Monetary Contracting Between Central Banks And The Design Of Sustainable Exchange Rate Zones
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Monetary Contracting Between Central Banks And The Design Of Sustainable Exchange Rate Zones
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Author : Francisco Delgado
language : en
Publisher:
Release Date : 1990
Monetary Contracting Between Central Banks And The Design Of Sustainable Exchange Rate Zones written by Francisco Delgado and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Foreign exchange categories.
An exchange-rate system is a set of contracts which commits central banks to intervene in the foreign-exchange market. The design features of the system include: the rules of intervention, the limits placed on exchange rates and the "crisis scenario" which describes possible transitions to new regimes in case one central bank runs out of reserves or borrowing capacity. This paper considers the various trade-offs one faces in designing an exchange-rate system. Svensson (1989) has already analyzed the degree of variability in the exchange rate, the interest rate and the fundamentals. But the tradeoff also pertains to the amount of reserves which the central banks must have on hand in order to forestall a speculative attack and make the system sustainable. The amount of reserves needed depends crucially on the assured crisis scenario
Monetary Contracting Between Central Banks And The Design Of Sustainableexchange Rate Zones
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Author : Bernard Dumas
language : en
Publisher:
Release Date : 2007
Monetary Contracting Between Central Banks And The Design Of Sustainableexchange Rate Zones written by Bernard Dumas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
An exchange-rate system is a set of contracts which commits central banks to intervene in the foreign-exchange market. The design features of the system include: the rules of intervention, the limits placed on exchange rates and the quot;crisis scenarioquot; which describes possible transitions to new regimes in case one central bank runs out of reserves or borrowing capacity. This paper considers the various trade-offs one faces in designing an exchange-rate system. Svensson (1989) has already analyzed the degree of variability in the exchange rate, the interest rate and the fundamentals. But the tradeoff also pertains to the amount of reserves which the central banks must have on hand in order to forestall a speculative attack and make the system sustainable. The amount of reserves needed depends crucially on the assured crisis scenario.
Exchange Rate Targets And Currency Bands
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Author : Paul Krugman
language : en
Publisher: Cambridge University Press
Release Date : 1992-10-22
Exchange Rate Targets And Currency Bands written by Paul Krugman 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 1992-10-22 with Business & Economics categories.
This volume examines the intersection between a new analytical approach and a real economic problem.
Soft Exchange Rate Bands And Speculative Attacks
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Author : Mr.Alessandro Prati
language : en
Publisher: International Monetary Fund
Release Date : 1998-11-01
Soft Exchange Rate Bands And Speculative Attacks written by Mr.Alessandro Prati 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 1998-11-01 with Business & Economics categories.
We present a model of a “soft” exchange rate target zone and interpret it as a stylized description of the post-August 1993 ERM. Our central bank targets a moving average of the current and past exchange rates, rather than the exchange rate’s current level, thus allowing the rate to move within wide margins in the short run, but within narrow margins in the long run. For realistic parameters, soft target zones are significantly less vulnerable to speculative attacks than “hard” target zones. These predictions are consistent with the ERM’s experience and the abatement of speculative pressure in European markets since the bands’ widening in 1993.
The Macroeconomic Theory Of Exchange Rate Crises
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Author : Giovanni Piersanti
language : en
Publisher: Oxford University Press
Release Date : 2012-04-26
The Macroeconomic Theory Of Exchange Rate Crises written by Giovanni Piersanti 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 2012-04-26 with Business & Economics categories.
An overview of the causes and consequences of speculative attacks on domestic currency and international financial turmoil. It provides a comprehensive treatment of the existing theories of exchange rate crises and of financial market runs.
Target Zones And Forward Rates In A Model With Repeated Realignments
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Author : Mr.Leonardo Bartolini
language : en
Publisher: International Monetary Fund
Release Date : 1992-03-01
Target Zones And Forward Rates In A Model With Repeated Realignments written by Mr.Leonardo Bartolini 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 1992-03-01 with Business & Economics categories.
This paper studies the implications of the imperfect credibility of an exchange rate target zone on the term structure of forward premia. The relationship between spot and forward exchange rates of different maturities reflects the possibility of repeated realignments of the exchange rate band. The credibility of the commitment to the target zone implicit in forward market data can be extracted by estimating the model. Application to French/German data indicates that the model is capable of matching observed patterns of interest rate differentials during the EMS, while yielding estimates of the credibility parameters that accord with the experience of the FF/DM exchange rate during the 1980s.
Capital Mobility
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Author : Leonardo Leiderman
language : en
Publisher: Cambridge University Press
Release Date : 1994-07-14
Capital Mobility written by Leonardo Leiderman 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 1994-07-14 with Business & Economics categories.
This edited volume examines capital mobility in both industrialised and developing countries.
The Derivatives Sourcebook
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Author : Terence Lim
language : en
Publisher: Now Publishers Inc
Release Date : 2006
The Derivatives Sourcebook written by Terence Lim and has been published by Now Publishers Inc this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.
The Derivatives Sourcebook is a citation study and classification system that organizes the many strands of the derivatives literature and assigns each citation to a category. Over 1800 research articles are collected and organized into a simple web-based searchable database. We have also included the 1997 Nobel lectures of Robert Merton and Myron Scholes as a backdrop to this literature.
The Monetary Model Of Exchange Rates And Cointegration
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Author : Javier Gardeazabal
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
The Monetary Model Of Exchange Rates And Cointegration written by Javier Gardeazabal and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
These notes draw from the Theory of Cointegration in order to test the monetary model of exchange rate determination. Previous evidence shows that the monetary model does not capture the short run dynamics of the exchange rate, specially when assessed in terms of forecasting accuracy. Even though the monetary equations of exchange rate determination may be bad indicators of how exchange rates are determined in the short run, they couldstill describe long run equilibrium relationships between the exchange rate and its fundamentals. Stationary deviations from those long run relationships are allowed in the short run. This book also addresses severalissues on Cointegration. Chapter 6 studies the small sample distribution of the likelihood ratio test statistics (on the dimension and restrictions on the cointegrating space) under deviations from normality. This monograph also focuses on the issue of optimal prediction in partially nonstationary multivariate time series models. In particular, it caries out an exchange rate prediction exercise.
International Bibliography Of The Social Sciences
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Author : British Library of Political and Economic Science
language : en
Publisher: Psychology Press
Release Date : 1992
International Bibliography Of The Social Sciences written by British Library of Political and Economic Science and has been published by Psychology Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Business & Economics categories.
The IBSS is the essential tool for librarians, university departments, research institutions and any public or private institution whose work requires access to up-to-date and comprehenisve knowledge of the social sciences.