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Author : John Williamson
Publisher : Springer
Page : 426 pages
File Size : 53,5 Mb
Release : 1981-06-18
Category : Business & Economics
ISBN : 9781349051663
Author : Arthur FitzWalter Wynne Plumptre
Publisher : Princeton, N.J. : International Finance Section, Princeton University
Page : 24 pages
File Size : 54,5 Mb
Release : 1970
Category : Finance
ISBN : UOM:39076005832659
Author : Romain Lafarguette,Mr.Romain M Veyrune
Publisher : International Monetary Fund
Page : 33 pages
File Size : 46,5 Mb
Release : 2021-02-12
Category : Business & Economics
ISBN : 9781513569406
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.
Author : Ronald I. McKinnon
Publisher : MIT Press
Page : 580 pages
File Size : 43,7 Mb
Release : 1996
Category : Business & Economics
ISBN : 0262133180
The Rules of the Game brings together essays written over the course of thirty years by a major figure in the field. McKinnon analyzes and compares a wide variety of important international monetary regimes: the establishment of the gold standard in the nineteenth century, Bretton Woods, the dollar standard, floating exchange rates, the European Monetary System, and current proposals for reforming world monetary arrangements. The essays are unique in that they specify precisely the rules of the game for each international monetary regime - past, present, and future. For ease of reference, the book offers boxed summaries of each set of rules and then discusses their advantages and disadvantages, from the gold standard down to the author's proposal for a common monetary standard for the twenty-first century.
Author : Alex Cukierman,Miguel Alberto Kiguel,Nissan Liviatan
Publisher : World Bank Publications
Page : 37 pages
File Size : 47,5 Mb
Release : 1992
Category : Economic stabilization
ISBN : 8210379456XXX
The cost of reneging is a key reason policymakers hold back from strong commitments in their exchange rate policy. The stronger the commitment to an exchange rate rule, the more costly it is to deviate from it.
Author : Wendy Dobson
Publisher : C. D. Howe Research Institute
Page : 40 pages
File Size : 53,9 Mb
Release : 1980
Category : Foreign exchange
ISBN : UOM:35128000866267
Author : S. Kettell
Publisher : Springer
Page : 211 pages
File Size : 44,5 Mb
Release : 2004-05-28
Category : Political Science
ISBN : 9780230503526
Steven Kettell analyzes the development of exchange rate policymaking from a Marxist perspective. He examines and provides a new means of understanding three key policymaking episodes in Britain - the return to the gold standard in 1925, membership of the European Exchange Rate Mechanism from 1990-1992 and the possibility of joining the Single European Currency. The alternative means of understanding these policy episodes provides a basis for making wider generalizations about the political economy of exchange rate policymaking.
Author : United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on International Trade, Investment, and Monetary Policy
Publisher : Unknown
Page : 336 pages
File Size : 47,6 Mb
Release : 1984
Category : Dollar, American
ISBN : PURD:32754066835236
Author : Anonim
Publisher : Unknown
Page : 35 pages
File Size : 45,6 Mb
Release : 1981
Category : Accounting
ISBN : OCLC:8623566
Author : Louellen Stedman,Mr.John Hicklin,Roxana Pedraglio
Publisher : International Monetary Fund
Page : 57 pages
File Size : 41,9 Mb
Release : 2017-12-27
Category : Business & Economics
ISBN : 9781484325766
This report is the seventh in a series of evaluation updates by the Independent Evaluation Office of the IMF (IEO) that return to past IEO evaluations and assess the continuing relevance of their main conclusions. The report revisits the 2007 evaluation of IMF Exchange Rate Policy Advice, which found that the IMF was “not as effective as it needed to be” in fulfilling its responsibilities for exchange rate surveillance in the period 1999–2005. While acknowledging the inherent complexity of providing exchange rate policy advice, including the lack of professional consensus on many of the key issues, the evaluation observed serious weaknesses in the IMF’s work on key analytical issues and in its engagement with members. The update finds that the IMF has substantially overhauled its approach to exchange rate policy advice since 2007. Key steps taken include: adoption of a more comprehensive approach to exchange rate surveillance under the 2012 Integrated Surveillance Decision; development of enhanced analytical tools; a new institutional view on capital flows; and introduction of the annual External Sector Report that provides an integrated picture of the external balances of major economies. The IMF continues to work on further enhancements of its approach. Nonetheless, the update concludes that challenges remain that impact the effectiveness of the IMF’s work in an area central to its mandate. The approach for assessing external balances and exchange rates continues to be contentious, in part reflecting differing views across the membership about the process of external adjustment. There are also ongoing questions in other areas, including considerations for exchange rate regime choice, attention to policy spillovers, the institutional view on capital flows, and data availability. The update suggests that the persistence of key issues identified in 2007 merits a full evaluation by the IEO.
Author : John Williamson
Publisher : Unknown
Page : 0 pages
File Size : 48,7 Mb
Release : 1981
Category : Electronic
ISBN : 1349051683
Author : Martin D. D. Evans
Publisher : Princeton University Press
Page : 561 pages
File Size : 46,8 Mb
Release : 2011-03-14
Category : Business & Economics
ISBN : 9781400838844
A comprehensive and in-depth look at exchange-rate dynamics Variations in the foreign exchange market influence all aspects of the world economy, and understanding these dynamics is one of the great challenges of international economics. This book provides a new, comprehensive, and in-depth examination of the standard theories and latest research in exchange-rate economics. Covering a vast swath of theoretical and empirical work, the book explores established theories of exchange-rate determination using macroeconomic fundamentals, and presents unique microbased approaches that combine the insights of microstructure models with the macroeconomic forces driving currency trading. Macroeconomic models have long assumed that agents—households, firms, financial institutions, and central banks—all have the same information about the structure of the economy and therefore hold the same expectations and uncertainties regarding foreign currency returns. Microbased models, however, look at how heterogeneous information influences the trading decisions of agents and becomes embedded in exchange rates. Replicating key features of actual currency markets, these microbased models generate a rich array of empirical predictions concerning trading patterns and exchange-rate dynamics that are strongly supported by data. The models also show how changing macroeconomic conditions exert an influence on short-term exchange-rate dynamics via their impact on currency trading. Designed for graduate courses in international macroeconomics, international finance, and finance, and as a go-to reference for researchers in international economics, Exchange-Rate Dynamics guides readers through a range of literature on exchange-rate determination, offering fresh insights for further reading and research. Comprehensive and in-depth examination of the latest research in exchange-rate economics Outlines theoretical and empirical research across the spectrum of modeling approaches Presents new results on the importance of currency trading in exchange-rate determination Provides new perspectives on long-standing puzzles in exchange-rate economics End-of-chapter questions cement key ideas
Author : C. Randall Henning
Publisher : Peterson Institute
Page : 141 pages
File Size : 52,6 Mb
Release : 2008
Category : Foreign exchange rates
ISBN : 9780881325775
Author : Peter B. Kenen
Publisher : Continuum
Page : 134 pages
File Size : 51,6 Mb
Release : 1988
Category : Business & Economics
ISBN : UOM:35128000986305
Author : William C. Gruben,David M. Gould,Carlos E. Zarazaga
Publisher : Springer Science & Business Media
Page : 247 pages
File Size : 44,9 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461561750
The dramatic growth of international capital flow has provided unprecedented opportunities and risks in emerging markets. This book is the result of a conference exploring this phenomenon, sponsored by the Federal Reserve Bank of Dallas. The issues explored include direct versus portfolio investment; exchange rates and economic growth; and optimal exchange rate policy for stabilizing inflation in developing countries. It concludes with a panel discussion on central bank coordination in the midst of exchange rate instability.