Documentos de Académico
Documentos de Profesional
Documentos de Cultura
Alexandre Dmitriev
References:
I Feenstra and Taylor (2017) Chapter 1
I Lawrence H.Summers ’It’s time to kill the $100 bill’, The Washington
Post, Friday Feb. 16th, 2016
I ’Cash Talk’, The Economist, Mar 3rd, 2016
Tools:
I FRED - economic data at the Federal Reserve Bank of St. Louis
(available at https://research.stlouisfed.org/fred2/ )
I Gapminder - global development facts
(available at http://www.gapminder.org/)
International Macroeconomics/Finance
What explains why exchange rates rise, fall, or stay flat in the long
run?
Foreign Exchange: How Exchange Rates Behave
China - U.S. exchange rate
8
(Chinese Yuan to One U.S. Dollar)
1
1985 1990 1995 2000 2005 2010 2015
1.6
1.4
(U.S. Dollars to One New Zealand Dollar)
1.2
1.0
0.8
0.6
0.4
0.2
1980 1990 2000 2010
National Currency to US Dollar Spot Exchange Rate for the Russian Federation©
70
60
(US Dollar per National Currency Units)
50
40
30
20
10
0
2000 2005 2010 2015
Note: The table shows data for the United States from 1990 to 2012 in billions
of U.S. dollars.
U.S. Income, Expenditure, and the Current Account
Note: The table shows data for the United States from 1990 to 2012 in billions
of U.S. dollars.
Global Imbalances
Deficits and Surpluses: The Balance of Payments
Key Topics:
Total wealth or net worth is equal to your assets minus your liabilities.
From an international perspective, a country’s net worth is called its
external wealth.
External wealth is a country’s net credit position with the rest of the
world. I.e. the difference between country’s foreign assets (what it is
owed by the rest of the world) and its foreign liabilities (what it owes
to the rest of the world).
I Positive external wealth makes a country a creditor nation;
I Negative external wealth makes it a debtor nation.
External Wealth: U.S. vs Argentina
Debtors and Creditors: External Wealth
Key Topics:
What forms can a nation’s external wealth take and does the
composition of wealth matter?
What explains the level of a nation’s external wealth and how does it
change over time?
How important is the current account as a determinant of external
wealth?
How does the current account relate to the country’s present and
future economic welfare?
Darlings and Deadbeats: Defaults and Other Risks
1031
1030
1029
1028
1027
1026
First Zimbabwean dollars per US dollar
1025
1024
1023
1022
1021
1020
1019
1018
1017
1016
1015 Official
1014 Parallel
1013
OMIR/UN
1012
1011
1010
109
108
107
106
105
104
1000
100
10
1
1/1/01 1/1/02 1/1/03 1/1/04 1/1/05 1/1/06 1/1/07 1/1/08 1/1/09
Date
Independence and Monetary Policy
The Choice of Exchange Rate Regimes (Data for 2010)
Independence and Monetary Policy
The choice of exchange rate regime:
The legal, political, social, cultural, ethical, and religious institution matter
for economic outcomes:
The World Bank’s composite Worldwide Governance
Indicator
A proxy for institutional quality:
Recent research seeks to find deep historical origins for the divergence
of institutions (and hence incomes), including:
I actions of colonizing powers,
I types of legal codes that different countries developed,
I resource endowments.
Institutions and Economic Performance
Key topics: