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This rigorous textbook tames technicalities and makes even the most complex models accessible to students. Its unique two-tier structure makes the book attractive for undergraduates, graduates and researchers alike. In fact, the coverage is primarily directed to undergraduate students and is mainly confined to graphic analysis and to some elementary algebra. Further, each chapter has its own mathematical appendix, in which (i) the topics treated in the text are examined at a level suitable for advanced undergraduates, graduates and researchers, and (ii) generalizations and/or topics not treated in the text (including some at the cutting edge of research) are formally examined. The new editio...
Not long ago, secrecy was the byword in central banking circles, but now the unmistakable trend is towards greater openness and transparency. This, the third Geneva Report on the World Economy, describes and evaluates some of the changes in how central banks talk to the markets, to the press, and to the public. The report first assesses the case for transparency ? defined as providing sufficient information for the public to understand the policy regime ? and concludes that it is very strong, based on both policy effectiveness and democratic accountability. It then examines what should be the content of communication and argues that central banks ought to spell out their long-run objectives and methods. It then investigates the link between the decision-making process and central bank communication, drawing a distinction between individualistic and collegial committees. The report concludes with a review of the communications strategies of some of the main central banks.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
The SDR has enjoyed renewed attention lately in the context of debates on international monetary reform. To be sure, the term SDR has been used to refer to three different concepts—(i) a composite reserve asset created in 1969: the “official SDR” as defined in the Fund’s Articles; (ii) a potential new class of reserve assets: tradable SDRdenominated securities issued by the Fund or an investment vehicle backed by a subset of the Fund’s membership; and (iii) a unit of account, which could be used to price internationally traded assets (e.g., sovereign bonds) and goods (e.g., commodities), to peg currencies, and to report balance of payments data. All three are discussed in this paper.
This is a comprehensive state-of-the-art survey which analyzes institutions, policies and issues of central banking in developing countries including interest-free Islamic and transition economies. It discusses objectives and functions; monetary, exchange, supervisory and developmental roles; financial liberalization; informal finance; causes and implications of central bank losses. It critically evaluates currency boards, central bank independence, ceilings on government credit and suggests radical organizational reforms, divestiture of quasi-fiscal activities and partial privatization of central banks.
Inhaltsangabe: Inhaltsverzeichnis:Inhaltsverzeichnis: Inhaltsverzeichnis Abbildungsverzeichnis Tabellenverzeichnis I. Einleitung II.Ursachen der Pesokrise A.Entwicklung von Zahlungsbilanzkrisen 1.Zahlungsbilanzkrisen durch Wirtschaftspolitik 2.Sich selbst erfüllende Zahlungsbilanzkrisen B.Das Stabilisierungsprogramm als Ursache? 1.Wechselkursorientierte Stabilisierung 2.Stabilisierungserfolge und Inkonsistenzen 3.Waren Inkonsistenzen Ursachen der Pesokrise? C.Schocks und Reaktionen der Politik als Ursache? 1.Konsequenzen externer Schocks 2.Schocks und Reaktionen 3.Waren Fehlreaktionen Ursache der Pesokrise? D.Ergebnis III.Auswirkungen der Pesokrise A.Ausbruch von Panikreaktion nach Abwertung B.Breitenwirkung der Pesokrise 1.Aufstieg und Fall des Vorbildes Mexiko 2.Auswirkung auf aufstrebende Volkswirtschaften 3.Gründe für internationale Hilfe C.Mexiko nach der Pesokrise IV.Wirtschaftspolitische Implikationen der Pesokrise A.Hätte Mexiko früher abwerten sollen? B.Implikationen für aufstrebende Volkswirtschaften C.Implikationen für die Weltgemeinschaft V.Schlussbetrachtung Anhang Literaturverzeichnis