Exchange Rate Volatility Trade And Capital Flows Under Alternative Exchange Rate Regimes
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Exchange Rate Volatility Trade And Capital Flows Under Alternative Exchange Rate Regimes
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Author : Piet Sercu
language : en
Publisher: Cambridge University Press
Release Date : 2000-06-19
Exchange Rate Volatility Trade And Capital Flows Under Alternative Exchange Rate Regimes written by Piet Sercu and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-06-19 with Business & Economics categories.
Recent years have seen a substantial increase in the volatility of exchange rates. This trend has prompted economists and finance analysts to question if the observed behavior of exchange rates is consistent with a rational model. Does that volatility, further, hinder trade? Professors Sercu and Uppal examine these issues in the context of dynamic general equilibrium models, explicitly considering the role of financial markets while allowing for commodity markets to be segmented across countries. They show that the implications of the theoretical model for exchange rates in this context are quite different from those put forth by monetary theorists and proponents of purchasing power parity arguments.
The Economics Of Exchange Rates
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Author : Lucio Sarno
language : en
Publisher: Cambridge University Press
Release Date : 2003-01-09
The Economics Of Exchange Rates written by Lucio Sarno and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-01-09 with Business & Economics categories.
In the last few decades exchange rate economics has seen a number of developments, with substantial contributions to both the theory and empirics of exchange rate determination. Important developments in econometrics and the increasingly large availability of high-quality data have also been responsible for stimulating the large amount of empirical work on exchange rates in this period. Nonetheless, while our understanding of exchange rates has significantly improved, a number of challenges and open questions remain in the exchange rate debate, enhanced by events including the launch of the Euro and the large number of recent currency crises. This volume provides a selective coverage of the literature on exchange rates, focusing on developments from within the last fifteen years. Clear explanations of theories are offered, alongside an appraisal of the literature and suggestions for further research and analysis.
Exchange Rate Regimes
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Author : Atish R. Ghosh
language : en
Publisher: MIT Press
Release Date : 2002
Exchange Rate Regimes written by Atish R. Ghosh and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business & Economics categories.
An empirical study of exchange rate regimes based on data compiled from 150 member countries of the International Monetary Fund over the past thirty years. Few topics in international economics are as controversial as the choice of an exchange rate regime. Since the breakdown of the Bretton Woods system in the early 1970s, countries have adopted a wide variety of regimes, ranging from pure floats at one extreme to currency boards and dollarization at the other. While a vast theoretical literature explores the choice and consequences of exchange rate regimes, the abundance of possible effects makes it difficult to establish clear relationships between regimes and common macroeconomic policy targets such as inflation and growth. This book takes a systematic look at the evidence on macroeconomic performance under alternative exchange rate regimes, drawing on the experience of some 150 member countries of the International Monetary Fund over the past thirty years. Among other questions, it asks whether pegging the exchange rate leads to lower inflation, whether floating exchange rates are associated with faster output growth, and whether pegged regimes are particularly prone to currency and other crises. The book draws on history and theory to delineate the debate and on standard statistical methods to assess the empirical evidence, and includes a CD-ROM containing the data set used.
Capital Flows Exchange Rate Flexibility And The Real Exchange Rate
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Author : Mr.Tidiane Kinda
language : en
Publisher: International Monetary Fund
Release Date : 2011-01-01
Capital Flows Exchange Rate Flexibility And The Real Exchange Rate written by Mr.Tidiane Kinda 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 2011-01-01 with Business & Economics categories.
This paper analyzes the impact of capital inflows and exchange rate flexibility on the real exchange rate in developing countries based on panel cointegration techniques. The results show that public and private flows are associated with a real exchange rate appreciation. Among private flows, portfolio investment has the highest appreciation effect-almost seven times that of foreign direct investment or bank loans-and private transfers have the lowest effect. Using a de facto measure of exchange rate flexibility, we find that a more flexible exchange rate helps to dampen appreciation of the real exchange rate stemming from capital inflows.
Exchange Rate Regimes And The Stability Of The International Monetary System
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Author : Mr.Atish R. Ghosh
language : en
Publisher: International Monetary Fund
Release Date : 2011-03-15
Exchange Rate Regimes And The Stability Of The International Monetary System written by Mr.Atish R. Ghosh 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 2011-03-15 with Business & Economics categories.
The member countries of the International Monetary Fund collaborate to try to assure orderly exchange arrangements and promote a stable system of exchange rates, recognizing that the essential purpose of the international monetary system is to facilitate the exchange of goods, services, and capital, and to sustain sound economic growth. The paper reviews the stability of the overall system of exchange rates by examining macroeconomic performance (inflation, growth, crises) under alternative exchange rate regimes; implications of exchange rate regime choice for interaction with the rest of the system (external adjustment, trade integration, capital flows); and potential sources of stress to the international monetary system.
Evolving Financial Markets And International Capital Flows
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Author : Lance E. Davis
language : en
Publisher: Cambridge University Press
Release Date : 2001-05-07
Evolving Financial Markets And International Capital Flows written by Lance E. Davis and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-05-07 with Business & Economics categories.
This study examines the impact of British capital flows on the evolution of capital markets in four countries - Argentina, Australia, Canada, and the United States - over the years 1870 to 1914. In substantive chapters on each country it offers parallel histories of the evolution of their financial infrastructures - commercial banks, non-bank intermediaries, primary security markets, formal secondary security markets, and the institutions that provide the international financial links connecting the frontier country with the British capital market. At one level, the work constitutes a quantitative history of the development of the capital markets of five countries in the late nineteenth century. At a second level, it provides the basis for a useable taxonomy for the study of institutional invention and innovation. At a third, it suggests some lessons from the past about modern policy issues.
Currency Union And Exchange Rate Issues
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Author : Ronald MacDonald
language : en
Publisher: Edward Elgar Publishing
Release Date : 2010-01-01
Currency Union And Exchange Rate Issues written by Ronald MacDonald and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-01-01 with Business & Economics categories.
This book written by leading academics and practitioners in the field brings together cutting edge research on exchange rate regime and monetary union issues. There is a particular focus on the implications for member states of the Gulf Cooperation Council (GCC) which is itself working towards forming a monetary union for the Gulf States. The relatively dramatic movements in the US dollar in the recent past, and also in the early 1990s, have called the practice of pegging to the US dollar into question for a group of countries that predominantly rely on hydrocarbons as their primary export. The book considers the key issues which must be addressed by the GCC in trying to form a monetary union for the Gulf countries and also the rigid pegging of member states currencies to the US dollar. The proposed monetary union raises clear issues in terms of the appropriateness of such a regime for these countries and whether, for example, the necessary institutional mechanisms are in place ahead of the proposed union. Currency Union and Exchange Rate Issues brings together the perspectives of a group of experts who focus on these important issues, and provide analysis of the policy options. Academics, policymakers and postgraduates in international finance will find much to consider and learn from in this informative book.
Reconstructing Macroeconomics
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Author : Masanao Aoki
language : en
Publisher: Cambridge University Press
Release Date : 2011-08-29
Reconstructing Macroeconomics written by Masanao Aoki and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-08-29 with Business & Economics categories.
In this book, the authors reconceptualize existing macroeconomics by treating equilibria as statistical distributions, not as fixed points.
Comparative Economic Studies In Europe
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Author : Wladimir Andreff
language : en
Publisher: Springer Nature
Release Date : 2020-11-16
Comparative Economic Studies In Europe written by Wladimir Andreff and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-11-16 with Political Science categories.
This book is written in honor of Horst Brezinski and explores a wide and diverse range of topics related to comparative economic studies. Containing contributions from a number of former Presidents of the European Association for Comparative Economic Studies, the chapters discuss the hard budget constraint, economic transformation in Central Eastern Europe, illiberal democracy, sovereign wealth fund, higher education, the euro, the shadow economy, multinational companies, and economic power. Additional attention is given to new areas of study such as the digital economy and sports economics. This book aims to examine comparative economies across a wide range of geographical areas including China, Hungary, the United Kingdom, Poland, and the United States and will be relevant to those interested in emerging and transition economies, the political economy, economic policy, and international relations.
Financial Markets And European Monetary Cooperation
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Author : Willem H. Buiter
language : en
Publisher: Cambridge University Press
Release Date : 2001-04-23
Financial Markets And European Monetary Cooperation written by Willem H. Buiter and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-04-23 with Business & Economics categories.
This book provides a comprehensive assessment of the causes and implications of the 1992-3 crisis of the exchange rate mechanism.