One is the scale of rebalancing that the world economy requires, and the role of exchange rates in that process.
"With the opening up of the economy, there is a greater exchange of ideas, " he said.
Tokyo is the hub of the Asian economy and the Japanese Stock Exchange and a society closely intertwined with American business.
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Growing deficits constrain the use of stimulus efforts to revive the economy, while Serbia's concerns about inflation and exchange rate stability preclude the use of expansionary monetary policy.
Eventually society exhausts the carrying capacity of the truly productive and leverages itself with so much debt that the private economy is crowded out or manipulates the medium of exchange in a way that destroys the purchasing power of working class people.
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But while ruble volatility might or might not be a problem, I will very freely admit that I lack the economic chops to analyze the impact of exchange rate liberalization on the Russian economy, it seems almost impossible to argue that the ruble is excessively strong.
The Conservatives and Liberal Democrats proposed their vision for the Welsh economy, which included the development of a Welsh stock exchange and a stronger role for the Business Partnership Council.
Others have dropped out of the money economy and rely on barter, through an exchange network that drew in as much as a third of the population at its peak earlier this year.
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This was not the place to find a free-wheeling exchange of ideas on what the economy needs, and how to keep it moving forward.
The U.S. has a special place in this, not just because it is still the biggest economy, but because it still has the dominant global means of exchange, the dollar.
Well, if the set interest rates lower than the natural rate then they will have rising inflation and output which will mean an ever increasing natural rate and even faster inflation until eventually the economy moves into hyper-inflation and their control over the medium of exchange collapses.
The real test for joining the euro should be whether an economy is flexible enough to cope with the strain of a permanently fixed exchange rate.
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The rupiah's exchange rate is also important to the health of the Indonesian economy.
The company is up against one of the coziest clubs in the world, the Stock Exchange of Hong Kong, which likes to keep its Old Economy members happy by making it hard for precocious young upstarts to get a head start.
But as raising interest rates to protect the currency means slowing the economy, a government might at some point decide that the pain of maintaining the fixed exchange rate is not worthwhile.
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So the economy remains weak, with low reserves of foreign exchange and slow industrial growth.
Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues.
Something similar happened in Argentina after it adopted its convertibility plan: people started to believe that biting the bullet of a permanently fixed exchange rate was enough, on its own, to cure the economy's problems.
Much as he does when he reads the letters that are culled for him from Americans every night, he gets to experience the American economy through the eyes of folks out there who are living it, and that was the case in this exchange yesterday.
This is the value of an exchange-rate peg in an economy such as Hong Kong's: adjustment to external shocks takes place through changes to domestic prices, rather than through exchange-rate levels.
Most of the risk in Brazil stems from political interference in the economy through a myriad of surprise macro measures such as taxation on investment, to monetary policy related to the foreign exchange rate.
But thanks to the economy, residents are more enthusiastic about creating their own medium of exchange.
In the emerging-markets crisis that currently threatens the world economy, exchange-rate movements have not been absorbers of shocks but amplifiers and even creators of them.
Argentina, Latin America's fastest-growing economy last year, has the most rigid exchange-rate system of all, with a currency board that fixes by law the value of the peso at parity with the dollar, and thus limits the money supply to the level of foreign currency reserves.
China's economy is still less than a third the size of America's at market exchange-rates.
"A monetary zone must have an exchange rate policy or else it ends up subjected to an exchange rate that does not match the true state of its economy, " he said.
We know central banks can debauch their own currencies on the exchange markets, even if the depressed state of the domestic economy makes them unable to reliably produce inflation or decent economic growth at home.
Our entire economy, as unwieldy and unpredictable as it is, comes from nothing more than the exchange of goods and services.
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At a separate hearing Thursday morning in the Senate, Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke, and Securities and Exchange Commission Chairman Christopher Cox testified on the effects of the crisis on the economy and the efforts to fix the problems.
Mr. LIN SHAO-WEN (Deputy Newsroom Director, China Radio International): The government here is saying that this is a market economy so it will take some measures to work for a manageable, freer flow of the exchange rate.
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