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liquidity in the financial system, partly caused by spending of oil receipts. In the face of persistent excess liquidity in the …; however, these had a limited impact on monetary aggregates. A structural excess liquidity is a common feature in oil exporting … monetary policy and liquidity management and discusses role of selective financial markets in improving liquidity management in …
Persistent link: https://www.econbiz.de/10012560066
Russia saw strong growth in 2021, with momentum weakening late in the year. Growth will slow as Russia battles COVID-19 and elevated inflation. Globally, environmental sustainability is becoming central to the economic agenda. The challenge for Russia is to fundamentally transform its economic...
Persistent link: https://www.econbiz.de/10013255376
"Despite significant progress in economic reform throughout the 1990s and an exemplary development of the policymaking framework in the second part of the decade, Brazil suffered a major public debt and currency crisis in 2002. Though the political origin of the uncertainty cannot be ignored,...
Persistent link: https://www.econbiz.de/10010522687
Bulgaria has achieved impressive economic performance over the last two decades. Nevertheless, recent growth of gross domestic product (GDP) and productivity has slowed since the global financial crisis, and the country faces medium- to long-term labor shortages and skills mismatches driven by...
Persistent link: https://www.econbiz.de/10012647640
"This paper examines the effects of inflation targeting on industrial and emerging economies' output growth over the "globalization years" of 1986-2004. Controlling for trade openness and two indicators of financial globalization, the authors find systematic positive and significant effects of...
Persistent link: https://www.econbiz.de/10010520968
This paper challenges the time-inconsistency case for central bank independence. It argues that the time-inconsistency literature not only seriously confuses the substance of the rules versus discretion debate, but also posits an implausible view of monetary policy. Most worrisome, the...
Persistent link: https://www.econbiz.de/10005561151
El objetivo de este paper es realizar una descripción del caso brasileño, en lo que hace a la salida de un sistema en el cual el ancla nominal de la economía era un tipo de cambio semi-fijo, hacia un régimen de flotación “cuasi” limpia de la moneda, en el que el ancla de la economía...
Persistent link: https://www.econbiz.de/10005076607
Challenging the conventional wisdom that structural problems are to blame for the euro area’s protracted domestic demand stagnation, this paper sets out to shed some fresh light on the role of the ECB in the ongoing EMU crisis. Contrary to the widely held interpretation of the ECB as an...
Persistent link: https://www.econbiz.de/10005412615
This paper models an inflation forecast density framework that closely resembles actual policy makers behaviour regarding the determination of the modal point, the uncertainty and asymmetry in the inflation forecasts. The framework combines policy makers prior information about these parameters...
Persistent link: https://www.econbiz.de/10005556367