Conference on capital flows, international financial markets and financial crises
On Nov. 13?14, 2009, the Federal Reserve Bank of Dallas and the Bank of Canada cosponsored a conference on capital flows, international financial markets and financial crises. The purpose of the conference was to bring together researchers working on various aspects of financial markets and financial crises. Many of the papers presented at the conference addressed one of two broad questions. The first is, how integrated are international financial markets and how effective are they at sharing resources and risk? Second, what are the channels through which financial markets?and their ...
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.
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.
Inflation Dynamics in a Post-Crisis Globalized Economy
The Great Recession that accompanied the global financial crisis?from which many advanced economies are still struggling to recover?prompted extraordinary policy responses from central banks around the world. Some of these responses were coordinated, but all were directed at fulfilling purely domestic mandates for price stability and, in some cases, maximum employment. Fears that the dramatic expansion of central bank balance sheets would lead to higher inflation at the consumer level have so far proven unfounded, whether due to still-abundant slack in many countries or well-anchored ...
Cheaper by the Box Load: Containerized Shipping a Boon for World Trade
It?s hard to believe that a vessel 20 stories tall, a quarter-mile long and made from eight Eiffel Towers? worth of steel can float, much less be the future of cargo transportation between continents.
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 ...
Public Perception of Globalization’s Impact Shapes Trade Realities
History teaches us that perception often matters much more than reality in shaping public opinion. Accordingly, perception is crucial to understanding the outcomes of globalization, from increased free trade and the breakdown of political and economic barriers to technological integration, greater capital flows and worker migration. Ideally, the public?s evaluations are sound and closely reflect reality. Polling data, however, indicate this is often not the case. Misplaced perceptions may profoundly affect the course of globalization policies.
Financial Frictions Conference: Reviews Paths to Monetary Policy Objectives
The Globalization and Monetary Policy Institute hosted ?Financial Frictions and Monetary Policy in an Open Economy,? March 16?17, in Dallas. The conference brought together theoretical and empirical researchers to examine how financial frictions?often using models in which company balance sheets appear prominently?affect monetary policy in an open economy.
The Effect of Globalization on Market Structure, Industry Evolution and Pricing
he Globalization and Monetary Policy Institute and Swiss National Bank enlisted researchers from both sides of the Atlantic for a conference focused on the determinants and dynamics of prices in a globalized economy. Increased globalization has heightened research and policy interest in external factors as drivers of inflation. Firms? pricing decisions are at the core of the analysis.
The financial crisis, trade finance and the collapse of world trade
As economic activity in many parts of the world started to recover in the latter half of 2009, trade volumes picked up.