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Credit Interest Rates And The Open Economy
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Book Synopsis Credit, Interest Rates and the Open Economy by : Louis-Philippe Rochon
Download or read book Credit, Interest Rates and the Open Economy written by Louis-Philippe Rochon and published by Edward Elgar Publishing. This book was released on 2001-01-01 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'This book should be on the reading list of every graduate course in monetary economics. The distinguished contributors not only examine and discuss the nature of money and the conduct of monetary policy in a modern credit economy, but also take an historical perspective through the writings of Cassel, Wicksell, Sraffa and Hicks, as well as Keynes and Kaldor, and extend the theory of money endogeneity (or "horizontalism") to the open economy and economic growth. Interested readers have a feast before them.' - A.P. Thirlwall, University of Kent at Canterbury, UK The horizontalist perspective is an extension of the post-Keynesian approach, that has hitherto focused on a theory of credit and money. This book extends horizontalism beyond its traditional boundaries and makes it consistent with the post-Keynesian theories of output and the open economy. The authors compare and contrast the horizontalist position with various orthodox and non-orthodox views on money. They argue that horizontalism is perfectly compatible with liquidity preference, credit constraints, and a flexible interest-rate mark-up, and address recent developments in banking that reinforce the validity of a horizontal schedule of credit-money. The overall intention is to place horizontalism within the current heterodox tradition as a general theory of the creation of money that is consistent with the post-Keynesian view on macroeconomic policy.
Book Synopsis Interest Rate Targeting in a Small Open Economy by : Mr.Guillermo Calvo
Download or read book Interest Rate Targeting in a Small Open Economy written by Mr.Guillermo Calvo and published by International Monetary Fund. This book was released on 1990-03-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: An important hurdle in analyzing interest rate targeting is that standard models usually lead to price level or inflation rate indeterminacy. This paper develops a simple framework in which such problems do not arise because the bonds whose interest rate is controlled provide liquidity services. This framework is used to examine interest rate targeting in a small open economy under predetermined exchange rates. A permanent increase in the interest rate has no real effects. In contrast, a temporary increase in the interest rate leads to higher consumption and to a current account deficit that worsens over time.
Book Synopsis International Finance and Open Economy Macroeconomics by : Francisco L. Rivera-Batiz
Download or read book International Finance and Open Economy Macroeconomics written by Francisco L. Rivera-Batiz and published by Macmillan College. This book was released on 1985 with total page 616 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new edition contains full coverage of the deregulation and internationalization of banking and finance in the 1980s and 1990s (including a discussion of the growing importance of Japanese finance). It integrates modern international finance and open economy macroeconomics to provide readers with a thorough, accessible, and up-to-date treatment of international finance and economics.
Book Synopsis Open Economy Macroeconomics by : Rudiger Dornbusch
Download or read book Open Economy Macroeconomics written by Rudiger Dornbusch and published by New York : Basic Books. This book was released on 1980 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Employment, the trade balance and relative prices; Money and payments adjustment; Assets markets, capital mobility, and stabilization policy; Portfolio balance and the current account.
Book Synopsis Money Versus Credit in the Determination of Output for Small Open Economies by : International Monetary Fund
Download or read book Money Versus Credit in the Determination of Output for Small Open Economies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1989-09-27 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is well known that in a small open economy where there is perfect substitutability between domestic and foreign assets and costless portfolio adjustment, the monetary authorities cannot control the money supply, but can influence the balance of payments through the use of domestic credit. It has been argued that domestic credit is therefore the relevant variable in output determination as well. However, this paper demonstrates, using a “new classical” structural model, that under the conditions that render the money supply uncontrollable, neither money nor domestic credit affects output. If either has a significant effect in empirical tests, it implies that the assumption of perfect capital mobility is not satisfied.
Book Synopsis Open Economy Macroeconomics in Developing Countries by : Carlos A. Vegh
Download or read book Open Economy Macroeconomics in Developing Countries written by Carlos A. Vegh and published by MIT Press. This book was released on 2013-08-30 with total page 911 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive and rigorous text that shows how a basic open economy model can be extended to answer important macroeconomic questions that arise in emerging markets. This rigorous and comprehensive textbook develops a basic small open economy model and shows how it can be extended to answer many important macroeconomic questions that arise in emerging markets and developing economies, particularly those regarding monetary, fiscal, and exchange rate issues. Eschewing the complex calibrated models on which the field of international finance increasingly relies, the book teaches the reader how to think in terms of simple models and grasp the fundamentals of open economy macroeconomics. After analyzing the standard intertemporal small open economy model, the book introduces frictions such as imperfect capital markets, intertemporal distortions, and nontradable goods, into the basic model in order to shed light on the economy's response to different shocks. The book then introduces money into the model to analyze the real effects of monetary and exchange rate policy. It then applies these theoretical tools to a variety of important macroeconomic issues relevant to developing countries (and, in a world of continuing financial crisis, to industrial countries as well), including the use of a nominal interest rate as a main policy instrument, the relative merits of flexible and predetermined exchange rate regimes, and the targeting of “real anchors.” Finally, the book analyzes in detail specific topics such as inflation stabilization, “dollarization,” balance of payments crises, and, inspired by recent events, financial crises. Each chapter includes boxes with relevant empirical evidence and ends with exercises. The book is suitable for use in graduate courses in development economics, international finance, and macroeconomics.
Download or read book Monetary Economics written by W. Godley and published by Springer. This book was released on 2006-12-01 with total page 574 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book challenges the mainstream paradigm, based on the inter-temporal optimisation of welfare by individual agents. It introduces a methodology for studying how it is institutions which create flows of income, expenditure and production together with stocks of assets and liabilities, thereby determining how whole economies evolve through time.
Book Synopsis Money Stock, Bank Credit, and Interest Rate Formation in an Open Economy by : Andre G. Fourcans
Download or read book Money Stock, Bank Credit, and Interest Rate Formation in an Open Economy written by Andre G. Fourcans and published by . This book was released on 1976 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Interest Rates in Open Economies by : Dipak Das Gupta
Download or read book Interest Rates in Open Economies written by Dipak Das Gupta and published by . This book was released on 1994 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Policymakers must address the central questions: How much do world interest rates influence domestic rates? And what are the respective roles of monetary policy, real interest parity, expectations of change in the exchange rate, and "country risk?"
Book Synopsis Optimal Interest Rate Policy in a Small Open Economy by : Eric Parrado
Download or read book Optimal Interest Rate Policy in a Small Open Economy written by Eric Parrado and published by . This book was released on 2002 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using an optimizing model we derive the optimal monetary and exchange rate policy for a small stochastic open economy with imperfect competition and short run price rigidity. The optimal monetary policy has an exact closed-form solution and is obtained using the utility function of the representative home agent as welfare criterion. The optimal policy depends on the source of stochastic disturbances affecting the economy, much as in the literature pioneered by Poole (1970). Optimal monetary policy reacts to domestic and foreign disturbances. If the intertemporal elasticity of substitution in consumption is less than one, as is likely to be the case empirically, the optimal exchange rate policy implies a dirty float: interest rate shocks from abroad are met partially by adjusting home interest rates, and partially by allowing the exchange rate to move. This optimal pattern may help rationalize the observed fear of floating.
Book Synopsis The Open Economy Macromodel: Past, Present and Future by : Arie Arnon
Download or read book The Open Economy Macromodel: Past, Present and Future written by Arie Arnon and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: The impetus for the conference that was the basis for this volume emanated from the influence of two brilliant minds-Egon Sohmen and Adam Klug, who both died at an early age, leaving their families and the professions of economics and economic history with major voids. In the course of research on the origins of Open Economy Macroeconomics, the significant contributions of Egon Sohmen came to the fore. After correspondence with some of those involved in the early development of the Open Economy Macromodel, we turned to Adam Klug for his views on the matter-as he had dealt with the history of intertemporal trade models in his Ph. D. thesis. And it was Adam who suggested the idea of a conference bringing together economists and economic historians. At this point we want to acknowledge the very generous grant from the Egon Sohmen Foundation and the active participation of Dr. Helmut Sohmen and Mrs. Renee Sohmen at the conference. We also want to thank Prof. Sir Aaron Klug, Nobel Laureate, and the Klug family for their support and the financial contribution of the Adam Klug Memorial Lecture Fund at Ben Gurion University. Other institutions that contributed to the conference were the Gianni Foundation; Bank of Israel; University of North Carolina; Department of Economics, Faculty of Social Science and Aharon Meir Center for Banking, Bar Ilan University; Department of Economics and Faculty of Social Science, Ben-Gurion University of the Negev.
Book Synopsis Money and Credit in Capitalist Economies by : L. Randall Wray
Download or read book Money and Credit in Capitalist Economies written by L. Randall Wray and published by Edward Elgar Publishing. This book was released on 1990 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: This widely acclaimed book argues that money is not the product of a simple deposit multiplier process. The impressive analysis includes discussions of the origins and nature of money and of the evolution of monetary institutions and theory. Unlike other recent works on 'endogenous money', this book incorporates liquidity preference theory within the analysis by carefully distinguishing money from liquidity and by showing how money, but not liquidity, is created on demand. This naturally leads to a role for liquidity preference in the determination of interest rates. Extensions then link money to financial instability, the expenditure multiplier, credit, saving, investment, development, deficits and growth. This controversial and provocative book will be essential reading for all economists and researchers concerned with monetary and macroeconomics. It will have particular appeal to post Keynesian economists.
Book Synopsis The Effectiveness of Monetary Policy in Small Open Economies by : Keyra Primus
Download or read book The Effectiveness of Monetary Policy in Small Open Economies written by Keyra Primus and published by International Monetary Fund. This book was released on 2016-09-20 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relative effectiveness of the use of indirect and direct monetary policy instruments in Barbados, Jamaica and Trinidad and Tobago, by estimating a restricted Vector Autoregressive model with Exogenous Variables (VARX). The study assumes that the central bank conducts monetary policy using a Taylor-type rule and it evaluates the effects of a reserve requirement policy. The results show that although a positive shock to the policy interest rate has a direct effect on commercial banks' interest rates, there is a weak transmission to the real variables. Furthermore, an increase in the required reserve ratio is successful in reducing private sector credit and excess reserves, while at the same time alleviating pressures on the exchange rate. The findings therefore indicate that central banks in small open economies should consider using reserve requirements as a complement to interest rate policy, to achieve their macroeconomic objectives.
Book Synopsis Financial Intermediation, Exchange Rates, and Unconventional Policy in an Open Economy by : Luis Felipe Céspedes
Download or read book Financial Intermediation, Exchange Rates, and Unconventional Policy in an Open Economy written by Luis Felipe Céspedes and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops an open economy model in which financial intermediation is subject to occasionally binding collateral constraints, and uses the model to study unconventional policies such as credit facilities and foreign exchange intervention. The model highlights the interaction between the real exchange rate, interest rates, and financial frictions. The exchange rate can affect the financial intermediaries' international credit limit via a net worth effect and a leverage ratio effect; the latter is novel and depends on the equilibrium link between exchange rates and interest spreads. Unconventional policies are nonneutral if and only if financial constraints are binding in equilibrium. Credit programs are more effective if targeted towards financial intermediaries rather than the corporate sector. Sterilized foreign exchange interventions matter because the increased availability of tradables, resulting from the sterilizing credit, can relax financial frictions; this perspective is new in the literature. Finally, self fulfilling expectations can lead to the coexistence of financially constrained and unconstrained equilibria, justifying a policy of defending the exchange rate and the accumulation of international reserves.
Book Synopsis The Market for Money and the Market for Credit by : P. Korteweg
Download or read book The Market for Money and the Market for Credit written by P. Korteweg and published by Springer. This book was released on 1977-07-31 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: In most Keynesian-type macroeconomic models the financial sector is modelled in terms of money demand, money supply and money market equilibrium. The market equations for private and government debt, i.e. credit, are implicit in these models by virtue of Walras' Law and need not be explicitly specified. Market equations for existing physical capital, or shares in capital, are absent from these models on the tacit assumption that physical capital cannot be traded and, consequently, has no market price. Money in these models is a substitute for private and government debt, not for current output, let alone for physical capital (or claims thereon). Models with these characteristics have three basic weaknesses. They narrow down the monetary transmission mechanism to a small subset of assets. Moreover, they produce downward-biased estimates of the degree of controllability of money in open economies if money and claims on physical capital are actually substitutes. Finally, these models are ill-suited to analyze adequately the effects of open market operations and of financing government budget deficits which change the stocks of money and debt.
Book Synopsis Credit Flows in an Open Economy by : Paolo Baffi
Download or read book Credit Flows in an Open Economy written by Paolo Baffi and published by . This book was released on 1977 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Origins of International Economics: The emergence of Keynesian open-economy macroeconomics ; Absorption, elasticity, and monetary approaches to the foreign exchanges and balance of payments ; Fixed versus flexible exchange rates ; The Mundell-Fleming or IS-LM-BP approach to open economy macroeconomics by : Robert William Dimand
Download or read book The Origins of International Economics: The emergence of Keynesian open-economy macroeconomics ; Absorption, elasticity, and monetary approaches to the foreign exchanges and balance of payments ; Fixed versus flexible exchange rates ; The Mundell-Fleming or IS-LM-BP approach to open economy macroeconomics written by Robert William Dimand and published by Taylor & Francis US. This book was released on 2004 with total page 532 pages. Available in PDF, EPUB and Kindle. Book excerpt: A collection of materials reprinted from various sources.
