In this groundbreaking new study, IEA Fellow Tim Congdon argues that movements in the general level of asset prices (such as house prices and equity markets) are strongly influenced by the behaviour of the money supply.Congdon bases his conclusions on analyses of three episodes in the UK,...

Jonathan Macey's recent article quot;Commercial Banking and Democracy: The Illusive Quest for Deregulationquot; offers such a problematic argument for banking regulation that it implies such regulation is losing its intellectual foundation

Since the early 1990s, the IMF has been advising countries to shift to the use of indirect instruments for executing monetary policy. This paper provides information about a monetary policy instruments database, maintained by the Monetary and Capital Markets Department of the IMF. We offer an...

The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in monetary and fiscal policy. While monetary policies were solely aimed at "price stability" in the neoliberal regime, fiscal policies were characterized by the objective of...

Although nominal interest rates are constrained by the zero lower bound (ZLB), Central Banks can increase the monetary base (M0), e.g. by Quantitative Easing (QE). But the link, money multiplier, between M0 and the wider monetary aggregates has collapsed. Although QE was, nevertheless,...

Hasta 2008, el excedente de liquidez se caracterizó por mantenerse en niveles reducidos (Bs1.000 millones en promedio). Sin embargo, desde 2009 estos niveles se elevaron considerablemente (en febrero de 2010 superaron los Bs8.000 millones). La investigación busca las razones que determinaron...

We study the relative positions of M1 and M2 in light of their relationships with four U. S. equity exchanges: S&P500, Dow Jones Industrial, Nasdaq, and Wilshire 5000 composite. It is demonstrated that a long-term equilibrium relationship does indeed exist. Short-run dynamics are also considered...

The continuous regressions in the per capita income of the Sudanese people have triggered many suggestions to ameliorate their productive capabilities. One of them was the facilitating in financing programs through official channels. However, there are many structural impediments that inhibit...

The paper analyzes the impacts of Islamic and conventional Banks reserves' restrictions in Sudan. Comprehensively, those restrictions are necessary for health banks, performance and the viability of the macroeconomic performance in any country. The selected period of the analysis (2007-2009) is...

Hasta 2008, el excedente de liquidez se caracterizó por mantenerse en niveles reducidos (Bs1.000 millones en promedio). Sin embargo, desde 2009 estos niveles se elevaron considerablemente (en febrero de 2010 superaron los Bs8.000 millones). La investigación busca las razones que determinaron...