The Experts below are selected from a list of 162 Experts worldwide ranked by ideXlab platform
Gian Maria Milesiferretti - One of the best experts on this subject based on the ideXlab platform.
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the transfer problem revisited net foreign assets and real exchange rates
The Review of Economics and Statistics, 2004Co-Authors: Philip R Lane, Gian Maria MilesiferrettiAbstract:The relationship between International Payments and the real exchange rate-the transfer problem—is a classic question in International economics. We use cross-country data on real exchange rates and a newly constructed data set on countries' net external positions to shed new light on this question. We present a simple theoretical framework that leads to testable implications for the long-run comovements of real exchange rates, net foreign assets, relative GDP and terms of trade, and cross-country and time series evidence on the subject. We show that on average countries with net external liabilities have more depreciated real exchange rates, and that the main channel of transmission seems to be the relative price of nontraded goods, rather than the relative price of traded goods, across countries.
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the transfer problem revisited net foreign assets and real exchange rates
2000Co-Authors: Philip R Lane, Gian Maria MilesiferrettiAbstract:The relationship between International Payments and the real exchange rateiXthe "transfer problem"- is one of the classic questions in International economics. In this paper we use cross-country data on real exchange rates and a newly constructed data set on countries' net external positions to shed new light on this old question. We present a simple theoretical framework that leads to empirically testable implications for the long-run co-movements of real exchange rates, net foreign assets, relative GDP and the terms of trade, and cross-country and time-series evidence on the subject. We show that, on average, countries with net external liabilities have more depreciated real exchange rates, and that the main channel of transmission seems to work through the relative price of nontraded goods, rather than through the relative price of traded goods across countries.
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the transfer problem revisited net foreign assets and real exchange rates
2000Co-Authors: Philip R Lane, Gian Maria MilesiferrettiAbstract:The relationship between International Payments and the real exchange rate--the transfer problem--is a classic question in International economics. We use new data on countries' net external positions together with real exchange rate data to shed light on this question. We present a model yielding testable implications on the long-run co-movements of real exchange rates, external positions, relative GDP and terms of trade, and cross-country and time-series evidence on the subject. Countries with net external liabilities are found to have more depreciated real exchange rates, with the main channel of transmission working through the relative price of nontraded goods.
Philip R Lane - One of the best experts on this subject based on the ideXlab platform.
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the transfer problem revisited net foreign assets and real exchange rates
The Review of Economics and Statistics, 2004Co-Authors: Philip R Lane, Gian Maria MilesiferrettiAbstract:The relationship between International Payments and the real exchange rate-the transfer problem—is a classic question in International economics. We use cross-country data on real exchange rates and a newly constructed data set on countries' net external positions to shed new light on this question. We present a simple theoretical framework that leads to testable implications for the long-run comovements of real exchange rates, net foreign assets, relative GDP and terms of trade, and cross-country and time series evidence on the subject. We show that on average countries with net external liabilities have more depreciated real exchange rates, and that the main channel of transmission seems to be the relative price of nontraded goods, rather than the relative price of traded goods, across countries.
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the transfer problem revisited net foreign assets and real exchange rates
2000Co-Authors: Philip R Lane, Gian Maria MilesiferrettiAbstract:The relationship between International Payments and the real exchange rateiXthe "transfer problem"- is one of the classic questions in International economics. In this paper we use cross-country data on real exchange rates and a newly constructed data set on countries' net external positions to shed new light on this old question. We present a simple theoretical framework that leads to empirically testable implications for the long-run co-movements of real exchange rates, net foreign assets, relative GDP and the terms of trade, and cross-country and time-series evidence on the subject. We show that, on average, countries with net external liabilities have more depreciated real exchange rates, and that the main channel of transmission seems to work through the relative price of nontraded goods, rather than through the relative price of traded goods across countries.
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the transfer problem revisited net foreign assets and real exchange rates
2000Co-Authors: Philip R Lane, Gian Maria MilesiferrettiAbstract:The relationship between International Payments and the real exchange rate--the transfer problem--is a classic question in International economics. We use new data on countries' net external positions together with real exchange rate data to shed light on this question. We present a model yielding testable implications on the long-run co-movements of real exchange rates, external positions, relative GDP and terms of trade, and cross-country and time-series evidence on the subject. Countries with net external liabilities are found to have more depreciated real exchange rates, with the main channel of transmission working through the relative price of nontraded goods.
Paul Davidson - One of the best experts on this subject based on the ideXlab platform.
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full employment open economy macroeconomics and keynes general theory does the swan diagram suffice
2016Co-Authors: Paul DavidsonAbstract:This paper provides critical comments on the Peter Temin - David Vines promotion of the basic Swan Diagram as (1) a policy tool to encourage any individual debtor nation experiencing balance of payment deficits to reduce its exchange rate in order to expand exports and reduce with Keynes's analysis. Instead Keynes advocated that the onus should be placed on creditor nations to correct International Payments imbalances and thereby promote economic expansion Internationally. Keynes warned against any deficit nation adopting a policy that tries to achieve a balance in its International Payments by following any policy designed to reduce imports and increase exports. Such a policy sends a contractionary force onto the International economy and tends to injure all trading partners.
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full employment open economy macroeconomics and keynes general theory does the swan diagram suffice
2015Co-Authors: Paul DavidsonAbstract:This paper provides critical comments on the Peter Temin - David Vines promotion of the basic Swan Diagram as (1) a policy tool to encourage any individual debtor nation experiencing balance of payment deficits to reduce its exchange rate in order to expand exports and reduce imports and (2) the Swan Diagram as a simple model for understanding Keynes's General Theory for an Open Economy. This paper explains that the Swan Diagram is completely incompatible with Keynes's analysis. Instead Keynes advocated that the onus should be placed on creditor nations to correct International Payments imbalances and thereby promote economic expansion Internationally. Keynes warned against any deficit nation adopting a policy that tries to achieve a balance in its International Payments by following any policy designed to reduce imports and increase exports. Such a policy sends a contractionary force onto the International economy and tends to injure all trading partners.
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financial markets money and the real world
2002Co-Authors: Paul DavidsonAbstract:Investigating why the 1990s was a decade of financial crises that almost precipitated a global market crash, this book explores the reasons why the global economy still struggles with the aftermath of these crises and discusses the possibility that volatile financial markets in the future will have real impacts on whole industries and national economic systems. The author highlights the central role that domestic and International financial markets play in determining the economic growth rate, unemployment rate and International Payments position of capitalist economies. He explains why the primary function of financial markets is to create liquidity and demonstrates that a liquid market cannot be efficient, and an efficient market cannot be liquid. He also proves that preventing liquidity problems from developing in national and International financial markets is the key element in fostering prosperity. Statistical evidence and theoretical analysis are combined to demonstrate why orthodox prescriptions for "liberalizing" labour, product and capital markets are the wrong policies for promoting a civilized society in the 21st century.
Katharine N Farrell - One of the best experts on this subject based on the ideXlab platform.
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intellectual mercantilism and franchise equity a critical study of the ecological political economy of International Payments for ecosystem services
Ecological Economics, 2014Co-Authors: Katharine N FarrellAbstract:Abstract This text addresses the ecological political economy of International payment for ecosystem services (IPES). Taking the United Nations Collaborative Programme on Reducing Emissions from Deforestation and Forest Degradation in Developing Countries (REDD) as a case in point, it asks: in what ways may IPES schemes impinge upon the political and economic autonomy of local and indigenous peoples in tropical countries? It is argued that PES schemes like REDD should be assessed not only with respect to questions of distributional equity (does everyone have enough pie?) but also with respect to franchise equity (does everyone want pie?) and that failure to take questions of franchise equity into account in IPES schemes reflects a form or intellectual mercantilism, where wealth transfers from new economies to old ones are achieved by redefining existing locally available resources as Internationally tradable speculative commodities. This proposition is considered through exploration of two illustrative cases – the REDD+ Social and Environmental Standards (REDD + SES) and the Yasuni-ITT initiative – and through normative political theory recommendations building on Dryzek and Stevenson's discussion of deliberative systems, regarding how it might be possible to ensure franchise equity within REDD+ in particular and within global environmental governance, more generally.
Alvaro Cencini - One of the best experts on this subject based on the ideXlab platform.
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for a new system of International Payments
Social Science Research Network, 2009Co-Authors: Alvaro CenciniAbstract:World-wide economic turmoil and International uncertainty are threatening the development of our economies, and experts increasingly evoke the ghost of recession. The aim of this paper is to show that the present system of International Payments is in a disarray, and that a reform is needed to replace it with a system respectful of the principles of money and banking. The reform advocated here calls for the institution of a world central bank designed to provide monetary stability without forcing countries to give up monetary sovereignty, and without the need for any kind of monetary policy intervention.