Figure 18-1 U.S. Exports and Imports as Ratios of GDP, Ratio to GDP
T135 Figure 18-1 U.S. Exports and Imports as Ratios of GDP, 1929 1998 0.14 0.12 Imports 0.10 Ratio to GDP 0.08 0.06 Exports 0.04 0.02 0.00 1930 1940 1950 1960 1970 1980 1990 1998 T136 Table 18-1 Ratios
What Drives Commodity Price Booms and Busts?
What Drives Commodity Price Booms and Busts? David Jacks Simon Fraser University Martin Stuermer Federal Reserve Bank of Dallas August 10, 2017 J.P. Morgan Center for Commodities The views expressed here
MCQ on International Finance
MCQ on International Finance 1. If portable disk players made in China are imported into the United States, the Chinese manufacturer is paid with a) international monetary credits. b) dollars. c) yuan,
MODELING CURRENCY CRISES IN NIGERIA: AN APPLICATION OF LOGIT MODEL
MODELING CURRENCY CRISES IN NIGERIA: AN APPLICATION OF LOGIT MODEL Babatunde S. OMOTOSHO Statistics Department, Central Bank of Nigeria Abuja, Nigeria bsomotosho@cbn.gov.ng Abstract Currency crises inflict
Asian Economic and Financial Review SOURCES OF EXCHANGE RATE FLUCTUATION IN VIETNAM: AN APPLICATION OF THE SVAR MODEL
Asian Economic and Financial Review ISSN(e): 2222-6737/ISSN(p): 2305-2147 journal homepage: http://www.aessweb.com/journals/5002 SOURCES OF EXCHANGE RATE FLUCTUATION IN VIETNAM: AN APPLICATION OF THE SVAR
The Possible Use of Asian Monetary Unit - Differences between euro and AMU-
The Possible Use of Asian Monetary Unit - Differences between euro and AMU- Japan-China-Korea (A3) Conference: Monetary and Financial Cooperation in the Region 24 May 2012, RIETI, Tokyo Objectives The
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
Exchange Rate Regimes and Monetary Policy: Options for China and East Asia
Exchange Rate Regimes and Monetary Policy: Options for China and East Asia Takatoshi Ito, University of Tokyo and RIETI, and Eiji Ogawa, Hitotsubashi University, and RIETI 3/19/2005 RIETI-BIS Conference
National Income Accounting
National Income Accounting Expenditure and Output Measures Example from Ghana - Newsletter Limitations of the GDP Measure Production that is not bought or sold does not generally get counted. Although
The Fundamentals of Exchange Rates
The Fundamentals of Exchange Rates POSC 1020 Introduction to International Relations Steven V. Miller Department of Political Science Puzzle(s) for Today I hear a lot about monetary relations and exchange
Comments on VAT and Indirect Taxes. Motohiro Sato Hitotsubashi University
Comments on VAT and Indirect Taxes Motohiro Sato Hitotsubashi University Why VAT? VAT has been regarded as the most appropriate government revenue sources (at least from the economic standpoint) VAT is
Y669 International Political Economy. September 21, 2010
Y669 International Political Economy September 21, 2010 What is an exchange rate? The price of a currency expressed in terms of other currencies or gold. What the International Monetary System Has to Do
Online appendix to Mark My Words: Information and the Fear of Declaring an Exchange Rate Regime
Online appendix to Mark My Words: Information and the Fear of Declaring an Exchange Rate Regime Pierre-Guillaume Méon and Geoffrey Minne In this online appendix, we provide extra evidence complementing
Study Questions (with Answers) Lecture 13. Exchange Rates
Study Questions (with Answers) Page 1 of 5 Part 1: Multiple Choice Select the best answer of those given. Study Questions (with Answers) Lecture 13 1. The statement the yen rose today from 121 to 117 makes
International Monetary Systems
Fernando M. Martin Simon Fraser University October 27, 2008 These notes are based on chapter 4 of Champ and Freeman (2001) and chapter 8 of Andolfatto (2008). Basic Setup Standard OLG model of money. Agents
Chapter Eleven. The International Monetary System
Chapter Eleven The International Monetary System Introduction 11-3 The international monetary system refers to the institutional arrangements that govern exchange rates. Floating exchange rates occur when
BRICS Academy MINI GRAND TEST 9. TIME: 50 Min NO. QUESTION : 50 MARKS: 100 / Neg.M s : 1/3. released by the CSO with a time lag of:
BANGALORE HYDERABAD DATE: 01-03-2018 SUBJECT: ECONOMY LEVEL - 1 MINI GRAND TEST 9 TIME: 50 Min NO. QUESTION : 50 MARKS: 100 / Neg.M s : 1/3 1. The Quarterly and Annual GDP data is 5. Consider the following