Tanulmányunk azokat a kockázatokat és kihívásokat vizsgálja, amelyekkel az új EU tagállamok szembesülnek az euróhoz vezető úton, valamint elemzi az euró bevezetésével és a bevezetés időzítésével kapcsolatos stratégiákat is. Megvizsgáljuk a reál- és nominálkonvergencia...

This paper reconstructs the forgotten history of mutual assistance among Reserve Banks in the early years of the Federal Reserve System. We use data on accommodation operations by the 12 Reserve Banks between 1913 and 1960 which enabled them to mutualise their gold reserves in emergency...

We analyze patterns of bilateral financial investment using data on US investors' holdings of foreign bonds. We document a "history effect" in which the pattern of holdings seven decades ago continues to influence holdings today. 10 to 15% of the cross-country variation in US investors' foreign...

We provide empirical evidence that US financial stress shocks (US-FSSs) are an important driver for economic dynamics and fluctuations in emerging market economies (EMEs). Applying a structural vector autoregression, we analyze the international transmission of US-FSSs to eight EMEs using...

This paper describes the international flow of funds associated with calm and volatile global equity markets. During calm periods, portfolio investment by real money and leveraged investors in advanced countries flows into emerging markets. When central banks in the receiving countries resist...

This paper evaluates the prospects for the renminbi’s role as an international currency and the implications for global financial markets. Although the People’s Republic of China (PRC) does not have either an open capital account or a flexible exchange rate, the renminbi has attained...

This paper estimates the effect of FDI and remittances on economic growth in South Asia using an aggregate production function model. Time series data from 1976 to 2010 for India, Pakistan, Bangladesh and Sri Lanka is used to create the panel data. Time series properties of the panel data are...

In this work, with help of econometric analysis we will answer the question to which extent up to date foreign direct investments influenced Montenegro current account. Regression analysis brings to conclusion that if foreign direct investments should increase for 1%, current account deficit...

This paper aims at identifying the underlying reasons for substantial accumulation of foreign reserves, a strategy currently followed by a large number of countries. To this end, it first studies international liquidity conditions and individual country demand for reserves. It then analyses...

1980’lerden sonra ABD Hazinesi, IMF ve Dünya Bankası’nın güç birliğiyle oluşturulan Washington Konsensüsü ile Neo-Liberal iktisat politikalarının ortaya çıkardığı paradigma, piyasa mekanizmasını hakim sistem haline getirmiştir. Dünya ekonomisinde izlenen bu politikalar ve...