Showing 1 - 10 of 48
Central banks can go broke and have done so, although mainly in developing countries. The conventional balance sheet of the central bank is uninformative about the financial resources it has at its disposal and about its ability to act as an effective lender of last resort and market marker of...
Persistent link: https://www.econbiz.de/10005656271
Several recent studies imply that the response of national saving to fiscal policy is non-monotonic. In this paper, we use two data sets to search for the circumstances in which such non-monotonic responses arise: one refers to a sample of OECD countries, as in previous studies, and one to a...
Persistent link: https://www.econbiz.de/10005124252
Nous examinons les differences entre les pays ou le financement de la croissance est assure par l'entree de capitaux financiers et ceux ou il resulte des flux d'investissements directs etrangers (IDE). L'analyse de quelques situations nationales confirme les intuitions theoriques: le financement...
Persistent link: https://www.econbiz.de/10005475178
After 1999, there will be two groups of european countries: those participating in the monetary union and the others. We ask the question of the exchange rate regime between those two groups of countries: flexible rates between the countries outside the union and the union, or fixed rates?
Persistent link: https://www.econbiz.de/10005475197
Nous construisons un modele simple d'equilibre de portefeuille entre les Etats-Unis et le Japon pour analyser les consequences des evolutions financieres recentes dans ces deux pays: politique monetaire et politique budgetaire tres expansionnistes au Japon; substitution de dette privee a la...
Persistent link: https://www.econbiz.de/10005475208
Microeconomic efficiency and market transparency argue in favour of UK membership in EMU and for Scotland's membership in the UK monetary union and also in EMU. UK seigniorage (government revenues from money issuance) would be boosted by EMU membership. Lender of last resort arrangements would...
Persistent link: https://www.econbiz.de/10005656222
Plusieurs pays, en particulier en Asie dans la periode recente, ont choisi de fixer leur taux de change nominal par rapport au dollar ou par rapport a un panier de monnaies. Ceci a entraine une derive du taux de change reel et de la competitivite, et finalement une crise de change et des marches...
Persistent link: https://www.econbiz.de/10005661308
Using a simple macroeconomic two-country model, we analyze the possible structural reasons for which the European Central Bank might have a monetary policy different from the one pursued presently by the Bundesbank (implying a weaker or a stroger parity for the european currencies vis-a-vis the...
Persistent link: https://www.econbiz.de/10005661313
Dans las dernieres annees, s'est developpee la theorie du taux de change reel d'equilibre (ou naturel), qui est la parite reelle qui assure a la fois l'equilibre interne (equilibre du marche des biens) et l'equilibre externe (stabilite de la dette ou des avoirs exterieurs). Nous developpons un...
Persistent link: https://www.econbiz.de/10005661319
Nous examinons, a l'aide d'un modele de taux de change d'equilibre a deux pays, les effets d'une evolution favorable de la productivite du capital aux E-U a divers horizons. Nous nous interessons a la dynamique du taux de change, de la dette exterieure, du bien-etre aux E-U et dans le Reste du...
Persistent link: https://www.econbiz.de/10005661324