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Mozambique’s inflation rate was consistently high until 1995, and then plunged in 1996 to 17 percent from 70 percent in 1994. This paper suggests that Mozambique’s inflation pattern is a combination of a “fundamental” trend set by economic policies, seasonal behavior that follows closely that of agriculture, and a collection of irregular events that corresponds mainly to agroclimatic conditions. The empirical results show that the marked tightening of monetary policy in 1996 was the ultimate reason for the control of inflation in 1996, and hence seems to correspond to a change in the “fundamental” trend of inflation that may have long-lasting effects.

Foreign Exchange --- Inflation --- Macroeconomics --- Money and Monetary Policy --- Agribusiness --- Price Level --- Deflation --- Prices, Business Fluctuations, and Cycles: Forecasting and Simulation --- Macroeconomics: Production --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Currency --- Foreign exchange --- Agriculture, agribusiness & food production industries --- Monetary economics --- Exchange rates --- Consumer price indexes --- Agricultural production --- Monetary base --- Prices --- Production --- Purchasing power parity --- Price indexes --- Agricultural industries --- Money supply --- Mozambique, Republic of

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Union europeenne --- Conditions economiques

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For decades, economic policymakers have worshipped at the altar of combating inflation, reducing public deficits, and discouraging risky behavior by investors. That mindset made them hesitate when the global financial crisis erupted in 2007-08. In the face of the worst economic disaster in 75 years, they often worried excessively about the risks and possible losses from their actions, rather than moving forcefully to support financial institutions, governments and people. Ángel Ubide's provocative thesis in Paradox of Risk is that central banks' fear of inflation and risk taking has hampered their efforts to revive global prosperity. In their confusion, he argues, policymakers made the recovery weaker. He calls on world leaders to abandon old shibboleths and learn the lessons from the financial crisis and its sluggish aftermath. Ubide mobilizes a wealth of research on the experience from the last decade, urging policymakers to leave their "comfort zone," embrace risk taking, and take bolder action to brighten the world's economic prospects.

Monetary policy. --- Interest rates. --- Risk. --- International finance. --- International monetary system --- International money --- Finance --- International economic relations --- Economics --- Uncertainty --- Probabilities --- Profit --- Risk-return relationships --- Money market rates --- Rate of interest --- Rates, Interest --- Interest --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Monetary policy --- Interest rates --- Risk --- International finance --- E-books --- Money. Monetary policy

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After years of strong performance, Korea’s economy entered a crisis in 1997, owing largely to structural problems in its financial and corporate sectors. These problems emerged in the second half of that year, when the capital inflows that had helped finance Korea’s growth were reversed, as foreign investors—reeling from losses in other Southeast Asian economies—decided to reduce their exposure to Korea. This paper focuses on the sources of the crisis that originated in the financial sector, the measures taken to deal with it, and the evolution of key banking and financial variables in its aftermath.

Banks and Banking --- Money and Monetary Policy --- Industries: Financial Services --- International Lending and Debt Problems --- Financial Markets and the Macroeconomy --- General Financial Markets: Government Policy and Regulation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Banking --- Finance --- Monetary economics --- Commercial banks --- Loans --- Bank credit --- Nonperforming loans --- Financial institutions --- Money --- Credit --- Banks and banking --- Korea, Republic of

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This paper analyzes the behavior of closed-end country fund discounts, including evidence from the Mexican and East Asian crises. We find that the ratio of fund prices to their fundamental value increases dramatically during a crisis, an anomaly that we denote the “closed-end country fund puzzle.” Our results show that the puzzle relates directly to the fact that international investors are less (more) sensitive to changes in local (global) market conditions than domestic investors. This asymmetry implies that foreign participation in local markets can both help dampen a crisis in the originating country, and amplify the contagion to noncrisis countries.

Finance: General --- Financial Risk Management --- Investments: Stocks --- Macroeconomics --- General Financial Markets: General (includes Measurement and Data) --- Financial Crises --- Price Level --- Inflation --- Deflation --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Finance --- Economic & financial crises & disasters --- Investment & securities --- Stock markets --- Financial crises --- Emerging and frontier financial markets --- Asset prices --- Stocks --- Financial markets --- Prices --- Financial institutions --- Stock exchanges --- Financial services industry --- Mexico