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This 2013 Article IV Consultation highlights that real GDP growth in Russia has slowed, amid weak investment and external demand. Yet, the economy remains close to full capacity, with unemployment at historic lows and capacity utilization at pre-crisis highs. Short-term indicators are mixed, but...
Persistent link: https://www.econbiz.de/10011245332
Upon entry into the European Union, countries become members of the Economic and Monetary Union (EMU), with a derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national currency with the euro, but can choose when to request...
Persistent link: https://www.econbiz.de/10005767345
Given its small size and openness, the Icelandic economy has been subject to large shocks. Systematic coordination of monetary and fiscal policy, however, could help improve the inflation-output variability trade-off. The fiscal rule is designed to simultaneously ensure a consistently...
Persistent link: https://www.econbiz.de/10011244896
The welfare state was created after 1950 with counterproductive mechanisms and this caused high inflation and high unemployment and stagnating growth by 1970, called stagflation. Since 1970 governments redressed the welfare state but did not succeed in finding workable mechanisms. They rather...
Persistent link: https://www.econbiz.de/10011108214
The paper assembles data on over 1,000 manufacturing and services firms in India for the entire post-reform period from 1992 through 2002 to examine the association between corporate governance and monetary policy. The findings suggests that (a) public firms are relatively more responsive to a...
Persistent link: https://www.econbiz.de/10008476391
Agency-based explanations of the great deprivation, contrasted with structure-based explanations, suffer not merely from the criticism of relying on irrational and irresponsible behavior of millions, including that of the most astute financial experts, but are also at a loss to explain why such...
Persistent link: https://www.econbiz.de/10005619598
This Selected Issues paper examines implications for long-term bond yields in case of Japan. The analysis finds that so …
Persistent link: https://www.econbiz.de/10011245208
(iv) existence of a fear among the market participants about the future liquidity conditions during the last quarter of …
Persistent link: https://www.econbiz.de/10005014959
Interest rates in China comprise a mix of both market determined interest rates (interbank rates and bond yields), and regulated interest rates (lending and deposit rates), reflecting China's gradual process of interest rate liberalization. We argue, using a theoretical model and empirical...
Persistent link: https://www.econbiz.de/10008528670
reduce loan granting, especially to firms or from banks with lower capital or liquidity ratios. Moreover, responding to …
Persistent link: https://www.econbiz.de/10008565827