Short Term Supply Response to a Devaluation
Author: Bruno Boccara
Publisher: World Bank Publications
Published: 1995
Total Pages: 42
ISBN-13:
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IMF Staff papers
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Published: 1951-01-01
Total Pages: 208
ISBN-13: 145197146X
DOWNLOAD EBOOKThis paper explains contribution of the September 1949 devaluations to the solution of Europe’s dollar problem. After the devaluations, the dollar value of exports to the United States from the devaluing countries in Europe recovered from the low levels of the second and third quarters of 1949, but this recovery, which restored exports in the first half of 1950 approximately to the 1948 level should be attributed in large part to the recovery in the US economy rather than to the devaluations. Between the first half of 1949 and the first half of 1950, Europe's dollar imports declined by one-third. Most of this decline occurred, however, between the second and third quarter of 1949, that is, before the devaluations. With imports generally controlled, the effect of the devaluations appeared much more in the reduction of pressure on the control authorities, the substitution of the price mechanism for at least part of the controls as barriers to imports, and the consequent more rational allocation of the relatively scarce dollars among different uses and different users.
Oil Prices and the Global Economy
Author: Mr.Rabah Arezki
Publisher: International Monetary Fund
Published: 2017-01-27
Total Pages: 30
ISBN-13: 1475572360
DOWNLOAD EBOOKThis paper presents a simple macroeconomic model of the oil market. The model incorporates features of oil supply such as depletion, endogenous oil exploration and extraction, as well as features of oil demand such as the secular increase in demand from emerging-market economies, usage efficiency, and endogenous demand responses. The model provides, inter alia, a useful analytical framework to explore the effects of: a change in world GDP growth; a change in the efficiency of oil usage; and a change in the supply of oil. Notwithstanding that shale oil production today is more responsive to prices than conventional oil, our analysis suggests that an era of prolonged low oil prices is likely to be followed by a period where oil prices overshoot their long-term upward trend.
Economic Policy and the Great Stagflation
Author: Alan S. Blinder
Publisher: Elsevier
Published: 2013-09-11
Total Pages: 244
ISBN-13: 1483264564
DOWNLOAD EBOOKEconomic Policy and the Great Stagflation discusses the national economic policy and economics as a policy-oriented science. This book summarizes what economists do and do not know about the inflation and recession that affected the U.S. economy during the years of the Great Stagflation in the mid-1970s. The topics discussed include the basic concepts of stagflation, turbulent economic history of 1971-1976, anatomy of the great recession and inflation, and legacy of the Great Stagflation. The relation of wage-price controls, fiscal policy, and monetary policy to the Great Stagflation is also elaborated. This publication is beneficial to economists and students researching on the history of the Great Stagflation and policy errors of the 1970s.
IMF Staff Papers
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Published: 1952-01-01
Total Pages: 170
ISBN-13: 1451949391
DOWNLOAD EBOOKThis paper discusses various foreign payments practices in the United States. Most foreign payments in the United States are, therefore, done along traditional lines in whatever manner. Several nontraditional practices, however, have developed in recent years as the result of trade and payments restrictions established by foreign Governments. The amount and type of exchange sold by the US banks to their customers are limited only, if at all, by regulations abroad or by the banks' own limitations. In making or receiving foreign payments, the US banks deal generally with three types of customers which are, in the order of their importance: exporters and importers, individuals or corporations desiring to make or receive nontrade financial payments, and speculators. Foreign payments for account of individuals are usually small individually however, in the aggregate, they represent an important function of the banks located in the larger cities with a considerable foreign-born population.
Fiscal and Social Impact of a Nominal Exchange Rate Devaluation in Djibouti
Author: Paloma Anós Casero
Publisher: World Bank Publications
Published: 2006
Total Pages: 42
ISBN-13:
DOWNLOAD EBOOKLimited fiscal space limits Djibouti's ability to meet the Millennium Development Goals and improve the living conditions of its population. Djibouti's fiscal structure is unique in that almost 70 percent of government revenue is denominated in foreign currency (import taxes, foreign aid grants, and military revenue) while over 50 percent of government expenditure is denominated in local currency (wages, salaries, and social transfers). Djibouti's economic structure is also unusual in that merchandise exports of local origin are insignificant, and the country relies heavily on imported goods (food, medicines, consumer and capital goods). A currency devaluation, by reducing real wages, could potentially generate additional fiscal space that would help meet Djibouti's fundamental development goals. Using macroeconomic and household level data, the authors quantify the impact of a devaluation of the nominal exchange rate on fiscal savings, real public sector wages, real income, and poverty under various hypothetical scenarios of exchange-rate pass-through and magnitude of devaluation. They find that a currency devaluation could generate fiscal savings in the short-term, but it would have an adverse effect on poverty and income distribution. A 30 percent nominal exchange rate devaluation could generate fiscal savings amounting between 3 and 7 percent of GDP. At the same time, a 30 percent nominal devaluation could cause nearly a fifth of the poorest households to fall below the extreme poverty line and pull the same fraction of upper middle-income households below the national poverty line. The authors also find that currency devaluation could generate net fiscal savings even after accounting for the additional social transfers needed to compensate the poor for their real income loss. However, the absence of formal social safety nets limits the government's readiness to provide well-targeted and timely social transfers to the poor.
Does Devaluation Hurt Private Investment?
Author: Ajay Chhibber
Publisher: World Bank Publications
Published: 1990
Total Pages: 48
ISBN-13:
DOWNLOAD EBOOKIn the short run, devaluation hurts private investment because higher real import costs for capital and intermediate goods limit private sector profitability. In the long run, the recovery in tradable goods sectors increases profitability and private investment recovers. But how long is the long run?
States Or Markets?
Author: Institute of Development Studies (Brighton, England)
Publisher: Oxford University Press
Published: 1991
Total Pages: 390
ISBN-13: 9780198288114
DOWNLOAD EBOOKThis volume examines the usefulness of neo-liberal theory and its prescriptions for tackling problems in developing countries, ranging through agriculture, industry, education, and health. It considers the impact of neo-liberal theory on the poor and on women, and assesses the neo-liberalrecord on trade, and financial and structural adjustment problems.
OCR A Level Economics Book 1
Author: Peter Smith
Publisher: Hodder Education
Published: 2015-02-27
Total Pages: 349
ISBN-13: 147182991X
DOWNLOAD EBOOKExam Board: OCR Level: A-level Subject: Economics First Teaching: September 2015 First Exam: June 2016 This textbook has been produced in collaboration with OCR for use with the new 2015 OCR Economics specification, giving you up-to-date material that supports your teaching. This book will enable students to - Develop subject knowledge, with topic-by-topic insight and advice from Peter Smith, a professorial fellow in: Economics and editor of Economic Review - Demonstrate awareness of current issues in economics and build analytical and evaluative skills with new case studies - Build their quantitative skills with worked examples - Accurately explain key economic concepts and issues by learning the key terms throughout the text and in the end of section glossaries - Prepare for exams with practice questions and activities throughout the book Contents Introduction Section 1 - Microeconomics - Part 1 Scarcity and choice --Chapter 1: Introducing economics - Part 2 How competitive markets work --Chapter 2: The coordination problem --Chapter 3: The nature of demand --Chapter 4: The nature of supply --Chapter 5: Market equilibrium and the price system --Chapter 6: Prices and resource allocation -Part 3 Market failure and government intervention --Chapter 7: Market failure and externalities --Chapter 8: Other forms of market failure --Chapter 9: Government intervention and government failure Microeconomics key terms Microeconomics practice questions Section 2 - Macroeconomics - Part 4 Economic policy objectives and indicators of macroeconomic performance --Chapter 10: Macroeconomic performance: inflation --Chapter 11: Macroeconomic performance: employment and unemployment --Chapter 12: Measuring economic performance: economic growth - Part 5 Aggregate demand and aggregate supply --Chapter 13: Aggregate demand --Chapter 14: Aggregate supply and macroeconomic equilibrium - Part 6 The application of policy instruments --Chapter 15: Macroeconomic policy instruments - Part 7 The global context --Chapter 16: International trade --Chapter 17: The balance of payments and the exchange rate Macroeconomics key terms Macroeconomics practice questions Index
IMF Staff papers
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Published: 1987-01-01
Total Pages: 168
ISBN-13: 1451972938
DOWNLOAD EBOOKIn the middle of 1985 Argentina and Israel launched frontal attacks on inflation which succeeded in reducing it drastically during the first year without very significant costs in employment and output. Despite basic differences in the countries’ structures, the programs were similar in their design and their effects. This paper covers some of these similarities in the implementation and the results of the two stabilization programs, and analyzes the rationale of the underlying conception of the plans. The focus is on the strategy for the transitional period, and the ability of the programs to sustain price stability.
