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Author : Isabel Ruiz
Publisher :
ISBN 13 :
Total Pages : 170 pages
Book Rating : 4.:/5 (318 download)
Download or read book Essays on the Latin American Foreign Exchange Market written by Isabel Ruiz and published by . This book was released on 2006 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Isabel Ruiz (Ph. D.)
Publisher :
ISBN 13 :
Total Pages : 290 pages
Book Rating : 4.:/5 (18 download)
Download or read book Essays on the Latin American Foreign Exchange Market written by Isabel Ruiz (Ph. D.) and published by . This book was released on 2006 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the last decade, Latin American countries have moved towards becoming more open and financially integrated. At the same time, the region has appeared to adopt a "bipolar" position concerning exchange rate regimes. Most countries have moved towards more flexible exchange rates, while others have implemented hard pegs in the form of dollarization. This dissertation has two goals. First, to measure linkages and dynamics across Latin American foreign exchange markets. Second, to explore how exchange rate uncertainty impacts U.S. foreign direct investment (FDI) into Latin America. In order to study interactions among these markets, I focus on the level of the currency and a measure of its volatility. I test for first and second order common features: common stochastic trends and common volatility. Evidence of common features in the foreign exchange markets has substantial implications. From a macroeconomic perspective, they indicate movements toward financial integration. From the point of view of investors, it has implications in terms of the assessment of risk and the development of hedging strategies. The existence of common stochastic trends is analyzed across countries, trade areas, and over different periods of time using Johansen (1991, 1995) and Gregory and Hansen (1996) cointegration tests. The existence of a common volatility process is tested using a factor autoregressive heteroscedastic (ARCH) model and the Engle and Kozicki (1993) methodology. The evidence suggests that most countries' currencies are cointegrated with the Brazilian real. This finding implies that the Brazilian real displays useful information about the long-run path of other currencies in the region. In terms of volatility dynamics, while most currencies display evidence of time-varying variance, the volatility movements in the foreign exchange market seems to be mainly country specific. Finally, I analyze the impact of exchange rate changes and exchange rate uncertainty on U.S. FDI inflows into Latin America. Following Engle and Lee (1999), exchange rate uncertainty is decomposed into a transitory and a permanent component. While controlling for other foreign investment determinants, the results indicate that exchange rate uncertainty appears to be detrimental to FDI inflows.
Author : Pedro Aspe Armella
Publisher : University of Chicago Press
ISBN 13 : 0226029972
Total Pages : 305 pages
Book Rating : 4.2/5 (26 download)
Download or read book Financial Policies and the World Capital Market written by Pedro Aspe Armella and published by University of Chicago Press. This book was released on 2009-05-15 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays brought together in this volume share a common objective: To bring a unifying methodological approach to the analysis of financial problems in developing, open economies. While the primary focus is on contemporary Latin America, the methods employed and the lessons learned are of wider applicability. The papers address the financial integration issue from three different perspectives. In some cases, a country study is the vehicle for an econometric investigation of a particular external linkage. In other cases, an individual country's experience suggests an economic model in which the stylized facts may be analyzed and developed. A third direction is unabashedly theoretical and formulates more general principles which are broadly applicable rather than country-specific.
Author : Harold Blakemore
Publisher :
ISBN 13 :
Total Pages : 226 pages
Book Rating : 4.3/5 (91 download)
Download or read book Latin America; Essays in Continuity and Change written by Harold Blakemore and published by . This book was released on 1974 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Helmut Reisen
Publisher : Edward Elgar Publishing
ISBN 13 : 9781781959541
Total Pages : 264 pages
Book Rating : 4.9/5 (595 download)
Download or read book Debt, Deficits, and Exchange Rates written by Helmut Reisen and published by Edward Elgar Publishing. This book was released on 1994-01-01 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'The collection of essays would provide an excellent supplement to course texts by emphasising the practical applications of theoretical ideas to contemporary international issues.' - Nick Snowden, The Economic Journal '. . . this volume provides an interesting collection of papers for those seeking a better understanding of the financial aspects of LDEs' relations with the rest of the world and, in particular, for those wishing to explore the vastly different experience with foreign borrowing of East Asia, on the one hand, and Latin America, on the other.' - Ross McLeod, Asian-Pacific Economic Literature Debt, Deficits and Exchange Rates presents recent work by Helmut Reisen on current international monetary problems in East Asia and Latin America. Written over the last four years, these papers are readily accessible and of immediate policy relevance.
Author : Victor A. Canto
Publisher : Springer Science & Business Media
ISBN 13 : 9400932618
Total Pages : 203 pages
Book Rating : 4.4/5 (9 download)
Download or read book Currency Substitution written by Victor A. Canto and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work grew out of a series of investigations begun by the authors in 1980 and 1981. Specifically the authors pursued two lines of inquiry. First, to advance the state of the theoretical lit erature to better explain the crises of liberalization which seemed to be afflicting the third world in general and Latin America in particular. To do this, several different kinds of models were in vestigated and adapted. These are presented in Chapters 2, 3 and 5. Secondly an analysis of the empirical evidence was conducted in order to gain insight into the processes that were thought to be occurring and the theoretical models that were being developed. Some of this work appears in Chapters 3, 4, 5 and 6. Other work by the authors on these issues has been published elsewhere and is referenced herein. There are a great many people whose work and whose com ments have influenced this work. We would like to especially thank Guillermo Calvo, Michael Connolly, Sebastian Edwards, Roque Fernandez, Michael Darby, Robert Clower, Neil Wallace, John Kareken, Paul McNelis, Jeffrey Nugent, Jaime Marquez, Lee Ohanian, Leroy Laney, Jorge Braga de Macedo, Dale Henderson, vii Matthew Canzoneiri, Arthur Laffer, Marc Miles, and George Von Furstenberg whose ideas and comments gave rise to much of our work. We would like to thank Suh Lee for his assistance with the computations in Chapter 5.
Author : Francis H. Schott
Publisher :
ISBN 13 : 9781258630584
Total Pages : 30 pages
Book Rating : 4.6/5 (35 download)
Download or read book The Evolution of Latin American Exchange Rate Policies Since World War Ii written by Francis H. Schott and published by . This book was released on 2013-03 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Walton T. Wilford
Publisher :
ISBN 13 :
Total Pages : 112 pages
Book Rating : 4.A/5 ( download)
Download or read book Essays in Latin American Economic Issues written by Walton T. Wilford and published by . This book was released on 1970 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Marcos d Chamon
Publisher : International Monetary Fund
ISBN 13 : 1484375688
Total Pages : 320 pages
Book Rating : 4.4/5 (843 download)
Download or read book Foreign Exchange Intervention in Inflation Targeters in Latin America written by Mr.Marcos d Chamon and published by International Monetary Fund. This book was released on 2019-02-28 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreign exchange intervention is widely used as a policy tool, particularly in emerging markets, but many facets of this tool remain limited, especially in the context of flexible exchange rate regimes. The Latin American experience can be informative because some of its largest countries adopted floating exchange rate regimes and inflation targeting while continuing to intervene in foreign exchange markets. This edited volume reviews detailed accounts from several Latin American countries’ central banks, and it provides insight into how and with what aim many interventions were decided and implemented. This book documents the effectiveness of intervention and pays special attention to the role of foreign exchange intervention policy within inflation-targeting monetary frameworks. The main lesson from Latin America’s foreign exchange interventions, in the context of inflation targeting, is that the region has had a considerable degree of success. Transparency and a clear communication policy have been key. For economies that are not highly dollarized, rules-based intervention helped contain financial instability and build international reserves while preserving inflation targets. The Latin American experience can help other countries in the design and implementation of their policies.
Author : Fabiàn De Achàval Muñoz
Publisher :
ISBN 13 :
Total Pages : 249 pages
Book Rating : 4.:/5 (69 download)
Download or read book Essays on Exchange Rate Policy, Macroeconomic Volatility and Inequality in Latin America written by Fabiàn De Achàval Muñoz and published by . This book was released on 2009 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis is a collection of four essays on exchange rate policies, macroeconomic volatility and inequality in Latin America. Known to be a currency crises-prone region, Latin America is also highly volatile and the most unequal region of the world. On the other hand, and perhaps as a consequence of the above, these economies exhibit strong market failures. My research takes into account these factors in order to determine if there is a rationale for the intervention of the government in the economy be it for the sake of economic optimality or for social considerations. This research is divided in two parts. The first part focuses on optimal monetary policy in emerging markets in the light of two main economic characteristics of these economies: the currency mismatch and a high inflation pass-through. The first chapter addresses the theoretical foundations of the "fear of floating" which has been observed to characterize Latin American economies' exchange rate regimes. We show that the literature has identified circumstances under which optimal monetary policy limits exchange rate volatility. The second chapter assesses the trade-off faced by developing economies in the light of exchange rate pass-through and a non-Walrasian labor market from an optimal monetary policy perspective. The second part analyses the effects of macroeconomic volatility on inequality. The third charter reviews the literature both theoretically and empirically. Finally, the fourth chapter examines in a three-agents model the role on the informal sector to explain the link between volatility and inequality. We show that this new channel may challenge the conventional wisdom and that the poor are not necessarily worst-off.
Author : Francis H. Schott
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (319 download)
Download or read book The Evolution of Latin American Exchange-rate Policies Since World War II written by Francis H. Schott and published by . This book was released on 1959 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : J. Ros
Publisher : Springer
ISBN 13 : 113746366X
Total Pages : 209 pages
Book Rating : 4.1/5 (374 download)
Download or read book Development Macroeconomics in Latin America and Mexico written by J. Ros and published by Springer. This book was released on 2015-04-08 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: Development Macroeconomics in Latin America and Mexico brings the attention of academics, practitioners, and policy makers to the neglected macroeconomic factors that can account for both the unsatisfactory average growth performance of Latin American and the diversity around this average.
Author : Robert E. Grosse
Publisher : Praeger
ISBN 13 :
Total Pages : 248 pages
Book Rating : 4.F/5 ( download)
Download or read book Foreign Exchange Black Markets in Latin America written by Robert E. Grosse and published by Praeger. This book was released on 1994-11-21 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreign exchange black markets in Argentina, Brazil, Colombia, Jamaica and Peru were studied during the period 1990-93. This group of case studies presents a broad view of the phenomenon in Latin America at the beginning of the 1990s. This is not a traditional economic analysis of foreign exchange markets, for many reasons. Most importantly, since black markets are illegal by definition, they are not recorded in offical statistics and the participants are not easily identified. Nevertheless, these markets are often widely used and well known to people living in the Latin American countries, so it is possible to paint a reasonably accurate picture of them. The work is based largely on interviews with black market participants in each country. This primary means of collecting information was desirable because of the general lack of published sources of data or other records; though published information was also used when available. The book discusses foreign exchange black markets from a variety of perspectives, looking at who participates in them, how they function, and what impacts they have on local economies.
Author : Pranab K. Bardhan
Publisher : North Holland
ISBN 13 :
Total Pages : 440 pages
Book Rating : 4.3/5 ( download)
Download or read book International Trade, Investment, Macro Policies, and History written by Pranab K. Bardhan and published by North Holland. This book was released on 1987 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume, a tribute by a group of distinguished economists to the scholarly achievements of Carlos Diaz-Alejandro, examines five areas to which he made important contributions. These economists have been close associates whose own research has been much influenced by his capacity to stimulate and innovate in a variety of subjects. Section 1, on International Trade, reflects his concern with the limits of orthodox analysis, and the need to consider an imperfect world. Section 2 treats an area in which he made early and important contributions, Foreign Investment. The papers provide simple models that have strong policy implications. The contributors to the third section agree on the gravity of the Debt Crisis, and the inability of even strong policy performance by the debtor countries to avert it. Section 4 deals with stabilization and macro-economic policies in the Latin American context. The papers are unified by the need for non-orthodox policies to cope with non-orthodox situations, a conclusion that Carlos regularly reached. The last section, on Economic History, contains a range of papers that give testimony to the breadth of Carlos' interests in this field.
Author : Jeffry A. Frieden
Publisher : IDB
ISBN 13 : 9781886938878
Total Pages : 292 pages
Book Rating : 4.9/5 (388 download)
Download or read book The Currency Game written by Jeffry A. Frieden and published by IDB. This book was released on 2001 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Written by a distinguished group of economists and political scientists from around the hemisphere, the essays in this book include analytical perspectives, a cross-national statistical study, and a series of detailed country studies ... [and bring an] important new theoretical insights and epmpirical evidence to that debate in order to best address a policy issue critical to the future of Latin American development"--Preface.
Author : Paolo Savona
Publisher : Springer
ISBN 13 : 1349088129
Total Pages : 196 pages
Book Rating : 4.3/5 (49 download)
Download or read book World Trade written by Paolo Savona and published by Springer. This book was released on 1989-06-18 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: Developments in the international monetary order and world trade have profoundly affected the Latin American region. This book is a collection of papers presented at the International Conference on World Trade-Monetary Order and Latin America.
Author : NA NA
Publisher : Springer
ISBN 13 : 1137046813
Total Pages : 243 pages
Book Rating : 4.1/5 (37 download)
Download or read book Reforming the Reforms in Latin America written by NA NA and published by Springer. This book was released on 2016-04-30 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: Development has been elusive for Latin America in the 1990s. Notwithstanding tough neoliberal reforms, defeated hyperinflation, and large capital inflows, development of productive capacity and social equity shows a poor performance. These selected essays discuss the analytical bases of a pragmatic policy-oriented approach alternative to neoliberalism. They also analyze macroeconomic management, trade and financial liberalization in recent years.
