Financial dollarization and central bank credibility

Why do firms and banks hold foreign currency denominated liabilities? The authors argue that foreign currency debt, by altering the effect of a devaluation on output, has a disciplining effect when the Central Bank's objectives differ from the social optimum. However, under imperfect information, bad priors about the Central Bank induce excess dollarization of liabilities, which in turn limits the ability of the Central Bank to conduct an optimal monetary policy. In addition the economy may become stuck in a"dollarization trap"in which dollarized liabilities limit the ability of agents to learn the true type of the monetary authority. The model has clear-cut policy implications regarding the taxation of foreign currency liabilities as a way to encourage perfect information and avoid dollarization traps. Moreover, it reinforces the existing argument for Central Bank independence. Finally, the authors believe this model to be consistent with a growing empirical literature on the determinants of foreign currency liabilities and their relationships to Central Bank credibility.Financial Intermediation,Environmental Economics&Policies,Payment Systems&Infrastructure,Economic Theory&Research,Fiscal&Monetary Policy,Economic Theory&Research,Economic Stabilization,Environmental Economics&Policies,Macroeconomic Management,Financial Intermediation

The role of the classroom teacher in a speech improvement program.

Thesis (Ed.M.)--Boston Universit

Digital Broadcast Panel

Moderator: Richard Wile

The Development of a Reading Readiness Program Designed to be Implemented into a Kindergarten Curriculum

The goal of this project was to develop a reading readiness program which could be implemented into a given kindergarten curriculum. The focus of the paper was to identify the basic, skills necessary for successful reading and to list activities that the classroom teacher could use to increase a child\u27s level of ability in each area. The seven basic skills identified as necessary pre-reading skills were; language development, listening skills, visual discrimination, visual memory, auditory discrimination, auditory memory and perceptual motor development. Over all goals for the project were also developed. Each of the seven areas discussed included; objectives, activities and assessment inventories. Recommendations for the project were discussed In terms of possible other approaches toward reading readiness

Spartan Daily, October 4, 1977

Volume 69, Issue 22https://scholarworks.sjsu.edu/spartandaily/6244/thumbnail.jp

Keeping the Internet Neutral?: Tim Wu and Christopher Yoo Debate

Net neutrality has been among the leading issues of telecommunications policy this decade. Is the neutrality of the Internet fundamental to its success, and worth regulating to protect, or simply a technical design subject to improvement? In this debate-form commentary, Tim Wu and Christopher Yoo make clear the connection between net neutrality and broader issues of national telecommunications policy