Download or read book Smuggler s Blues at the Central Bank written by William H. Branson and published by . This book was released on 1987 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ineffectiveness of real devaluation as stabilization policy does not imply that the nominal exchange rate should be held constant in the face of a domestic inflation. In this circumstance, import duties and export subsidies would have to be escalated to counter the potential erosion of the trade balance. This escalation of trade barriers generates a rising black market premium and offers increasing incentives to smuggling, already a pervasive problem in the African countries. As a consequence, the central bank would find it more and more difficult to hold the nominal exchange rate constant. This leads us to consider a passive exchange rate policy of stabilizing the exchange rate by moving the nominal rate in line with domestic inflation. If such passive policy is not accompanied by the elimination of trade barriers, however, the black market premium will not disappear. Unless exchange rate policy and trade policy are consistent with each other, the smuggler's blues will reach the central bank. Indeed, this is not just a theoretical possibility, it is the major lesson from the recent experience of Sudan.
Download or read book Smugglers Blues at the Central Bank written by and published by . This book was released on 1987 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Smuggler s Blues written by Richard Stratton and published by Skyhorse. This book was released on 2016-04-05 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt: Goodfellas meets Savages meets Catch Me If You Can in this true tale of high-stakes smuggling from pot’s outlaw years. Richard Stratton was the unlikeliest of kingpins. A clean-cut Wellesley boy who entered outlaw culture on a trip to Mexico, he saw his search for a joint morph into a thrill-filled dope run smuggling two kilos across the border in his car door. He became a member of the Hippie Mafia, traveling the world to keep America high, living the underground life while embracing the hippie credo, rejecting hard drugs in favor of marijuana and hashish. With cameos by Whitey Bulger and Norman Mailer, Smuggler’s Blues tells Stratton’s adventure while centering on his last years as he travels from New York to Lebanon’s Bekaa Valley to source and smuggle high-grade hash in the midst of civil war, from the Caribbean to the backwoods of Maine, and from the Chelsea Hotel to the Plaza as his fortunes rise and fall. All the while he is being pursued by his nemesis, a philosophical DEA agent who respects him for his good business practices. A true-crime story that reads like fiction, Smuggler’s Blues is a psychedelic road trip through international drug smuggling, the hippie underground, and the war on weed. As Big Marijuana emerges, it brings to vivid life an important chapter in pot’s cultural history.
Download or read book Development Centre Studies Don t Fix Don t Float written by OECD Development Centre and published by OECD Publishing. This book was released on 2001-09-12 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: Don ́t Fix, Don ́t Float is a book about credibility, or lack thereof. It deals with questions pertaining to international financial architecture from the perspective of developing countries, emerging markets and transition economies.
Download or read book NBER Reporter written by National Bureau of Economic Research and published by . This book was released on 1987 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Paper written by and published by . This book was released on 1991 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Bulletin written by and published by . This book was released on 1987 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Remaking the Chinese Leviathan written by Dali L. Yang and published by Stanford University Press. This book was released on 2004 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines a wide range of governance reforms in the People's Republic of China, including administrative rationalization, divestiture of businesses operated by the military, and the building of anticorruption mechanisms, to analyze how China's leaders have reformed existing institutions and constructed new ones to cope with unruly markets, curb corrupt practices, and bring about a regulated economic order.
Download or read book Patterns of World Trade in Manufactures written by L. Alan Winters and published by . This book was released on 1987 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book An Aggregate Model of Output Inflation and Interest Rates for the Industrialised Countries written by Michael Beenstock and published by . This book was released on 1987 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book INTERNATIONAL MONETARY FUND STAFF PAPERS written by and published by . This book was released on 1989 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book NBER Publications written by National Bureau of Economic Research and published by . This book was released on 1921 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Are Exchange Rates Excessively Variable written by Jeffrey A. Frankel and published by . This book was released on 1987 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Unnecessary variation" is defined as variation not attributable to variation in fundamentals. In the absence of a good model of macroeconomic fundamentals, the question "are exchange rates excessively variable?" cannot be answered by comparing the variance of the actual exchange rate to the variance of a set of fundamentals. This paper notes the failure of regression equations to explain exchange rate movements even using contemporaneous macroeconomic variables. It notes as well the statistical rejections of the unbiasedness of the forward exchange rate as a predictor of the spot rate. It then argues that, given these results, there is not much to be learned from the variance-bounds tests and bubbles tests. The paper also discusses recent results on variation in the exchange risk premiums arising from variation in conditional variances, both as a source of the bias in the forward rate tests and as a source of variation in the spot rate. It finishes with a discussion of whether speculators' expectations are stabilizing or destabilizing, as measured by survey data. The paper concludes that it is possible that exchange rates have been excessively variable -- as, for example, when there are speculative bubbles -- but that if policy-makers try systematically to exploit their credibility in order to stabilize exchange rates, they may see their current credibility vanish
Download or read book Future Social Security Financing Alternatives and National Saving written by Michael J. Boskin and published by . This book was released on 1987 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: While the short-run financial status of Social Security is secure, its long-run financial status is very uncertain. The retirement and disability part of the system (OASDI) is projected to be in long-run actuarial deficit under the Social Security Administration's intermediate economic and demographic f9recasts. Hospital Insurance (HI) is projected to run a large deficit, beginning in the 1990s. OASDI is projected to accrue a very large surplus over the next thirty years, peaking at almost 30% of GNP. Social Security has never accrued a surplus this large; it may well be dissipated for other purposes, such as to bail out HI, fund other programs, raise benefits, or cut taxes. These alternatives may affect net national saving, directly because Social Security surpluses or deficits are part of government sector saving and indirectly through effects on private saving or the non-Social Security part of the federal government budget. This paper documents how various systematic deviations from, or return to, pay-as-you-go finance of the Social Security system may affect net national saving. For example, under base case assumptions with respect to the non-Social Security deficit, a constant net private saving rate of 6%, and long-run budget balance in the state and local government sector, the Social Security deficit offsets 40% of other net national saving over the Social Security Administration's 75-year projection period. In the first 25-year sub-period, the Social Security surplus adds one-sixth to other net national saving; in the second, it offsets almost one-half; and in the third, it offsets five-sixths of other net national saving. Of course, private saving may respond to changes in Social Security's funding as may the non-Social Security balance in the federal budget. The paper presents several alternative scenarios such as benefits increasing or taxes falling during the OASDI surplus period, various stylized rules concerning the non-Social Security budget deficit, and separate balancing of HI via outlay reductions or tax increases. The results indicate that OASDI may effect net national saving substantially. For example, if benefits ratchet up during what would have been the period of the OASDI surplus, the OASDI system may subsequently offset virtually all of remaining net national saving. On the other hand, if HI is brought into balance and the OASDI surplus is allowed to accrue, Social Security will offset only about 4% of other net national saving. Changes in private saving may accentuate or ameliorate the swings in the net national saving rate generated by the future financing of OASDHI, but the alternative financing options will be important determinant of net national saving, and therefore of private domestic investment and international capital flows.
Download or read book The Postwar Evolution of Computer Prices written by Robert James Gordon and published by . This book was released on 1987 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study constructs new hedonic price indexes for electronic computers covering the period 1951-84. Regressions are estimated for four data sets, two used in previous studies by G. Chow and E. Dulberger, and two new data sets used for the first time in this study. Coverage is limited to mainframes until the late 1970s, but includes both " super-mini" computers and personal computers in the 1980s. The end result is a price index that exhibits a 1951 index number, on a base 1984 = 100, of 147,692, implying an annual rate of price change over the 33 years of -19.8 percent. Price changes for personal computer (PC) processors during the 1982-86 period appear to have been similar to those for mainframe computers during the 1977-84 period, in the range of -20 to -25 percent per year. Evidence for PC peripheral equipment is limited to 1984-86 and indicates a faster rate of price decline than for processors, particularly if the increasing availability of "clones" is taken into account. The paper places considerable emphasis on problems of weighting price indexes for computers together with price indexes for other types of "Office, Computing, and Accounting Machinery" (OCA) and other types of producers' durable equipment (PDE). The methodology used to construct the implicit price deflators in the National Income and Product Accounts, with a fixed 1982 base year, leads to a significant downward bias in the implicit OCA and PDE deflators after 1982, and an upward bias prior to 1982. A particularly disturbing aspect of the present national accounts is a spurious rise in the implicit OCA deflator of 157 percent between 1957 and 1971, despite the fact that its computer component exhibits a price decline and its non-computer component increases by only 8 percent. The paper recommends adoption of a chain-linked Laspeyres index number for any price index aggregate that includes computers. A properly weighted PDE deflator, using our computer price index, declines relative to the official implicit PDE deflator by 0.74 percent per year during 1957-72 and 0.87 percent per year during 1972-84
Download or read book Economic Review written by and published by . This book was released on 2008-04 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Effect of Economic Events on Votes for President written by Ray C. Fair and published by . This book was released on 1987 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: In previous work I have developed an equation explaining votes for president in the United States that seems to have a remarkable predictive ability. In this paper the equation is updated through the 1984 election and then used to predict the 1988 election.
