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Extensive prior research on the economics of European monetary union highlighted some potential risks (the known unknowns) but overlooked others (the unknown unknowns). Asymmetries among participating countries, the potentially destabilising character of a one-size-fits all monetary policy, the...
Persistent link: https://www.econbiz.de/10010293580
Foreign direct investment (FDI) is one of the most ambiguous and the least understood concepts in international economics. Common debate on FDI is confounded by several myths regarding its nature and impact on capital accumulation, technological progress, industrialization and growth. It is...
Persistent link: https://www.econbiz.de/10012490837
The memo summarizes the design and use of the IMF's precautionary facilities since their introduction and discusses lessons and potential reform options. In particular, the framework for these facilities should be adjusted to address prolonged use at high access levels.
Persistent link: https://www.econbiz.de/10013326749
This occasional paper describes the monetary presentation of the euro area balance of payments and its use. The monetary presentation is a tool for assessing the impact of balance of payments transactions involving non-bank residents on monetary developments. The paper explains in detail the...
Persistent link: https://www.econbiz.de/10011606248
The separation of security and economic objectives in foreign policy, which was often sought in international political issues in the past, has outlived its usefulness. The transition to a more power-based order can be felt around the world. International economic instruments and agreements are...
Persistent link: https://www.econbiz.de/10015358423
The paper discusses potential effects of a central bank digital currency (CBDC) on liquidity and monetary policy. CBDC could benefit the payment system but could also pose macroeconomic/financial challenges if demand for CBDC becomes high. High CBDC demand can affect banks' balance sheets,...
Persistent link: https://www.econbiz.de/10015195465
wirtschaftlichen Abschwungs und eine Rekordinflation abgelöst. Zweitens dürften sich die Normalisierung der Geldpolitik und die …
Persistent link: https://www.econbiz.de/10013408680
In this report we outline how a formulating normative measure of macroprudential policy stance requires a framework containing objectives, tools and transmission mechanisms. To complement the currently prevailing narrative approach, we apply lessons from the monetary policy to macroprudential...
Persistent link: https://www.econbiz.de/10014327917