International Economics Commons^™

Fiscal And Monetary Policies For Inclusive Growth In Developing And Emerging Markets, Collins Anosike

Journal of Global Awareness

The study examined the effects of monetary and fiscal policies in attaining inclusive growth for some developing countries and emerging markets. The study selected 20 countries and grouped them into group one and group two. The study is unique because it captures a broader range of countries compared to previous studies and shows their effect on economic growth. We use panel data and employ OLS regression and Johansen cointegration. We examine how each variable, general government expenditure, gross national expenditure, total revenue, official exchange rate, broad money, and deposit interest rate, affects the dependent variable (real GDP) from 1980 to …

The Effects Of Monetary Policies On Exchange Rates: A Multinational Panel Study (2000–2023), Yun Song

Student Research

This study investigates the impact of monetary policy tools—interest rates, reserve requirements, and money supply—on exchange rates across five major economies: the United States, European Union, China, Japan, and Canada from 2000 to 2023. The analysis incorporates control variables such as GDP growth and inflation and utilizes various econometric models, from naïve regressions to advanced fixed effects specifications. The results show that interest rates and reserve requirements significantly influence exchange rate movements, while the role of money supply is more moderate. Special attention is given to the zero lower bound (ZLB) era using shadow rates. These findings align with Inoue …

What Role Do Finance Ministers Play In Political Business Cycles? Evidence-Based On A New African Dataset, Christine Olivia Strong

Economics Faculty Publications

This study investigates how the personal characteristics of finance ministers influence political budget cycles in Africa. Using a new dataset covering 300 finance ministers across 23 countries from 1980 to 2020, we find that political budget cycles primarily take the form of increased government consumption during election years. Ministers with prior central banking experience are less likely to amplify spending in election years, effectively curbing political budget cycles. These results remain consistent after accounting for institutional quality, ministerial tenure, and other confounding factors. The findings contribute to the literature by showing that the appointment of finance ministers in African countries …

Effects Of Monetary Policy On Economic Growth: Evidence From Some Developing And Developed Economies, Collins Anosike

Journal of Global Awareness

The study examined the effects of monetary policy on the economic growth of some developing and developed economies. This study selected 33 countries grouped into 11 each as first-group, second-group, and third-group countries and showed how monetary policy has influenced their economic growth in the past 40 years, capturing the economic growth performances before and after the global financial crisis. This study is unique because it captures a broader range of countries compared to previous studies, uses updated data, and shows how monetary policy is transmitted through bank lending and financial intermediation. Furthermore, we use panel data and employ fixed …

Roger Altman’S 2008 Public Policy Analysis: At Fault Without The Blame, Isaac Deak

Helm's School of Government Conference - 2021-2024

Roger Altman published “Globalism in Retreat” in 2009, in which he offers analysis of the 2008 financial crisis, blaming free-markets and globalism as causes of the calamity, only to praise China’s “state-capitalism”, which he believes allowed the Chinese to emerge ahead of the globalists in recovery. This article, despite its age, provides a timeless example of a dangerous tendency in public policy. It demonstrates how policymakers can implement deleterious policies which result in inevitable crisis, and then, they subsequently escape blame by explaining away the crisis with bad analysis and even worse policy suggestions for the future. Policy suggestions, in …

Essays On Spillover Effects Across U.S And China, Zhuo Xi

Dissertations, Theses, and Capstone Projects

Chapter1: With the rapid development and continuous advancement of economic globalization, the links between countries around the world have become increasingly tight. Among them, the United States, as the world's largest economy, its monetary policy is bound to cause significant spillover effects on other economies around the world. By constructing a Threshold SVAR model with monthly data from 1996 to 2019, this paper empirically investigates the spillover effects of US monetary policy on China's economy during different U.S policy regimes. The transmission mechanism of such effects has been tested through different channels including policy channel, trade channel, asset value channel …

Three Essays On International Financial And Monetary Interactions, Kemal Burak Bekircan

Dissertations

This dissertation develops three essays on safe haven currency behavior and international monetary interactions.

Essay one notes the dramatic appreciation of the U.S. dollar vis-à-vis all world currencies, along with its reversal after a year on the account of the Great Recession. This paper investigates bilateral U.S. dollar exchange rate movements during and in the aftermath of the Great Recession. I find that increasing global market uncertainty has a significant and consistent effect in strengthening of the U.S. dollar. This striking finding suggests flight-to-safety phenomenon of foreign investors, and repatriation of capital flows to the United States by the U.S. …

Monetary Policy And Systemic Risk-Taking In The Euro Area Banking Sector, Alain Kabundi, Francisco Nadal-De Simone

WCBT Faculty Publications

Available empirical evidence on the significance of the (micro) risk-taking channel of monetary policy is not enough to indicate a threat to financial stability. Evidence of risk-taking with systemic risk implications is necessary. Statistical measures that capture systemic risk in all its forms within a structural factor-augmented vector autoregressive model suggest that conventional and unconventional monetary policies have resulted in systemic risk-taking in the euro area banking sector. Systemic risk has taken the form of an increase in the banking sector’s vulnerability via contagion and interconnectedness. Banks’ balance sheets, however, do not account for the full transmission from (micro) risk …

Leveraging Import Substitution For Economic Expansion: The Case Of Nigeria, Paul Ihuoma Oluikpe

Bullion

The objective of this paper is to describe the import substitution policies of Nigeria with a historical and analytical outlook with a view to amplifying its dimensions of impact, and recommending potential options for optimizing policy and implementation. Method The methodology adopted for this paper is descriptive and historical analysis. Comparisons were drawn from various countries policies such as Chile, Brazil, Argentina, Mexico, India, South Korea, and the Philippines and outcomes are highlighted, and then extrapolated to the Nigerian context with a view to understanding the local context in the light of peer country implementation. The results from the implementation …

Empirical Analysis Of China’S Exchange Rate And Macroeconomic Policy, Jia Ji

Dissertations, Theses, and Capstone Projects

This dissertation examines the effects of exchange rate and macroeconomic policy in China. It consists of three chapters. Chapter 1 explores the dynamics of monetary transmission mechanism. As China’s domestic financial markets deepen and develop further toward a market-based system, the country’s monetary policy transmission should continue to improve in the sense that the policy instrument’s influence on economic conditions increases in magnitude and stabilized across time. Using a short-term key interest rate as a standard monetary policy tool and time-varying parameter techniques, this study empirically demonstrates that China’s monetary policy framework is in the midst of transitioning to a …

Evaluation Of Monetary, Fiscal And External Inflationary Sources In Nigeria, Samson A. Aladejare

Journal for the Advancement of Developing Economies

This study focuses on evaluating the monetary, fiscal and external inflationary sources in Nigeria. The Auto-Regressive Distributive Lag estimation technique was adapted to capture these effects. Empirical findings of the study showed that overall, the main determining cause of inflation in both short run and long run periods in Nigeria, are more of monetary and external factors and less of fiscal sources. Specifically, the problem of inflation in Nigeria appears to be more of structural phenomenon than monetary in the short run. However, in the long run, combinations of monetary and external factors tend to be the major cause of …

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2014, Central Bank Of Nigeria

CBN Annual Report

Annual Report and Financial Statements of the Central Bank of Nigeria (CBN) for the year ended 31st December, 2014. In general, 2014 has been a very eventful and challenging year for the Bank, the country, and the world at large. In the course of the year, the Bank underwent significant changes in its governance composition. In 2014, the global economy witnessed considerable vulnerabilities characterized by fragile growth and weak economic outlook. Global growth recovery was modest and continued to be threatened by strong downside risks, as a result of sharp drop in commodity prices, escalating geo-political tensions, and heightening threats …

An Analysis Of The Appreciation Of The Chinese Currency And Influences On China's Economy, Lina Ma

Electronic Theses and Dissertations

In recent years, China's economy development has had more and more impact on the global economy. The Chinese currency continued to appreciate since 2005, which has had both positive and negative results on Chinese's economy. The Chinese government uses the monetary policy to control the inflation pressure, which could work counter to Chinese exchange rate policy. RMB appreciation also has some effects on the Chinese banking system. Through the Global Trade Analysis Project (GTAP), a global computable general equilibrium model, we analyze how, when there is RMB appreciation, the Chinese exports and imports, and Chinese employment and income inequality react. …

The “Impossible Trinity” Hypothesis In An Era Of Global Imbalances: Measurement And Testing, Joshua Aizenman, Menzie David Chinn, Hiro Ito

Economics Faculty Publications and Presentations

We outline new metrics for measuring the trilemma aspects: exchange rate flexibility, monetary independence, and capital account openness, taking into account recent substantial international reserve accumulation. Since 2000, the trilemma variables in emerging markets have converged towards intermediate levels, characterizing by managed flexibility, using sizable international reserves as a buffer while retaining some degree of monetary autonomy. We test the linearity of the trilemma, and find that the weighted sum of the three trilemma variables adds up to a constant. Thus, a rise in one trilemma variable should be traded-off with a drop of the weighted sum of the other …

Strong Euro Weakening Dollar: A Potential Economic Demise, Guadalupe F. Garcia

Claremont-UC Undergraduate Research Conference on the European Union

No abstract provided.

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2010, Central Bank Of Nigeria

CBN Annual Report

2010 annual report reviews the operations of the Central Bank of Nigeria (CBN) and appraises the macroeconomic policies in 2010. the report is structured into two parts. Part 1 reviews the corporate operations of the bank, while the part 2 evaluates the performance of the economy against the challenges in both the thrust of monetary policy and other financial measures was to improve liquidity and enhance the efficiency and stability of the financial system without compromising the primary goal of monetary and price stability.

Central Bank Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December, 2009, Central Bank Of Nigeria

CBN Annual Report

The Central Bank of Nigeria (CBN) Annual Report and Statement of Accounts for the Year Ended 31st December, 2009 revealed that the country's Gross Domestic Product (GDP) grew by 6.7% YoY, compared to 6.0% in the previous year. This growth was driven by the non-oil sector, with the non-oil GDP growth rate of 8.3%. Within the non-oil sector, the agricultural sub-sector grew by 6.2%, while the whole-sector and retail sectors recorded growth rates of 11.5 and 10.5 per cent, respectively. The robust output recorded during the previous three years was driven by the government's optimism, which reflected in the oil …

A Comprehensive Economic Stimulus For Our Failing Economy, Sarah R. Anderson, Steven T. Ferraro, Jeffrey D. Greenlaw, Justin E. Holz, David H. Krisch, Jonathan M. Koury, Jamee L. Kuznicki, Stephen M. Mcnamee, Jeffrey D. Ryckbost, Kristi L. Saeger, Andrew L. Smith, Daniel B. Sprague, Ryan Willaurer, Timothy D. Wills, Benjamin B. Wood

Gettysburg Economic Review

This paper presents a comprehensive plan to fix the ailing American economy, through a five-step approach. First, the Federal Reserve must continue to broaden the scope of monetary policy, by purchasing and selling long-term securities. Manipulating expectations through FOMC statements is another tool at the Federal Reserve’s disposal. Secondly, the government must enact fiscal stimulus to stabilize the economy in the short and medium runs, through investment in infrastructure projects, green technology, fusion technology, and science education. Additionally, the new fiscal policy must tackle the mortgage meltdown, which is weighing down the entire economy. Third, the regulatory system must be …

Understanding Nominal Anchor: A Case Study Of Central Bank Of Nigeria, A. Bamidele

Bullion

As a country's monetary authority, a central bank is responsible for the conduct of monetary policy. This onerous process begins with developing a plan of action of employing interest rates or controlling the money stock to influence the economy. The focus of monetary policy is to safeguard the value of the domestic currency in terms of what it can purchase as a basis of providing a framework for the achievement of wider government economic objectives of non-inflationary economic growth, employment, stable exchange rate, favourable balance of payments and more generally a stable financial environment for the economy. In view of …

Feasibility And Timing Of The Euro Adoption By The New Eu Member States, Lucjan Orlowski

WCBT Faculty Publications

The 10 new member states are now facing the challenge of framing and implementing policies for adopting the euro. They are all bound by the EU Treaty to replace their national currencies with the euro at some future time as they were admitted to the Union with a derogation to this effect. In order to prepare adequately for entry to the euro area, the candidates need to undergo fiscal and monetary convergence. In principle, they should refrain from lax fiscal policies that could skew the eurozone policy mix by forcing the European Central Bank (ECB) to tighten monetary policy. They …

Monetary-Policy Targeting In The Central European Transition Economies, Lucjan T. Orlowski

WCBT Faculty Publications

This chapter examines the monetary-policy-targeting systems, in the second half of the 1990s (until 1998), of three Central European EU-accession candidates—the Czech Republic, Hungary, and Poland--and advocates the potential benefits of applying a direct-inflation-targeting (DIT) system in them. For the purpose of the analysis presented here, DIT is defined as "a monetary policy framework that is based on the assumption of long-term price stability as the official policy goal and on the designation of the official inflation forecast as intermediate policy target" (Orlowski, 2000). Section 1 is a brief overview of monetary-targeting practices in the Czech Republic Hungary, and Poland. …

Exchange-Rate Policies In Central Europe And Monetary Union, Lucjan Orlowski

WCBT Faculty Publications

Looks at the relationship between exchange-rate and monetary policies in transition economies (TEs) in central Europe bent on becoming part of the European Union. Review of practiced targets of monetary policy in response to the requirements of monetary union; Question of whether or not candidates will resort to a final currency devaluation; Suggestions for adjustments in short- and long-term monetary policy.

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1992., Central Bank Of Nigeria

CBN Annual Report

In 1992, Nigeria's economy faced significant pressures but showed resilience, with rapid growth in output and economic liquidity. The Central Bank of Nigeria (CBN) intensified efforts to achieve inflation and exchange rate stability while improving the efficiency of the financial sector. The financial sector experienced rapid growth and structural changes, with the strongest growth occurring in common unity banking and mortgage finance institutions. Monetary and credit aggregates expanded at unprecedented rates, matching the all-time highs of the oil boom era of the mid-seventies. Interest rates rose significantly, with both deposit and lending rates rising in tandem with the movements of …

Entral Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1989, Central Bank Of Nigeria

CBN Annual Report

The Nigerian economy showed improvement in 1989 compared to 1988. Economic Growth: Gross Domestic Product (GDP) increased by 4.0%, driven by growth in agriculture and industry. The overall balance of payments moved from a deficit to a surplus, largely due to a significant increase in crude oil exports. The unemployment rate declined slightly, with more jobs created through government programs. Nigeria's external assets increased significantly, reflecting a deliberate policy to build official reserves. Inflation: Despite some improvement, inflationary pressures remained high, with domestic prices rising by 40.9%. Stagnant Manufacturing: Manufacturing production grew at a slow pace due to high production …

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1986, Central Bank Of Nigeria

CBN Annual Report

CBN annual report and statement of accounts for 1986 covers economic performance including key economic indicators such as inflation rate, GDP growth, exchange rate stability, banking sector performance, monetary policy, financial stability, fiscal policy, and regulatory updates for 1986. The development in 1986 were mixed. The GDP at constant 1977/78 factor cost was estimated at N25,290 million, representing a decline of 3.3 per cent and the decline was largely due to poor performance of the manufacturing, crude petroleum, wholesale and retail trade sectors. The trajectory of monetary aggregates was relatively in the download direction. Money supply indicated a 1.2 per …

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1984, Central Bank Of Nigeria

CBN Annual Report

CBN annual report and statement of accounts for 1984 covers economic performance including key economic indicators such as inflation rate, GDP growth, exchange rate stability, banking sector performance, monetary policy, financial stability, fiscal policy, and regulatory updates for 1984. It also examines future economic outlook. In 1984, the index of industrial production fell by 10.2 per cent significantly due to the poor performance of the manufacturing sector whose index of production fell by 18.2 per cent. In respect of domestic prices, the supply-side factors were dominant in exerting upward pressures on prices. There were acute shortages in consumer goods and …

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1966, Central Bank Of Nigeria

CBN Annual Report

CBN Annual Report and Statement of Accounts for 1966 discussed the economic performance of Nigeria with emphasis on inflation rate, GDP growth, exchange rate stability, banking sector performance, monetary policy, financial stability, fiscal policy, and regulatory updates. The state of the Nigerian economy in 1966 was dictated mainly by the social and political uncertainties that engulfed the country beginning in 1965. The country experienced mounting political problems in 1965, which, by the fourth quarter of that year, had become an important factor in the future investment plans of the business community. A growing burden of external debt and the slow-down …

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1965, Central Bank Of Nigeria

CBN Annual Report

CBN Annual Report and Statement of Accounts for 1965 discussed the economic performance of Nigeria with emphasis on inflation rate, GDP growth, exchange rate stability, banking sector performance, monetary policy, financial stability, fiscal policy, and regulatory updates. Two major developments dominated the world economic scene in 1965. One was the overall slowdown of economic expansion in most industrialized countries. The other was the overall contraction in the growth rate of world trade and in the flow of international capital. Due to the problem of balance of payment disequilibrium, the industrialized countries intensified economic measures to achieve internal stability and equilibrium …

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1964, Central Bank Of Nigeria

CBN Annual Report

CBN annual report and statement of accounts for 1964 covers economic performance including key economic indicators such as inflation rate, GDP growth, exchange rate stability, banking sector performance, monetary policy, financial stability, fiscal policy, and regulatory updates for 1964. Export earnings of the developing countries rose during 1964, reflecting a continuing upswing in economic activity in the industrial countries. The rate of increase, however, was somewhat slower than in 1963. The share of the developing countries in total world exports in 1964, however, amounted to 22.1 per cent as compared with 22.9 per cent in 1963. World exports rose substantially …

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1963, Central Bank Of Nigeria

CBN Annual Report

CBN Annual Report and Statement of Accounts for 1963 discussed the economic performance of Nigeria with emphasis on inflation rate, GDP growth, exchange rate stability, banking sector performance, monetary policy, financial stability, fiscal policy, and regulatory updates. Nigeria's economy made significant gains in 1963. The tempo of activity advanced in most sectors of the economy, giving indications of some recovery from the slackened pace of the preceding year. Despite this improvement, however, the performance of the economy did not meet expectations, nor were existing resources fully utilized. In 1962-63, gross income received by producers of agricultural export commodities rose by …