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irrevocablemente el tipo de cambio de sus monedas con respecto a una unidad de cuenta denominada euro, y el Banco Central Europeo …, con lo cual el euro reemplazó a las monedas nacionales de los once países participantes. En la actualidad pertenecen al … área euro trece países. Este trabajo estudia la experiencia de los primeros años del euro, es decir, desde el comienzo de …
Persistent link: https://www.econbiz.de/10005212294
The great welcome that the recent FMI appointment for manager director have received in Spain and other countries, has contributed to the defence of this institution’s survival, notwithstanding that its work over 60 years have been hardly censured somewhere else. Thus, an analysis of this...
Persistent link: https://www.econbiz.de/10015235838
Spanish Abstract: Este artículo analiza desde el enfoque monetarista la propuesta de crear una nueva moneda en el Mercado Común del Sur (MERCOSUR) como opción para recuperar el dinamismo observado en la década precedente. La hipótesis sugiere que la creación de una nueva moneda es deseable...
Persistent link: https://www.econbiz.de/10012868311
this connection, it sets out the advantages of belonging to the euro area versus the possibility of having remained outside …
Persistent link: https://www.econbiz.de/10005022302
La política monetaria llevada a cabo por parte de la Reserva Federal y el Bundesbank durante los últimos años puede caracterizarse con bastante precisión mediante una regla de tipo de interés como la propuesta por Taylor (1994). La forma que toma la regla de Taylor es similar a la de la...
Persistent link: https://www.econbiz.de/10005772489
Central banks act as lenders of last resort to commercial banks and other financial institutions. However, there is much controversy about whether or not they should perform this function. This article analyses, in the first place, the principal aspects o
Persistent link: https://www.econbiz.de/10005212228
Identificamos las semejanzas y las diferencias en la escala y la naturaleza de las crisis bancarias de 2008-2009 y de la Gran Depresión, y analizamos las diferencias en la respuesta de política a las dos crisis a la luz de los sistemas monetarios internacionales predominantes. Encontramos que...
Persistent link: https://www.econbiz.de/10009651954
This paper estimates a coefficient of pass through for Costa Rica and tries to determine the importance of some factors that had been pointed out by several empiric studies as probable determinants (GDP gap, real exchange rate deviation from equilibrium, economy openness, and inflationary lag)....
Persistent link: https://www.econbiz.de/10015235784
Purchase and sale-oriented exchange rate intervention effectiveness carried on by the Central Bank of Guatemala is analyzed through an ACT-GARCH model. By using daily information for the period 1996-2008 it is found that purchase-oriented intervention tends to reduce exchange rate long run...
Persistent link: https://www.econbiz.de/10015256036
The purpose of this paper is to contrast the Keynesian partial equilibrium framework of the Current Account with the modern intertemporal general equilibrium approach where the Current Account imbalances reflect, and act as a buffer, against both real and monetary shocks. The document will try...
Persistent link: https://www.econbiz.de/10013254726