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Report
Hyperinflation in Zimbabwe
One hundred trillion dollars?that?s100,000,000,000,000?is the largest denomination of currency ever issued.1 The Zimbabwean government issued the Z$100 trillion bill in early 2009, among the last in a series of ever higher denominations distributed as inflation eroded purchasing power. When Zimbabwe attained independence in 1980, Z$2, Z$5, Z$10 and Z$20 denominations circulated, replaced three decades later by bills in the thousands and ultimately in the millions and trillions as the government sought to prop up a weakening economy amid spiraling inflation.
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The Potential Impact of Decentralized Virtual Currency on Monetary Policy
Electronic money is a broad term for any money, currency or asset not held in physical form?it can include representations of a sovereign currency or claims on a realworld good.
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Measuring the External Value of the Dollar
How much is a dollar worth? The value of a dollar is most generally defined in terms of its purchasing power over the goods and services that households and individuals consume on a regular basis. As goods and services become more expensive, the purchasing power?or value?of the dollar falls. Over long periods of time, the tendency has been for most goods and services to become more expensive in dollar terms. The result is that the purchasing power of a dollar in 2014 is a lot less than the purchasing power of a dollar in 1914.
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The Federal Reserve’s Role in the Global Economy: A Historical Perspective
he Globalization and Monetary Policy Institute at the Federal Reserve Bank of Dallas sponsored the Bank?s centennial conference analyzing the evolution of the U.S. central bank, from its beginnings 100 years ago to its future influencing global monetary policy. The gathering, held Sept. 18?19 at the Dallas Fed, included the inaugural Robert V. Roosa Memorial Lecture, a conversation with former Federal Reserve Chairman Paul A. Volcker. The conference was organized by Dallas Fed Vice President and Globalization Institute Director Mark A. Wynne and institute senior fellow Michael D. Bordo, a ...
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The financial crisis, trade finance and the collapse of world trade
As economic activity in many parts of the world started to recover in the latter half of 2009, trade volumes picked up.
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Toward a Better Understanding of Macroeconomic Interdependence
The concept of a representative foreign economy has no proper justification in the literature, and the consequences of aggregating the rest of the world into one representative economy are not fully understood.
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Public Perception of Globalization’s Impact Shapes Trade Realities
History teaches us that perception often matters much more than reality in shaping public opinion. Accordingly, perception is crucial to understanding the outcomes of globalization, from increased free trade and the breakdown of political and economic barriers to technological integration, greater capital flows and worker migration. Ideally, the public?s evaluations are sound and closely reflect reality. Polling data, however, indicate this is often not the case. Misplaced perceptions may profoundly affect the course of globalization policies.
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Conference on globalization, political economy and trade policy
On April 24 and 25, 2009, the Globalization and Monetary Policy Institute joined with Southern Methodist University to cosponsor a conference on Globalization, Political Economy and Trade Policy at SMU?s Collins Executive Education Center. Nine scholarly papers were presented and discussed in three sessions.
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Understanding Trade, Exchange Rates and International Capital Flows
Global trade collapsed following the financial crisis in 2008?09. Imports and exports plunged in major trade countries, and global trade suffered the biggest contraction since World War II.
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Spillovers of Conventional and Unconventional Monetary Policy: The Role of Real and Financial Linkages
Central banks around the world launched extraordinary monetary policy responses to the global financial crisis of 2007?09 and the European debt crises that began in 2010. Some were coordinated; all were directed at fulfilling domestic mandates for price and financial stability and supporting real economic activity.