WORKING PAPER NO 45CHINESE MERCANTILISM: CURRENCY WARS AND HOW THE EAST WAS LOSTSURJIT ppt

WORKING PAPER NO. 45CHINESE MERCANTILISM: CURRENCY WARS AND HOW THE EAST WAS LOSTSURJIT ppt

... that the 90-93 Chinese devaluation caused the 1997 East Asian crisis. The IMF was among the first to question the China devaluation thesis, and it did so in a footnote in the World Economic ... rejecting the China devaluation hypothesis, the IMF offered the hypothesis that the devaluation of the yen, from mid-1995 onwards, may have been responsible for the East Asian crisis. The Economist ... country is good fiscal policy and WORKING PAPER NO. 45 CHINESE MERCANTILISM: CURRENCY WARS AND HOW THE EAST WAS LOST SURJIT S. BHALLA ...

Tài liệu Chinese mercantilism - Currency wars and How The east was lost pptx

... that the 90-93 Chinese devaluation caused the 1997 East Asian crisis. The IMF was among the first to question the China devaluation thesis, and it did so in a footnote in the World Economic ... rejecting the China devaluation hypothesis, the IMF offered the hypothesis that the devaluation of the yen, from mid-1995 onwards, may have been responsible for the East Asian crisis. The Economist ... were the cause of the crisis. This was a surprise, since the earlier conventional wisdom was that the much more developed financial sector, and realistic interest rates, were the cause of the East...

WORKING PAPER NO 13 CREDIT RISK TRANSFER AND FINANCIAL SECTOR PERFORMANCE Wolf Wagner & Ian Marsh potx

... Fragility and Currency Risk Demosthenes N. Tambakis 4 December 2002 The New Basel Accord and Developing Countries: Problems and Alternatives Jonathan Ward 6 January 2003 Economic Slowdown in the ... Working Paper should not be quoted nor the data referred to without the written consent of the author. All rights reserved. © 2004 Wolf Wagner & Ian Marsh Comments and suggestions ... WORKING PAPER NO 13 CREDIT RISK TRANSFER AND FINANCIAL SECTOR PERFORMANCE Wolf Wagner & Ian Marsh The Working Paper is intended as a...

Working Paper No. 400 Liquidity-saving mechanisms and bank behaviour pot

... liquidity and thresholds. A ‘bad’ cloud is then that with the highest average costs, and the ‘good’ cloud the one with the lowest average cost. The blue lines in Figure 7 show the equilibrium ... so the LSM would yield maximum benefits; in another extreme case, payments can only be paired. Working Paper No. 400 July 2010 164.2 Equilibria The remainder of the paper looks at the ... planner? 3) What are the banks’ equilibrium choices in the second system (RTGS + LSM)? Are they efficient, and how do they compare with the outcome obtained without LSM? The paper is organised...

WORKING PAPER NO. 40 FINANCIAL STRUCTURE AND THE INTEREST RATE CHANNEL OF ECB MONETARY POLICY pptx

... 1561-0810 WORKING PAPER NO. 40FINANCIAL STRUCTURE AND THE INTEREST RATE CHANNELOF ECB MONETARY POLICYBY BENOÎT MOJONNovember 2000EUROPEAN CENTRAL BANK WORKING PAPER SERIESECB Working Paper No ... J. (1995): “Oligopoly in loan and deposit markets: An econometric application to the Netherlands”, De Economist No. 143, pp. 353-66.ECB Working Paper No 40 l November 200033Table 4Financial ... database.ECB Working Paper No 40 l November 200017term debt would experience a fall in their profits. In theory, the former will raise their consumption and the latter will decrease their investment...

WORKING PAPER NO. 72 BANK CONCENTRATION AND RETAIL INTEREST RATES pptx

... concentration. The Herfindahl indices for the Netherlands’ and Finnish banking systems vary between 200 and 350 in the Netherlands and between 350 and 500 in Finland, although the index for ... banking sector, along with most other large countries, shows the least concentration, whereas the most concentrated is Finland followed by the Netherlands. However, the differences within countries ... educational and non-commercial purposes is permitted provided that the source is acknowledged. The views expressed in this paper are those of the authors and do not necessarily reflect those of the European...

WORKING PAPER NO. 192 IS THE EUROPEAN CENTRAL BANK (AND THE UNITED STATES FEDERAL RESERVE) PREDICTABLE? pptx

... to the Monetary Union. 6. Conclusions ECB • Working Paper No 192 • November 200228 The expectation hypothesis might not be the only force shaping the move in the term structure. Given the ... assessed in the light oftheir implications for the monetary policy mandate. Given that the outcome of the process ofmapping all the information on the state and the functioning of the economy (which ... anticipated the change but missed the timing the size of the response would hinge on how big the surprise was. 36 The estimations are presented for PCnoe (the results using PCall are similar) and...

NATIONAL BANK OF POLAND WORKING PAPER No . 72: Central bank’s macroeconomic projections and learning potx

... the lower the isoquant, the slower the convergence. In fact, from Marcet and Sargent(1995), the larger the real part of the largest eigenvalue of�F +�V , the slower the convergence and the ... the lower the isoquant, the slower the convergence. In fact, from Marcet and Sargent(1995), the larger the real part of the largest eigenvalue of�F +�V , the slower the convergence and the ... the lower the isoquant, the slower the convergence. In fact, from Marcet and Sargent(1995), the larger the real part of the largest eigenvalue of�F +�V , the slower the convergence and the...

WORKING PAPER NO. 218 THE ZERO-INTEREST-RATE BOUND AND THE ROLE OF THE EXCHANGE RATE FOR MONETARY POLICY IN JAPAN potx

... the real interest rate. The left-hand panels of Figure 5 report the upward biasin the mean real rate and the downward bias in the variability of the real rate depending on the level of the nominal ... compares the biases in the means and standard deviations of output and inﬂationECB • Working Paper No 218 • March 200345Hunt, B. and D. Laxton, 2001, The zero interest rate ﬂoor and its implications ... 2002.ECB • Working Paper No 218 • March 200349ECB • Working Paper No 218 • March 20034AbstractIn this paper we study the role of the exchange rate in conducting monetary policy in aneconomy with...

WORKING PAPER NO. 08-5 CENTRAL BANK INSTITUTIONAL STRUCTURE AND EFFECTIVE CENTRAL BANKING: CROSS-COUNTRY EMPIRICAL EVIDENCE pot

... agencies (the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation), with the responsible agency being determined by the bank’s charter. Other ... One of the earliest to do so was the Reserve Bank of New Zealand, which until 1989 was under the operational control of the Minister of Finance and since then has been independent. While there ... could not reject at standard significance levels the null hypothesis of equal coefficients for the problem loans and the exchange rate variability performance measures, suggesting there are no...

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