The euro and the dollar in the crisis and beyond
The euro has survived its first decade, overcoming questions about its viability and political and economic raison d'tre. ?The Euro and the Dollar in the Crisis and Beyond,? a conference sponsored by Bruegel, the Peterson Institute for International Economics and the Federal Reserve Bank of Dallas, marked the milestone on March 17, 2010, with discussions of Europe?s monetary integration, the euro?s global role relative to the dollar and the currency?s prospects in the aftermath of the 2008?09 global recession.
Spillovers of Conventional and Unconventional Monetary Policy: The Role of Real and Financial Linkages
Central banks around the world launched extraordinary monetary policy responses to the global financial crisis of 2007?09 and the European debt crises that began in 2010. Some were coordinated; all were directed at fulfilling domestic mandates for price and financial stability and supporting real economic activity.
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.
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.
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.
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.
T-Shirt's Journey to Market
The life of a T-shirt ? from its origins in a Lubbock, Texas, cotton field to its final days in a usedclothing store in Tanzania?aptly tells the story of globalization, comparative advantage, trade regimes, proximity to market and modern retailing.
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.
Five Years of Research on Globalization and Monetary Policy: What Have We Learned?
ive years ago the Federal Reserve Bank of Dallas created the Globalization and Monetary Policy Institute to promote research that would help us better understand the implications of globalization for the conduct of monetary policy in the United States. We are now half a decade into this research program, and the institute?s 2012 annual report is a fitting place to assess what has been accomplished over the past five years.
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.