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Once the urgent problems of reparations, which had deeply troubled Keynes at the Peace Conference at Versailles, were on their way towards solution, Keynes turned to the equally grave problems of the currencies of Europe and their adjustment to the post-war world. These issues had been discussed in the series of Reconstruction Supplements of the Manchester Guardian Commercial that he had edited during 1922. In the Tract Keynes drew heavily on his own contributions to that series. This edition makes available the variations between the texts. The Tract remains of interest in three respects. First, it shows the state of Keynes's thinking about monetary problems and the causes of inflation in the early 1920s. Second, it provides one of the clearest expositions ever written of the determination of forward exchange rates. Third, it shows Keynes already favouring flexible exchange rates as a means of allowing independence in national economic policy.

Money. --- Currency question. --- Foreign exchange. --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- International finance --- Currency crises --- Fiat money --- Free coinage --- Monetary question --- Scrip --- Finance --- Finance, Public --- Legal tender --- Money --- Currency --- Money, Primitive --- Specie --- Standard of value --- Exchange --- Value --- Banks and banking --- Coinage --- Currency question --- Gold --- Silver --- Silver question --- Wealth

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Currency values, prices, consumption and incomes are at the heart of the economic performance of all countries. In order to make a meaningful comparison between one economy and another, economists routinely make use of purchasing power parity (PPP) exchange rates, but while PPP rates are widely used and well understood, they take a lot of effort to produce and suffer from publication delays. Currencies, Commodities and Consumption analyses the strengths and weaknesses of two alternatives to PPP. Firstly, the so-called Big Mac Index, which uses hamburger prices as a standard of measurement, and second, a less well known technique which infers incomes across countries based on the proportion of consumption devoted to food. Kenneth W. Clements uses international macroeconomics, microeconomic theory and econometrics to provide researchers and policy makers with insights into alternatives to PPP rates and make sense of the ongoing instability of exchange rates and commodity prices.

Consumer price indexes. --- Cost and standard of living. --- Purchasing power parity. --- Foreign exchange. --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- International finance --- Currency crises --- Law of one price --- One price, Law of --- Parity, Purchasing power --- Foreign exchange --- Comfort, Standard of --- Cost of living --- Food, Cost of --- Household expenses --- Living, Cost of --- Living, Standard of --- Standard of living --- Consumption (Economics) --- Home economics --- Households --- Quality of life --- Wealth --- Luxury --- Prices --- Purchasing power --- Wages --- Consumer price index --- Cost of living indexes --- CPIs (Consumer price indexes) --- Retail price indexes --- Cost and standard of living --- Price indexes --- Surveys --- Business, Economy and Management --- Economics

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This paper assesses the effects of fiscal consolidations associated with public debt reduction on medium-term output growth during periods of private debt deleveraging. The analysis covers 107 countries and 79 episodes of public debt reduction driven by discretionary fiscal adjustments during 1980–2012. It shows that expenditure-based, front-loaded fiscal adjustments can dampen growth when there are credit supply restrictions. Instead, fiscal adjustments that are gradual and rely on a mix of revenue and expenditure measures can support output expansion, while reducing public debt. In this context, protecting public investment is critical for medium-term growth, as is the implementation of supply-side, productivity-enhancing reforms.

International finance. --- Foreign exchange. --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- International finance --- Currency crises --- International monetary system --- International money --- Finance --- International economic relations --- Financial Risk Management --- Macroeconomics --- Public Finance --- Fiscal Policies and Behavior of Economic Agents: General --- Fiscal Policy --- Debt --- Debt Management --- Sovereign Debt --- National Government Expenditures and Related Policies: General --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Public finance & taxation --- Fiscal consolidation --- Public debt --- Expenditure --- Debt reduction --- Public investment spending --- Fiscal policy --- Debts, Public --- Expenditures, Public --- Debts, External --- Public investments

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The Hong Kong Special Administrative Region (SAR)'s healthy labor market and supportive fiscal policy helped its domestic economy's resilience, while its gross domestic product (GDP) growth was marginally slow owing to its weak external environment. Its fiscal policy has been effective in reducing output volatility and providing timely support to help counter the impact from slowing external demand. The authorities have taken appropriate macroprudential measures to help safeguard the banking system, which should continue to be fine-tuned in line with evolving risks.

Fiscal policy --- Foreign exchange --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- International finance --- Currency crises --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Government policy --- Hong Kong (China) --- Economic conditions. --- Economic policy. --- Banks and banking --- Renminbi --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- CNY (Money) --- Ren min bi --- RMB (Money) --- Yuan (Money) --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- E-books --- Banks and Banking --- Infrastructure --- Public Finance --- Real Estate --- Industries: Financial Services --- Fiscal Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Housing Supply and Markets --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Macroeconomics --- Property & real estate --- Housing prices --- Prices --- National accounts --- Saving and investment --- Hong Kong Special Administrative Region, People's Republic of China

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International relations. Foreign policy --- Money. Monetary policy --- Currency question --- Globalization --- Renminbi --- Dollar, American --- Foreign exchange. --- Question monétaire --- Mondialisation --- Yuan --- Dollar américain --- Change --- Economic aspects. --- Aspect économique --- International Monetary Fund. --- -Currency question --- -Globalization --- -Renminbi --- Foreign exchange --- 332.4951 --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- International finance --- Currency crises --- CNY (Money) --- Ren min bi --- RMB (Money) --- Yuan (Money) --- Money --- Global cities --- Globalisation --- Internationalization --- International relations --- Anti-globalization movement --- Fiat money --- Free coinage --- Monetary question --- Scrip --- Finance --- Finance, Public --- Legal tender --- Economic aspects --- International Monetary Fund --- Mezhdunarodnyĭ vali︠u︡tnyĭ fond --- Международный валютный фонд --- Miz︠h︡narodnyĭ vali︠u︡tnyĭ fond --- Fundo Monetário Internacional --- Fondo Monetario Internacional --- IMF (International Monetary Fund) --- FMI (International Monetary Fund) --- Internationaler Währungsfonds --- Kokusai Tsūka Kikin --- Fonds monétaire international --- Kukche Tʻonghwa Kigŭm --- Kansainvälinen Valuuttarahasto --- Kuo chi huo pi chi chin --- Fondul Monetar International --- Ṣundūq al-Naqd al-Dawlī --- Fondo M. Internacional --- IWF (International Monetary Fund) --- Kō̜ngthun Kānngœ̄n rawāng Prathēt --- MVF (International Monetary Fund) --- Międzynarodowy Fundusz Walutowy --- Mulya Aramudala --- I.M.F. (International Monetary Fund) --- Quỹ tiè̂n tệ quó̂c té̂ --- Nemzetközi Valuta Alap --- صندوق النقد الدولي --- 国际货币基金组织 --- 国際通貨基金 --- 國際貨幣基金組織 --- Fundu Monetariu Internacional --- Ṣundūq al-Naqd al-Duwalī --- DNT (Organization) --- MoneyEconomic aspectsInternational Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Question monétaire --- Dollar américain --- Aspect économique