Modern Hyper And High Inflations Epub

Author: Mr. Stanley Fischer
Publisher: International Monetary Fund
ISBN: 1452725969
Size: 10.32 MB
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Since 1947, hyperinflations (by Cagan’s definition) in market economies have been rare. Much more common have been longer inflationary processes with inflation rates above 100 percent per annum. Based on a sample of 133 countries, and using the 100 percent threshold as the basis for a definition of very high inflation episodes, this paper examines the main characteristics of such inflations. Among other things, we find that (i) close to 20 percent of countries have experienced inflation above 100 percent per annum; (ii) higher inflation tends to be more unstable; (iii) in high-inflation countries, the relationship between the fiscal balance and seigniorage is strong both in the short and longrun’s; (iv) inflation inertia decreases as average inflation rises; (v) high-inflation is associated with poor macroeconomic performance; and (vi) stabilizations from high inflation that rely on the exchange rate as the nominal anchor are expansionary.

Lessons From High Inflation Epidsodes For Stabilizing The Economy In Zimbabwe Epub

Author: Mr. Jens R. Clausen
Publisher: International Monetary Fund
ISBN: 1452743053
Size: 13.39 MB
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Zimbabwe has currently the highest rate of inflation in the world (an annual rate of 1,730 percent in February, 2007). The high rates of inflation have contributed to the contraction of the economy, which has declined by about 30 percent since 1999. This paper examines the stabilization experience of countries that experienced similar rates of inflation (above 1,000 percent) during 1980-2005 and draws lessons for Zimbabwe. First, with appropriate stabilization policies, the fall in inflation can be very rapid and output normally recovers within the first year or two of stabilization. Second, while reforms need to be comprehensive, a strong upfront fiscal consolidation, including elimination of quasi-fiscal activities, is a critical element of a successful stabilization program. Third, although stabilization itself can be done without significant external financing in the first year, most countries benefited from external policy advice and technical support, including from the IMF, during stabilization and from an increase in financial assistance in subsequent years.

Political Instability And Inflation Volatility Epub

Author: Mr. Francisco José Veiga
Publisher: International Monetary Fund
ISBN: 1452705747
Size: 79.23 MB
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The purpose of this paper is to empirically determine the causes of worldwide diversity of inflation volatility. We show that higher degrees of political instability, ideological polarization, and political fragmentation are associated with higher inflation volatility.

Monetary And Exchange Rate Dynamics During Disinflation An Empirical Analysis Epub

Author: Lei Zhang
Publisher: International Monetary Fund
ISBN: 1452741093
Size: 16.14 MB
Format: PDF, Docs
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Based on the observed behavior of monetary aggregates and exchange rates, we classify inflation-stabilization episodes into two categories: de facto exchange rate-based stabilizations (ERBS) and non-ERBS. Unlike the standard de jure ERBS studied in the literature, de facto ERBS encompass cases in which the central bank intervenes in the foreign exchange market but does not preannounce the use of an exchange rate anchor. The number of the de facto ERBS is twice as large as that of de jure ERBS. Output dynamics during disinflation do not differ significantly between these two groups. We conclude that empirical studies on the effects of exchange rate anchors must seek to disentangle the effects of their announcement from those related to their role in the remonetization process.

Stop Acting Rich

Author: Thomas J. Stanley
Publisher: John Wiley & Sons
ISBN: 9780470552773
Size: 28.59 MB
Format: PDF, Kindle
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The bestselling author of The Millionaire Next Door reveals easy ways to build real wealth With well over two million of his books sold, and huge praise from many media outlets, Dr. Thomas J. Stanley is a recognized and highly respected authority on how the wealthy act and think. Now, in Stop Acting Rich ? and Start Living Like a Millionaire, he details how the less affluent have fallen into the elite luxury brand trap that keeps them from acquiring wealth and details how to get out of it by emulating the working rich as opposed to the super elite. Puts wealth in perspective and shows you how to live rich without spending more Details why we spend lavishly and how to stop this destructive cycle Discusses how being "rich" means more than just big houses and luxury cars A defensive strategy for tough times, Stop Acting Rich shows readers how to live a rich, happy life through accumulating more wealth and using it to achieve the type of financial freedom that will create true happiness and fulfillment.

The Curse Of Cash

Author: Kenneth S. Rogoff
Publisher: Princeton University Press
ISBN: 1400888727
Size: 37.77 MB
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From the New York Times bestselling author of This Time Is Different, "a fascinating and important book" (Ben Bernanke) about phasing out most paper money to fight crime and tax evasion—and to battle financial crises by tapping the power of negative interest rates The world is drowning in cash—and it's making us poorer and less safe. Kenneth Rogoff, New York Times bestselling author of This Time Is Different, makes a persuasive and fascinating case for an idea that until recently would have seemed outlandish: getting rid of most paper money. Even as people in advanced economies are using less paper money, there is more cash in circulation—a record $1.4 trillion in U.S. dollars alone, or $4,200 for every American, mostly in $100 bills. And the United States is hardly exceptional. So what is all that cash being used for? The answer is simple: a large part is feeding tax evasion, corruption, terrorism, the drug trade, human trafficking, and the rest of a massive global underground economy. As Rogoff shows, paper money can also cripple monetary policy. In the aftermath of the recent financial crisis, central banks have been unable to stimulate growth and inflation by cutting interest rates significantly below zero for fear that it would drive investors to abandon treasury bills and stockpile cash. This constraint has paralyzed monetary policy in virtually every advanced economy, and is likely to be a recurring problem in the future. The Curse of Cash offers a plan for phasing out most paper money—while leaving small-denomination bills and coins in circulation indefinitely—and addresses the issues the transition will pose, ranging from fears about privacy and price stability to the need to provide subsidized debit cards for the poor. While phasing out the bulk of paper money will hardly solve the world’s problems, it would be a significant step toward addressing a surprising number of very big ones. Provocative, engaging, and backed by compelling original arguments and evidence, The Curse of Cash is certain to spark widespread debate.

The Case Against Education

Author: Bryan Caplan
Publisher: Princeton University Press
ISBN: 1400889324
Size: 80.25 MB
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Why we need to stop wasting public funds on education Despite being immensely popular--and immensely lucrative—education is grossly overrated. In this explosive book, Bryan Caplan argues that the primary function of education is not to enhance students' skill but to certify their intelligence, work ethic, and conformity—in other words, to signal the qualities of a good employee. Learn why students hunt for easy As and casually forget most of what they learn after the final exam, why decades of growing access to education have not resulted in better jobs for the average worker but instead in runaway credential inflation, how employers reward workers for costly schooling they rarely if ever use, and why cutting education spending is the best remedy. Caplan draws on the latest social science to show how the labor market values grades over knowledge, and why the more education your rivals have, the more you need to impress employers. He explains why graduation is our society's top conformity signal, and why even the most useless degrees can certify employability. He advocates two major policy responses. The first is educational austerity. Government needs to sharply cut education funding to curb this wasteful rat race. The second is more vocational education, because practical skills are more socially valuable than teaching students how to outshine their peers. Romantic notions about education being "good for the soul" must yield to careful research and common sense—The Case against Education points the way.

The Mandibles

Author: Lionel Shriver
Publisher: HarperCollins
ISBN: 0062328263
Size: 79.99 MB
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With dry wit and psychological acuity, this near-future novel explores the aftershocks of an economically devastating U.S. sovereign debt default on four generations of a once-prosperous American family. Down-to-earth and perfectly realistic in scale, this is not an over-the-top Blade Runner tale. It is not science fiction. In 2029, the United States is engaged in a bloodless world war that will wipe out the savings of millions of American families. Overnight, on the international currency exchange, the “almighty dollar” plummets in value, to be replaced by a new global currency, the “bancor.” In retaliation, the president declares that America will default on its loans. “Deadbeat Nation” being unable to borrow, the government prints money to cover its bills. What little remains to savers is rapidly eaten away by runaway inflation. The Mandibles have been counting on a sizable fortune filtering down when their ninety-seven-year-old patriarch dies. Once the inheritance turns to ash, each family member must contend with disappointment, but also—as the U.S. economy spirals into dysfunction—the challenge of sheer survival. Recently affluent, Avery is petulant that she can’t buy olive oil, while her sister, Florence, absorbs strays into her cramped household. An expat author, their aunt, Nollie, returns from abroad at seventy-three to a country that’s unrecognizable. Her brother, Carter, fumes at caring for their demented stepmother, now that an assisted living facility isn’t affordable. Only Florence’s oddball teenage son, Willing, an economics autodidact, will save this formerly august American family from the streets. The Mandibles is about money. Thus it is necessarily about bitterness, rivalry, and selfishness—but also about surreal generosity, sacrifice, and transformative adaptation to changing circumstances.