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Report
Africa—Missing Globalization's Rewards?
Globalization increases integration of world economies through trade, financial ties, information exchange, technology and the movement of people. The rising importance of world trade and capital flows reflects enhanced economic and financial linkages. Nations with superior access to world markets can more fully exploit their competitive advantages, opening their economies to international competition. With greater capital flows and freedom of capital movement, resources more effectively move to their most productive locations, contributing to rising living standards.
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Shipping Indexes Signal Global Economic Trends
International trade is the centerpiece of the global economy; the United States increasingly turns to foreign suppliers for many consumer goods it once produced domestically. Yet, many studies of international trade emphasize only the starting and finish lines of the supply chain, with little consideration of how goods arrive at their final destination. A closer look at the logistics reveals a story of competition and innovation, in which a complex and dynamic network of ships moves the vast majority of traded goods across the world?s oceans. A number of indexes document two principal sectors ...
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Micro-Foundations of International Trade, Global Imbalances and Implications on Monetary Policy
Researchers from the U.S., Canada and China gathered in Shanghai to explore exchange rates, offshoring and trade policies. Research presented at the conference employed microdata of trade volumes and prices at the firm and product levels, which provide valuable information on crucial global economic issues such as trade imbalances, economic development and wage inequality.
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Hyperinflation in Zimbabwe
One hundred trillion dollars?that?s100,000,000,000,000?is the largest denomination of currency ever issued.1 The Zimbabwean government issued the Z$100 trillion bill in early 2009, among the last in a series of ever higher denominations distributed as inflation eroded purchasing power. When Zimbabwe attained independence in 1980, Z$2, Z$5, Z$10 and Z$20 denominations circulated, replaced three decades later by bills in the thousands and ultimately in the millions and trillions as the government sought to prop up a weakening economy amid spiraling inflation.
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The Potential Impact of Decentralized Virtual Currency on Monetary Policy
Electronic money is a broad term for any money, currency or asset not held in physical form?it can include representations of a sovereign currency or claims on a realworld good.
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Gauging International Shocks and Their Implications
The Globalization and Monetary Policy Institute cosponsored a conference on ?International Linkages in a Globalized World and Implications for Monetary Policy? with the School of International Business Administration at Shanghai University of Finance and Economics (SHUFE) and Shanghai Institute of Finance and Law. The event was held at SHUFE on June 21?22.
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The Political Economy of International Money: Common Currencies, Currency Wars and Exorbitant Privilege
The Political Economy of International Money: Common Currencies, Currency Wars and Exorbitant Privilege? conference was held at the John Goodwin Tower Center at Southern Methodist University on April 3?4. It was sponsored by the Owens Foundation and the Federal Reserve Bank of Dallas? Globalization and Monetary Policy Institute.
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Oil-Rich Venezuela Tips Toward Hyperinflation
Venezuela, once the wealthiest nation in Latin America, is suffering a dramatic reversal of fortunes and the worst economic crisis in its history. Though the nation has crude oil reserves of close to 300 billion barrels?the world?s largest such holdings?many Venezuelans go without the most basic goods in an economy plagued by chronic shortages.
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Measuring the External Value of the Dollar
How much is a dollar worth? The value of a dollar is most generally defined in terms of its purchasing power over the goods and services that households and individuals consume on a regular basis. As goods and services become more expensive, the purchasing power?or value?of the dollar falls. Over long periods of time, the tendency has been for most goods and services to become more expensive in dollar terms. The result is that the purchasing power of a dollar in 2014 is a lot less than the purchasing power of a dollar in 1914.
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The Federal Reserve’s Role in the Global Economy: A Historical Perspective
he Globalization and Monetary Policy Institute at the Federal Reserve Bank of Dallas sponsored the Bank?s centennial conference analyzing the evolution of the U.S. central bank, from its beginnings 100 years ago to its future influencing global monetary policy. The gathering, held Sept. 18?19 at the Dallas Fed, included the inaugural Robert V. Roosa Memorial Lecture, a conversation with former Federal Reserve Chairman Paul A. Volcker. The conference was organized by Dallas Fed Vice President and Globalization Institute Director Mark A. Wynne and institute senior fellow Michael D. Bordo, a ...