scholarly journals The Origins of Foreign Exchange Policy: The National Bank of Belgium and the Quest for Monetary Independence in the 1850s

2011 ◽  
Author(s):  
Stefano Ugolini
Keyword(s):  
Foreign Exchange ◽  
Monetary Independence ◽  
National Bank ◽  
Exchange Policy

scholarly journals Valuutakontrolli rakendamine Eestis 1930. aastatel [Abstract: Implementation of exchange control in Estonia in the 1930s]

2017 ◽  
pp. 79
Author(s):  
Karl Stern
Keyword(s):  
Monetary Policy ◽  
Foreign Exchange ◽  
Trade Balance ◽  
Foreign Currency ◽  
Course Of Action ◽  
Negative Effect ◽  
National Bank ◽  
Exchange Policy ◽  
Almost All ◽  
Exchange Control

Exchange control is generally managed by the national bank. Exporters have to transfer all of their earnings from foreign exchange to the national bank. The national bank considers different factors in redistributing foreign exchange among importers. After the devaluation of the British pound in the autumn of 1931, cash cover for Estonia’s currency decreased rapidly. The leaders of monetary policy ignored the statutes of the National Bank of Estonia and urgently decided to implement exchange control. The implementation of exchange control did not go very smoothly during its first years. Hurried implementation and lack of preceding explanation caused problems for entrepreneurs and citizens who were in need of foreign exchange. At first there was a great deal of dissension between the National Bank of Estonia and the Ministry of Economic Affairs. The ministry issued import licenses to importers but often the National Bank did not want to sell them any foreign currency (to be used to pay for goods) regardless of their legitimate licenses. The bank’s rationale for this course of action was the low level of cash cover for Estonia’s currency. This fact confirms the opinion prevalent in previous historiography that in its first years, exchange control was implemented for monetary policy purposes. Exchange control influenced almost everybody who needed to use foreign currency. Reasons had to be given even for the purchase of smaller amounts of foreign exchange. After the devaluation of Estonia’s currency in the summer of 1933, exchange control was used to protect the interests of Estonian foreign trade. The Ministry of Economic Affairs and the National Bank started collaborating more efficiently. National Bank Exchange Commission decisions approving exchange applications demonstrate this as well. The commission accepted almost all applications for foreign exchange after the devaluation. The number of applications nearly doubled during the second half of the 1930s. Cash cover for Estonia’s currency increased and the National Bank’s exchange policy became more liberal. After the devaluation, one of the important criteria for giving foreign exchange to importers was the trade balance between the source country and Estonia. Preference was given to traders who imported goods from countries with which Estonia had a positive trade balance. Comparison of export and import in the 1930s shows that in general, Estonia managed to maintain its trade balance. At the same time, exchange control had a negative effect on incentives. In countries where exchange control was implemented, trade volume recovered more slowly in the latter half of the 1930s than in countries where it was not implemented.

scholarly journals Econometric Analysis of Croatia’s Proclaimed Foreign Exchange Rate

2015 ◽  
Vol 10 (1) ◽  
pp. 7-17
Author(s):  
Davor Mance ◽  
Saša Žiković ◽  
Diana Mance
Keyword(s):  
Exchange Rate ◽  
Foreign Exchange ◽  
Nominal Exchange Rate ◽  
Impulse Response Functions ◽  
National Bank ◽  
Exchange Policy ◽  
Pass Through ◽  
Exchange Rate Changes ◽  
The Stability ◽  
Fx Market

Abstract The officially proclaimed foreign exchange policy of the Croatian National Bank (CNB) is a managed float with a discretionary right of intervention on the Croatian kuna/euro foreign exchange (FX) market in order to maintain price stability. This paper examines the validity of three monetary policy hypotheses: the stability of the nominal exchange rate, the stability of exchange rate changes, and the exchange rate to inflation pass-through effect. The CNB claims a direct FX to inflation rate pass-through channel for which we find no evidence, but we find a strong link between FX rate changes and changes in M4, as well as between M4 changes and inflation. Changes in foreign investment Granger cause changes in monetary aggregates that further Granger cause inflation. Changes in FX rate Granger cause a reaction in M4 that indirectly Granger causes a further rise in inflation. Vector Autoregression Impulse Response Functions of changes in FX rate, M1, M4, and CPI confirm the Granger causalities in the established order.

scholarly journals FOREX Performance And Bank Profitability: An Evaluation of PNB FOREX Branch

2018 ◽  
Vol 14 (02) ◽  
Author(s):  
Shubhanker Yadav
Keyword(s):  
Foreign Exchange ◽  
Banking System ◽  
Global Market ◽  
Bank Profitability ◽  
Financial Reports ◽  
National Bank ◽  
Exchange Policy ◽  
Small Parts ◽  
Insight Into ◽  
Positive Recommendation

Banks form an essential backbone of the economy. In this era of globalization foreign trade form a significant functional priority of the bank. India faces stiff competition in the global market and to continue in the race it needs to strengthen its banking system. Punjab National Bank (PNB) is one of the leading banks which have flown its branches to various small parts of the country. As so it is an essential bank of India, and therefore there is an utmost need to have an insight into the foreign exchange of PNB. This study reveals various loopholes in the foreign exchange policy of PNB Varanasi like 98.5% percent of foreign exchange business from one party only, the dissatisfaction of customers, merging of foreign Exchange and general banking, lack of yearly financial reports and many more. Based on the finding positive recommendation has been suggested to improve the foreign exchange status of PNB which if followed can enhance the functionality of its foreign exchange, and it can stand as an essential backbone in the Indian economy.

Actual Problems of Economic Policy

2003 ◽  
pp. 23-38 ◽  
Author(s):  
M. Ershov
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Foreign Exchange ◽  
World Economy ◽  
Domestic Economy ◽  
The World ◽  
Exchange Policy ◽  
Effective Integration

At present Russia faces the task of great importance - effective integration into the world economy. The success of this process largely depends on the strength of the domestic economy and stable economic growth. To attain such a goal certain changes in economic approaches are required which imply more active, focused and concerted steps in the monetary, fiscal and foreign exchange policy.

Foreign Exchange Policies of PRC: Historical Aspect

2014 ◽  
pp. 24-31
Author(s):  
A. Binder ◽  
A. Kononov
Keyword(s):  
Exchange Rate ◽  
Foreign Exchange ◽  
Perspective Taking ◽  
Historical Perspective ◽  
Chinese Economy ◽  
Historical Aspect ◽  
Distinctive Features ◽  
The World ◽  
Exchange Policy

The article analyzes the distinctive features of the PRC foreign exchange policy from the historical perspective, taking the national color into account and emphasizing the traditions-modernity unity in its strategy. It reviews the debates over renminbi exchange rate, disclosing the weakness of the modern international foreign exchange law. It systemizes the practices of international pressures applied to China in this aspect. It is stated, that China’s foreign exchange reforming process is of a long-term nature, and it will be completed only by the time the Chinese economy gets adjusted to the world market’s requirements.

Sharia free trade and foreign exchange policy

2018 ◽  
pp. 160-178
Author(s):  
Raja M. Almarzoqi ◽  
Walid Mansour ◽  
Noureddine Krichene
Keyword(s):  
Free Trade ◽  
Foreign Exchange ◽  
Exchange Policy
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