Exchange Rates And Global Financial Policies

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Exchange Rates and Global Financial Policies

Paul De Grauwe
Exchange Rates and Global Financial Policies Book PDF

Author : Paul De Grauwe
Publisher : World Scientific
Page : 584 pages
File Size : 52,7 Mb
Release : 2014-02-04
Category : Business & Economics
ISBN : 9789814513203

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Exchange Rates and Global Financial Policies by Paul De Grauwe Pdf

Exchange Rates and Global Financial Policies brings together research and work done by world-class economist Paul De Grauwe over the past two decades. Drawing inspiration from behavioural finance literature, De Grauwe covers topics such as exchange rate economics, monetary integration (with particular attention on the Eurozone), and international macroeconomics. His work is categorised across three parts. The first part develops new theoretical and empirical approaches to exchange rate modelling. The second part features a collection of papers on the theory and empirical analysis of monetary unions. The final part contains criticism of mainstream macroeconomic models as well as proposed alternative modelling approaches. Contents:Exchange Rate Economics:Chaos in the Dornbusch Model of the Exchange Rate (Paul De Grauwe and Hans Dewachter)Heterogeneity of Agents, Transactions Costs and the Exchange Rate (Paul De Grauwe and Marianna Grimaldi)Exchange Rate Puzzles: A Tale of Switching Attractors (Paul De Grauwe and Marianna Grimaldi)Exchange Rates in Search of Fundamentals: The Case of the Euro–Dollar Rate (Paul De Grauwe)Exchange Rates and Fundamentals: A Non-Linear Relationship? (Paul De Grauwe and Isabel Vansteenkiste)The Impact of FX Central Bank Intervention in a Noise Trading Framework (Michel Beine, Paul De Grauwe and Marianna Grimaldi)Monetary Integration:Conditions for Monetary Integration: A Geometric Interpretation (Paul De Grauwe)Is Europe an Optimum Currency Area? Evidence from Regional Data (Paul De Grauwe and Wim Vanhaverbeke)Setting Conversion Rates for the Third Stage of EMU (Paul De Grauwe and Luigi Spaventa)The Euro and Financial Crises (Paul De Grauwe)What have We Learnt About Monetary Integration Since the Maastricht Treaty? (Paul De Grauwe)The Governance of a Fragile Eurozone (Paul De Grauwe)Do Asymmetries Matter for European Monetary Policy? (Yunus Aksoy, Paul De Grauwe and Hans Dewachter)Macroeconomics And Monetary Policy:Is Inflation always and Everywhere a Monetary Phenomenon? (Paul De Grauwe and Magdalena Polan)Monetary Policy and the Real Economy (Paul De Grauwe and Cláudia Costa Storti)Lessons from the Banking Crisis: A Return to Narrow Banking (Paul De Grauwe)The Scientific Foundation of Dynamic Stochastic General Equilibrium (DSGE) Models (Paul De Grauwe)Animal Spirits and Monetary Policy (Paul De Grauwe)Booms and Busts in Economic Activity: A Behavioral Explanation (Paul De Grauwe) Readership: Graduate students and researchers in the fields of international economics and international finance. Keywords:Exchange Rate;Financial Policies;Turbulence;Exchange Market;Motenary Union;Macroeconomics;Economic Models;Behaviorial Economics;Monetary Integration;Euro;Financial Crisis;European Monetary Policy;Dynamic Stochastic General EquilibriumauthorKey Features:Cover a wide range of issues in international macroeconomics and international financeUse insights of behavioral economics making it possible to better understand macroeconomic dynamics

Impact of the Global Financial Crisis on Exchange Rates and Policies in Sub-Saharan Africa

Stella Kaendera,S. V. S. Dixit,Nabil Ben Ltaifa
Impact of the Global Financial Crisis on Exchange Rates and Policies in Sub Saharan Africa Book PDF

Author : Stella Kaendera,S. V. S. Dixit,Nabil Ben Ltaifa
Publisher : International Monetary Fund
Page : 25 pages
File Size : 49,8 Mb
Release : 2009-12-15
Category : Business & Economics
ISBN : 9781462389889

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Impact of the Global Financial Crisis on Exchange Rates and Policies in Sub-Saharan Africa by Stella Kaendera,S. V. S. Dixit,Nabil Ben Ltaifa Pdf

This paper studies the evolution of the exchange rates of sub-Saharan African currencies in the context of the global financial crisis. In particular, it analyzes the reasons behind the differences in the magnitude and volatility of the exchange rates among countries. To this end, it takes a sample of seven countries, four members of the East African Community (EAC) (Kenya, Rwanda, Tanzania, and Uganda), and three others, which experienced large exchange rate losses at the onset of the crisis: Ghana, Nigeria, and Zambia. First, it analyzes the movements of the exchange rates with respect to the U.S. dollar and two other major currencies. Second, it tries to link the magnitude of their movements to key factors, relating to the external environment and the countries’ internal policies.

International Policy Coordination and Exchange Rate Fluctuations

William H. Branson,Jacob A. Frenkel,Morris Goldstein
International Policy Coordination and Exchange Rate Fluctuations Book PDF

Author : William H. Branson,Jacob A. Frenkel,Morris Goldstein
Publisher : University of Chicago Press
Page : 396 pages
File Size : 44,5 Mb
Release : 2007-12-01
Category : Reference
ISBN : 9780226071381

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International Policy Coordination and Exchange Rate Fluctuations by William H. Branson,Jacob A. Frenkel,Morris Goldstein Pdf

Since the five largest industrial democracies concluded the Plaza Agreement in 1985, the theory and practice of international economic policy coordination has become the subject of spirited academic and public-policy debate. While some view policy coordination as crucial for the construction of an improved international monetary system, others fear that it risks delaying or weakening the implementation of macroeconomic and structural policies. In these papers and comments, prominent international economists consider past and present interpretations of the meaning of international policy coordination; conditions necessary for coordination to be beneficial both to the direct participants and the global economy; influential factors for the quantitative impact of coordination; obstacles to coordination; the most—and least—effective methods of coordination; and future directions of the coordination process, including processes associated with greater fixity of exchange rates. These studies will be readily accessible to policymakers, while offering sophisticated analyses to interested scholars of the global economy.

The Economics of Foreign Exchange and Global Finance

Peijie Wang
The Economics of Foreign Exchange and Global Finance Book PDF

Author : Peijie Wang
Publisher : Springer Science & Business Media
Page : 354 pages
File Size : 40,6 Mb
Release : 2005-11-21
Category : Business & Economics
ISBN : 9783540285243

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The Economics of Foreign Exchange and Global Finance by Peijie Wang Pdf

The book presents all major subjects in international monetary theory, foreign exchange markets, international financial management and investment analysis. The book is relevant to real world problems in the sense that it provides guidance on how to solve policy issues as well as practical management tasks. This in turn helps the reader to gain an understanding of the theory and refines the framework. Various topics are interlinked so the book adopts a systematic treatment of integrated materials relating different theories under various circumstances and combining theory with practice. The text examines issues in international monetary policy and financial management in a practical way, focusing on the identification of the factors and players in foreign exchange markets and the international finance arena. The book can be used in graduate and advanced undergraduate programmes in international or global finance, international monetary economics, and international financial management.

Exchange Rates and Corporate Performance

Yakov Amihud,Richard M. Levich
Exchange Rates and Corporate Performance Book PDF

Author : Yakov Amihud,Richard M. Levich
Publisher : Beard Books
Page : 268 pages
File Size : 48,8 Mb
Release : 2003
Category : Business & Economics
ISBN : 1587981599

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Exchange Rates and Corporate Performance by Yakov Amihud,Richard M. Levich Pdf

This is a reprint of a previously published book. It consists of a series of papers by experts in the field on how the exchange rate volatility of the 1980s affected the financial policies of international firms.

Exchange Rate Policy in Developing Countries: Some Analytical Issues

Bijan B. Aghevli,Mohsin S. Khan,Peter Montiel
Exchange Rate Policy in Developing Countries Some Analytical Issues Book PDF

Author : Bijan B. Aghevli,Mohsin S. Khan,Peter Montiel
Publisher : World Bank Publications
Page : 50 pages
File Size : 41,5 Mb
Release : 1991-05-15
Category : Foreign exchange administration
ISBN : 8210379456XXX

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Exchange Rate Policy in Developing Countries: Some Analytical Issues by Bijan B. Aghevli,Mohsin S. Khan,Peter Montiel Pdf

This paper addresses analytical aspects of exchange rate policy and emphasizes the relationship among exchange rate flexibility, financial discipline, and international competitiveness.

Two Targets, Two Instruments

Mr.Jonathan David Ostry,Mr.Atish R. Ghosh,Mr.Marcos Chamon
Two Targets Two Instruments Book PDF

Author : Mr.Jonathan David Ostry,Mr.Atish R. Ghosh,Mr.Marcos Chamon
Publisher : International Monetary Fund
Page : 25 pages
File Size : 44,5 Mb
Release : 2012-02-29
Category : Business & Economics
ISBN : 9781475554281

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Two Targets, Two Instruments by Mr.Jonathan David Ostry,Mr.Atish R. Ghosh,Mr.Marcos Chamon Pdf

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.

Handbook of Exchange Rates

Jessica James,Ian Marsh,Lucio Sarno
Handbook of Exchange Rates Book PDF

Author : Jessica James,Ian Marsh,Lucio Sarno
Publisher : John Wiley & Sons
Page : 674 pages
File Size : 48,7 Mb
Release : 2012-05-29
Category : Business & Economics
ISBN : 9781118445778

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Handbook of Exchange Rates by Jessica James,Ian Marsh,Lucio Sarno Pdf

Praise for Handbook of Exchange Rates “This book is remarkable. I expect it to become the anchor reference for people working in the foreign exchange field.” —Richard K. Lyons, Dean and Professor of Finance, Haas School of Business, University of California Berkeley “It is quite easily the most wide ranging treaty of expertise on the forex market I have ever come across. I will be keeping a copy close to my fingertips.” —Jim O’Neill, Chairman, Goldman Sachs Asset Management How should we evaluate the forecasting power of models? What are appropriate loss functions for major market participants? Is the exchange rate the only means of adjustment? Handbook of Exchange Rates answers these questions and many more, equipping readers with the relevant concepts and policies for working in today’s international economic climate. Featuring contributions written by leading specialists from the global financial arena, this handbook provides a collection of original ideas on foreign exchange (FX) rates in four succinct sections: • Overview introduces the history of the FX market and exchange rate regimes, discussing key instruments in the trading environment as well as macro and micro approaches to FX determination. • Exchange Rate Models and Methods focuses on forecasting exchange rates, featuring methodological contributions on the statistical methods for evaluating forecast performance, parity relationships, fair value models, and flow–based models. • FX Markets and Products outlines active currency management, currency hedging, hedge accounting; high frequency and algorithmic trading in FX; and FX strategy-based products. • FX Markets and Policy explores the current policies in place in global markets and presents a framework for analyzing financial crises. Throughout the book, topics are explored in-depth alongside their founding principles. Each chapter uses real-world examples from the financial industry and concludes with a summary that outlines key points and concepts. Handbook of Exchange Rates is an essential reference for fund managers and investors as well as practitioners and researchers working in finance, banking, business, and econometrics. The book also serves as a valuable supplement for courses on economics, business, and international finance at the upper-undergraduate and graduate levels.

Global Financial Conditions and Monetary Policy Autonomy

Carlos Caceres,Mr.Yan Carriere-Swallow,Bertrand Gruss
Global Financial Conditions and Monetary Policy Autonomy Book PDF

Author : Carlos Caceres,Mr.Yan Carriere-Swallow,Bertrand Gruss
Publisher : International Monetary Fund
Page : 38 pages
File Size : 46,6 Mb
Release : 2016-06-08
Category : Business & Economics
ISBN : 9781484382066

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Global Financial Conditions and Monetary Policy Autonomy by Carlos Caceres,Mr.Yan Carriere-Swallow,Bertrand Gruss Pdf

Is the Mundell-Fleming trilemma alive and well? International co-movement of asset prices takes place alongside synchronized business cycles, complicating the identification of financial spillovers and assessments of monetary policy autonomy. A benchmark for interest rate comovement is to impose the null hypothesis that central banks respond only to the outlook for domestic inflation and output. We show that common approaches used to estimate interest rate spillovers tend to understate the degree of monetary autonomy enjoyed by small open economies with flexible exchange rates. We propose an empirical strategy that partials out those spillovers that are associated with impaired monetary autonomy. Using this approach, we revisit the predictions of the trilemma and find more compelling evidence that flexible exchange rates deliver monetary autonomy than prior work has suggested.

Approaches to Exchange Rate Policy

Mr.Richard C. Bart,Mr.Chorng-Huey Wong
Approaches to Exchange Rate Policy Book PDF

Author : Mr.Richard C. Bart,Mr.Chorng-Huey Wong
Publisher : International Monetary Fund
Page : 316 pages
File Size : 53,5 Mb
Release : 1994-06-01
Category : Business & Economics
ISBN : 1557753644

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Approaches to Exchange Rate Policy by Mr.Richard C. Bart,Mr.Chorng-Huey Wong Pdf

External sector policies and exchange rate policy are central to a country's economic performance and to the IMF's surveillance functions. The papers in this book, edited by Richard Barth and Chorng-Huey Wong, were presented at a seminar on Exchange Rate Policy in Developing and Transition Economies held by the IMF Institute. They analyze choices of exchange rate regimes, issues affecting management of exchange regimes, and specific types of regimes, including case studies from the former Soviet Union, Africa, Asia, and Latin America.

The Role of Monetary Policy in Turkey During the Global Financial Crisis

Mr.Harun Alp,Selim Elekdag
The Role of Monetary Policy in Turkey During the Global Financial Crisis Book PDF

Author : Mr.Harun Alp,Selim Elekdag
Publisher : International Monetary Fund
Page : 75 pages
File Size : 47,5 Mb
Release : 2011-06-01
Category : Business & Economics
ISBN : 9781455270484

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The Role of Monetary Policy in Turkey During the Global Financial Crisis by Mr.Harun Alp,Selim Elekdag Pdf

Turkey is an interesting case study because it was one of the hardest hit emerging economies by the global financial crisis, with a year-over-year contraction of 15 percent during the first quarter of 2009. At the same time, anticipating the fallout from the crisis, the Central Bank of the Republic of Turkey (CBRT) decreased policy rates by an astounding 1025 basis points over the November 2008 to November 2009 period. In this context, this paper addresses the following broad question: If an inflation targeting framework underpinned by a flexible exchange rate regime was not adopted, how much deeper would the recent recession have been? Counterfactual experiments based on an estimated structural model provide quantitative evidence which suggests that the recession would have been substantially more severe. In other words, the interest rate cuts implemented by the CBRT and exchange rate flexibility both helped substantially soften the impact of the global financial crisis.

Current Issues in the Design and Conduct of Monetary Policy

Mr.Mohsin S. Khan
Current Issues in the Design and Conduct of Monetary Policy Book PDF

Author : Mr.Mohsin S. Khan
Publisher : International Monetary Fund
Page : 19 pages
File Size : 44,7 Mb
Release : 2003-03-01
Category : Business & Economics
ISBN : 9781451847727

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Current Issues in the Design and Conduct of Monetary Policy by Mr.Mohsin S. Khan Pdf

Movements in global capital during the late 1990s and the greater emphasis on price stability led many countries to abandon fixed exchange rate regimes and to design institutions and monetary policies to achieve credibility in the goal of lowering inflation. Such recent developments have brought to the forefront the idea that freely mobile capital, independent monetary policy, and fixed exchange rates form an "impossible trinity." It is possible to have two of these policies, but not all three. Inflation-targeting regimes being adopted by many countries provide a way of resolving this dilemma.

Exchange Rates and Currency Debates

Darren Byers
Exchange Rates and Currency Debates Book PDF

Author : Darren Byers
Publisher : Unknown
Page : 0 pages
File Size : 53,6 Mb
Release : 2013
Category : Foreign exchange rates
ISBN : 1629486167

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Exchange Rates and Currency Debates by Darren Byers Pdf

Exchange rates are important in the international economy, because they affect the price of every country's imports and exports, as well as the value of every overseas investment. Following the global financial crisis of 2008-2009 and ensuing economic recession, disagreements among countries over exchange rates have become more widespread. Some policy leaders and analysts contend that there is a "currency war" now underway among certain countries. At the heart of current disagreements is whether or not countries are using exchange rate policies to undermine free markets and intentionally push down the value of their currency in order to gain a trade advantage at the expense of other countries. A weak currency makes exports cheaper to foreigners, which can lead to higher exports and job creation in the export sector. However, if one country weakens its currency, there can be implications for other countries. In general, exporters and firms producing import-sensitive goods may find it harder to compete against countries with weak currencies. However, consumers and businesses that rely on inputs from abroad may benefit when other countries have weak currencies, because imports may become cheaper. The United States has found itself on both sides of the current debates over exchange rates. This book provides an overview of exchange rate and currency debate issues and global monetary policy.

Banking, Currency, and Finance in Europe Between the Wars

Charles H. Feinstein
Banking Currency and Finance in Europe Between the Wars Book PDF

Author : Charles H. Feinstein
Publisher : Clarendon Press
Page : 554 pages
File Size : 49,8 Mb
Release : 1995-09-28
Category : Business & Economics
ISBN : 0191521663

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Banking, Currency, and Finance in Europe Between the Wars by Charles H. Feinstein Pdf

The financial history of interwar Europe was dominated by catastrophic episodes of hyper-inflation, dramatic exchange rate crises, massive and destabilizing movements of gold and capital, and extensive banking failures. In their attempt to restore and sustain the gold standard as the basis of the international monetary system, many countries were compelled to resort to deflationary fiscal and monetary policies of exceptional severity. The policies thus adopted in the 1920s were a major cause of the Great Depression of 1929-33; and this in turn exerted a powerful influence on the subsequent political and economic history of the 1930s. This collection of essays is the work of an international network of economic historians from Europe and the United States convened by the European Science Foundation. It brings together, in an accessible style, current knowledge and understanding of the nature and effects of these developments in banking, currency, and finance in the interwar period. The topics are examined at three levels. In Part I a substantial introductory survey of the central issues over the entire period is followed by special studies of the banking crises, the global capital flows, and the interrelationship of economic and political policies, with each of these themes considered in an international perspective. Part II is devoted to illuminating comparative analyses of the financial and exchange policies of pairs of countries; France and Italy, Britain and Germany, Sweden and Finland, and Belgium and France. In Part III the essays move to the level of individual countries and each contributor explores topics such as the form and efficacy of official banking and monetary policies, the role of the central bank, movements in the money supply and prices, the relationship between the banks and the industrial sector, changes in exchange rates and foreign capital investment. The volume covers all the major countries, and also makes available the results of recent research on banking and finance in smaller countries, such as Spain, Austria, Norway, Poland, Portugal, Bulgaria, and Ireland. The questions addressed by this book, and the temes and patterns it reveals, are relevant both to economic and political historians of the years between the two world wars, and to those interested in contemporary banking and financial problems.

The Role of the Exchange Rate in Inflation-Targeting Emerging Economies

Mr.Mark R. Stone,International Monetary Fund
The Role of the Exchange Rate in Inflation Targeting Emerging Economies Book PDF

Author : Mr.Mark R. Stone,International Monetary Fund
Publisher : International Monetary Fund
Page : 108 pages
File Size : 47,5 Mb
Release : 2009-11-24
Category : Business & Economics
ISBN : MINN:31951D03010075U

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The Role of the Exchange Rate in Inflation-Targeting Emerging Economies by Mr.Mark R. Stone,International Monetary Fund Pdf

This paper studies the evolution of the exchange rates of sub-Saharan African currencies in the context of the global financial crisis. In particular, it analyzes the reasons behind the differences in the magnitude and volatility of the exchange rates among countries. To this end, it takes a sample of seven countries, four members of the East African Community (EAC) (Kenya, Rwanda, Tanzania, and Uganda), and three others, which experienced large exchange rate losses at the onset of the crisis: Ghana, Nigeria, and Zambia. First, it analyzes the movements of the exchange rates with respect to the U.S. dollar and two other major currencies. Second, it tries to link the magnitude of their movements to key factors, relating to the external environment and the countries' internal policies.