Monetary policy

la FED baissera ses taux pour tenter de relancer l’activité économique Deux autres réunions, l'une en début d'année et l'autre au milieu ont une grande importance. Ces 2 réunions qui durent exceptionnellement 2 jours permettent au comité de discuter le Monetary Policy Report to the Congress, c'est en fait un rapport sur la politique monétaire américaine qui est remis par le président du Board of Governors devant le Congrès américain.  La Réserve fédérale : 1. - décide de la politique monétaire des États-Unis

structural adjustment programmes, imposed by the International Monetary Fund and the World Bank. Nevertheless, the growing number of financial and bank crises has put into doubt the objectives of this liberalization policy (Giannetti 2007, Rancier & al 2006, Daniel & Jones 2006, Cunado & al 2006, Aka 2006, Barell & al 2006). Indeed, theoretical and empirical contributions of some economists have shown that a financial liberalization policy undertaken in a less developed institutional environment accentuates

M., et R. Lyons (2003). « Customer Trades and Extreme Events in Foreign Exchange ». In : Essays in Honour of Charles Goodhart, vol. 2, Monetary History, Exchange Rates and Financial Markets, sous la direction de P. Mizen, Cheltenham (R.-U.), Edward Elgar. Flood, R., et A. Rose (1995). « Fixing Exchange Rates: A Virtual Quest for Fundamentals », Journal of Monetary Economics, vol. 36, no 1, p. 3-37. Flood, R., et M. Taylor (1996). « Exchange Rate Economics: What’s Wrong with the Conventional Macro

Par contre, la première relation est beaucoup moins évidente : si l’aide a un 4 5 Riddell (R.C.), 1987, Foreign Aid Reconsidered, Londres, ODI et James Currey. Voir par exemple, Dollar (D.) & Kraay (A.), 2001, « Growth is Good for the Poor », Policy Research Working Paper, Washington, Banque Mondiale, qui montrent que la croissance économique est bonne pour les pauvres : quand le revenu moyen augmente, le revenu moyen du quintile le plus pauvre de la société s’accroît. 3 impact positif

and World Bank. The Bretton Woods conference gave clear aims for all three organisations. The General Agreement on Tariffs and Trade (GATT, later the WTO) would lower countries’ tariffs on a multinational level, the IMF would “support international monetary stability” and the World Bank provided long term loans for post-war reconstruction in Europe (Cohn 2000, 26). Almost immediately, however, there goals were not met: the Marshall Aid superseded much of the role of the World Bank and the IMF lost one

reserves and the ruble,” the ratings company said. Earlier this year, Russia’s Central Bank informed that the country’s external debt for 2011 had grown 10.23 percent and made US$538.94 billion for the start of January, 2012. The external debt of monetary policy authorities stood at US$11.653 billion as of January, 1, 2012 – down from last year’s US$12.35 billion. Banking sector debt has increased by 13.7 percent to US$164 billion, while the external debts of other sectors of the economy have grown 10

RICHARDSON (1998), « Stock market fluctuations and consumption behaviour: some recent evidence », Documents de travail du Département des affaires économiques de l’OCDE, n° 208. CANOVA, Fabio (1998), « Detrending and business cycle facts », Journal of Monetary Economics, vol. 41. CHRISTODOULAKIS, N., S. DIMELIS et T. KOLLINTZAS (1995), « Comparisons of business cycles in the EC: idiosyncrasies and regularities », Economica, vol. 62. DALSGAARD, T., J. ELMESKOV et C-Y. PARK (2002), « Ongoing changes in the

will see the WTO birth and finally the improvement to the WTO policy shall be discussed. GATT success is unquestionable. In 1947, tariffs were around 40% in the world and 48 years later, tariffs are around 8%. As we know, there was a real growth of international trade thanks to the reduction of tariff barriers. The world exchanges represented 10-12% of the global GDP in the 1960s against 24% in the 2000s. (IMF- international monetary fund, base World Economic Outlook, cf appendix 1) Developed

external savings have registered can be explained This paradox highest growth rates over the past two decades. mechanisms of macro-economic induced by the inflow of by an underestimation the external liquidity excess may require a tightening of monetary policy capital: the inflow of capital may cause an appreciation and higher real interest rates; of real exchange rate likely to slow the development in the tradable goods sector. For the emerging countries of vast magni that attract international

Settlements Credit default swap Continuous Linked Settlement Currency Composition of Official Foreign Exchange Reserves Euro area Electronic Broking Services European Central Bank European System of Central Banks European Union International Monetary Fund Monetary financial institution Oesterreichische Nationalbank Over the counter 6 ECB The international role of the euro July 2010 FOREWORD FOREWORD This is the ninth issue of the ECB’s annual review of the international role of the euro. It