Exchange Rate Movements And Their Explanation
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Exchange Rate Movements And Their Explanation
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Author : Martin Vetter
language : en
Publisher: GRIN Verlag
Release Date : 2008-02-26
Exchange Rate Movements And Their Explanation written by Martin Vetter and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-02-26 with Business & Economics categories.
Seminar paper from the year 2004 in the subject Economics - Monetary theory and policy, grade: High Destinction (1), The University of Sydney, language: English, abstract: The essay addresses the topic of exchange rate movements and their explanation. Four different theoretical approaches are therefore taken into consideration, namely the Monetary Fundamentals approach, the Macroeconomic Balance approach, the Dispersed Information or Microstructure approach and the approach of explaining exchange rate movements by dealers. The essay outlines each approach and its assumptions briefly and evaluates the underlying time horizon, short-, medium- or long-term horizon, of each model. Furthermore the four approaches of exchange rate analysis are put into contrast. Finally all approaches are evaluated in spite of their individual strengths and weaknesses and linked to each other.
Exchange Rate Determination Puzzle
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Author : Falkmar Butgereit
language : en
Publisher: Diplomica Verlag
Release Date : 2010
Exchange Rate Determination Puzzle written by Falkmar Butgereit and has been published by Diplomica Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Business & Economics categories.
Still after more than thirty years of free floating exchange rates, large parts of exchange rate dynamics remain a puzzle. As this book shows, much progress has been made in explaining exchange rate movements over longer horizons. It also shows, however, that short-run movements are far more challenging to explain. The book is based upon a variety of papers, many of them released recently. A key aspiration of the literature has always been not only to explain past exchange rate behavior but also to forecast out of sample and to compare it to the simple random walk outcome. Here some development has been made after Meese and Rogoff's (1983) truculent verdict of the performance of common exchange rate models. By means of empirical analysis and descriptive statistics this book further supports the established long-run relationships between exchange rates and fundamentals such as expected productivity growth, real GDP growth, domestic investment, interest rates, inflation, government spending, and current account balances. It finds that these fundamentals affect the exchange rate to varying degrees over time. Turning to short-term exchange rate dynamics, it turns out that a different set of forces is at play. The key to explaining short-run movements is to be found in an extensive micro-foundation that factors in a pronounced heterogeneity among market participants and information asymmetries, as well as the possibility of sudden shifts in sentiment, beliefs, and the degree of risk aversion. Promising results have been obtained by order-flow analysis and high frequency data. Also, the consideration of chartism and speculators facilitates understanding for otherwise puzzling exchange rate movements. The last attempt to tackle the understanding of exchange rate behavior is the use of frequency domain analysis and in particular spectral analysis which tries to track down any cyclical patterns in the various moments of time series. And as we shall see forex indeed incorpor
A Political Economic Analysis Of Exchange Rate Movements
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Author : Joerg Stephan
language : en
Publisher:
Release Date : 1994
A Political Economic Analysis Of Exchange Rate Movements written by Joerg Stephan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Foreign exchange categories.
Seasonal Movements Of Exchange Rates And Interest Rates Under The Pre World War I Gold Standard
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Author : Ellen Foster
language : en
Publisher: Routledge
Release Date : 2017-04-21
Seasonal Movements Of Exchange Rates And Interest Rates Under The Pre World War I Gold Standard written by Ellen Foster and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-04-21 with Business & Economics categories.
Originally published in 1994. This work investigates seasonal fluctuations of US and British short term nominal interest rates, the dollar-sterling exchange rate and short term interest rate differentials between the US and Britain during the period 1883-1913. It finds that during the pre-World War Gold Standard seasonal movements in exchange rates did not tend to offset the seasonal fluctuations in interest rate differentials. It presents a model to explain the fluctuations and outlines two specific empirical investigations, considering the results in the light of more recent historical periods as well.
Exchange Rates And Prices
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Author : William R. Smith
language : en
Publisher: Routledge
Release Date : 2017-04-21
Exchange Rates And Prices written by William R. Smith and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-04-21 with Business & Economics categories.
Originally published in 1996. This study looks at the impact of exchange rate fluctuation on the pricing practices of foreign industries that import into the United States market. It presents several studies of the pass-through behaviour of over 100 disaggregated commodity groups with bi-lateral exchange rates. The book presents analysis of specific competitors and their individual pricing responses to exchange rate changes, adding significantly to pricing theory as well as being useful for marketers in predicting business responses.
Currency Forecasting
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Author : Michael Roy Rosenberg
language : en
Publisher:
Release Date : 1996
Currency Forecasting written by Michael Roy Rosenberg and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.
This text explains the methods and aspects of exchange rate forecasting, including purchasing power, parity, interest rate differentials and technical analysis. Guidelines for reducing risk with forecasting strategies are included, as are techniques for co
Exchange Rate Movements And International Interdependence Of Stock Markets
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1989-05-12
Exchange Rate Movements And International Interdependence Of Stock Markets written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989-05-12 with Business & Economics categories.
This paper investigates linkages between stock markets in seven industrialized countries since 1974. Empirical evidence shows that both nominal and real stock prices (and returns) are strongly positively correlated across countries, and that nominal exchange rate changes do not have systematic effects on nominal stock prices. A two-country theoretical model is developed and an attempt is made to reconcile the empirical findings with the properties of this model. Independent evidence on the main sources of shocks is used to argue that the time-varying correlation in the data can be reconciled with the predictions of the theory.
Fundamental Determinants Of Exchange Rates
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Author : Jerome L. Stein
language : en
Publisher: Oxford University Press
Release Date : 1997
Fundamental Determinants Of Exchange Rates written by Jerome L. Stein and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Business & Economics categories.
Neo-classical in its stress on fundamentals that drive a real economy, this study also offers an alternative paradigm to describe and explain short-run movements of nominal exchange rates.
Determinants Of An Exchange Rate
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Author : Ralph Johann
language : en
Publisher: GRIN Verlag
Release Date : 2008-09-09
Determinants Of An Exchange Rate written by Ralph Johann and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-09-09 with Business & Economics categories.
Seminar paper from the year 2005 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, California State University, Fullerton, course: International Economics, language: English, abstract: This paper will discuss the general relationship between the two major currencies of the world: the US-Dollar and the Euro and the determinants for the exchange rate fluctuations since the introduction of the Euro as the common currency of Europe during the period between January 1999 and November 2005. Since the introduction of the Euro as the common currency of the European Monetary Union (EMU) in 1999 this relationship was first characterized by a sharp depreciation of the Euro followed by a three year lasting appreciation of the same that passed over in a slight depreciation again from the beginning of 2005 in the long run.1 This paper will first focus on the History of the international currency exchange system from the 19th century until the end of the Bretton Woods System in 1973 and on the history of the currency system in the European community. It will then discuss the general determinants of exchange rates in the short and long run. It will be pointed out that in the short run interest rate differentials and expectations of international portfolio investors matter and in the long run the economic fundamentals such as inflation rates and GDP growth rates of either economic region are the main factors for the behaviour of the exchange rate. In this context the theories of the Law of one price and the purchasing power parity are introduced. In the third part of the paper the exchange rate theories introduced in the previous part are applied to the €-$ exchange rate in the time period between 1999 and 2005. Thus, the short term and long term factors are used to explain the relationship between the two currencies in this period. Finally, the last part serves as a conclusion.
Moving To A Flexible Exchange Rate
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Author : Rupa Duttagupta
language : en
Publisher: International Monetary Fund
Release Date : 2005
Moving To A Flexible Exchange Rate written by Rupa Duttagupta and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
A growing number of countries are adopting flexible exchange rate regimes because flexibility offers more protection against external shocks and greater monetary independence. Other countries have made the transition under disorderly conditions, with the sharp depreciation of their currency during a crisis. Regardless of the reason for adopting a flexible exchange rate, a successful transition depends on the effective management of a number of institutional and operational issues. The authors of this Economic Issue describe the necessary ingredients for moving to a flexible regime, as well as the optimal pace and sequencing under different conditions.