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Author : Rachel McCulloch
Publisher : Unknown
Page : 158 pages
File Size : 43,5 Mb
Release : 1983
Category : Foreign exchange
ISBN : UCSC:32106012111719
Author : Ronald MacDonald
Publisher : Allen & Unwin Australia
Page : 340 pages
File Size : 55,9 Mb
Release : 1988
Category : Business & Economics
ISBN : STANFORD:36105008548898
Author : Enrique G. Mendoza
Publisher : International Monetary Fund
Page : 40 pages
File Size : 49,7 Mb
Release : 2006-03
Category : Business & Economics
ISBN : UCSD:31822034981423
The dominant view in the empirical literature on exchange rates is that the high variability of real exchange rates is due to movements in exchange-rate-adjusted prices of tradable goods. This paper shows that this dominant view does not hold in Mexican data for the periods in which the country had managed exchange rate regimes. Variance analysis of a 30-year sample of monthly data shows that movements in the price of nontradables relative to tradables account for up to 70 percent of the variability of the real exchange rate during these periods. The paper proposes a model in which this stylized fact, and the Sudden Stops that accompanied the collapse of Mexico's managed exchange rates, could result from an endogenous amplification mechanism operating via nontradables prices in economies with dollarized liabilities and credit constraints. The key feature of this mechanism is Irving Fisher's debt-deflation process. Numerical evaluation suggests that the Fisherian deflation effects on consumption, the current account, and relative prices dwarf those induced by the standard balance sheet effect typical of the Sudden Stops literature.
Author : David Bigman,Teizo Taya
Publisher : Cambridge, Mass. : Ballinger
Page : 460 pages
File Size : 46,6 Mb
Release : 1980
Category : Business & Economics
ISBN : UOM:39015011686881
Author : Leo Melamed
Publisher : Univ Publ Assn
Page : 555 pages
File Size : 49,7 Mb
Release : 1988-12-29
Category : Business & Economics
ISBN : 9781461723707
This anthology of significant writings by eminent economists is, in part, a critique of the Bretton Woods system of fixed exchange rates, which was very successful at the time it was instituted but which, because of its rigidity, failed in the end to address the economic problems of the post-war era. The authors suggest that the stock market crash of 1987 might not have occurred if market forces had been allowed simply to run their course in the absence of any real economic restrictions. Contributors include: Harry Johnson, Fritz Machlup, Milton Friedman, Gottfried Haberler, Henry Wallich, Alan Greenspan, Leo Melamed, Jacques de Larosiere, Beryl Sprinkel, Michael L. Mussa, Martin Feldstein, Jacob Frenkel, Rudiger Dornbusch, Morris Goldstein, Rachel McCulloch, Paul R. Krugman, William H. Branson, Thomas D. Willett, J. Carter Murphy.
Author : MAURICE OBSTFELD,Douglas A. Irwin
Publisher : Peterson Institute for International Economics
Page : 403 pages
File Size : 48,5 Mb
Release : 2024-04-15
Category : Business & Economics
ISBN : 9780881327496
Fifty years ago, in March 1973, the major industrial economies abandoned fixed exchange rates, conclusively ending the post–World War II Bretton Woods arrangements. Proponents believed their action would strengthen countries' ability to reconcile domestic macroeconomic policies with the balance of payments. But opponents feared it would initiate a new era of instability and financial shocks. Since 1973, much of the world has moved away from fixed exchange rates to a variety of regimes based on considerable exchange rate flexibility. But international trade conflicts and unstable capital flows, along with a rise in financial crises around the world, have nonetheless accompanied the global shift away from exchange rate pegs. How has the international monetary system performed over the past half century? What have we learned from the experience of more flexible exchange rates? What has been the impact on macroeconomic and financial stability in the years since? This book derives from papers delivered at a conference that brought together leading economists and policymakers to debate and discuss these questions, as well as to assess the evolution of the international monetary system, the dominance of the US dollar, and the role of exchange rate regimes in shaping the world economy.
Author : Mr. Marco Airaudo
Publisher : International Monetary Fund
Page : 65 pages
File Size : 51,7 Mb
Release : 2016-03-08
Category : Business & Economics
ISBN : 9781475523164
We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that management of the exchange rate greatly enhances the efficacy of inflation targeting. In a flexible exchange rate system, inflation targeting incurs a high risk of indeterminacy where macroeconomic fluctuations can be driven by self-fulfilling expectations. Moreover, small inflation shocks may escalate into much larger increases in inflation ex post. Both problems disappear when the central bank leans heavily against the wind in a managed float.
Author : Robert M. Dunn,John H. Mutti
Publisher : Psychology Press
Page : 576 pages
File Size : 55,9 Mb
Release : 2004
Category : Business & Economics
ISBN : 0415311543
This latest edition improves and builds upon the features of previous editions. With impressive pedagogy, learning objectives and summaries, this clearly written book will be another winner with students of international economics and business.
Author : Robert M. Dunn,John H. Mutti
Publisher : Routledge
Page : 544 pages
File Size : 40,9 Mb
Release : 2004-08-02
Category : Business & Economics
ISBN : 9781134385676
The latest edition of International Economics improves and builds upon the popular features of previous editions. The graphs, tables and statistics are all updated and improved sections have also been added on the following topics: * New developments in international trade agreements and the latest round of international trade talks * International financial crises * A new section on current controversies in the international monetary system With impressive pedagogy, learning objectives and summaries, this clearly written book will be another winner with students of international economics and business.
Author : Ronald MacDonald
Publisher : Routledge
Page : 334 pages
File Size : 48,6 Mb
Release : 2005
Category : Foreign exchange
ISBN : 9781134838226
''In summary, the book is valuable as a textbook both at the advanced undergraduate level and at the graduate level. It is also very useful for the economist who wants to be brought up-to-date on theoretical and empirical research on exchange rate behaviour.'' ""Journal of International Economics""
Author : Robert Z. Aliber
Publisher : Springer
Page : 335 pages
File Size : 44,8 Mb
Release : 1986-12-15
Category : Business & Economics
ISBN : 9781349185139
The decade of the 1970s was one of turbulence in international monetary arrangements - the exchange rates fluctuated through a wide range, national price levels more than doubled fueled partly by several oil price shocks, and the external debts of the developing countries increased from $120 billion to
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 132 pages
File Size : 45,7 Mb
Release : 2004-05-19
Category : Business & Economics
ISBN : 9781498330282
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Author : Lars Oxelheim
Publisher : Springer Science & Business Media
Page : 404 pages
File Size : 42,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642612930
There is widespread agreement in the current social and economic debate that the nations of the world are becoming increasingly integrated. Many structural signs in society also suggest that this is so. Integration has become a catchword in the prepara tions for the internal market of the EC, and a keynote in the debate about association for the European countries which do not belong to the Community. But when we turn to the question of how this integration should be measured, there is very little con sensus. Instead there are numerous problems, not only about how to measure integra tion but even about how to define it. In this book I shall discuss the import and implications of a particular type of integration, namely financial integration, and then look at the most important problems connected with measuring it. In the empirical investigation reported below I felt the need for an integrated micro-macro approach. Further, I decided to illustrate the measurement problems by studying a small and relatively open economy where exchange controls have been imposed by the government in an attempt to reduce the flow of interest-sensitive capital out of the country, and thus to acquire autonomy for the national monetary policy. An interview study has been carried out with a view to illustrating among other things how expectations are formed among the major actors on the financial market, and this provided additional input for an analysis of the level of financial integration.
Author : Theo Eicher,John H. Mutti,Michelle H. Turnovsky
Publisher : Routledge
Page : 784 pages
File Size : 50,5 Mb
Release : 2009-03-25
Category : Business & Economics
ISBN : 9781135979669
Thought-provoking and clearly explained, the new edition provides students of international economics and international business with a rigorous explanation of global economic theory and policy, both current trends and historic developments. It explores key models through case studies and review questions, enabling students to challenge the reporting of economic events by press and government alike. Split into 2 parts – International Trade and International Finance – the text explains conceptual building blocks before applying them to current events and controversies. Key issues discussed include: the influence of transportation costs economies of scale and the new economic geography the evaluation of preferential trade agreements european Economic and Monetary Union the integration of international financial markets international financial crises, China and other emerging economies. Fully illustrated with tables and figures to allow students to visualise the issues discussed, the lively prose gives this book a refreshing approach. An accompanying website also provides context and coverage of the international financial crisis of October 2008, including the so-called ‘credit crunch’ and the collapse of some banking institutions.
Author : Mr.Kenneth Rogoff,Mr.Ashoka Mody,Nienke Oomes,Mr.Robin Brooks,Mr.Aasim M. Husain
Publisher : International Monetary Fund
Page : 85 pages
File Size : 48,5 Mb
Release : 2003-12-01
Category : Business & Economics
ISBN : 9781451875843
Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis suggests that as economies mature, the value of exchange rate flexibility rises. For countries at a relatively early stage of financial development and integration, fixed or relatively rigid regimes appear to offer some anti-inflation credibility gain without compromising growth objectives. As countries develop economically and institutionally, there appear to be considerable benefits to more flexible regimes. For developed countries that are not in a currency union, relatively flexible exchange rate regimes appear to offer higher growth without any cost in credibility.