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This paper examines the fiscal and monetary policy options available to China as a sovereign currency-issuing nation operating in a dollar standard world. We first summarize a number of issues facing China, including the possibility of slower growth, global imbalances, and a number of domestic...
Persistent link: https://www.econbiz.de/10010733748
Persistent link: https://www.econbiz.de/10010741338
Globalization and strengthening of integration processes have, among other things, also influenced some solutions relating to monetary sovereignty of particular countries. A great number of transition countries as well as some other underdeveloped countries are facing both inefficiency in their...
Persistent link: https://www.econbiz.de/10005620044
This note discusses the external environment, economic outlook, and key policy challenges for the six South East European Countries (SEE6)—Albania, Bosnia and Herzegovina (BIH), Kosovo, the former Yugoslav Republic (FYR) of Macedonia, Montenegro, and Serbia—as they seek to reignite economic...
Persistent link: https://www.econbiz.de/10010604323
Individual households save out of income by postponing consumption. Such savings are used not only by companies to expand production or by some individual households to increase consumption through borrowings: the economic use of savings. For instance in the U.S. in 2005 and 2006 65.5% of the...
Persistent link: https://www.econbiz.de/10011259401
An independent currency and a flexible exchange rate generally helps a country in adjusting to macroeconomic shocks. But recently in many countries, interest rates have been pushed down close to the lower bound, limiting the ability of policy-makers to accommodate shocks, even in countries with...
Persistent link: https://www.econbiz.de/10011083336
This paper aims to provide a rigorous analysis of Milton Friedman’s famous parable of the ‘helicopter’ drop of money. A helicopter drop of money is a permanent/irreversible increase in the nominal stock of fiat base money with a zero nominal interest rate, which respects the intertemporal...
Persistent link: https://www.econbiz.de/10011084422
An independent currency and a flexible exchange rate generally helps a country in adjusting to macroeconomic shocks. But recently in many countries, interest rates have been pushed down close to the lower bound, limiting the ability of policy-makers to accommodate shocks, even in countries with...
Persistent link: https://www.econbiz.de/10011084966
Globalization of finance measured in terms of capital account liberalization has been viewed by many economists as an important component of the overall opening up of global trade and financial markets especially in recent years. It is in this context, paper seeks to analyse issue of CAC in...
Persistent link: https://www.econbiz.de/10011127614
A “lost decade” refers to an extended period of low or negative growth triggered by an economic crisis and that could have been avoided by the use of efficient crisis policies. The risk to the world’s developed economies of a lost decade was highlighted early on in the 2007-2008 crisis....
Persistent link: https://www.econbiz.de/10010827669