Results for *

Displaying results 1 to 15 of 15.

  1. US and Japan rivalry in Philippine interwar import manufactures market
    power politics, trade cost and competitiveness
    Published: [2024]
    Publisher:  European Historical Economics Society, [Europa]

    This paper investigates the impact of hurricanes on school attendance in Jamaica from 1892 to 1942, a period marked by significant natural disasters, including four category two hurricanes. By integrating monthly school attendance data from the... more

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 790
    No inter-library loan

     

    This paper investigates the impact of hurricanes on school attendance in Jamaica from 1892 to 1942, a period marked by significant natural disasters, including four category two hurricanes. By integrating monthly school attendance data from the fourteen Jamaican parishes with assessments of potential storm destruction, the paper quantifies the effect of hurricanes on school attendance. The average effect of a category two hurricane was a 9.1% decrease in school attendance in the month of the hurricane, followed by decreases of 8.6% and 7.2% in the following two months. Consequently, nearly 400 children miss school for one month, with over 310 children missing school for three months. Mediation analysis further indicates a decline in school performance by up to 3.23%, indirectly caused by decreased school attendance. This paper highlights the lasting impact of hurricanes on educational outcomes, especially in countries with agrarian economies and underdeveloped education systems.This study examines the asymmetric protectionist policies of the U.S. in the Philippine market during the interwar period, focusing on how these policies effectively marginalized European powers and the emerging Japan before the Yen devaluation in 1931. Using a new database on product and country-level imports from 1913 to 1940, the study concludes that competition was most intense in cotton textiles between the U.S. and Japan. The literature identifies a devalued Yen, lower transport costs, and cheaper prices of cotton manufactures as key Japanese advantages that counterbalanced U.S. protectionism in the Philippines. Regression analysis indicates that tariffs hindered cotton textile exports to the Philippines during the interwar years, especially affecting Japanese exports before the Great Depression. Japanese competitiveness before the 1930s relied on government-supported lower freight rates. However, after the Yen devaluation in 1931, the effectiveness of tariffs diminished, and the devaluation became the principal driver of Japanese textile exports to the Philippines. To counter this advantage, the USA and Japan agreed to an export restraint in exchange for tariff stabilization at the start of the Commonwealth period in 1935. However, this agreement failed to reduce the value of Japanese cotton textile exports to the Philippines. A significant reduction occurred only after the outbreak of the Sino-Japanese War in 1937.

     

    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/302254
    Series: EHES working paper ; no. 265 (August 2024)
    Subjects: Asymmetric tariff policy; US colonial markets; commercial power politics; trade cost; exchange rate policy; competition in colonial markets; import margins
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  2. Russian agri-food sector
    16 months after the breakdown of the monetary system
    Published: 2000
    Publisher:  IAMO, Halle (Saale)

    In August 1998 the Russian foreign exchange market and financial system collapsed. As a consequence the rouble devaluated in real terms against the currencies of the main trade partners, generating an output push in the agri-food sector. This... more

    Leibniz-Institut für Agrarentwicklung in Transformationsökonomien, Bibliothek
    No inter-library loan
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
    No inter-library loan
    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
    eBook
    No inter-library loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 50 (25)
    No inter-library loan

     

    In August 1998 the Russian foreign exchange market and financial system collapsed. As a consequence the rouble devaluated in real terms against the currencies of the main trade partners, generating an output push in the agri-food sector. This improved the financial health of most producer, thus "opening a window of opportunity" enhancing the long run growth prospects. But, it is not apparent whether the agri-food sector make use of the enhanced circumstances. Insufficient incentive systems due to non-enforcement of legal rules within firms and farms and lack of credibility of Russian government promote a rent-seeking behaviour of employer and employees. Thus, it could be expected, that the non-price competitiveness of Russian products will rather worsen than getting better. Der Zusammenbruch des russischen Devisenmarktes und Finanzsystems im August 1998 führte zu einer drastischen realen Abwertung des Rubels gegenüber den Währungen der wichtigsten Handelspartner. Dies führte zu einer Zunahme der Produktion und damit einhergehend des Absatzes in der russischen Land- und Ernährungswirtschaft, die die finanzielle Situation der meisten Produzenten konsolidierte. Den Unternehmen wurden hierdurch Möglichkeiten eröffnet, auch langfristig ihre Wachstumschancen zu verbessern. Bisher gibt es aber keine Hinweise dafür, daß die Land- und Ernährungswirtschaft diese auch ausnutzen wird. Unzureichende Anreizsysteme aufgrund einer mangelhaften Bereitschaft von staatlichen Verwaltung und Justiz Gesetze und Verordnungen durchzusetzen und die geringe Glaubwürdigkeit der russischen Regierung fördern ein Rent-Seeking-Verhalten der Unternehmen und der Angestellten. Es ist daher eher zu erwarten, daß sich die nicht-preisliche Wettbewerbsfähigkeit russischer Anbieter verschlechtern wird.

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/28577
    Series: Discussion paper / Institute of Agricultural Development in Central and Eastern Europe ; 25
    Subjects: Landwirtschaft; Ernährungsindustrie; Konjunktur; Währungskrise; Agrarkredit; Inflationssteuer; Rent-Seeking; Internationaler Wettbewerb; Russland; agri-food sector; macroeconomic environment; exchange rate policy; agricultural credit market; Russia; Land- und Ernährungswirtschaft; Wechselkurspolitik; Makroökonomische Rahmenbedingungen; Agrarkreditmarkt; Russland
    Scope: Online-Ressource (PDF-Datei: 25 S., 0,13 MB), graph. Darst.
    Notes:

    Zsfassung in engl. und dt. Sprache

  3. The cost of holding foreign exchange reserves
    Published: May 2019
    Publisher:  Center for International Development at Harvard University, [Cambridge, MA]

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Keine Speicherung
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: CID working paper ; no. 353
    Subjects: International reserves; exchange rate policy; capital flows; financial crisis
    Scope: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  4. Macro works
    applying integrated policy frameworks to South Africa
    Published: 9 June 2021
    Publisher:  Economic Research and Statistics Department, South African Reserve Bank, Pretoria

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    VS 655
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: South African Reserve Bank working paper series ; WP, 21, 10
    Subjects: Macroeconomics; exchange rate policy; currency; capital flows
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  5. Macro-financial stability frameworks
    experience and challenges
    Published: December 2022
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    VS 546
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: BIS working papers ; no 1057
    Subjects: capital flow; exchange rate policy; macro-financial stability framework; macroprudential measure; monetary policy
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  6. The Renminbi central parity
    an empirical investigation
    Published: [2016]
    Publisher:  Hong Kong Institute for Monetary Research, Hong Kong

    Access:
    Verlag (kostenfrei)
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Edition: This version: April 2018
    Series: HKIMR working paper ; 2016, no. 10 (June 2016)
    Subjects: China; RMB; exchange rate policy; central parity rate; onshore and offshore rates
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  7. Monetary policy under currency board arrangements
    an necessary flexibility for transition countries?
    Published: 2003
    Publisher:  Volkswirtschaftliches Inst., Bayerische Julius-Maximilians-Univ., Würzburg

    One of the main disadvantages of currency boards is the rule-based character of this system and the resulting inflexibility in case of shocks, a frequently recurring event in transition countries. Accordingly, central banks under currency board... more

    Access:
    Verlag (kostenfrei)
    Fachinformationsverbund Internationale Beziehungen und Länderkunde
    No inter-library loan
    German Institute of Development and Sustainability (IDOS), Bibliothek
    OA
    Unlimited inter-library loan, copies and loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 18 (44)
    No inter-library loan

     

    One of the main disadvantages of currency boards is the rule-based character of this system and the resulting inflexibility in case of shocks, a frequently recurring event in transition countries. Accordingly, central banks under currency board arrangements (CBA) are unable to respond to short-term liquidity changes in the money market. To cushion negative effects of economic shocks on interest rates and on the volatility of banks' liquidity the Estonian and Lithuanian central banks have to a limited extent used various monetary policy tools which, however, have neither undermined credibility of the central banks nor the ultimate goal of price stability. The most important instrument has been reserve requirements. Changes of the reserve requirement base, the reserve requirement ratio and several other rules to hold reserve requirements have affected the liquidity of the banking systems in both countries. The significance of reserve requirements becomes clear when reserve requirements are set in relation to the monetary base. Between 1998 and 2000 in Estonia this ratio even ranged between 40 and 50 percent and Lithuania this ratio amounted to about 20 percent during this period. Other instruments than reserve requirements played a minor role because the volume was small.

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/48456
    Series: Würzburg economic papers ; 44
    Subjects: Geldpolitik; Currency-Board-System; Systemtransformation; Währungsreserven; Litauen; Estland; Systemtransformation; Kreditpolitik; Geldpolitik; Währungsreserve; Fester Wechselkurs; Monetary policy; currency board; exchange rate policy; transition economies
    Scope: Online-Ressource ([4], 34 S.), graph. Darst.
  8. When countries do not do what they say
    systematic discrepancies between exchange rate regime announcements and de facto policies
    Published: 2007
    Publisher:  Univ., Volkswirtschaftl. Fak., München

    We study the apparent disconnect between what countries announce to be their exchange rate regime and what they de facto implement. Even though discrepancies between announcements and de facto polices are frequent, there is a lack of understanding of... more

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 483 (2007,38)
    No inter-library loan
    Universitätsbibliothek Mannheim
    No inter-library loan

     

    We study the apparent disconnect between what countries announce to be their exchange rate regime and what they de facto implement. Even though discrepancies between announcements and de facto polices are frequent, there is a lack of understanding of actual patterns and underlying reasons. We contribute to the literature by identifying a number of robust stylized facts by means of an in-depth analysis of a large cross-country dataset. A key insight is that countries that operate under intermediate de facto regimes tend to announce fixed or flexible exchange rate regimes. The exact nature of deviations is related to country characteristics such as trade structure, financial development, and financial openness. Furthermore, regime discrepancies have followed secular trends, which are most likely related to financial globalization and changes in monetary policy design.

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/104226
    Series: Münchener wirtschaftswissenschaftliche Beiträge ; 2007-38
    Subjects: Wechselkurspolitik; Wechselkurssystem; Politische Kommunikation; Außenwirtschaftspolitik; Geldpolitik; Globalisierung; Vergleich; Welt; Exchange rate regimes; de facto versus de jure; exchange rate policy
    Scope: Online-Ressource (57 S., 402 KB), graph. Darst.
  9. Russian agri-food sector : 16 months after the breakdown of the monetary system
  10. Since when have FOREX markets incorporated EMU into currency pricing?
    evidence from four exchange rate series
  11. Since when have FOREX markets incorporated EMU into currency pricing? Evidence from four exchange rate series
  12. The German undervaluation regime under Bretton Woods
    how Germany became the nightmare of the world economy
    Published: February 2019
    Publisher:  Max-Planck-Institut für Gesellschaftsforschung, Köln

    Germany is an undervaluation regime, a regime that steers economic behavior towards deterioration of the real exchange rate and thereby towards export surpluses. This regime has brought the eurozone to the brink of collapse. But it is much older than... more

    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    No inter-library loan
    Bundesverfassungsgericht, Bibliothek
    Online-Ressource
    No inter-library loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 31
    No inter-library loan
    Universitätsbibliothek Mannheim
    No inter-library loan
    Mannheimer Zentrum für Europäische Sozialforschung, Bibliothek
    WP/Online
    No inter-library loan

     

    Germany is an undervaluation regime, a regime that steers economic behavior towards deterioration of the real exchange rate and thereby towards export surpluses. This regime has brought the eurozone to the brink of collapse. But it is much older than the euro. It was established during the Bretton Woods years and has survived all subsequent European currency orders. The regime operates in two steps: competitive disinflation against trading partners; and resistance against correcting revaluations. The Bretton Woods order provided perfect conditions for the establishment and perpetuation of the regime: it was flexible enough for sufficient macroeconomic policy autonomy to bring about differential inflation rates, and sticky enough to delay and minimize revaluations. Deutschland ist ein Unterbewertungsregime: ein Regime, das wirtschaftliches Verhalten in Richtung eines sinkenden realen Wechselkurses und damit der Generierung von Exportüberschüssen lenkt. Das hat die Eurozone an den Rand des Zusammenbruchs geführt. Aber das Regime ist viel älter als der Euro. Es wurde in den Bretton-Woods-Jahren errichtet und überlebte alle nachfolgenden europäischen Währungsordnungen. Das Regime operiert in zwei Schritten: kompetitive Disinflationierung gegenüber den Handelspartnern und Widerstand gegen die Korrektur der entstandenen Wechselkursverzerrungen. Bretton Woods stellte perfekte Bedingungen für die Errichtung und Aufrechterhaltung des Regimes bereit. Denn es war flexibel genug für jene Autonomie der makroökonomischen Politik, mit der sich die Inflation der Handelspartner unterbieten ließ, und gleichzeitig schwerfällig genug für die Verzögerung und Minimierung von Aufwertungen.

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English; German
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/192948
    hdl: 21.11116/0000-0002-EB87-D
    RVK Categories: QM 331
    Series: MPIfG discussion paper ; 19/1
    Subjects: current account surpluses; exchange rate policy; inflation; political economy; undervaluation; varieties of capitalism; Inflation; Leistungsbilanzüberschüsse; Politische Ökonomie; Spielarten des Kapitalismus; Unterbewertung; Wechselkurspolitik
    Scope: 1 Online-Ressource (IV, 31 Seiten), Diagramme
    Notes:

    Gesehen am 31.07.2020

  13. Going Dutch
    the management of monetary policy in the Netherlands during the interwar gold standard
    Published: July 2019
    Publisher:  Queen's University Centre for Economic History, Belfast

    Under what conditions can policymakers make demonstrably poor policy choices? By providing a new account of monetary policy management in the Netherlands during the interwar gold standard, we show how policymakers can fail to escape their long-held... more

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 456
    No inter-library loan

     

    Under what conditions can policymakers make demonstrably poor policy choices? By providing a new account of monetary policy management in the Netherlands during the interwar gold standard, we show how policymakers can fail to escape their long-held beliefs and refuse to consider available policy alternatives. Using high-frequency macroeconomic data, we are the first to document that the Netherlands’ policymakers were able to conduct an independent monetary policy in the 1930s. We then show how this independence was squandered on fixing the guilder’s exchange rate, a policy which led only to deflation, trade deficits, corporate bankruptcies and mass unemployment. We explain the government’s policy stance by documenting the beliefs of politicians and central bankers, and then by investigating how business leaders and public intellectuals attempted to influence these beliefs.

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/200505
    Series: QUCEH working paper series ; 2019, 03
    Subjects: monetary policy; exchange rate policy; gold standard; interwar period; the Netherlands
    Scope: 1 Online-Ressource (circa 74 Seiten), Illustrationen
  14. The Two-pillar policy for the RMB
    Published: [2019]
    Publisher:  Federal Reserve Bank of Atlanta, Atlanta, GA

    We document stylized facts about China's recent exchange rate policy for its currency, the renminbi (RMB). Our empirical findings suggest that a "two-pillar policy" is in place, aiming to balance RMB index stability and exchange rate flexibility. We... more

    Access:
    Verlag (kostenfrei)
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    No inter-library loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 253
    No inter-library loan

     

    We document stylized facts about China's recent exchange rate policy for its currency, the renminbi (RMB). Our empirical findings suggest that a "two-pillar policy" is in place, aiming to balance RMB index stability and exchange rate flexibility. We then develop a tractable no-arbitrage model of the RMB under the two-pillar policy. Using derivatives data on the RMB and the U.S. dollar index, we estimate the model to assess financial markets' views about the fundamental exchange rate and sustainability of the policy. Our model is able to predict the modification of the two-pillar policy in May 2017, when a discretion-based "countercyclical factor" was introduced for the first time. We also examine the model's ability to forecast RMB movements.

     

    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/200546
    Series: Working paper series / Federal Reserve Bank of Atlanta ; 2019, 8 (April 2019)
    FRB Atlanta Working Paper ; No. 2019-8
    Subjects: exchange rate policy; two-pillar policy; managed float; Chinese currency; renminbi; RMB; central parity; RMB index
    Scope: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  15. The sustainability of China's exchange rate policy and capital account liberalisation
    Published: [2008]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper deals with two related issues: the sustainability of China's exchange rate regime and the opening up of its capital account. The exchange rate discussion deliberately passes over the issue of the "equilibrium" value of the renminbi and its... more

    Fachinformationsverbund Internationale Beziehungen und Länderkunde
    No inter-library loan
    Staats- und Universitätsbibliothek Bremen
    No inter-library loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 535 (82)
    No inter-library loan

     

    This paper deals with two related issues: the sustainability of China's exchange rate regime and the opening up of its capital account. The exchange rate discussion deliberately passes over the issue of the "equilibrium" value of the renminbi and its alleged undervaluation - typically at the heart of the current policy debate - and focuses instead on the domestic costs of the current regime and the potential risks to domestic financial stability in the long run. The paper argues that the renminbi exchange rate should be increasingly determined by market forces and that administrative controls should be progressively relinquished. The exchange rate is obviously linked to well-functioning and efficient capital markets, which require no barriers to capital flows. Thus, exchange rate reform has to be correctly sequenced with reform of the capital account to avoid disruptive capital flows. The paper discusses China’s twin surpluses of the current and capital accounts and attempts to identify the drivers of this "anomalous" external position. The pragmatic strategy pursued by the Chinese authorities in the aftermath of the Asian crisis encouraged FDI inflows and favoured the accumulation of a large stock of foreign exchange reserves. Combined with a relatively weak institutional setting, these factors have been important determinants of the pattern and composition of the country's capital flows and international investment position. Finally, the paper speculates on the outlook for Chinese capital flows should barriers to capital movements be lifted. It argues that whether China continues to supply capital to the rest of the world or eventually becomes a net borrower in international capital markets - as was the case for most of its recent history - will depend on the evolution of its institutions.

     

    Export to reference management software   RIS file
      BibTeX file
    Content information