Foreign Exchange Rates

Author : Thomas J. O'Brien
Publisher : Business Expert Press
Page : 194 pages
File Size : 43,7 Mb
Release : 2016-12-02
Category : Business & Economics
ISBN : 9781631576133

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Introduction to Foreign Exchange Rates, Second Edition by Thomas J. O'Brien Pdf

As managers expand their international business operations, they are confronted by the puzzling and vexing world of foreign exchange (FX) rates. This book is designed as a resource that can help managers quickly understand and navigate the FX market. The text may be used as an introductory module in a course in international finance, whether the course is oriented to international markets, international investments, or international corporate finance. The primary intended audience is an applied MBA course aimed at executives, managers, and would-be managers. After an introduction to FX rates, the author covers the important topic FX rate valuation. It is important for managers to understand when an FX rate may be incorrectly valued, as this situation may have a bearing on corporate decisions on strategy, risk management, capital structure, and overseas investments and operations. He also discusses the mechanics of forward FX contracts and their use in managing the risk of future foreign currency cash flow and includes a case that unifies the ideas. The case company is faced with FX exposure in the revenues from a proposed new foreign customer. The decision maker applies the text material to estimate whether the FX rate is over-, under-, or correctly valued. The final decisions are whether to expand sales to the foreign market and whether to hedge the FX risk.

Author : Arif Orçun Söylemez
Publisher : Routledge
Page : 83 pages
File Size : 42,5 Mb
Release : 2021-02-07
Category : Business & Economics
ISBN : 9781000357318

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Foreign Exchange Rates by Arif Orçun Söylemez Pdf

Predicting foreign exchange rates has presented a long-standing challenge for economists. However, the recent advances in computational techniques, statistical methods, newer datasets on emerging market currencies, etc., offer some hope. While we are still unable to beat a driftless random walk model, there has been serious progress in the field. This book provides an in-depth assessment of the use of novel statistical approaches and machine learning tools in predicting foreign exchange rate movement. First, it offers a historical account of how exchange rate regimes have evolved over time, which is critical to understanding turning points in a historical time series. It then presents an overview of the previous attempts at modeling exchange rates, and how different methods fared during this process. At the core sections of the book, the author examines the time series characteristics of exchange rates and how contemporary statistics and machine learning can be useful in improving predictive power, compared to previous methods used. Exchange rate determination is an active research area, and this book will appeal to graduate-level students of international economics, international finance, open economy macroeconomics, and management. The book is written in a clear, engaging, and straightforward way, and will greatly improve access to this much-needed knowledge in the field.

Author : Jessica James,Ian Marsh,Lucio Sarno
Publisher : John Wiley & Sons
Page : 674 pages
File Size : 45,8 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.

Author : Thomas J. O'Brien
Publisher : Business Expert Press
Page : 142 pages
File Size : 54,9 Mb
Release : 2013-10-07
Category : Business & Economics
ISBN : 9781606497371

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Introduction to Foreign Exchange Rates by Thomas J. O'Brien Pdf

As managers expand their international business operations, they are confronted by the puzzling and vexing world of foreign exchange (FX) rates. This text is designed as a resource that can help managers quickly understand and navigate the FX market. The text may be used as an introductory module in a course in international finance, whether the course is oriented to international markets, international investments, or international corporate finance. The primary intended audience is an applied MBA course aimed at executives, managers, and would-be managers. After an introduction to foreign exchange (FX) rates, the text covers the important topic FX rate valuation. It is important for managers to understand when an FX rate is incorrectly valued, as this situation may have a bearing on strategic decisions to operate or invest overseas. The text also covers the mechanics of forward FX contracts, and their use in managing the risk of future foreign currency cash flows. In the case study included in the text, the case company is faced with FX exposure in the revenues of a proposed new foreign customer. The decision-maker applies the text material to evaluate whether the FX rate is over-, under-, or correctly valued. The final decision is whether to expand sales to the foreign market and whether to hedge the FX risk.

Author : John N. Kallianiotis
Publisher : Unknown
Page : 0 pages
File Size : 41,7 Mb
Release : 2019
Category : Foreign exchange rates
ISBN : 1536165506

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Foreign Exchange Rates and International Finance by John N. Kallianiotis Pdf

History of monetary system --Balance of payments and exchange rates --The foreign exchange markets --Exchange rate determination and forecasting --Exchange rates and international parity conditions --Foreign currency derivatives --Foreign exchange exposure and its management --Multinational corporations and international cost of capital --Multinational capital budgeting --Foreign direct investment and portfolio theory --International trade finance --Political risk and its management.

Author : Imad A Moosa,Razzaque H Bhatti
Publisher : World Scientific
Page : 512 pages
File Size : 40,9 Mb
Release : 2009-07-15
Category : Business & Economics
ISBN : 9789814468503

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The Theory And Empirics Of Exchange Rates by Imad A Moosa,Razzaque H Bhatti Pdf

Exchange rate economics is an important field of investigation for academics, professionals and policy-makers. This book provides a comprehensive survey of the theory of and empirical evidence on the determination and effects of exchange rates. The exposition utilizes both diagrammatic and mathematical representations of the underlying models. The book is a comprehensive reference for those engaged in this field of research.

Author : Ralph Johann
Publisher : GRIN Verlag
Page : 30 pages
File Size : 45,6 Mb
Release : 2008-09
Category : Electronic
ISBN : 9783640159772

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Determinants of an Exchange Rate by Ralph Johann Pdf

Seminar paper from the year 2005 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, California State University, Fullerton, course: International Economics, 8 entries in the bibliography, language: English, abstract: This paper will discuss the general relationship between the two major currencies of the world: the US-Dollar and the Euro and the determinants for the exchange rate fluctuations since the introduction of the Euro as the common currency of Europe during the period between January 1999 and November 2005. Since the introduction of the Euro as the common currency of the European Monetary Union (EMU) in 1999 this relationship was first characterized by a sharp depreciation of the Euro followed by a three year lasting appreciation of the same that passed over in a slight depreciation again from the beginning of 2005 in the long run.1 This paper will first focus on the History of the international currency exchange system from the 19th century until the end of the Bretton Woods System in 1973 and on the history of the currency system in the European community. It will then discuss the general determinants of exchange rates in the short and long run. It will be pointed out that in the short run interest rate differentials and expectations of international portfolio investors matter and in the long run the economic fundamentals such as inflation rates and GDP growth rates of either economic region are the main factors for the behaviour of the exchange rate. In this context the theories of the Law of one price and the purchasing power parity are introduced. In the third part of the paper the exchange rate theories introduced in the previous part are applied to the -$ exchange rate in the time period between 1999 and 2005. Thus, the short term and long term factors are used to explain the relationship between the two currencies in this period. Finally, the last part serves as a conclusion.

Author : Lean Yu,Shouyang Wang,Kin Keung Lai
Publisher : Springer Science & Business Media
Page : 316 pages
File Size : 51,9 Mb
Release : 2010-02-26
Category : Business & Economics
ISBN : 9780387717203

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Foreign-Exchange-Rate Forecasting with Artificial Neural Networks by Lean Yu,Shouyang Wang,Kin Keung Lai Pdf

This book focuses on forecasting foreign exchange rates via artificial neural networks (ANNs), creating and applying the highly useful computational techniques of Artificial Neural Networks (ANNs) to foreign-exchange rate forecasting. The result is an up-to-date review of the most recent research developments in forecasting foreign exchange rates coupled with a highly useful methodological approach to predicting rate changes in foreign currency exchanges.

Author : Jeffrey A. Frankel
Publisher : MIT Press
Page : 468 pages
File Size : 53,7 Mb
Release : 1993
Category : Business & Economics
ISBN : 0262061546

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On Exchange Rates by Jeffrey A. Frankel Pdf

These seventeen essays provide an accessible and thorough reference for understanding the role of exchange rates in the international monetary system since 1973, when the rates were allowed to float. The essays analyze such issues as exchange rate movements, exchange risk premia, investor expectations of exchange rates and behavior of exchange rates in different systems. Frankel's sound empirical treatment of exchange rate questions shows that it is possible to produce work that is interesting from a purely intellectual viewpoint while contributing to practical knowledge of the real world of international economics and finance.The essays have been organized in a way that provides an introduction to the field of empirical international finance. Part I documents the steady reduction in barriers to international capital movement and leads logically to part II, which explains how exchange rates are determined. Both monetary and portfolio-based models are surveyed in part II, providing a clear transition to the topic of part III; the possible existence of an exchange risk premium. Part IV applies the tools discussed in earlier sections to explore various policy questions related to exchange rate expectations such as whether foreign exchange intervention matters and whether the European monetary system had become credible by 1991. Each part begins with a detailed introduction explaining not only the central issues of that section but also suggesting connections with other essays in the book.Jeffrey A. Frankel is Professor of Economics at the University of California, Berkeley.

Author : Fritz Machlup
Publisher : Irvington Publishers
Page : 122 pages
File Size : 41,6 Mb
Release : 1972
Category : Business & Economics
ISBN : UOM:39015048508975

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The Alignment of Foreign Exchange Rates by Fritz Machlup Pdf

Author : J. Kallianiotis
Publisher : Springer
Page : 333 pages
File Size : 42,5 Mb
Release : 2013-10-02
Category : Business & Economics
ISBN : 9781137318886

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Exchange Rates and International Financial Economics by J. Kallianiotis Pdf

The recent financial crisis has troubled the US, Europe, and beyond, and is indicative of the integrated world in which we live. Today, transactions take place with the use of foreign currencies, and their values affect the nations' economies and their citizens' welfare. Exchange Rates and International Financial Economics provides readers with the historic, theoretical, and practical knowledge of these relative prices among currencies. While much of the previous work on the topic has been simply descriptive or theoretical, Kallianiotis gives a unique and intimate understanding of international exchange rates and their place in an increasingly globalized world.

Author : David Bigman,Teizo Taya
Publisher : Beard Books
Page : 356 pages
File Size : 45,6 Mb
Release : 2003-03
Category : Business & Economics
ISBN : 1587981297

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Floating Exchange Rates and the State of World Trade and Payments by David Bigman,Teizo Taya Pdf

Analyzes developments in the international monetary system since 1973, with anew added epilogue.

Author : Mr.George C. Tsibouris
Publisher : International Monetary Fund
Page : 26 pages
File Size : 45,9 Mb
Release : 1991-10-01
Category : Business & Economics
ISBN : 9781451852738

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Persistence in the Variability of Daily Exchange Rates by Mr.George C. Tsibouris Pdf

Rational speculation in foreign exchange trading is often assumed to dampen exchange rate fluctuations by bringing the market back to fundamentals. Nevertheless, information congestion provides incentives for traders to follow positive feedback strategies which result in persistent and volatile exchange rate behavior by magnifying the impact of exogenous shocks. Empirical evidence is presented which is consistent with such autocatalytic effects.

Author : Peter Isard
Publisher : Cambridge University Press
Page : 298 pages
File Size : 41,6 Mb
Release : 1995-09-28
Category : Business & Economics
ISBN : 0521466008

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Exchange Rate Economics by Peter Isard Pdf

This book describes and evaluates the literature on exchange rate economics. It provides a wide-ranging survey, with background on the history of international monetary regimes and the institutional characteristics of foreign exchange markets, an overview of the development of conceptual and empirical models of exchange rate behavior, and perspectives on the key issues that policymakers confront in deciding whether, and how, to try to stabilize exchange rates. The treatment of most topics is reasonably compact, with extensive references to the literature for those desiring to pursue individual topics further. The level of exposition is relatively easy to comprehend; the historical and institutional material (part I) and the discussion of policy issues (part III) contain no equations or technical notation, while the chapters on models of exchange rate behavior (part II) are written at a level intelligible to first-year graduate students or advanced undergraduates. The book will enlighten both students and policymakers, and should also serve as a valuable reference for many research economists.

Author : Jacob A. Frenkel,Harry G. Johnson
Publisher : Routledge
Page : 252 pages
File Size : 50,5 Mb
Release : 2013-07-18
Category : Business & Economics
ISBN : 9781135039462

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The Economics of Exchange Rates (Collected Works of Harry Johnson) by Jacob A. Frenkel,Harry G. Johnson Pdf

The studies in this book deal with the determination of foreign exchange rates and the characteristics of the foreign exchange market. Analysis is made of flexible exchange rates through an approach developed by the authors, called the ‘asset-market approach’. Theory is combined with practical application in a clear concise way that will be understood by readers with a basic understanding of economics.