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Essays On Exchange Rate Volatility And On Regional Integration
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Book Synopsis Essays on Exchange Rate Volatility and on Regional Integration by : Shang-Jin Wei
Download or read book Essays on Exchange Rate Volatility and on Regional Integration written by Shang-Jin Wei and published by . This book was released on 1992 with total page 532 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Regional Economic Integration and Exchange Rate Regimes by : Xiaodan Zhao
Download or read book Three Essays on Regional Economic Integration and Exchange Rate Regimes written by Xiaodan Zhao and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1498330282 Total Pages :132 pages Book Rating :4.4/5 (983 download)
Book Synopsis Exchange Rate Volatility and Trade Flows--Some New Evidence by : International Monetary Fund
Download or read book Exchange Rate Volatility and Trade Flows--Some New Evidence written by International Monetary Fund and published by International Monetary Fund. This book was released on 2004-05-19 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Book Synopsis Essays on Exchange Rate Policies and Monetary Integration by : Ibrahima Sangare
Download or read book Essays on Exchange Rate Policies and Monetary Integration written by Ibrahima Sangare and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis investigates the choice of exchange rate regimes in specific economic contexts. The first part of this work (Chapters 1 and 2) considers the case of small open economies with foreign-currency denominated debt and that of a region where there is a similarity among trade-weighted currency baskets of countries. The second part of the thesis (Chapters 3 and 4) focuses on the study of exchange rate regimes and monetary integration in a liquidity trap environment relative to “tranquil” times. Based on dynamic stochastic general equilibrium (DSGE) models and Bayesian and Panel data econometrics, the thesis mainly uses the analyses of impulse responses, welfare and currency misalignments as comparison criteria among alternative currency regimes.The key lessons from this work are summarized as follows. For small open economies heavily in debted in foreign currency, like those of Southeast Asia, the flexible exchange is the best regime, followed by intermediate and fixed exchange rate regimes. At the regional level, it is shown that the exchange rate targeting regime leads to a stability of intra-regional bilateral exchange rates, which is a sort of fixity of exchange rates similar to a “de facto currency area”. In the context of a liquidity trap, we find that, contrary to common belief during the Euro area crisis, the currency union welfare dominates the independent floating regime. Only a central bank intervention in the form of a managed float policy could allow the independent floating to outperform the monetary union.Through both the empirical and theoretical analyses of the liquidity trap effects on currency misalignments, it is shown that the ZLB constraint tends to reduce currency misalignments compared with the independent floating policy. This suggests a reinforcement of the monetary integration within a monetary union during the liquidity trap.
Book Synopsis Essays on Real Exchange Rate Volatility and Openness in International Trade by : Abelardo Salazar Neaves
Download or read book Essays on Real Exchange Rate Volatility and Openness in International Trade written by Abelardo Salazar Neaves and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This work comprises five chapters that explore in detail issues related to real exchange rate volatility and trade openness. In the case of real exchange rate volatility, we start with the decomposition of this measure to determine the relative contribution of traded and nontraded goods to the variance of the real exchange rate. We obtain evidence in favour of a relevant role for non-traded goods. Our estimation of the real exchange rate volatility is included in the second chapter. Our results, based on a cross-section regression, show that the existing link of openness to real exchange rate volatility is weaker when we control for imposed and natural trade barriers. At the same time we are able to obtain a relationship between inflation volatility and the variation of the real exchange rate. Chapters three and four are related to our real exchange rate volatility model. We decide to obtain a specication for openness that could help us explore in detail the idea of country characteristics aecting trade flows. Our rst approach considers a cross-section estimation to identify the factors that consistently aect trade openness. The second approach considers a more dynamic specication. We are able to establish a link between country characteristics and trade openness. At the same time our results capture interesting changes in the eects of the dependent variables on openness across time. The final chapter takes us back to the analysis of real exchange rate volatility. In this case, we explore which measure is the most appropriate amongst those calculated from series in levels and the ones in first dierences. We conclude that series that do not show less stationary behaviour require longer time series (more observations) in order to display results that close to the reference value.
Book Synopsis Essays on the Relationships Between Foreign Direct Investment, International Trade, and Exchange Rate Volatility by : Bedassa Tadesse Ayele
Download or read book Essays on the Relationships Between Foreign Direct Investment, International Trade, and Exchange Rate Volatility written by Bedassa Tadesse Ayele and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreign direct investment (FDI) and international trade play key roles in enhancing global technology transfer, fostering economic growth, and the increasing integration of the global economy. A country's market maturity level and export platform status are particularly important in determining the amount of FDI andtrade that a country receives. This dissertation focuses on the host market characteristics, the FDI-trade interaction, and how exchange rate risk affects a nation's bilateral trade volume. The first essay examines whether FDI is a complement or a substitute to the bilateral trade (export sales) and the extent to which FDI-trade relationship is affected by the host's market characteristics. In addition to examining the same problem at a disaggregated industry level, the second essay examines theallocation of industry-specific manufacturing FDI across different host countries. Both essays, respectively, use country- and industry-specific Japanese bilateral trade and outward FDI (establishment counts and values) into geographically and economically diverse host nations. Results from the aggregate country-level analysis show that Japanese FDI and export sales during 1989-1999 were complementary. However, the results are sensitive to host's maturity level and export platform status. Results from industry-level analysis show that the relationship between Japanese manufacturing FDI and trade is industry specific. For example, while Japanese outward FDI complements industry specific export sales in food, beverage and tobacco industries, in wood products, furniture, and basic metal manufacturing industries, it substitutes export sales. The third essay investigates the effects of real exchange rate volatility due to shocks in both the fundamental and the microstructure component of the exchange rate on the volume of imports. Empirical results based on monthly bilateral trade data between the U.S., Canada, Germany and Hong Kong indicate that volatility in exchange rate due to shocks in the microstructure aspect of the exchange market has a trade depressing impact. The effect of volatility inthe fundamental exchange rate on the volume of trade, on the other hand, is mixed, suggesting the possibility that importers of different commodity groups treat the effect of exchange risk in the fundamental component on their trading activities differently.
Book Synopsis Essays in exchange rate volatility and international trade, exchange rate volatility and stock returns for the United States and Turkey, and political corruption by : Fuat Sekmen
Download or read book Essays in exchange rate volatility and international trade, exchange rate volatility and stock returns for the United States and Turkey, and political corruption written by Fuat Sekmen and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Exchange Rate Volatility and International Trade, Exchange Rate Volatility and Stock Returns for the U.S. and Turkey, and Political Corruption by : Fuat Sekman
Download or read book Essays on Exchange Rate Volatility and International Trade, Exchange Rate Volatility and Stock Returns for the U.S. and Turkey, and Political Corruption written by Fuat Sekman and published by . This book was released on 2004 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in International Economics by : Mehmet Fatih Ekinci
Download or read book Essays in International Economics written by Mehmet Fatih Ekinci and published by . This book was released on 2011 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In Chapter 1, we present and study the properties of a sticky information exchange rate model where consumers and producers update their information sets infrequently. We find that introducing inattentive consumers has important implications. Through a mechanism resembling the limited participation models, we can address the exchange rate volatility for reasonable values of risk aversion. We observe more persistence in output, consumption and employment which brings us closer to the data. Impulse responses to monetary shocks are hump shaped, consistent with the empirical evidence. Forecast errors of inattentive consumers provide a channel to reduce the correlation of relative consumption and real exchange rate. However, we find that decline in the correlation is quantitatively small. Chapter 2 explores the international business cycle implications of replacing the sticky price assumption with sticky information. We assume attentive consumers through this exercise. Mankiw and Reis (2002) propose the sticky information model to generate a lagged inflation response to monetary shocks consistent with the empirical evidence. Their model is also successful to address the inflation persistence observed in the data. We conjecture that sticky information assumption could be helpful to resolve the 'persistence anomaly' of the real exchange rates. We show that hump-shaped inflation response result is sensitive to the assumptions on the monetary policy and price setting block of the model. Furthermore, the response of nominal exchange rate is quite large and it dissipates quickly after a monetary shock. The improvement obtained in the real exchange rate persistence by the lagged inflation response is dominated by the large and short-lived nominal exchange rate responses, therefore it is quantitatively small. For all alternative specifications, we find that sticky information and sticky price models produce similar moments. Chapter 3 investigates the degree of financial integration within and between European countries. We construct two measures of de-facto integration across European regions to capture 'diversification' and 'development finance' in the language of Obstfeld and Taylor (2005). We find evidence that capital market integration within the EU is less than what is implied by theoretical benchmarks and also less than what is found for U.S. states. We ask why is this the case? Using country-level data for economic institutions, we find that these are not able to explain differences between countries. Using regional data from the World Values Surveys, we investigate the effect of 'social capital' on financial integration among European regions. We find regions, where the level of confidence and trust is high, are more financially integrated with each other"--Page v-vi.
Book Synopsis Currency Politics by : Jeffry A. Frieden
Download or read book Currency Politics written by Jeffry A. Frieden and published by Princeton University Press. This book was released on 2014-12-28 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: The politics surrounding exchange rate policies in the global economy The exchange rate is the most important price in any economy, since it affects all other prices. Exchange rates are set, either directly or indirectly, by government policy. Exchange rates are also central to the global economy, for they profoundly influence all international economic activity. Despite the critical role of exchange rate policy, there are few definitive explanations of why governments choose the currency policies they do. Filled with in-depth cases and examples, Currency Politics presents a comprehensive analysis of the politics surrounding exchange rates. Identifying the motivations for currency policy preferences on the part of industries seeking to influence politicians, Jeffry Frieden shows how each industry's characteristics—including its exposure to currency risk and the price effects of exchange rate movements—determine those preferences. Frieden evaluates the accuracy of his theoretical arguments in a variety of historical and geographical settings: he looks at the politics of the gold standard, particularly in the United States, and he examines the political economy of European monetary integration. He also analyzes the politics of Latin American currency policy over the past forty years, and focuses on the daunting currency crises that have frequently debilitated Latin American nations, including Mexico, Argentina, and Brazil. With an ambitious mix of narrative and statistical investigation, Currency Politics clarifies the political and economic determinants of exchange rate policies.
Download or read book Essays on economic integration written by and published by Rozenberg Publishers. This book was released on 2006 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico Publisher : ISBN 13 :9789291319626 Total Pages :0 pages Book Rating :4.3/5 (196 download)
Book Synopsis Market Volatility and Foreign Exchange Intervention in EMEs by : Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico
Download or read book Market Volatility and Foreign Exchange Intervention in EMEs written by Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exchange Rate Economics by : Ronald MacDonald
Download or read book Exchange Rate Economics written by Ronald MacDonald and published by Routledge. This book was released on 2005 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: ''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""
Book Synopsis Evolution and Performance of Exchange Rate Regimes by : Mr.Kenneth Rogoff
Download or read book Evolution and Performance of Exchange Rate Regimes written by Mr.Kenneth Rogoff and published by International Monetary Fund. This book was released on 2003-12-01 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Currencies, Commodities and Consumption by : Kenneth W. Clements
Download or read book Currencies, Commodities and Consumption written by Kenneth W. Clements and published by Cambridge University Press. This book was released on 2013-01-31 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discusses economic issues associated with exchange rates, commodity prices, the economic size of countries and alternatives to PPP exchange rates.
Book Synopsis Exchange-rate Management in Theory and Practice by : Victor E. Argy
Download or read book Exchange-rate Management in Theory and Practice written by Victor E. Argy and published by . This book was released on 1982 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Journal of Economic Literature written by and published by . This book was released on 2005-12 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: