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The Us Dollar, the Euro, and the Yen : An Evaluation of Their Present and Future Status as International Currencies
Beckmann, Rainer - 2010
The paper evaluates the present and future international currency status of the US dollar, the euro and the yen. In section two the functions, benefits, and costs of a leading international currency are discussed. In section three key determinants for the continuous dominance of the US dollar...
Persistent link: https://www.econbiz.de/10013136590
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Monetary Policy Transmission in India: A Peep Inside the Black Box
Khundrakpam, Jeevan Kumar; Jain, Rajeev - Volkswirtschaftliche Fakultät, … - 2012
Using SVAR models on quarterly data for 1996-97:1 to 2011-12:1, the paper examines the relative importance of various transmission channels of monetary policy to GDP growth and inflation in India. It finds that external exogenous factors prolong the impact of monetary policy transmission on GDP...
Persistent link: https://www.econbiz.de/10011259799
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Balance Sheet Channel of Monetary Policy and Economic Growth under Fiscal Dominance: Evidence from Pakistan
Shabbir, Safia - Volkswirtschaftliche Fakultät, … - 2012
Using micro data on non-financial listed companies in Pakistan, over the period of 2000-2010, this paper emphasizes over the impact of monetary policy on economic growth through balance sheet channel. At first step, monetary tightening deteriorates the net worth of the firms and leads to cash...
Persistent link: https://www.econbiz.de/10011107430
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Monetary Transmission in Pakistan: The Balance Sheet Channel
Shabbir, Safia - Volkswirtschaftliche Fakultät, … - 2012
Using data of non-financial listed firms over a period of 1999-2010, this paper investigates the effectiveness of balance sheet channel in monetary transmission mechanism in Pakistan. By classifying firms as SME and large, this paper finds a strong evidence for the existence of net worth channel...
Persistent link: https://www.econbiz.de/10011107761
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What about monetary transmission in Albania? Is the exchange rate pass-through (still) the main channel?
Peeters, Marga - Volkswirtschaftliche Fakultät, … - 2005
There seems to be a general perception that the exchange rate pass-through is the most important channel in the transmission process of monetary policy in Albania. This perception is questioned here in light of the altering relationships in this developing economy. A discussion on the...
Persistent link: https://www.econbiz.de/10008568632
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The Optimal Liquidity Principle with Restricted Borrowing
Mierzejewski, Fernando - 2009
A model is presented to characterise the (optimal) demand for cash balances in deregulated markets. After the model of James Tobin, 1958, net balances are determined in order to maximise the expected return of a certain portfolio combining risk and capital. Unlike the model of Tobin, the prices...
Persistent link: https://www.econbiz.de/10013159438
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Conditions for turning the ex ante risk premium into an ex post redemption for EU government debt
Colignatus, Thomas - Volkswirtschaftliche Fakultät, … - 2011
differences not only because of liquidity but mainly because of the risk of default, as also reflected in credit default swaps … shorter maturities but at higher annual liquidity requirements meet with strong incentives to better manage their economies … credit default risk premium, the liquidity premium and a stigma factor. While much of the debate in the EU seems to be about …
Persistent link: https://www.econbiz.de/10009372590
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The yield curve and the prediction on the business cycle: a VAR analysis for the European Union
Cinquegrana, Giuseppe; Sarno, Domenico - Volkswirtschaftliche Fakultät, … - 2010
The literature on the yield curve deals with the capacity to predict the future inflation and the future real growth from the term structure of the interest rates. The aim of the paper is to verify this predictive power of the yield curve for the European Union at 16 countries in the 1995-2008...
Persistent link: https://www.econbiz.de/10008550561
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The Cost of Capital in Markets with Opaque Intermediaries and the Risk-Structure of Interest Rates
Mierzejewski, Fernando - 2009
capital is exchange by a unit of risk, or, in other words, it determines the market price of risk. Episodes of liquidity …
Persistent link: https://www.econbiz.de/10013160192
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Central bank independence: monetary policies in selected jurisdictions (III)
Ojo, Marianne; Ayadi, Felix - Volkswirtschaftliche Fakultät, … - 2013
A sufficient and appropriate degree of central bank independence is widely acknowledged to be necessary for the goal of achieving price stability. However, despite the levels of independence claimed to be enjoyed by several central banks, recent events indicate shifts in focus of monetary policy...
Persistent link: https://www.econbiz.de/10011257824