Welfare Effects Of Transparency In Foreign Exchange Markets
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Welfare Effects Of Transparency In Foreign Exchange Markets
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Author : Burkhard Drees
language : en
Publisher: International Monetary Fund
Release Date : 2002-12
Welfare Effects Of Transparency In Foreign Exchange Markets written by Burkhard Drees 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 2002-12 with Business & Economics categories.
This paper studies the impact of enhanced transparency on risk sharing opportunities in the foreign exchange market and the associated implications for ex ante welfare. Transparency is measured in this model by the informational content of publicly observable signals about exchange rate developments. We find that in this model more transparency improves welfare in economies that are poorly endowed with capital and/or where investors are not very risk-averse, while welfare is reduced in economies with large capital endowments and/or where investors are highly risk-averse.
Welfare Effects Of Transparency In Foreign Exchange Markets
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Author : Burkhard Drees
language : en
Publisher:
Release Date : 2012
Welfare Effects Of Transparency In Foreign Exchange Markets written by Burkhard Drees and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
This paper studies the impact of enhanced transparency on risk sharing opportunities in the foreign exchange market and the associated implications for ex ante welfare. Transparency is measured in this model by the informational content of publicly observable signals about exchange rate developments. We find that in this model more transparency improves welfare in economies that are poorly endowed with capital and/or where investors are not very risk-averse, while welfare is reduced in economies with large capital endowments and/or where investors are highly risk-averse.
Transparency And Risk Sharing In International Trade
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Author : Udo Broll
language : en
Publisher:
Release Date : 2014
Transparency And Risk Sharing In International Trade written by Udo Broll and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
The paper examines the impact of uncertainty on the decision problem of an international firm. The uncertainty under which the firm decides on home and foreign supply is affected by an information system that conveys public signals about the random spot exchange rate. Our notion of transparency proposes an information-based concept of uncertainty. In this setting, we revisit the link between the transparency in the foreign exchange market and the behavior of the international firm. The welfare of domestic consumers, in contrast, may increase or decrease with higher transparency in the foreign exchange market.
Market Volatility And Foreign Exchange Intervention In Emes
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Author : Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico
language : es
Publisher:
Release Date : 2013
Market Volatility And Foreign Exchange Intervention In Emes written by Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Banks and banking, Central categories.
Transparency In Government Operations
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Author : Mr.J. D. Craig
language : en
Publisher: International Monetary Fund
Release Date : 1998-02-03
Transparency In Government Operations written by Mr.J. D. Craig 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 1998-02-03 with Business & Economics categories.
Transparency in government operations is widely regarded as an important precondition for macroeconomic fiscal sustainability, good governance, and overall fiscal rectitude. Notably, the Interim Committee, at its April and September 1996 meetings, stressed the need for greater fiscal transparency. Prompted by these concerns, this paper represents a first attempt to address many of the aspects of transparency in government operations. It provides an overview of major issues in fiscal transparency and examines the IMF's role in promoting transparency in government operations.
Economics Of Sovereign Wealth Funds
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Author : Mr.Udaibir S. Das
language : en
Publisher: International Monetary Fund
Release Date : 2010-12-09
Economics Of Sovereign Wealth Funds written by Mr.Udaibir S. Das 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 2010-12-09 with Business & Economics categories.
The book covers a wide range of topics of relevance to policymakers in countries that have sovereign wealth funds (SWFs) and those that receive SWF investments. Renowned experts in the field have contributed chapters. The book is organized around four themes: (1) the role and macrofinancial linkages of SWFs, (2) institutional factors, (3) investment approaches and financial markets, and (4) the postcrisis outlook. The book also discusses the challenges facing sovereign wealth funds in the coming years, from an inside perspective on countries, including Canada, Chile, China, Norway, Russia, and New Zealand. Economics of Sovereign Wealth Funds will contribute to a further understanding of the nature, strategies and behavior of SWFs and the environment in which they operate, as their importance is likely to grow in the coming years.
Financial Market Regulation And Reforms In Emerging Markets
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Author : Masahiro Kawai
language : en
Publisher: Brookings Institution Press
Release Date : 2011
Financial Market Regulation And Reforms In Emerging Markets written by Masahiro Kawai and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.
"In the wake of the global financial crisis that began in 2008, offers a systematic overview of recent developments in regulatory frameworks in advanced and emerging-market countries, outlining challenges to improving regulation, markets, and access in developing economies"--Provided by publisher.
Foreign Exchange Intervention Rules For Central Banks A Risk Based Framework
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Author : Romain Lafarguette
language : en
Publisher: International Monetary Fund
Release Date : 2021-02-12
Foreign Exchange Intervention Rules For Central Banks A Risk Based Framework written by Romain Lafarguette 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 2021-02-12 with Business & Economics categories.
This paper presents a rule for foreign exchange interventions (FXI), designed to preserve financial stability in floating exchange rate arrangements. The FXI rule addresses a market failure: the absence of hedging solution for tail exchange rate risk in the market (i.e. high volatility). Market impairment or overshoot of exchange rate between two equilibria could generate high volatility and threaten financial stability due to unhedged exposure to exchange rate risk in the economy. The rule uses the concept of Value at Risk (VaR) to define FXI triggers. While it provides to the market a hedge against tail risk, the rule allows the exchange rate to smoothly adjust to new equilibria. In addition, the rule is budget neutral over the medium term, encourages a prudent risk management in the market, and is more resilient to speculative attacks than other rules, such as fixed-volatility rules. The empirical methodology is backtested on Banco Mexico’s FXIs data between 2008 and 2016.
Recent Advances In Neo Schumpeterian Economics
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Author : Andreas Pyka
language : en
Publisher: Edward Elgar Publishing
Release Date : 2009-01-01
Recent Advances In Neo Schumpeterian Economics written by Andreas Pyka 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 2009-01-01 with Business & Economics categories.
This judicious selection of recent essays demonstrates the applicability of the fundamental principles of neo-Schumpeterian economics, namely, innovation and uncertainty. The authors demonstrate how neo-Schumpeterian economics is developing into a comprehensive economic theory encompassing industry, the public sector and financial markets. Neo-Schumpeterian economics has become a prolific field with a major orientation towards innovation-driven industrial dynamics. However, a truly comprehensive neo-Schumpeterian approach argues that innovation is also an important element in both the public and financial sectors. For example, a lack of public infrastructure or speculative bubbles in financial markets can hinder or even prevent economic development. The expert contributions to this book deal with the future orientation of the subject in terms of innovative performance in the industrial, financial and public sectors. Recent Advances in Neo-Schumpeterian Economics can be considered a first attempt to substantiate the comprehensive neo-Schumpeterian approach, of which Horst Hanusch has been a leading proponent. This unique and path-breaking book will be of great interest and value to researchers in the fields of innovation, industrial economics, financial markets and the public sector.
Central Bank Emergency Support To Securities Markets
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Author : Darryl King
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-10
Central Bank Emergency Support To Securities Markets written by Darryl King 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 2017-07-10 with Business & Economics categories.
This paper considers the central bank mandate with respect to financial stability and identifies the links to the functioning of securities markets. It argues that while emergency support to securities markets is an important part of the crisis management response, a high bar should be set for its use. Importantly, it should be used only as part of a comprehensive policy package. The paper considers what types of securities markets may be important for financial stability, what market conditions could trigger emergency support measures, and how programs can be designed to restore market functioning while minimizing moral hazard.