Three Essays On International Financial And Monetary Interactions
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Three Essays On International Financial And Monetary Interactions
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Author : Kemal Burak Bekircan
language : en
Publisher:
Release Date : 2020
Three Essays On International Financial And Monetary Interactions written by Kemal Burak Bekircan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Dollar, American categories.
This dissertation develops three essays on safe haven currency behavior and international monetary interactions. Essay one notes the dramatic appreciation of the U.S. dollar vis-à-vis all world currencies, along with its reversal after a year on the account of the Great Recession. This paper investigates bilateral U.S. dollar exchange rate movements during and in the aftermath of the Great Recession. I find that increasing global market uncertainty has a significant and consistent effect in strengthening of the U.S. dollar. This striking finding suggests flight-to-safety phenomenon of foreign investors, and repatriation of capital flows to the United States by the U.S. investors during and after the last financial crisis. This essay also demonstrates that global investors consider the 3-month and 1-year T-bill, the 5-year T-note, and the 20-year T-bond as the strongest safe haven instruments that can be bought and sold in U.S. dollars. In essay two, it is noted that existing literature assumes that the euro is a safe haven currency but there is no evidence whether it actually behaves as a safe haven. This essay studies the validity of the safe haven hypothesis for the euro. A safe haven currency works as a hedge in the face of extreme market uncertainty. The results of this research imply that the euro is a safe haven currency if the market uncertainty originates in the U.S. market. I show that there is no significant evidence to suggest that the euro serves as a safe haven currency if the uncertainty originates in the Euro-area. From the standpoint of world investors, however, this paper does not find any Euro-area safe haven asset (other than cash) using the EURO STOXX 50 Index as a measure of uncertainty. Essay three studies whether the European Central Bank or the Federal Reserve have an influence on monetary policy implementations of each other and other major industrialized countries since the advent of the euro. I find that the Federal Reserve causes an endogenous monetary policy response in the Euro-area, and in other non-US G7 countries, with the exception of Japan, during the conventional monetary policy period of the post-euro era. I also show that exogenous Euro-area conventional monetary policy innovations cause foreign monetary policy endogeneity in Canada and the UK, but do not cause similar endogeneity in the US and Japan. I define foreign monetary policy endogeneity as the reaction of G7 monetary authorities (that persists for at least two time periods) following a monetary policy innovation of the other. The results of this chapter further reveal that, with respect to the G7 economies, U.S. unconventional monetary policy shocks induce endogenous policy reactions only in Japan during the Great Recession and its aftermath. Unconventional monetary policy innovations by the European Central Bank, instead, lead to a response by the monetary authorities of Japan, the UK, and the US.
Intervention Interest Rates And Charts
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Author : Mr.Mark P. Taylor
language : en
Publisher: International Monetary Fund
Release Date : 1991-11
Intervention Interest Rates And Charts written by Mr.Mark P. Taylor 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 1991-11 with Business & Economics categories.
This paper contains essays on sterilized intervention, on covered interest rate parity, and on chartist analysis in financial markets. Each essay contains a definition, brief survey of the empirical evidence and overall assessment of each topic.
Three Essays On Imbalances In A Monetary Union
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Author : Ida Maria Hjortsø
language : en
Publisher:
Release Date : 2012
Three Essays On Imbalances In A Monetary Union written by Ida Maria Hjortsø and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Europe categories.
This thesis investigates the implications of imbalances within a monetary union. In the first chapter, I study how international financial frictions lead to international imbalances and affect optimal fiscal policy in a two-country, two-good DSGE model of a monetary union. I show that the presence of international imbalances affects the optimal conduct of cooperative fiscal policies when the traded goods are complements. Government expenditures optimally play a cross-country risk sharing role which is in conflict with the domestic stabilization role: optimal fiscal policy consists in setting government expenditures such as to reduce international imbalances at the expense of higher domestic inefficiencies. In the second chapter, I assess the implications of strategic fiscal policy interactions in a two-country DSGE model of a monetary union with nominal rigidities and international financial frictions. I show that the fiscal policy makers face an incentive to set fiscal policy such as to switch the terms of trade in their favour. This incentive results in a Nash equilibrium characterized by excessive inflation differentials as well as sub-optimally high current account imbalances within the monetary union. There are thus non-negligeable welfare losses associated with strategic fiscal policy making in a monetary union. The third chapter investigates empirically the degree of risk sharing in the European Economic and Monetary Union (EMU), using two different methods. The first measure relates to the capacity of consumption smoothing. This measure indicates that risk sharing is rather low and that the introduction of the common currency did not lead to higher intra-EMU risk sharing. The second measure is based on the welfare losses associated with deviations from full risk sharing. These welfare losses have fallen since the introduction of the common currency. However, this is mostly due to changes in macroeconomic risk - not to changes in risk sharing per se.
Three Essays On International Economics And Finance
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Author : Juan Antonio Montecino
language : en
Publisher:
Release Date : 2017
Three Essays On International Economics And Finance written by Juan Antonio Montecino and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
This dissertation studies the macroeconomic and social impacts of two increasingly common macroeconomic policies: restrictions on international capital mobility -- capital controls -- and so-called unconventional monetary policy -- often referred to as "quantitative easing." The consensus view is that capital controls can effectively lengthen the maturity composition of capital inflows and increase the independence of monetary policy but are not generally effective at reducing net inflows and influencing the real exchange rate. The first essay presents empirical evidence that although capital controls may not directly affect the long-run equilibrium level of the real exchange rate, they may enable disequilibria to persist for an extended period of time relative to the absence of controls. Allowing the speed of adjustment to vary according to the intensity of restrictions on capital flows, it is shown that the real exchange rate converges to its long-run level at significantly slower rates in countries with capital controls. The second essay studies the social welfare implications of capital controls when controls are imperfectly binding and financial markets actively aim to bypass regulation. I consider a series of models of a small open economy featuring a "Dutch disease" externality arising from excessive capital inflows, as well as strategic interactions between a regulatory authority attempting to enforce capital controls and a financial sector attempting to evade them. The models suggest that capital controls, by internalizing externalities associated with capital inflows, can improve welfare relative to a "laissez-faire" benchmark even when these are imperfectly binding. The third and final essay uses data from the Federal Reserve's Tri-Annual Survey of Consumer Finances (SCF) to study the distributional impacts of quantitative easing in the U.S. since the 2008-9 financial crisis. I decompose the change in the distribution of income into three key impact channels of QE policy: 1) the employment channel 2) the asset appreciation and return channel, and 3) the mortgage refinancing channel. The results suggest that while employment changes and mortgage refinancing were equalizing, these impacts were nonetheless swamped by the large dis-equalizing effects of asset appreciations.
Managing Global Money
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Author : Graham Bird
language : en
Publisher: MacMillan
Release Date : 1988
Managing Global Money written by Graham Bird and has been published by MacMillan this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Business & Economics categories.
This collection of articles and papers has been organised under a limited number of specific themes in international financial economics, including balance of payment theory and policy, the activities of the IMF, Special Drawing Rights, the role of the private financial markets, and the international economic order. A unifying theme running through all the essays is that some degree of management of international financial affairs is desirable. The book has a strong policy orientation and should be of interest to students and practitioners of international financial economics alike.
Dead Aid
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Author : Dambisa Moyo
language : en
Publisher: Farrar, Straus and Giroux
Release Date : 2010-03-02
Dead Aid written by Dambisa Moyo and has been published by Farrar, Straus and Giroux this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-03-02 with Political Science categories.
A national bestseller, Dead Aid unflinchingly confronts one of the greatest myths of our time: that billions of dollars in aid sent from wealthy countries to developing African nations has helped to reduce poverty and increase growth. In fact, poverty levels continue to escalate and growth rates have steadily declined—and millions continue to suffer. Debunking the current model of international aid promoted by both Hollywood celebrities and policy makers, Dambisa Moyo offers a bold new road map for financing development of the world's poorest countries. Much debated in the United States and the United Kingdom on publication, Dead Aid is an unsettling yet optimistic work, a powerful challenge to the assumptions and arguments that support a profoundly misguided development policy in Africa. And it is a clarion call to a new, more hopeful vision of how to address the desperate poverty that plagues millions.
Three Essays In International Economics
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Author : Ling Huang
language : en
Publisher:
Release Date : 2001
Three Essays In International Economics written by Ling Huang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
The Volatility Of Capital Flows In Emerging Markets
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Author : Maria Sole Pagliari
language : en
Publisher: International Monetary Fund
Release Date : 2017-03-07
The Volatility Of Capital Flows In Emerging Markets written by Maria Sole Pagliari 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 2017-03-07 with Business & Economics categories.
Capital flow volatility is a concern for macroeconomic and financial stability. Nonetheless, literature is scarce in this topic. Our paper sheds light on this issue in two dimensions. First, using quarterly data for 65 countries over the period 1970Q1-2016Q1, we construct three measures of volatility, for total capital flows and key instruments. Second, we perform panel regressions to understand the determinants of volatility. The measures show that the volatility of all instruments is prone to bouts, rising sharply during global shocks like the taper tantrum episode. Capital flow volatility thus remains a challenge for policy makers. The regression results suggest that push factors can be more important than pull factors in explaining volatility, illustrating that the characteristics of volatility can be different from those of the flows levels.
Amendment To International Accounting Standard Ias 19 Employee Benefits
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Author : International Accounting Standards Board
language : en
Publisher:
Release Date : 2004
Amendment To International Accounting Standard Ias 19 Employee Benefits written by International Accounting Standards Board and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Defined benefit pension plans categories.
Understanding Interdependence
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Author : Peter B. Kenen
language : en
Publisher: Princeton University Press
Release Date : 2021-06-08
Understanding Interdependence written by Peter B. Kenen and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-06-08 with Business & Economics categories.
Drawing together new papers by some of today's leading figures in international economics and finance, Understanding Interdependence surveys the current state of knowledge on the international monetary system and, by implication, defines the research horizon for the future. Covering topics including the behavior of exchange rates, the choice of exchange-rate regime, current-account adjustment in classical and Keynesian models, the extent and effects of capital mobility, international debt, the stabilization and reform of the formerly planned economies, European monetary union, and international policy coordination, the book underscores the importance of these subjects and identifies lessons for policymakers. The contributors to the volume are Michael Bruno, Ralph C. Bryant, Richard N. Cooper, Michael P. Dooley, Barry Eichengreen, Stanley Fischer, Charles A. E. Goodhart, Peter Hooper, Peter B. Kenen, Paul R. Krugman, Henri Lorie, Jaime Marquez, Ronald I. McKinnon, Michael Mussa, Maurice Obstfeld, John Odling-Smee, Assaf Razin, Dani Rodrik, Mark P. Taylor, and John Williamson.