Canadian Long-term Real Interest Rates PDF Download
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Author: Charles Freedman
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 26
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Book Description
Author: Charles Freedman
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 26
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Book Description
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The average real interest rates over Over the period 1992 to 2006, the correlation coefficient the second half of the 1950s was 21⁄2%, rising to 31⁄2% in between the rate of return on the indexed bond and that on the 1960s, followed by 2% in the 1970s, almost 41⁄2% in the the long-term benchmark bond yield adjusted by the lagged 1980s, 5% in the 1990s, and 3% in the present decade. [...] The first term in the proxy Another element worth noting is that, leaving aside the for real interest rates derived from conventional bonds, the risk premiums for the moment, the real interest rate can be equilibrium real interest rate over the term of the invest- treated as the sum of the equilibrium real interest rate for ment, has received much of the attention. [...] And the real domestic inter- interest rate is equal to the foreign long-term real interest est rate equal to the real foreign interest rate plus the ex- rate plus the expected change in the real exchange rate pected percentage rate of change in the real exchange plus premiums for country risk (including, most importantly, rate, where the latter is defined as the expected change in relative risks i [...] That said, in different situations, the premium includes the possibility of repudiation of the debt, explanatory factors in the domestic relationship or in the as well as the relative magnitude of other risks in the coun- foreign relationship can play the more important role in try in which foreigners are investing compared to those in explaining movements in real interest rates. [...] Thus, the more open is the economy, the in the home and foreign country are reflected in move- lower will be the appreciation of the real exchange rate ments of real interest rates in the home and foreign coun- and the increase in the domestic real interest rate that are try and in movements of the real exchange rate, where the needed to offset the upward pressure on aggregate de- home country is.
Author: James E. Pesando
Publisher: Canadian Economic Policy Committee
ISBN:
Category : Business & Economics
Languages : en
Pages : 104
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Book Description
From the Preface: ...the purpose of this monograph is to clarify the channels through which inflation affects financial markets in Canada. In so doing, the monograph will both identify and illustrate common fallacies in this regard. The prime emphasis is on the impact of inflation on the rates of return on common stocks and fixed-income securities and on related issues. Attention is also drawn however to the operation of financial intermediaries and to the adequacy of traditional financial instruments in an inflationarly climate.
Author: Canada. Department of Finance. Fiscal Policy and Economic Analysis Br
Publisher:
ISBN:
Category :
Languages : en
Pages : 49
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Book Description
Author: John Murray
Publisher:
ISBN:
Category : Capital movements
Languages : en
Pages : 68
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Book Description
Author: J. F. McCollum
Publisher:
ISBN:
Category : Credit
Languages : en
Pages : 132
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Book Description
Author: Trevor J. O. Dick
Publisher: Cambridge University Press
ISBN: 9780521404082
Category : Business & Economics
Languages : en
Pages : 258
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Book Description
This interpretation of the Canadian experience extends the monetary approach to balance-of-payments adjustment that realizes the full implications of international capital mobility.
Author: Alan A. Carruth
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 74
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Book Description
Author:
Publisher:
ISBN:
Category : Canada
Languages : en
Pages : 154
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Book Description
Author: Matias Vernengo
Publisher: Edward Elgar Publishing
ISBN: 1847200257
Category : Business & Economics
Languages : en
Pages : 319
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Book Description
This book brings together an impressive and diverse group of authors to discuss its central theme: whether or not the dollarized international monetary system is sustainable in the context of the global economy it helped create. In addition to its uniquely well-rounded and comprehensive coverage of the issues, this lively and highly readable volume provides an accurate assessment of the lack of consensus in the current debate. A must read for anyone interested in currency crises and the increasing vulnerability of the dollar. Jane D Arista, Director of Progams, Financial Markets Center, US This book deals with the economic consequences of monetary integration, which has long been dominated by the Optimal Currency Area (OCA) paradigm. In this model, money is perceived as having developed from a private sector cost minimization process to facilitate transactions. Not surprisingly, the book argues, the main advantage of monetary integration in the OCA context is the reduction of transaction costs, yet the validity of OCA to analyze processes of monetary integration seems to be limited at best. The contributors in this volume try to go beyond the OCA model and understand the political economy of monetary integration by comparing the European Monetary Union with the dollarization (formal and informal) process in Latin America. The contributors, many of whom are leading lights, reflect the disagreements and the changing views on the proper monetary arrangements in a globalized world and suggest that monetary integration and dollarization are not the solution for the great majority of countries around the world. Monetary Integration and Dollarization brings together mainstream and heterodox views of monetary integration and uses the European and North American experiences as a guide for the discussion of dollarization in developing countries. It will appeal to scholars, researchers and policy makers in the fields of financial and international economics.
