... is importanttonotethatKeyneshimselfwasnotconvinced of the effectiveness of easy money in restoring real growth in the face of a Deep Slump. This is one of the principal insights of the GeneralTheory. 21 Incurrentcircumstances,twoquestions ... increasehasbeennotable, 72 Thisisnottodenysuccessfuleffortsbyanumber of countries,includingChina,toexpandmarketsinother EME’s. Of coursethisstillleaves the broaderquestion of the robustness of the totality of thosemarketsin the event of aseriousdownturnin the AME’s. 73 ThisproblemisanalogoustothatfacedbyJapanesecorporationsin the 1990’s,aftermanyyears of debt financedinvestmentwhichprovedunprofitable.Koo(2003)stronglycontendsthat the weakness of investment spendinginJapanin the 1990’swasduetothis“balancesheeteffect”,andwasnotdueto ashortage of loans causedbyaweakenedbankingsystem. 74 SeeBIS(2012)p29forafullerdocumentation.AlsoseeMcKinsey(2010)whoidentify the householdsectorin five of the fourteencountriestheyconsiderashavingahighprobability of futuredeleveraging.TheyidentifySpain, the US, the UK,CanadaandKorea.While the householdsectorsinBrazil,Russia, ChinaandIndiawerenotjudged tobeoverleveraged,notethat the dataconsideredextendedonlyto2009.Thus the reportmissed the recent sharpincreasesinhouseholddebtlevelsinthosecountries. 45 TettG(2012)“Sizecanbedeadlyinalowrateworld”FinancialTimes17May TurnerP.(2011)“Is the long‐terminterestrateapolicyvictim,apolicyvariableorapolicylodestar”–BIS WorkingPaper367,Basel,December WaldropM.M.(1992)“Complexity”–LemonandSchuster Paperbacks–NewYork WedelJR.(2009)“ShadowElite”–BasicBooks,NewYork WhiteW.R(2004)“ArechangesinFinancialStructureExtendingSafetyNets?”–BISWorkingPaper250, Basel WhiteW.R(2006a)“IsPriceStabilityEnough?”–BISWorkingPaper205,April White ... be 58 AsEME’sbegintoindustrialize,theyinitiallyhave the benefit of rapidurbanization(asagriculturalproductivity rises)and the internationaltransfer of technology.Overtimeboth of these“catchup“factorssupportinggrowth becomelessimportant. 59 Itisimportanttonotethat the debatewaswith the Keynes of the “Treatise”andnotyet the Keynes of the “GeneralTheory”.In the Treatiseon Money, Keynescalledformonetaryauthoritiestotake“extraordinary”, “unorthodox”monetarypoliciestodealwith the slump.Kregel(2011)p1,contends that The unorthodoxpolicies thatKeynesrecommendsareanearlyperfectdescription” of the ultraeasymonetarypoliciesfollowedinJapan, andmorerecentlyinothercountries.Recall,asnotedabove,thatKeynes’enthusiasmforsuchmonetarymeasures hadfadedby the time of the GeneralTheory. 19 “malinvestments”tobuildupinbothphases of successivecreditcycles. 65 Thesedevelopments aredocumentedbelow. 1)...
Ngày tải lên: 22/03/2014, 23:20
Ngày tải lên: 22/03/2014, 23:20
Tài liệu Federal Reserve Bank of New York Staff Reports - Why Are Banks Holding So Many Excess Reserves? doc
... Sources of Bank Reserves Figure 5 illustrates the link between the size of the Federal Reserve s liquidity facilities and the quantity of reserves in the banking system. The top half of this ... Skeie. The views expressed in this paper are those of the authors and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System. 11 Sources of ... and left the proceeds from the sale of these securities on deposit at the Federal Reserve; the net effect of this operation was to remove reserves from the banking system. The size of this program...
Ngày tải lên: 16/02/2014, 12:20
ASIA FOCUS: FEDERAL RESERVE BANK OF SAN FRANCISCO pptx
... postponed the sale of shares due to the poor performance of the domestic stock market. The bank reportedly plans to conduct its IPO in the second half of 2011 and sell up to a 20% stake, 10% of which ... in the Asia Pacific region. The views expressed in this publication are solely that of the author and do not necessarily represent the position of the Federal Reserve System. V ietnam’s banking ... Techcombank Sacombank Wholly Foreign-Owned Banks HSBC Standard Chartered Bank ANZ Bank Shinhan Bank Hong Leong Bank Joint Venture Banks (JV Bank Name) (Vietnamese and Foreign JV Bank...
Ngày tải lên: 06/03/2014, 10:20
Preferences of the Central Reserve Bank of Peru and optimal monetary policy rules in the inflation targeting regime ppt
... that the current inflation rate depends on its lagged values, on the fluctuation of the exchange rate in the previous period and on the two-period lag of the output gap. The verticality of the ... Reserva del Perú. The views expressed in this paper are those of the authors and do not reflect necessarily the position of the Central Reserve Bank of Peru. 15 Terms of trade gap ( ) t tt ... non- significance of the real interest rate coefficient in the aggregate supply equation. Another result that is noteworthy concerns the effect of the terms of trade gap on the output gap. The evidence...
Ngày tải lên: 15/03/2014, 14:20
FEDERAL RESERVE BANK OF ATLANTA: Financial Highlights pdf
... credit to AIG, and other Fed assets. Liabilities: Other—Reverse repos, Treasury cash holdings, and deposits with Federal Reserve Banks other than reserve balances and excluding the Supplementary ... Federal Reserve Summary The balance sheet remained little changed, decreasing by $9 billion for the week ended September 15. Bank reserve balances decreased $118 billion, offset ... offset by a $110 billion increase in Treasury deposits with Federal Reserve banks (part of “Other”). Assets: Lending to nonbanks—TALF, CPFF, AMLF, and MMIFF; Short-term lending to financials—discount...
Ngày tải lên: 15/03/2014, 20:20
Federal Reserve Bank of New York Staff Reports: Shadow Banking ppt
... tobias.adrian@ny.frb.org). The views expressed in this paper are those of the authors and do not necessarily reect the position of the Federal Reserve Bank of New York or the Federal Reserve System. Abstract The ... that the understanding of the plumbing of the shadow banking system is an important underpinning of any study of systemic interlinkages within the financial system. The remainder of the paper ... non-recipients of official liquidity. These entities failed too early on in the crisis to benefit from the liquidity facilities rolled out in the wake of the bankruptcy of Lehman Brothers, and their demise...
Ngày tải lên: 22/03/2014, 21:20
Federal Reserve Bank of New York Staff Reports: Shadow Banking Regulation pdf
... those of the authors and are not necessar- ily reective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the authors. Federal ... support of FHLB liabilities by the US Government. The secured nature of an advance, as well as the lien the Federal Home Loan Bank has on the other assets of the borrower, means that the claims of ... during the crisis is the role of re-hypothecation of collateral by dealers. Singh and Aitken (2009) investigate the role of re-hypothecation in the shadow banking system. Re-hypothecation is the...
Ngày tải lên: 22/03/2014, 21:20
Federal Reserve Bank of New York Staff Reports: Bank Liquidity, Interbank Markets, and Monetary Policy pptx
Ngày tải lên: 29/03/2014, 13:20
Federal Reserve Bank of New York Staff Reports: What Fiscal Policy Is Effective at Zero Interest Rates? pot
Ngày tải lên: 29/03/2014, 13:20
Federal Reserve Bank of Minneapolis Research Department Staff Report 328: Business Cycle Accounting potx
Ngày tải lên: 29/03/2014, 20:20
groseclose - america's money machine; the story of the federal reserve (1980)
Ngày tải lên: 31/10/2014, 00:08
Tài liệu IN PLAIN ENGLISH: MAKING SENSE OF THE FEDERAL RESERVE pptx
... Reserve Bank of Boston www.bos.frb.org Federal Reserve Bank of Chicago www.chicagofed.org Federal Reserve Bank of Cleveland www.clevelandfed.org Federal Reserve Bank of Dallas www.dallasfed.org Federal ... a Federal reserve system making sense OF THE FEDERAL RESERVE 1 MAKING SENSE OF THE FEDERAL RESERVE 17 1. Who created the Federal Reserve System? (page 1) 2. Name the three parts of the Federal ... monetary policy and oversees the activities of Reserve banks. Board oF governors making sense OF THE FEDERAL RESERVE 3 THE FEDERAL RESERVE SYSTEM isit a Federal Reserve bank, and you’ll see that...
Ngày tải lên: 16/02/2014, 12:20
Tài liệu Office of the Comptroller of the Currency Board of Governors of the Federal Reserve System pptx
... is the purpose of the Financial Remediation Framework? The Office of the Comptroller of the Currency (OCC) and the Board of Governors of the Federal Reserve System (FRB) have developed the ... available since the origination of the loan, the estimated value of the home at the time of error will be based on the estimated value of the home at loan origination adjusted by the Case-Schiller ... modification agreement will determine whether or not the borrower is considered to be in 1 Office of the Comptroller of the Currency Board of Governors of the Federal Reserve System JUNE 21, 2012...
Ngày tải lên: 17/02/2014, 21:20
Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency potx
... among other things, the validity of the assumptions, the severity of tests, the robustness of the estimates, the performance of any underlying models, and the stability and reasonableness of the ... 1 Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Guidance on Stress Testing for Banking Organizations ... ensure that the scenarios continue to be timely and relevant. SR Letter 12-7 Attachment 2 viability. 2 The Federal Reserve, the Office of the Comptroller of the Currency, and the Federal...
Ngày tải lên: 06/03/2014, 03:20
Report of the Sub-Committee of the Central Board of Directors of Reserve Bank of India to Study Issues and Concerns in the MFI Sector doc
... irrespective of the amount of the loan. However, the larger the loan, the larger the amount of the repayment installment, and a large installment may strain the repayment capacity of the borrower ... 2008. Report of the Sub-Committee of the Central Board of Directors of Reserve Bank of India to Study Issues and Concerns in the MFI Sector RESERVE BANK OF INDIA ... b) There has, therefore, to be a linkage between the amount of the loan and the tenure of the loan. It is, therefore, suggested that for loans not exceeding Rs. 15,000, the tenure of the loan...
Ngày tải lên: 15/03/2014, 14:20
the global curse of the federal reserve; manifesto for a second monetarist revolution (2011)
Ngày tải lên: 30/10/2014, 16:55