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Author : Lucio Sarno,Mark P. Taylor
Publisher : Unknown
Page : 56 pages
File Size : 41,6 Mb
Release : 2001
Category : Foreign exchange
ISBN : UVA:X006120550
Author : Kathryn M. Dominguez,Jeffrey A. Frankel
Publisher : Peterson Institute for International Economics
Page : 196 pages
File Size : 53,5 Mb
Release : 1993
Category : Business & Economics
ISBN : STANFORD:36105009025284
How much impact on exchange rates do central banks have when they buy and sell currencies? According to many analysts, such intervention has no independent impact. This book challenges the conventional wisdom, demonstrating that such intervention can be an effective and extremely important tool for policymakers. Using previously unavailable daily intervention data from the US Federal Reserve and German Bundesbank, the authors show that even "sterilized" intervention -intervention that entails no corresponding changes in monetary policy- has a significant effect. A key element is whether the intervention is known to the public: widespread market awareness of the activity adds substantially to its payoff. Authors Dominguez and Frankel draw implications for intervention policy and its role in international economic policy coordination.
Author : Kathryn M. Dominguez
Publisher : Unknown
Page : 66 pages
File Size : 50,7 Mb
Release : 1989
Category : Banks and banking
ISBN : UCSD:31822004970257
The scale of unilateral and coordinated intervention in the foreign exchange market by the G-5 countries has become considerably larger over the last few years, following a period in which official U.S. policy was opposed to intervention. This paper examines market responses to official sterilized central bank intervention policy over the period 1985 through 1987. The efficacy of sterilized intervention is hypothesized to depend on the market's belief that central banks both have "inside" information about future monetary policy and the incentive to reveal that information truthfully through intervention signals. Central banks may agree to coordinate their intervention operations in order to influence the market's perception of the relative importance and credibility of own signals. Market responses to intervention over the period 1985 through 1987 are examined econometrically using heretofore unavailable daily data on G-3 unilateral and coordinated intervention operations. The empirical evidence indicates that: (1) even though daily intervention data are not published, market participants were generally able to comtemporaneously observe the source and magnitude of central bank intervention operations, (2) unilateral intervention significantly influenced market expectations in some periods, and (3) coordinated intervention had a significantly different and longer-term influence on market expectations than did unilateral intervention over the three year period examined.
Author : Roberto Pereira Guimarães,Mr.Cem Karacadag
Publisher : International Monetary Fund
Page : 34 pages
File Size : 46,5 Mb
Release : 2004-07-01
Category : Business & Economics
ISBN : 9781451854640
This paper analyzes the effects of intervention on the level and volatility of the exchange rate in Mexico and Turkey, two emerging countries that have floating exchange rate regimes. The paper finds mixed evidence on the effectiveness of intervention. In Mexico, foreign exchange sales have a small impact on the exchange rate level and raise short-term volatility, while in Turkey, intervention does not appear to affect the exchange rate level but reduces its shortterm volatility. In both cases, the findings are consistent with officially stated policy objectives, which aim to minimize the effect of intervention on the exchange rate, but cast doubt on claims that intervention is a useful tool for smoothing volatility. Although these findings cannot be generalized to other emerging markets, intervention's apparently limited effectiveness highlights the need for central banks to use their scarce foreign reserves selectively and parsimoniously.
Author : Lawrence C. Hilbert
Publisher : Nova Publishers
Page : 178 pages
File Size : 40,9 Mb
Release : 2007
Category : Foreign exchange
ISBN : 1604560789
A currency is a unit of exchange, facilitating the transfer of goods and services. It is one form of money, where money is anything that serves as a medium of exchange, a store of value, and a standard of value. A currency zone is a country or region in which a specific currency is the dominant medium of exchange. To facilitate trade between currency zones, there are exchange rates, which are the prices at which currencies (and the goods and services of individual currency zones) can be exchanged against each other. Currencies can be classified as either floating currencies or fixed currencies based on their exchange rate regime. In common usage, currency sometimes refers to only paper money, as in coins and currency, but this is misleading. Coins and paper money are both forms of currency. In most cases, each country has monopoly control over the supply and production of its own currency. Member countries of the European Union's Economic and Monetary Union are a notable exception to this rule, as they have c
Author : Shinji Takagi
Publisher : Oxford University Press, USA
Page : 333 pages
File Size : 46,8 Mb
Release : 2015
Category : Business & Economics
ISBN : 9780198714651
Conquering the Fear of Freedom presents an analytical review of Japanese exchange rate policy from the end of World War II to the present. It examines how authorities, starting with the imposition of draconian controls over all international financial flows, moved toward eliminating virtually all state interference regulating foreign exchange transactions, including official intervention in the foreign exchange market. It describes how policy and institutional frameworks evolved, explains their domestic and international contexts, and assesses the impacts and consequences of policy actions. Following successful exchange rate-based stabilization in the early 1950s, Japan entered the world trading system with an overvalued currency, which helped perpetuate exchange and capital controls. As the culture of administrative control became ingrained, Japan took a decidedly gradualist approach to establishing current and capital account convertibility. The protracted capital account liberalization, coupled with slow domestic financial liberalization, created large swings in the yen's exchange rate when it was floated in the 1970s. Politicization by major trading partners of Japan's large bilateral trade surplus pressured authorities to subordinate domestic stability to external objectives. The ultimate outcome was costly: from the late 1980s, Japan successively experienced asset price inflation, a banking crisis, and economic stagnation. The book concludes by arguing that the shrinking trade surplus against the background of profound structural changes, the rise of China that has diminished the political intensity of any remaining bilateral economic issues, and the world's sympathy over two decades of deflation have given Japan, at least for now, the freedom to use macroeconomic policies for domestic purposes.
Author : Mr.Jorge Iván Canales Kriljenko,Mr.Cem Karacadag,Roberto Pereira Guimarães,Mr.Shogo Ishii
Publisher : International Monetary Fund
Page : 58 pages
File Size : 43,9 Mb
Release : 2006-03-02
Category : Business & Economics
ISBN : 1589064216
Despite increasing exchange rate flexibility, central banks in emerging markets still intervene in their foreign exchange markets for several reasons. In doing so, they face many operational questions, including on the degree of transparency and the choice of markets and counterparties. This paper identifies elements of best practice in official foreign exchange intervention, presents survey evidence on intervention practices in developing countries, and assesses the effectiveness of intervention in Mexico and Turkey.
Author : Dhruv Sharma
Publisher : Dhruv Sharma
Page : 182 pages
File Size : 54,6 Mb
Release : 2017-11-28
Category : Business & Economics
ISBN : 9781973410126
This book documents, observes, and models the 'trial and error' period following Bretton Woods Collapse of Foreign Exchange Interventions by the G-3 Advanced Economies. The book serves as a narration and analytical reader for Exchange Rate Intervention Economics for this period of 1973 to 2004.
Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 65 pages
File Size : 44,9 Mb
Release : 2007-10-15
Category : Business & Economics
ISBN : 9781589066687
Economic developments in Asia have been positive so far in 2007. Growth has been stronger (and in many cases more balanced) than expected across much of the region, again led by China and India, and inflation pressures remain largely contained. Moreover, Asia weathered the recent financial turbulence relatively well. The outlook is favorable, with growth expected to decline only modestly in 2008 as foreign demand for Asia’s exports slows. The main risk for the region is a sharper-than-expected global slowdown.
Author : GASTON. SAHAY GELOS (RATNA.)
Publisher : International Monetary Fund
Page : 2040 pages
File Size : 54,7 Mb
Release : 2023
Category : Electronic
ISBN : 9798400211263
Author : Kenneth A. Reinert,Ramkishen S. Rajan,Amy Joycelyn Glass,Lewis S. Davis
Publisher : Princeton University Press
Page : 1329 pages
File Size : 48,5 Mb
Release : 2010-08-02
Category : Political Science
ISBN : 9781400830404
An essential reference to all facets of the world economy Increasing economic globalization has made understanding the world economy more important than ever. From trade agreements to offshore outsourcing to foreign aid, this two-volume encyclopedia explains the key elements of the world economy and provides a first step to further research for students and scholars in public policy, international studies, business, and the broader social sciences, as well as for economic policy professionals. Written by an international team of contributors, this comprehensive reference includes more than 300 up-to-date entries covering a wide range of topics in international trade, finance, production, and economic development. These topics include concepts and principles, models and theory, institutions and agreements, policies and instruments, analysis and tools, and sectors and special issues. Each entry includes cross-references and a list of sources for further reading and research. Complete with an index and a table of contents that groups entries by topic, The Princeton Encyclopedia of the World Economy is an essential resource for anyone who needs to better understand the global economy. More than 300 alphabetically arranged articles on topics in international trade, finance, production, and economic development International team of contributors Annotated list of further reading with each article Topical list of entries Full index and cross-references Entry categories and sample topics: Concepts and principles: globalization, anti-globalization, fair trade, foreign direct investment, international migration, economic development, multinational enterprises Models and theory: Heckscher-Ohlin model, internalization theory, New Trade Theory, North-South trade, Triffin dilemma Institutions and agreements: European Union, International Monetary Fund, World Trade Organization, World Bank, Doha Round, international investment agreements Policies and instruments: dollar standard, international aid, sanctions, tariffs Analysis and tools: exchange rate forecasting, effective protection, monetary policy rules Sectors and special issues: child labor, corporate governance, the digital divide, health and globalization, illegal drugs trade, petroleum, steel
Author : Anonim
Publisher : Unknown
Page : 128 pages
File Size : 50,9 Mb
Release : 2024-06-02
Category : Electronic
ISBN : 9789814469975
Author : Kōichi Hamada,A. K. Kashyap,David E. Weinstein
Publisher : MIT Press
Page : 435 pages
File Size : 53,7 Mb
Release : 2011
Category : Business & Economics
ISBN : 9780262014892
New perspectives on Japan's "lost decade" viewed in the context of recent financial turmoil.
Author : Roman Frydman,Michael D. Goldberg
Publisher : Princeton University Press
Page : 304 pages
File Size : 51,9 Mb
Release : 2011-02-07
Category : Business & Economics
ISBN : 9781400838189
A powerful challenge to contemporary economics and a new agenda for global finance In the wake of the global financial crisis that began in 2007, faith in the rationality of markets has lost ground to a new faith in their irrationality. The problem, Roman Frydman and Michael Goldberg argue, is that both the rational and behavioral theories of the market rest on the same fatal assumption—that markets act mechanically and economic change is fully predictable. In Beyond Mechanical Markets, Frydman and Goldberg show how the failure to abandon this assumption hinders our understanding of how markets work, why price swings help allocate capital to worthy companies, and what role government can and can't play. The financial crisis, Frydman and Goldberg argue, was made more likely, if not inevitable, by contemporary economic theory, yet its core tenets remain unchanged today. In response, the authors show how imperfect knowledge economics, an approach they pioneered, provides a better understanding of markets and the financial crisis. Frydman and Goldberg deliver a withering critique of the widely accepted view that the boom in equity prices that ended in 2007 was a bubble fueled by herd psychology. They argue, instead, that price swings are driven by individuals' ever-imperfect interpretations of the significance of economic fundamentals for future prices and risk. Because swings are at the heart of a dynamic economy, reforms should aim only to curb their excesses. Showing why we are being dangerously led astray by thinking of markets as predictably rational or irrational, Beyond Mechanical Markets presents a powerful challenge to conventional economic wisdom that we can't afford to ignore.
Author : PUGEL
Publisher : McGraw Hill
Page : 800 pages
File Size : 52,7 Mb
Release : 2012-01-16
Category : Business & Economics
ISBN : 9780077147976
Ebook: International Economics