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European Exchange Rate Credibility Before The Fall
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Book Synopsis European Exchange Rate Credibility Before the Fall by : Andrew Rose
Download or read book European Exchange Rate Credibility Before the Fall written by Andrew Rose and published by . This book was released on 1993 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Realignment expectations which measure exchange rate credibility are analyzed for European exchange rates, using daily financial data since the inception of the EMS. It is difficult to find economically meaningful relationships between realignment expectations and macroeconomic variables, although there are signs that lower inflation improves credibility. Statistically, many movements to realignment expectations are common to ERM participants. There were few indications of poor ERM credibility before late August 1992; the dimensions of the currency crisis of September 1992 appear to have taken both policy-makers and private agents largely by surprise.
Book Synopsis European Economies in Transition by : O. Fabel
Download or read book European Economies in Transition written by O. Fabel and published by Springer. This book was released on 2000-06-13 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focusing upon the rich interplay between ongoing institutional and technological changes, the dynamics of national industrial systems and the modifications in policy instruments of the new economic framework of the common market and the single currency, European Economies in Transition addresses key issues for growth and convergence. A set of methodologies highlighting the structural aspects and discontinuities in such dynamics reveals new features of transition processes experienced by some of the most advanced Western economies.
Book Synopsis NBER Macroeconomics Annual 1996 by : Ben S. Bernanke
Download or read book NBER Macroeconomics Annual 1996 written by Ben S. Bernanke and published by MIT Press. This book was released on 1997-02 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the eleventh volume in a series of annuals from the National Bureau of Economic Research that are designed to present, extend, and apply frontier work in macroeconomics, and to encourage and stimulate work by macroeconomists on current policy issues. These contributions offer a good sample of the current issues and exciting research directions in macroeconomics. Contents Credit, Business Investment, and Output Fluctuations in Japan, Nobuhiro Kiyotaki and Kenneth D. West * Causes and Consequences of Imperfections in the Consumer Price Index, Matthew D. Shapiro and David Wilcox * A Scorecard for Indexed Government Debt, John Y. Campbell and Robert J. Shiller * Technology Improvements and Productivity Slowdowns: Another Crazy Explanation, Andreas Hornstein and Per Krusell * Are Currency Crises Self-Fulfilling?, Paul Krugman * Inequity and Growth, Roland Benabou
Author :David K. H. Begg Publisher :Centre for Economic Policy Research ISBN 13 :9781898128267 Total Pages :102 pages Book Rating :4.1/5 (282 download)
Book Synopsis EMU, Getting the End Game Right by : David K. H. Begg
Download or read book EMU, Getting the End Game Right written by David K. H. Begg and published by Centre for Economic Policy Research. This book was released on 1997 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by a team of distinguished European academics, this report looks at the final stage of Europe's transition to a monetary union.
Book Synopsis The Collapse of Exchange Rate Regimes by : George S. Tavlas
Download or read book The Collapse of Exchange Rate Regimes written by George S. Tavlas and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: ical) and to self-fulfilling currency crisis, respectively. Research stressing the former approach was pioneered by Krugman (1979) and Flood and Garber (1984). According to this line of research, the failure of governments to adopt domestic monetary and fiscal policies consistent with their stated exchange rate targets leads to a gradual diminution of reserves and eventually a stock adjustment that depletes reserves suddenly in one attack (Sachs, Tornell, and Velasco, 1996, page 47). The result is either a devaluation of the exchange rate or a switch to floating. Subsequent work of this genre has specified a number of other channels, in addition to that involving inconsistent and unsustainable monetary and fiscal policies, that can precipitate an attack: 1. Inconsistency between external and internal objectives. The stances of monetary and fiscal policies may be consistent with the authorities' exchange rate target, but domestic economic indicators (such as the unemployment rate) may be inconsistent with internal balance, resulting in pressures on the authorities to relax macroeconomic policies. Private agents, aware of this inconsistency, perceive an opportunity for profits from a currency devaluation and precipitate an attack. 2. Contagion effects. Prior to an attack on another currency (say that of country B), the market may view a country's (say, country A's) exchange rate as consistent with economic fundamentals and, thus, sustainable.
Book Synopsis The Making of Monetary Policy in the UK, 1975-2000 by : David Cobham
Download or read book The Making of Monetary Policy in the UK, 1975-2000 written by David Cobham and published by John Wiley & Sons. This book was released on 2003-02-14 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the quarter of a century with which this book is concerned, the UK has had an extraordinarily diverse experience of monetary policy and monetary regimes. Monetary policy has been transformed, from attempts to control broad money from the supply side with the use of indirect controls on banks' lending, to an almost exclusive focus on interest rates in a context of inflation targeting. The exchange rate has at times been fixed, at other times almost perfectly flexible, and at other times again more or less managed. Meanwhile the real economy has experienced large variations in growth, together with what most observers have seen as a sharp rise and then a gradual decline in the NAIRU; inflation has varied between 25% and 2%. This is a book about the making of monetary policy in the UK, about how and why the monetary regimes changed over the period, and how and why the monetary authorities took the decisions they did about monetary growth, interest rates and the exchange rate. It includes separate chapters on monetary targeting, on policy in the second half of the 1980s, on the UK's brief membership of the ERM, on inflation targeting between 1993 and 1997, and on inflation targeting with instrument independence since 1997. It also contains a detailed analysis of the factors that influenced interest rate decisions and monetary policy with particular reference to the exchange rate, and an investigation of the nature and reasons for interest rate smoothing in the UK. "David Cobham has written an excellent history of British monetary policy over the final quarter of the 20th Century. His judgement of the political and economic context is sound and sensible. It is well written with clear and helpful tables and charts. Besides the careful historical reporting, Cobham adds some valuable extra research of his own, notably on the interaction between monetary policy and the exchange rate (Chapter 9) and on the reasons for interest rate 'smoothing' (Chapter 10)." Charles Goodhart, Norman Sosnow Professor of Banking and Finance at the London School of Economics "...an essential guide covering everything the reader could ever want to know about the UK's turbulent monetary history over the last quarter century" Charles Bean, Chief Economist, Bank of England
Download or read book The Tobin Tax written by Mahbub ul Haq and published by New York : Oxford University Press. This book was released on 1996 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: This guide to coping with financial volatility should be of interest to academics and economists with interest in finance and international development.
Book Synopsis Prospects for Monetary Cooperation and Integration in East Asia by : Ulrich Volz
Download or read book Prospects for Monetary Cooperation and Integration in East Asia written by Ulrich Volz and published by MIT Press. This book was released on 2010 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: East Asian countries were notably uninterested in regional monetary integration until the late 1990's, when the Asian financial crisis revealed the fragility of the region's exchange rate arrangements and highlighted the need for a stronger regional financial architecture. Since then, the countries of East Asia have begun taking steps to explore monetary and financial cooperation, establishing such initiatives as regular consultations among finance ministers and central bank governors and the pooling of foreign exchange reserves. In this book Ulrich Volz investigates the prospects for monetary cooperation and integration in East Asia, using state-of-the-art theoretical and empirical tools to analyze the most promising policy options. --
Book Synopsis Political Economy in Macroeconomics by : Allan Drazen
Download or read book Political Economy in Macroeconomics written by Allan Drazen and published by Princeton University Press. This book was released on 2018-06-05 with total page 790 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally, economics was called political economy, and those studying it readily accepted that economic decisions are made in a political world. But economics eventually separated itself from politics to pursue rigorous methods of analyzing individual behavior and markets. Recently, an increasing number of economists have turned their attention to the old question of how politics shape economic outcomes. To date, however, this growing literature has lacked a cogent organization and a unified approach. Here, in the first full-length examination of how political forces affect economic policy decisions, Allan Drazen provides a systematic treatment, organizing the increasingly influential "new political economy" as a more established field at the highly productive intersection of economics and political science. Although he provides an extraordinarily helpful guide to the recent explosion of papers on political economy in macroeconomics, Drazen moves far beyond survey, giving definition and structure to the field. He proposes that conflict or heterogeneity of interests should be the field's essential organizing principle, because political questions arise only when people disagree over which economic policies should be enacted or how economic costs and benefits should be distributed. Further, he illustrates how heterogeneity of interests is crucial in every part of political economy. Drazen's approach allows innovative treatment--using rigorous economic models--of public goods and finance, economic growth, the open economy, economic transition, political business cycles, and all of the traditional topics of macroeconomics. This major text will have an enormous impact on students and professionals in political science as well as economics, redefining how decision makers on several continents think about the full range of macroeconomic issues and informing the approaches of the next generation of economists.
Book Synopsis The Determinants of Currency Crises by : B. Rother
Download or read book The Determinants of Currency Crises written by B. Rother and published by Springer. This book was released on 2009-04-17 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the role of political factors in the occurrence of currency crises, using an eclectic approach that blends case studies, a rigorous theoretical discussion, and econometric analysis.
Book Synopsis The IMF and the World Bank at Sixty by : Ariel Buira
Download or read book The IMF and the World Bank at Sixty written by Ariel Buira and published by Anthem Press. This book was released on 2005 with total page 363 pages. Available in PDF, EPUB and Kindle. Book excerpt: An authoritative review of the position of the IMF and World Bank in their sixtieth year.
Book Synopsis Exchange Rate Regimes and Macroeconomic Stability by : Lok Sang Ho
Download or read book Exchange Rate Regimes and Macroeconomic Stability written by Lok Sang Ho and published by Springer Science & Business Media. This book was released on 2011-06-28 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Asian crisis of 1997-1998 was a major influence on macroeconomic thinking concerning exchange rate regimes, the functioning of international institutions, such as the IMF and the World Bank, and international contagion of macroeconomic instability from one country to another. Exchange Rate Regimes and Macroeconomic Stability offers perspectives on these issues from the viewpoints of two Nobel Laureates, an IMF economist, and Asian economists. This book contributes new ideas to the ongoing debate on the role of domestic monetary authorities and international institutions in reducing the likelihood of international financial crises, as well as the problems associated with various exchange rate regimes from the standpoint of macroeconomic stability. Overall, the chapters contained in this volume offer interesting perspectives, which have been stimulated by the recent events in the foreign exchange market. They provide a useful reference for anyone interested in the development of exchange rate regimes, and represent considerable reflection by economists half a century after Bretton Woods.
Book Synopsis Capital Flows and Crises by : Barry J. Eichengreen
Download or read book Capital Flows and Crises written by Barry J. Eichengreen and published by MIT Press. This book was released on 2004 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: An analysis of the connections between capital flows and financial crises as well as between capital flows and economic growth.
Book Synopsis The Asian Financial Crisis: Origins, Implications, and Solutions by : William C. Hunter
Download or read book The Asian Financial Crisis: Origins, Implications, and Solutions written by William C. Hunter and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the late 1990s, Korea, Thailand, Indonesia and Malaysia experienced a series of major financial crises evinced by widespread bank insolvencies and currency depreciations, as well as sharp declines in gross domestic production. This sudden disruption of the Asian economic `miracle' astounded many observers around the world, raised questions about the stability of the international financial system and caused widespread fear that this financial crisis would spread to other countries. What has been called the Asian crisis followed a prolonged slump in Japan dating from the early 1980s and came after the Mexican currency crisis in the mid-1990s. Thus, the Asian crisis became a major policy concern at the International Monetary Fund as well as among developed countries whose cooperation in dealing with such financial crises is necessary to maintain the stability and efficiency of global financial markets. This book collects the papers and discussions delivered at an October 1998 Conference co-sponsored by the Federal Reserve Bank of Chicago and the International Monetary Fund to examine the causes, implications and possible solutions to the crises. The conference participants included a broad range of academic, industry, and regulatory experts representing more than thirty countries. Topics discussed included the origin of the individual crises; early warning indicators; the role played by the global financial sector in this crisis; how, given an international safety net, potential risks of moral hazard might contribute to further crises; the lessons for the international financial system to be drawn from the Asian crisis; and what the role of the International Monetary Fund might be in future rescue operations. Because the discussions of these topics include a wide diversity of critical views and opinions, the book offers a particularly rich presentation of current and evolving thinking on the causes and preventions of international banking and monetary crises. The book promises to be one of the timeliest as well as one of the most complete treatments of the Asian financial crisis and its implications for future policymaking.
Book Synopsis Currency Options and Exchange Rate Economics by : Zhaohui Chen
Download or read book Currency Options and Exchange Rate Economics written by Zhaohui Chen and published by World Scientific. This book was released on 1998 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume is a collection of classical and recent empirical studies of currency options and their implications for issues of exchange rate economics, such as exchange rate risk premium, volatility, market expectations, and credibility of exchange rate regimes. It contains applications on how to extract useful information from option market data for financial forecasting policy purposes. The subjects are discussed in a self-contained, user-friendly format, with introductory chapters on currency option theory and currency option markets. The book can be used as supplementary reading for graduate finance and international economics courses, as training material for central bank and regulatory authorities, or as a reference book for financial analysts.
Book Synopsis IMF Staff Papers, Volume 49, No. 2 by : Mr.Robert P. Flood
Download or read book IMF Staff Papers, Volume 49, No. 2 written by Mr.Robert P. Flood and published by International Monetary Fund. This book was released on 2002-07-11 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores sources of the output collapse in Russia during transition. A modified growth-accounting framework is developed that takes into account changes in factor utilization that are typical of the transition process. The results indicate that declines in factor inputs and productivity were both important determinants of the output fall. The paper analyzes the behavior of real commodity prices over the 1862–1999 progress. It also examines whether average stocks of health and education are converging across countries, and calculates the speed of their convergence using data from 84 countries for 1970–90.
Book Synopsis The American Bibliography of Slavic and East European Studies by : Patt Leonard
Download or read book The American Bibliography of Slavic and East European Studies written by Patt Leonard and published by Routledge. This book was released on 2020-02-27 with total page 1725 pages. Available in PDF, EPUB and Kindle. Book excerpt: This bibliography, first published in 1957, provides citations to North American academic literature on Europe, Central Europe, the Balkans, the Baltic States and the former Soviet Union. Organised by discipline, it covers the arts, humanities, social sciences, life sciences and technology.
