On The Characterisation Of The World Real Interest Rate

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On the Characterisation of the World Real Interest Rate

Author : Jong-Eun Lee
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis On the Characterisation of the World Real Interest Rate by : Jong-Eun Lee

Download or read book On the Characterisation of the World Real Interest Rate written by Jong-Eun Lee and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper characterises the world real interest rate as a common trend in real interest rates in Germany, Japan, and the United States even if there is scepticism in the existence of the world real interest. In theoretical terms, real interest parity is based on the presumed validity of uncovered interest parity and purchasing power parity, but the empirical evidence of these parity conditions is not strong and thus the presence of the world real interest rate. The significance of this paper is, therefore, to visualise the current level of international economic integration by characterising the approximate world real interest rate as a single common trend, taking full advantage of the fact that real interest rates in three large open economies have been moving together sharing a common component even if their levels are distinctively different. This single common trend has desirable properties as the world real interest rate. First, it is a parsimonious and monotonically increasing function of the real interest rates in three large open economies that can be world price or interest rate maker, in contrast with small open economies. Second, it is moving together with national real interest rates one for one. Hence, the deviations from the world rate are temporary because common trend represents the common driving force of national rates over the long run period. Third, it can explain as high a proportion as possible of the variances of national rates.

Are High Real Interest Rates Bad for World Economic Growth?

Author : Nemat Shafik
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4./5 ( download)

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Book Synopsis Are High Real Interest Rates Bad for World Economic Growth? by : Nemat Shafik

Download or read book Are High Real Interest Rates Bad for World Economic Growth? written by Nemat Shafik and published by World Bank Publications. This book was released on 1991 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: The conventional wisdom says yes. But close examination suggests the answer is not nearly so clear-cut.

Can World Real Interest Rates Explain Business Cycles in a Small Open Economy?

Author : William F. Blankenau
Publisher :
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Can World Real Interest Rates Explain Business Cycles in a Small Open Economy? by : William F. Blankenau

Download or read book Can World Real Interest Rates Explain Business Cycles in a Small Open Economy? written by William F. Blankenau and published by . This book was released on 2006 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: While the world real interest rate is potentially an important mechanism for transmitting international shocks to small open economies, much of the recent quantitative research that studies this mechanism concludes that it has little effect on output, investment, and net exports. We reexamine the importance of world real interest rate shocks using an approach that reverses the standard real business cycle methodology. We begin with a small open economy business cycle model. But, rather than specifying the stochastic processes for the shocks, and then solving and simulating the model to evaluate how well these shocks explain business cycles, we use the model to back out the shocks that are consistent with the model's observable endogenous variables. Then we use variance decompositions to examine the importance of each shock. We apply this methodology to Canada and find that world real interest rate shocks can play an important role in explaining the cyclical variation in a small open economy. In particular, they can explain up to one-third of the fluctuations in output and more than half of the fluctuations in net exports and net foreign assets.

Measuring the ''World'' Real Interest Rate

Author : Mervyn A. King
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (87 download)

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Book Synopsis Measuring the ''World'' Real Interest Rate by : Mervyn A. King

Download or read book Measuring the ''World'' Real Interest Rate written by Mervyn A. King and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past couple of decades, and especially since the financial crisis in 2008-09, real interest rates have collapsed. For much of the past two years they have been negative, but they have been trending down for some while. But how far have real rates fallen? This note computes a measure of the "world" real interest rate and, where possible, a measure of the implied future real rate. It also makes public our estimates of the "world" real interest rate so they can be used by other researchers.

Does the World Real Interest Rate Affect the Real Exchange Rate? The South East Asian Experience

Author : Karine Gente
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Does the World Real Interest Rate Affect the Real Exchange Rate? The South East Asian Experience by : Karine Gente

Download or read book Does the World Real Interest Rate Affect the Real Exchange Rate? The South East Asian Experience written by Karine Gente and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyse the consequences of US real interest rate rises on the real exchange rate (RER) in a two-good overlapping generations model of a semi-small open economy. The equilibrium RER depreciates (appreciates) when the world interest rate increases in a debtor (creditor) country. We then study empirically the reaction of the RER in a set of South East Asian (SEA) countries to shocks in US real interest rates. The results support the conclusions of the theory model at least for Singapore, Thailand and South Korea during the period 1980-2001.

Drivers of Real Interest Rates in a Two-country, General-equilibrium, OLG Model

Author : Frederik Bjørn Christensen
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Drivers of Real Interest Rates in a Two-country, General-equilibrium, OLG Model by : Frederik Bjørn Christensen

Download or read book Drivers of Real Interest Rates in a Two-country, General-equilibrium, OLG Model written by Frederik Bjørn Christensen and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: What can explain the long-term decline in equilibrium real interest rates? We analyze the importance of three of the most cited drivers; decreasing fertility, decreasing mortality, and a slowdown of technological growth. We do this through the lens of a general-equilibrium, two-country, overlapping generations model with international capital markets and trade in goods. Using the US as a proxy for the world economy, we find that all three factors put downward pressure on the global real interest rate. The model predicts a 2.25 percentage point decrease from 1950 until today with falling mortality generating most of the decline. We calibrate the second country on Danish data and show how differences in mortality can help explain the build-up of the large Danish net foreign asset position. Our results suggest that the secular decline in real interest rates is not fully over; the drivers considered in this analysis are likely to depress real interest rates by another 0.25 percentage points going forward from today until 2050.

International Macroeconomics in the Wake of the Global Financial Crisis

Author : Laurent Ferrara
Publisher : Springer
ISBN 13 : 3319790757
Total Pages : 300 pages
Book Rating : 4.3/5 (197 download)

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Book Synopsis International Macroeconomics in the Wake of the Global Financial Crisis by : Laurent Ferrara

Download or read book International Macroeconomics in the Wake of the Global Financial Crisis written by Laurent Ferrara and published by Springer. This book was released on 2018-06-13 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.

Handbook on the Globalization of the World Economy

Author : Amnon Levy-Livermore
Publisher : Edward Elgar Publishing
ISBN 13 : 9781781954263
Total Pages : 788 pages
Book Rating : 4.9/5 (542 download)

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Book Synopsis Handbook on the Globalization of the World Economy by : Amnon Levy-Livermore

Download or read book Handbook on the Globalization of the World Economy written by Amnon Levy-Livermore and published by Edward Elgar Publishing. This book was released on 1998-01-01 with total page 788 pages. Available in PDF, EPUB and Kindle. Book excerpt: '. . . it offers expanded coverage of issues from pure international economics to certain aspects of political economy. . . . the present book is a fine work and certainly makes a valuable contribution to the growing list of books addressing globalization. Students of globalization and last but not least practitioners and politicians, as well as diplomats working in international organizations, can learn from it.' – Marjan Svetlicic, Journal of International Relations and Development This authoritative Handbook provides a thorough account and analysis of the important issues relating to the globalization of the international economy. The increasing interdependence of the world's economies has caused a breakdown in national economic boundaries and a freer access to goods, services and labour. This comprehensive book, written by experts in the field, addresses major issues associated with this international economic integration. This reference work considers: • global growth including inequality, saving, foreign direct investment, external debt and multinational corporations • regionalization and globalization of trade such as the role of international institutions, external economies of scale and trading blocs • transition to market economies in Central and Eastern Europe, the former Soviet Union and East Asia • internationalization and integration of markets including the financial, capital, labour and agricultural markets • global environmental and resource problems including transboundary pollution, the implication of North-South trade for natural resource depletion and environmental degradation, and the impact of energy markets on global growth, pollution and economic stability.

Imperfect Information and Saving in a Small Open Economy

Author : Christian Daude
Publisher : International Monetary Fund
ISBN 13 : 145522104X
Total Pages : 50 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis Imperfect Information and Saving in a Small Open Economy by : Christian Daude

Download or read book Imperfect Information and Saving in a Small Open Economy written by Christian Daude and published by International Monetary Fund. This book was released on 2011-03-01 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emerging markets are more volatile and face different types of shocks, in size and nature, compared to their developed counterparts. Accurate identification of the stochastic properties of shocks is difficult. We show evidence suggesting that uncertainty about the underlying stochastic process is present in commodity prices. In addition, we build a dynamic stochastic general equilibrium model with informational frictions, which explicitly considers uncertainty about the nature of shocks. When formulating expectations, the economy assigns some probability to the shocks being temporary even if they are actually permanent. Parameter instability in the stochastic process implies that optimal saving levels (debt holdings) should be higher (lower) compared to a process with fixed parameters. Imperfect information about the nature of shocks matters when commodity GDP shares are high. Thus, economic policies based on misperception of the underlying regime can lead to substantial over/under saving with important associated costs.

World Development Report 1986

Author :
Publisher : World Bank Publications
ISBN 13 : 0195205189
Total Pages : 270 pages
Book Rating : 4.1/5 (952 download)

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Book Synopsis World Development Report 1986 by :

Download or read book World Development Report 1986 written by and published by World Bank Publications. This book was released on 1986 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the ninth in an annual series assessing development issues. The world economy is entering its fourth year of growth since the recession of 1982. Yet the recovery is hesitant with many developing countries facing serious problems of adjustment. The recent decline in oil prices, interest rates, and inflation will provide a stimulus to developed and developing countries alike. But many debtor countries, particularly oil exporters, will find it hard to maintain growth in the near term. The effects of the recovery have been much weaker for many low-income Sub-Saharan countries. Part I of the report explores the policies required to restore growth in the developing world. It stresses the importance of developed countries maintaining the policies that have both reduced inflation and moderated distortions in their markets. Of concern however is the increase in international trade restrictions, if countries are to attain sustainable growth, the reform of domestic institutions must be accompanied by an effort towards international freer trade. Part 2 suggests that the gradual liberalization of trade should be a high priority for international action in agriculture. An examination of the policy options in developing countries suggests that economic stability and growth could be greatly enhanced by focusing on improved pricing and trade policies.

Global Disequilibrium in the World Economy

Author : Mario Baldassarri
Publisher : Springer
ISBN 13 : 1349222690
Total Pages : 467 pages
Book Rating : 4.3/5 (492 download)

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Book Synopsis Global Disequilibrium in the World Economy by : Mario Baldassarri

Download or read book Global Disequilibrium in the World Economy written by Mario Baldassarri and published by Springer. This book was released on 2016-07-27 with total page 467 pages. Available in PDF, EPUB and Kindle. Book excerpt: The US twin deficit, Western European economic integration, Eastern Europe's transition towards a market economy, the debt burden of the Less Developed Countries, the growing and deepening discrimination against the rest of the world by new homogeneous areas such as the North America free trade area, the new Europe, and Japan are the issues at the heart of global disequilibrium in the world economy. This book brings together leading economists to analyse these issues and further the debate on the need for sound economic policies to avoid a crash on a global scale.

Economics for Today

Author : Allan Layton
Publisher : Cengage AU
ISBN 13 : 0170410838
Total Pages : 577 pages
Book Rating : 4.1/5 (74 download)

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Book Synopsis Economics for Today by : Allan Layton

Download or read book Economics for Today written by Allan Layton and published by Cengage AU. This book was released on 2018-09-01 with total page 577 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economics for Today 6e simplifies the array of confusing economic analyses and presents a straightforward and balanced approach that effectively teaches the application of basic economics principles. Only essential material is included in the book and key concepts are explained in clear and simple terms. Written in an engaging and user-friendly manner, the book is designed for non-majors (although can also be used in these courses) with a continued focus on ethics in economics, sustainability and environmental economics, housing stress, development, health, happiness and debt crises. Economics for Today 6e is also available in MindTap, a personalised eLearning solution. MindTap provides interactive graph builders, online tests, video content and access to Aplia to build student confidence and give you a clear picture of their progress.

Emerging Economies and the Global Financial System

Author : Bruno Bonizzi
Publisher : Routledge
ISBN 13 : 0429658354
Total Pages : 290 pages
Book Rating : 4.4/5 (296 download)

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Book Synopsis Emerging Economies and the Global Financial System by : Bruno Bonizzi

Download or read book Emerging Economies and the Global Financial System written by Bruno Bonizzi and published by Routledge. This book was released on 2021-05-05 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive overview of the financial integration of emerging economies through an in-depth analysis of the international monetary system, how it impacts capital flows and exchange rates, and its implications for policy making. The financial integration of emerging economies has been a remarkable development of the past two decades. The growth of cross-border transactions and asset ownership, not least through the accumulation of foreign exchange reserves, has put many of these countries in a more prominent, if still peripheral, position within the global financial system. This has not been a smooth process, as integration has been marked by cyclical waves of capital flows, with financial and currency instability often accompanying the acute phases of these cycles. While conventional economic theory traditionally sees financial integration as a positive development, Post-Keynesian economists, working in the tradition of Keynes, Minsky and Kalecki, have long taken a more sceptical viewpoint. By centring the analysis of financial dynamics on concepts as liquidity, uncertainty, balance-sheet structures and institutions, Post-Keynesian theory highlights the intrinsic character of shocks imposed by financial integration upon emerging economies, and their implications for economic growth and distribution. This book demonstrates that these analyses can be fruitfully used to gain a better understanding of financial (in)stability and economic development in emerging economies as they integrate into the global financial system. This work provides key reading for students and scholars of economics, political economy and finance that are interested in the financial integration of emerging economies, and how the heterodox tradition of Post-Keynesian economics contributes to its analysis.

IMF Staff papers

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
ISBN 13 : 1451972881
Total Pages : 256 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis IMF Staff papers by : International Monetary Fund. Research Dept.

Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1986-01-01 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how the effects of fiscal policies are transmitted internationally. The analysis emphasizes that fiscal shifts of recent years constitute major disturbances to saving and investment flows. An increase in a country's fiscal deficit corresponds to a higher level of public sector dissaving. For increased foreign saving to enter through the capital account, the current account deficit must rise via an appreciating real exchange rate. An autonomous rise in investment, such as that induced by US tax measures passed in 1981–1982, produces qualitatively similar effects in the short run. Simulations suggest that a permanent fiscal deficit reduction of 1 percent of capacity output in any one of the three largest industrial countries produces a significant decline in real interest rates and a large initial depreciation in that country's currency. US tax incentives for investment would induce higher interest rates and an appreciated dollar. Simulations of the combined effects of increased US investment and observed movements in inflation-adjusted deficits in all three countries in 1981–1985 suggest that substantial fractions of these interest and exchange rate movements were related to shifts in fiscal policy.

Macroeconomics in Emerging Markets

Author : Peter J. Montiel
Publisher : Cambridge University Press
ISBN 13 : 9780521785518
Total Pages : 460 pages
Book Rating : 4.7/5 (855 download)

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Book Synopsis Macroeconomics in Emerging Markets by : Peter J. Montiel

Download or read book Macroeconomics in Emerging Markets written by Peter J. Montiel and published by Cambridge University Press. This book was released on 2003-04-10 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a rigorous, yet nonmathematical analysis of key macroeconomic issues faced by emerging economies. The first part develops an analytical framework that can be used as a workhorse model to study short-run macroeconomic issues of stabilization and adjustment in such economies, comparable to the IS-LM framework widely used in intermediate-level macroeconomics textbooks for industrial countries. The rest of the book considers fiscal issues, financial sector issues, and issues concerning exchange rate regimes and policies. In the fiscal area, the focus is on the formulation of intertemporal policies, i.e. fiscal sustainability, seigniorage, and the roles of central bank independence and privatization of public enterprises in achieving fiscal credibility. The analysis of the financial sector examines its role in promoting welfare and growth. Finally, the book explores recent developments in the theory of appropriate exchange rate regimes and management, and provides an overview of currency crises.

The World Bank

Author : Devesh Kapur
Publisher : Brookings Institution Press
ISBN 13 : 9780815720126
Total Pages : 1310 pages
Book Rating : 4.7/5 (21 download)

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Book Synopsis The World Bank by : Devesh Kapur

Download or read book The World Bank written by Devesh Kapur and published by Brookings Institution Press. This book was released on 2011-08-01 with total page 1310 pages. Available in PDF, EPUB and Kindle. Book excerpt: This effort constitutes the most comprehensive and authoritative work to date on the history of the International Bank for Reconstruction and Development, or the World Bank. Author-editors John Lewis, Richard Webb, and Devesh Kapur chronicle the evolution of this institution and offer insights into its successes, failures, and prospects for the future. The result of their intense labors is an invaluable resource for other researchers and a fascinating study in its own right. The work is divided into two volumes. The first is organized thematically and examines the critical events and policy issues in the World Bank's development over the last fifty years. Chapter topics include poverty alleviation, structural adjustment lending, environmental programs, the International Finance Corporation (IFC), the International Development Association (IDA), and the evolution of the Bank as an institution. The second volume contains case studies written by experts with experience in the various regions in which the Bank operates. There are chapters on the Bank's activities in Korea, Mexico, Africa, South Asia, and Eastern Europe. Volume 2 also contains essays on the World Bank's relationship with the United States, Japan, and Western Europe, and its partnership with the International Monetary Fund (IMF). By special arrangement, the authors have had wide-ranging access to confidential documents at the World Bank, making this work a unique source of information on the internal workings of this critical institution. They have also drawn on extensive interviews with current and past Bank officials. Moreover, publication could not be more timely, coming as it does when many in the development community and in the U.S. Congress are questioning the Bank's track record and even its reason for existence. The World Bank: Its First Half Century will be of great interest not only to development practitioners but also to students of international relations, development economics, and global finance. During the course of the project, John P. Lewis and Richard Webb were nonresident senior fellows, and Devesh Kapur was a program associate, in the Foreign Policy Studies program at the Brookings Institution.

The Great Demographic Reversal

Author : Charles Goodhart
Publisher : Springer Nature
ISBN 13 : 3030426572
Total Pages : 260 pages
Book Rating : 4.0/5 (34 download)

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Book Synopsis The Great Demographic Reversal by : Charles Goodhart

Download or read book The Great Demographic Reversal written by Charles Goodhart and published by Springer Nature. This book was released on 2020-08-08 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: This original and panoramic book proposes that the underlying forces of demography and globalisation will shortly reverse three multi-decade global trends – it will raise inflation and interest rates, but lead to a pullback in inequality. “Whatever the future holds”, the authors argue, “it will be nothing like the past”. Deflationary headwinds over the last three decades have been primarily due to an enormous surge in the world’s available labour supply, owing to very favourable demographic trends and the entry of China and Eastern Europe into the world’s trading system. This book demonstrates how these demographic trends are on the point of reversing sharply, coinciding with a retreat from globalisation. The result? Ageing can be expected to raise inflation and interest rates, bringing a slew of problems for an over-indebted world economy, but is also anticipated to increase the share of labour, so that inequality falls. Covering many social and political factors, as well as those that are more purely macroeconomic, the authors address topics including ageing, dementia, inequality, populism, retirement and debt finance, among others. This book will be of interest and understandable to anyone with an interest on where the world’s economy may be going.