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Fear Of Floating
Fear of floating refers to situations where a country prefers a fixed exchange rate to a floating exchange rate regime. This is more relevant in emerging economies, especially when they suffered from financial crisis in last two decades. In foreign exchange markets of the emerging market economies, there is evidence showing that countries who claim they are floating their currency, are actually reluctant to let the nominal exchange rate fluctuate in response to macroeconomic shocks. In the literature, this is first convincingly documented by Calvo and Reinhart with "fear of floating" as the title of one of their papers in 2000. Since then, this widespread phenomenon of reluctance to adjust exchange rates in emerging markets is usually called "fear of floating". Most of the studies on "fear of floating" are closely related to literature on costs and benefits of different exchange rate regimes. Floating vs. Fixed exchange rate To understand the benefits and costs of floating a cur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Floating Exchange Rate
In macroeconomics and economic policy, a floating exchange rate (also known as a fluctuating or flexible exchange rate) is a type of exchange rate regime in which a currency's value is allowed to fluctuate in response to foreign exchange market events. A currency that uses a floating exchange rate is known as a ''floating currency'', in contrast to a ''fixed currency'', the value of which is instead specified in terms of material goods, another currency, or a set of currencies (the idea of the last being to reduce currency fluctuations). In the modern world, most of the world's currencies are floating, and include the most widely traded currencies: the United States dollar, the euro, the Swiss franc, the Indian rupee, the pound sterling, the Japanese yen, and the Australian dollar. However, even with floating currencies, central banks often participate in markets to attempt to influence the value of floating exchange rates. The Canadian dollar most closely resembles a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Total Factor Productivity
In economics, total-factor productivity (TFP), also called multi-factor productivity, is usually measured as the ratio of aggregate output (e.g., GDP) to aggregate inputs. Under some simplifying assumptions about the production technology, growth in TFP becomes the portion of growth in output not explained by growth in traditionally measured inputs of labour and capital used in production. TFP is calculated by dividing output by the weighted geometric average of labour and capital input, with the standard weighting of 0.7 for labour and 0.3 for capital. Total factor productivity is a measure of productive efficiency in that it measures how much output can be produced from a certain amount of inputs. It accounts for part of the differences in cross-country per-capita income. For relatively small percentage changes, the rate of ''TFP'' growth can be estimated by subtracting growth rates of labor and capital inputs from the growth rate of output. Background Technology growth and e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exchange Rate
In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of the euro. The exchange rate is also regarded as the value of one country's currency in relation to another currency. For example, an interbank exchange rate of 114 Japanese yen to the United States dollar means that ¥114 will be exchanged for or that will be exchanged for ¥114. In this case it is said that the price of a dollar in relation to yen is ¥114, or equivalently that the price of a yen in relation to dollars is $1/114. Each country determines the exchange rate regime that will apply to its currency. For example, a currency may be floating, pegged (fixed), or a hybrid. Governments can impose certain limits and controls on exchange rates. Countries can also have a strong or weak currency. There is no agreement in the ec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of Greece
The Bank of Greece ( el, Τράπεζα της Ελλάδος , ΤτΕ) is the central bank of Greece. Its headquarters is located in Athens on Panepistimiou Street, but it also has several branches across the country. It was founded in 1927 and its operations started officially in 1928. The building that currently houses its headquarters was completed ten years later in 1938. The Bank of Greece is listed on the Athens Exchange. Introduction The Bank of Greece, a member of the European System of Central Banks (ESCB), is the national central bank of Greece and was established by Law 3424/7 December 1927. The shares of the Bank of Greece are registered and have been listed on the Athens Exchange since June 12, 1930. It is a partially state owned S.A. share company with special privileges, special restrictions, and duties. It cannot operate as a commercial bank and the percentage of shares that can be under Greek state ownership cannot exceed 35% (initially this limit was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Current Account (balance Of Payments)
In economics, a country's current account records the value of exports and imports of both goods and services and international transfers of capital. It is one of the two components of its balance of payments, the other being the capital account (also known as the financial account). Current account measures the nation's earnings and spendings abroad and it consists of the balance of trade, net ''primary income'' or ''factor income'' (earnings on foreign investments minus payments made to foreign investors) and net unilateral transfers, that have taken place over a given period of time. The current account balance is one of two major measures of a country's foreign trade (the other being the net capital outflow). A current account surplus indicates that the value of a country's net foreign assets (i.e. assets less liabilities) grew over the period in question, and a current account deficit indicates that it shrank. Both government and private payments are included in the calcu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Sovereign Debt Crisis
The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, is a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s. Several eurozone member states (Greece, Portugal, Ireland, Spain, and Cyprus) were unable to repay or refinance their government debt or to bail out over-indebted banks under their national supervision without the assistance of third parties like other eurozone countries, the European Central Bank (ECB), or the International Monetary Fund (IMF). The eurozone crisis was caused by a balance-of-payments crisis, which is a sudden stop of foreign capital into countries that had substantial deficits and were dependent on foreign lending. The crisis was worsened by the inability of states to resort to devaluation (reductions in the value of the national currency) due to having the Euro as a shared currency. Debt accumulation in some eurozone members was in part due ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Journal Of Applied Economics
The ''Journal of Applied Economics'' is a peer-reviewed open-access academic journal established in 1998 that covers applied issues in microeconomics, micro- and macroeconomics, including industrial organization, international economics, labor economics, finance, money and banking, growth, public finance, political economy, law, law and economics, and environmental economics. History The journal was established in 1998 by the Universidad del CEMA; the online version was published by Elsevier on their behalf from 2009 to 2017. In 2018 the journal was bought by Routledge who converted it to a fully open-access journal. Editors The founding editor-in-chief was Carlos Alfredo Rodríguez, the current editors are Germán Coloma, Mariana Conte Grand, and Jorge M. Streb (Universidad del CEMA). Abstracting and indexing The journal is abstracted and indexed in: *ABI/INFORM *EBSCO Information Services, EBSCO databases *EconLit *International Bibliography of the Social Sciences *Scopus (2006 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Journal Of Development Economics
The ''Journal of Development Economics'' is a bimonthly peer-reviewed academic journal published by Elsevier. It was established in 1974 and is considered the top field journal in development economics. Its editor-in-chief from 1985 to 2003 was Pranab Bardhan, who has been the longest-serving JDE editor to date. He followed T.N. Srinivasan, and Lance Taylor as Editors since the journal was established in 1974. He was succeeded by Mark Rosenzweig Mark Rosenzweig may refer to: * Mark Rosenzweig (economist), development economist at Yale University * Mark Rosenzweig (psychologist) Mark Richard Rosenzweig (September 12, 1922 – July 20, 2009) was an American research psychologist whose ... (2003-2009) and Maitreesh Ghatak (2009-2015). The current editor-in-chief is Andrew Foster, who started in 2016. See also * ''The Developing Economies'' * ''The World Economy'' References External links * * Economics journals Bimonthly journals English-language journals Elsevi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Accumulation
Capital accumulation is the dynamic that motivates the pursuit of profit, involving the investment of money or any financial asset with the goal of increasing the initial monetary value of said asset as a financial return whether in the form of profit, rent, interest, royalties or capital gains. The aim of capital accumulation is to create new fixed and working capitals, broaden and modernize the existing ones, grow the material basis of social-cultural activities, as well as constituting the necessary resource for reserve and insurance. The process of capital accumulation forms the basis of capitalism, and is one of the defining characteristics of a capitalist economic system.''Capital'', Encyclopedia on Marxists.org: http://marxists.org/glossary/terms/c/a.htm#capital Definition The definition of capital accumulation is subject to controversy and ambiguities, because it could refer to: *a '' net addition'' to existing wealth *a ''redistribution'' of wealth. Most ofte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neomercantilism
Neomercantilism (also spelt as neo-mercantilism) is a policy regime that encourages exports, discourages imports, controls capital movement, and centralizes currency decisions in the hands of a central government. The objective of neomercantilist policies is to increase the level of foreign reserves held by the government, allowing more effective monetary policy and fiscal policy. Background Neomercantilism is considered the oldest school of thought in international political economy (IPE). It is rooted in mercantilism, a preindustrial doctrine, and gained ground during the Industrial Revolution. It is also considered the IPE counterpart of realism in the sense that both hold that power is central in global relations. This regime is also associated with corporatocracy particularly during the 1970s when both were treated as components of a functional system and policy goals. In the United States, neomercantilism was embraced in the late 20th century amidst the move to buttre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Reserve
Foreign exchange reserves (also called forex reserves or FX reserves) are cash and other reserve assets such as gold held by a central bank or other monetary authority that are primarily available to balance payments of the country, influence the foreign exchange rate of its currency, and to maintain confidence in financial markets. Reserves are held in one or more reserve currencies, nowadays mostly the United States dollar and to a lesser extent the euro. Foreign exchange reserves assets can comprise banknotes, bank deposits, and government securities of the reserve currency, such as bonds and treasury bills. Some countries hold a part of their reserves in gold, and special drawing rights are also considered reserve assets. Often, for convenience, the cash or securities are retained by the central bank of the reserve or other currency and the "holdings" of the foreign country are tagged or otherwise identified as belonging to the other country without them actually leaving ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federico Sturzenegger
Federico Sturzenegger (born 11 February 1966 in Rufino, Santa Fe) is an Argentine economist who was President of the Central Bank between 2015 and 2018. Sturzenegger has a PhD in Economics from Massachusetts Institute of Technology. He was a professor of economics at University of California, Los Angeles, Torcuato di Tella University (where he also was Dean of the Business School), and Kennedy School of Government of Harvard University. Currently he teaches at University of San Andres and is Honoris Causa Professor at HEC Paris. Academically he co-introduced Dark Matter, a term referring to 'invisible' assets that explain the difference between official estimates of the current account and estimates based on the actual return net financial position as well as the concept of de facto exchange rates. Throughout his academic career he has published close to fifty articles in refereed journals as well as eight books. He was also Chief Economist of YPF, President of Bank ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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