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Since the 2008 global financial crisis, China has rolled out a number of initiatives to actively promote the international role of the renminbi and to denominate more of its international claims away from the US dollar and into the renminbi. This paper discusses the factors shaping the prospects...
Persistent link: https://www.econbiz.de/10010270641
) internationalization of the currency; (ii) currency convertibility; and (iii) reserve currency status. Their sequencing in relation to … attaining full convertibility or meeting other prerequisites for achieving reserve currency status. Ultimately, China will … proceed with capital account convertibility in its own controlled and gradual manner, with the goal being an open capital …
Persistent link: https://www.econbiz.de/10010282485
This paper models the inter-temporal allocation of foreign development aid to Papua New Guinea (PNG). A formal theoretical model of aid allocation is developed, in which aid to any one country is determined jointly with aid to all other recipient countries. This is recognized in the econometric...
Persistent link: https://www.econbiz.de/10010279298
The countries of the South Pacific have struggled to generate sustainable economic growth since their independence. Interventionist policies have failed in the past here, as they have in all other regions. Business and government leaders in this region are now beginning to acknowledge - as has...
Persistent link: https://www.econbiz.de/10011902300
Persistent link: https://www.econbiz.de/10010316362
the past, a monetary regime based on the commitment to convertibility of the domestic currency into specie, the … 'convertibility principle', was the prevailing pattern in the world economy. According to this principle, the fiscal regime is … the 'convertibility principle' and in many countries has been geared towards domestic stabilization goals, especially that …
Persistent link: https://www.econbiz.de/10010281355
This paper builds a DSGE model for a small open economy (SOE) in which the central bank systematically intervenes both the domestic currency bond and the FX markets using two policy rules: a Taylor-type rule and a second rule in which the operational target is the rate of nominal currency...
Persistent link: https://www.econbiz.de/10010310074
This paper builds a DSGE model for a small open economy (SOE) in which the central bank intervenes the domestic currency bond and FX markets using two policy rules: a Taylor-type rule and a rule that determines the rate of nominal depreciation. The 2 'corner' regimes, in which only one policy...
Persistent link: https://www.econbiz.de/10010317972
This paper analyzes China's economic performance in the last 25 years and discusses its prospect for growth in the future. China has enjoyed high annual GDP growth rates of about ten percent in the last 25 years. Exports and investment were the two driving forces of the growth process. FDI plays...
Persistent link: https://www.econbiz.de/10010273126
In August 1998 the Russian foreign exchange market and financial system collapsed. As a consequence the rouble devaluated in real terms against the currencies of the main trade partners, generating an output push in the agri-food sector. This improved the financial health of most producer, thus...
Persistent link: https://www.econbiz.de/10010299436