Basis of Assets
Author | : United States. Internal Revenue Service |
Publisher | : |
Total Pages | : 12 |
Release | : |
Genre | : |
ISBN | : |
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Author | : United States. Internal Revenue Service |
Publisher | : |
Total Pages | : 12 |
Release | : |
Genre | : |
ISBN | : |
Author | : Wilfred Ethier |
Publisher | : |
Total Pages | : 68 |
Release | : 1974 |
Genre | : |
ISBN | : |
Author | : Seymour Edwin Harris |
Publisher | : Cambridge : Harvard University Press |
Total Pages | : 556 |
Release | : 1936 |
Genre | : Currency question |
ISBN | : |
Author | : Lincoln Rosen |
Publisher | : |
Total Pages | : |
Release | : 1935 |
Genre | : |
ISBN | : |
Author | : Mr.Alexander Culiuc |
Publisher | : International Monetary Fund |
Total Pages | : 48 |
Release | : 2020-05-22 |
Genre | : Business & Economics |
ISBN | : 1513545221 |
The consequences of large depreciations on economic activity depend on the relative strength of the contractionary balance sheet and expansionary expenditure switching effects. However, the two operate over different time horizons: the balance sheet effect hits almost immediately, while expenditure switching is delayed by nominal rigidities and other frictions. The paper hypothesizes that the overshooting phase—observed early in the depreciation episode and driven by the balance sheet effect—is largely irrelevant for expenditure switching, which is more closely aligned with ex-post equilibrium depreciation. Given this, larger real exchange rate overshooting should signal a relatively stronger balance sheet effect. Empirical findings support this hypothesis: (i) overshooting is driven by factors associated with the balance sheet effect (high external debt, low reserves, low trade openness), (ii) overshooting-based measures of the balance sheet effect foreshadow post-depreciation output losses, and (iii) the balance sheet effect is strongest early on, while expenditure switching strengthens over the medium term.
Author | : Seymour Edwin Harris |
Publisher | : |
Total Pages | : 564 |
Release | : 1936 |
Genre | : Business & Economics |
ISBN | : |
Author | : Seymour Edwin Harris |
Publisher | : |
Total Pages | : 516 |
Release | : 1936 |
Genre | : Currency question |
ISBN | : |
Author | : Mr.Elie Canetti |
Publisher | : International Monetary Fund |
Total Pages | : 49 |
Release | : 1991-07-01 |
Genre | : Business & Economics |
ISBN | : 1451848838 |
This paper examines the relative importance of monetary growth and exchange rate depreciation as causes of inflation in a sample of 10 Sub-Saharan African countries. Causality tests and impulse response functions derived from vector autoregression (VAR) analysis suggest that both monetary expansion and exchange rate adjustments cause inflation in a number of these countries. However, the failure of the tests to attribute the bulk of the variance in inflation in most of the countries to either variable suggests either a problem with the statistical technique or that some other factor--perhaps structural bottlenecks or a measure of overall macroeconomic policy stance incorporating both monetary and exchange rate policy--may be even more important as a determinant of inflation in African countries.
Author | : United States. Securities and Exchange Commission. Public Utilities Division |
Publisher | : |
Total Pages | : 272 |
Release | : 1942 |
Genre | : Accounting |
ISBN | : |
Author | : Camila Casas |
Publisher | : International Monetary Fund |
Total Pages | : 62 |
Release | : 2017-11-22 |
Genre | : Business & Economics |
ISBN | : 1484330609 |
Most trade is invoiced in very few currencies. Despite this, the Mundell-Fleming benchmark and its variants focus on pricing in the producer’s currency or in local currency. We model instead a ‘dominant currency paradigm’ for small open economies characterized by three features: pricing in a dominant currency; pricing complementarities, and imported input use in production. Under this paradigm: (a) the terms-of-trade is stable; (b) dominant currency exchange rate pass-through into export and import prices is high regardless of destination or origin of goods; (c) exchange rate pass-through of non-dominant currencies is small; (d) expenditure switching occurs mostly via imports, driven by the dollar exchange rate while exports respond weakly, if at all; (e) strengthening of the dominant currency relative to non-dominant ones can negatively impact global trade; (f) optimal monetary policy targets deviations from the law of one price arising from dominant currency fluctuations, in addition to the inflation and output gap. Using data from Colombia we document strong support for the dominant currency paradigm.