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Exchange Rates And Commodity Prices
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Book Synopsis Commodity Prices and Markets by : Takatoshi Ito
Download or read book Commodity Prices and Markets written by Takatoshi Ito and published by University of Chicago Press. This book was released on 2011-03 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fluctuations of commodity prices, most notably of oil, capture considerable attention and have been tied to important economic effects. This book advances our understanding of the consequences of these fluctuations, providing both general analysis and a particular focus on the countries of the Pacific Rim.
Book Synopsis Exchange Rates, Interest Rates, and Commodity Prices by : Meher Manzur
Download or read book Exchange Rates, Interest Rates, and Commodity Prices written by Meher Manzur and published by Edward Elgar Publishing. This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the key issues relating to links between exchange rate instability and domestic inflation, including real exchange rate and interest rate manifestations, and the co-variability of exchange rates and commodity prices. The common theme throughout is the behaviour of asset prices and interest rates in international markets. A number of interrelated questions regarding the interactions of exchange rates, interest rates and commodity prices are posed: Why is purchasing power parity invariably controversial? Despite overwhelming evidence that sterilised central bank interventions are impotent, why do major industrialised countries (such as the G-7) continue to look for accords to stem exchange rate volatility? Why are the currencies of resource-based economies depreciating when the commodity prices are holding up? Has the link between exchange rates and commodity prices collapsed? In a world of increasing globalisation, why are interest rate movements so poorly correlated across countries? New insights to these and other fundamental questions in international finance are provided by way of empirical analyses. Whilst there remains much that is little understood, the conclusions concerning the validity of the theory of purchasing power parity are becoming more and more reliable. This book is a must-read for graduate students, researchers and lecturers interested in finance, economics or business. Exchange Rates, Interest Rates and Commodity Prices will also appeal to policymakers.
Book Synopsis Handbook of Exchange Rates by : Jessica James
Download or read book Handbook of Exchange Rates written by Jessica James and published by John Wiley & Sons. This book was released on 2012-05-29 with total page 674 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Handbook of Exchange Rates “This book is remarkable. I expect it to become the anchor reference for people working in the foreign exchange field.” —Richard K. Lyons, Dean and Professor of Finance, Haas School of Business, University of California Berkeley “It is quite easily the most wide ranging treaty of expertise on the forex market I have ever come across. I will be keeping a copy close to my fingertips.” —Jim O’Neill, Chairman, Goldman Sachs Asset Management How should we evaluate the forecasting power of models? What are appropriate loss functions for major market participants? Is the exchange rate the only means of adjustment? Handbook of Exchange Rates answers these questions and many more, equipping readers with the relevant concepts and policies for working in today’s international economic climate. Featuring contributions written by leading specialists from the global financial arena, this handbook provides a collection of original ideas on foreign exchange (FX) rates in four succinct sections: • Overview introduces the history of the FX market and exchange rate regimes, discussing key instruments in the trading environment as well as macro and micro approaches to FX determination. • Exchange Rate Models and Methods focuses on forecasting exchange rates, featuring methodological contributions on the statistical methods for evaluating forecast performance, parity relationships, fair value models, and flow–based models. • FX Markets and Products outlines active currency management, currency hedging, hedge accounting; high frequency and algorithmic trading in FX; and FX strategy-based products. • FX Markets and Policy explores the current policies in place in global markets and presents a framework for analyzing financial crises. Throughout the book, topics are explored in-depth alongside their founding principles. Each chapter uses real-world examples from the financial industry and concludes with a summary that outlines key points and concepts. Handbook of Exchange Rates is an essential reference for fund managers and investors as well as practitioners and researchers working in finance, banking, business, and econometrics. The book also serves as a valuable supplement for courses on economics, business, and international finance at the upper-undergraduate and graduate levels.
Book Synopsis Real Exchange Rates and Commodity Prices by : Dominique Y. Dupont
Download or read book Real Exchange Rates and Commodity Prices written by Dominique Y. Dupont and published by . This book was released on 2006 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relations between fluctuations in real exchange rates among the major currencies and fluctuations in real commodity prices. Increased exchange rate volatility calls for a better understanding of these relations. To the best of our knowledge, no systematic study of those effects has been performed on a wide range of commodities, although Sjaastad and Scacciavillani (1993) have done so for gold. We build on their approach and construct a supply and demand multi-country model, with world market clearing, which incorporates speculative and non-speculative demands for inventories and quot;staticquot; and quot;rationalquot; expectations. We estimate the model using several econometric methods on monthly data from January 1972 to January 1992 for 65 commodity prices. The paper finds that, for a small group of commodities, the dollar-denominated price is significantly influenced by the deutsche mark and the yen. The empirical results show that geographical proximity matters, and that supply and demand elasticities are important in determining the commodity price in world markets above and beyond the size of the share of those commodities in world trade.
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 Real Exchange Rates and Commodity Prices by : Dominique Yves Dupont
Download or read book Real Exchange Rates and Commodity Prices written by Dominique Yves Dupont and published by International Monetary Fund. This book was released on 1996-04 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relations between fluctuations in real exchange rates among the major currencies and fluctuations in real commodity prices. Increased exchange rate volatility calls for a better understanding of these relations. To the best of our knowledge, no systematic study of those effects has been performed on a wide range of commodities, although Sjaastad and Scacciavillani (1993) have done so for gold. We build on their approach and construct a supply and demand multi-country model, with world market clearing, which incorporates speculative and non-speculative demands for inventories and “static” and “rational” expectations. We estimate the model using several econometric methods on monthly data from January 1972 to January 1992 for 65 commodity prices. The paper finds that, for a small group of commodities, the dollar-denominated price is significantly influenced by the deutsche mark and the yen. The empirical results show that geographical proximity matters, and that supply and demand elasticities are important in determining the commodity price in world markets above and beyond the size of the share of those commodities in world trade.
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: Currency values, prices, consumption and incomes are at the heart of the economic performance of all countries. In order to make a meaningful comparison between one economy and another, economists routinely make use of purchasing power parity (PPP) exchange rates, but while PPP rates are widely used and well understood, they take a lot of effort to produce and suffer from publication delays. Currencies, Commodities and Consumption analyses the strengths and weaknesses of two alternatives to PPP. Firstly, the so-called Big Mac Index, which uses hamburger prices as a standard of measurement, and second, a less well known technique which infers incomes across countries based on the proportion of consumption devoted to food. Kenneth W. Clements uses international macroeconomics, microeconomic theory and econometrics to provide researchers and policy makers with insights into alternatives to PPP rates and make sense of the ongoing instability of exchange rates and commodity prices.
Book Synopsis Real Exchange Rates and Commodity Prices in Neoclassical Model by : International Monetary Fund
Download or read book Real Exchange Rates and Commodity Prices in Neoclassical Model written by International Monetary Fund and published by International Monetary Fund. This book was released on 1988-06-30 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a neoclassical model that explains the observed empirical relationship between government spending and world commodity supplies and the real exchange rate and real commodity prices. It is shown that fiscal expansion and increasing world commodity supplies simultaneously lead to an appreciation of the real exchange rate and a decline in relative commodity prices. This structural model is estimated and its forecasting performance is compared to a variety of models. We find that theory and structure help in predicting commodity prices, although not the exchange rate, and that predictive ability increases as the forecast horizon is lengthened. MASTER FILES ROOM C-130 001
Book Synopsis The Volatility of the Relative Price of Commodities In Terms of Manufactures Across Exchange Regimes by : Ms.Hong Liang
Download or read book The Volatility of the Relative Price of Commodities In Terms of Manufactures Across Exchange Regimes written by Ms.Hong Liang and published by International Monetary Fund. This book was released on 1998-12-01 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the relationship between the nominal exchange rate regime and the volatility of relative commodity prices. The analysis shows that the relationship depends upon both the market structure and the economic agent’s perception about future exchange rate movements. When the markets for manufactured goods are less competitive than the markets for primary commodities, the volatility of relative commodity prices rises when exchange rate uncertainty increases. If demand for manufactured goods is intertemporally dependent, even a small increase in exchange rate uncertainty can result in potentially large costs in terms of increased relative commodity price instability.
Book Synopsis Commodity Shocks and Exchange Rate Regimes: Implications for the Caribbean Commodity Exporters by : International Monetary Fund
Download or read book Commodity Shocks and Exchange Rate Regimes: Implications for the Caribbean Commodity Exporters written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-04-23 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Declining commodity prices during mid-2014-2016 posed significant challenges to commodity-exporting economies. The severe terms of trade shock associated with a sharp fall in world commodity prices have raised anew questions about the viability of pegged exchange rate regimes. More recently, the COVID-19 pandemic and the measures needed to contain its spread have been associated with a significant disruption in several economic sectors, in particular, travel, tourism, and hospitality industry, adding to the downward pressure on commodity prices, a sharp fall in foreign exchange earnings, and depressed economic activity in most commodity exporters. This paper reviews country experiences with different exchange rate regimes in coping with commodity price shocks and explores the role of flexible exchange rates as a shock absorber, analyzing the macroeconomic impact of adverse term-of-trade shocks under different regimes using event study and panel vector autoregression techniques. It also analyzes, conceptually and empirically, policy and technical considerations in making exchange rate regime choices and discusses the supporting policies that should accompany a given regime choice to make that choice sustainable. It offers lessons that could be helpful to the Caribbean commodity-exporters.
Book Synopsis Commodity Prices and Markets by : Takatoshi Ito
Download or read book Commodity Prices and Markets written by Takatoshi Ito and published by University of Chicago Press. This book was released on 2011-02-15 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fluctuations of commodity prices, most notably of oil, capture considerable attention and have been tied to important economic effects, such as inflation and low rates of economic growth. Commodity Prices and Markets advances our understanding of the consequences of these fluctuations, providing both general analysis and a particular focus on the countries of the Pacific Rim. The volume addresses three distinct subjects: the difficulties in forecasting commodity prices, the effects of exogenous commodity price shocks on the domestic economy, and the relationship between price shocks and monetary policy. The ability to forecast commodity prices is difficult but of great importance to businesses and governments, and this volume will be invaluable to professionals and policy makers interested in the field.
Book Synopsis Illustrierter Thesaurus der Datenbank Kunst in Deutschland by :
Download or read book Illustrierter Thesaurus der Datenbank Kunst in Deutschland written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exchange Rate Choices with Inflexible Markets and Costly Price Adjustments by : Tara Iyer
Download or read book Exchange Rate Choices with Inflexible Markets and Costly Price Adjustments written by Tara Iyer and published by International Monetary Fund. This book was released on 2017-07-10 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the appropriate choice of an exchange rate regime in agricultural commodity-exporting economies. In an open economy model that incorporates key structural characteristics of agricultural commodity exporters including dual labor markets, the benefits of exchange rate flexibility are shown to depend on the extent of labor and product market development. With developed markets, flexible exchange rates are preferred as they allow for greater relative price fluctuations, which amplify the transmission mechanism of labor reallocation upon commodity price volatility. When labor and product markets are not welldeveloped, however, international relative price adjustments exacerbate currency and factor misalignments. A nominal exchange rate peg, by mitigating relative wage and price fluctuations, increases welfare relative to a float. Given the current low level of labor and product market development across most agricultural commodity exporters, the study provides a counterpoint to conventional arguments in favor of flexible exchange rates and a rationale as to why exchange rate targeting is appropriate in agricultural economies.
Book Synopsis Commodity Currencies by : Tsenguunjav Byambasuren
Download or read book Commodity Currencies written by Tsenguunjav Byambasuren and published by LAP Lambert Academic Publishing. This book was released on 2013 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Mongolia, the mining sector has been upgraded and developed very sharply last few years and some international experts stated that this growth will be hold up related to the strategic deposits such as Oyu Tolgoi and Tavan Tolgoi. It shows that Mongolia is becoming more dependent from foreign economy. So, this work tries to examine whether the real exchange rate and the real price of commodity exports move together over time in case of Mongolia. In this work, we used the Engle and Granger (1987) co-integration approach to assess the long-run relationship between these two variables and the empirical results suggest that an increase in price of Mongolian commodity exports appreciates the domestic real exchange rate. Also, the average half-life of adjustment of real exchange rates to commodity price is found to be about six months. The analysis should be especially useful to researchers and policy makers of resource-rich developing countries.
Book Synopsis Commodity Price Effects on Currencies by : Yin-Wong Cheung
Download or read book Commodity Price Effects on Currencies written by Yin-Wong Cheung and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using quarterly data on four commodity exporting countries, we study the explanatory power of real commodity prices for predicting real effective exchange rates, with special attention to the separate roles of different sectoral commodity prices during alternative time periods. We find that the commodity price effect is non-uniform across countries and commodity sectors, and moreover varies over time. The use of fixed weight price indexes, or nominal exchange rates and commodity prices, also yields heterogeneous commodity price effects. Further, the pattern of commodity price effects is influenced by the presence of macroeconomic conditions, the effects of crises, and the exchange rates of top trading partners. These empirical results highlight the challenges of explaining a wide range of currency behaviors across different time periods with a single commodity-price-based exchange rate model. These findings also complicate the tasks facing policymakers who assume stable commodity price effects.
Book Synopsis Exchange Rates and Prices by : William R. Smith
Download or read book Exchange Rates and Prices written by William R. Smith and published by Routledge. This book was released on 2017-04-21 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published in 1996. This study looks at the impact of exchange rate fluctuation on the pricing practices of foreign industries that import into the United States market. It presents several studies of the pass-through behaviour of over 100 disaggregated commodity groups with bi-lateral exchange rates. The book presents analysis of specific competitors and their individual pricing responses to exchange rate changes, adding significantly to pricing theory as well as being useful for marketers in predicting business responses.
Book Synopsis Can Exchange Rates Forecast Commodity Prices? by : Yu-chin Chen
Download or read book Can Exchange Rates Forecast Commodity Prices? written by Yu-chin Chen and published by . This book was released on 2008 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper demonstrates that "commodity currency" exchange rates have remarkably robust power in predicting future global commodity prices, both in-sample and out-of-sample. A critical element of our in-sample approach is to allow for structural breaks, endemic to empirical exchange rate models, by implementing the approach of Rossi (2005b). Aside from its practical implications, our forecasting results provide perhaps the most convincing evidence to date that the exchange rate depends on the present value of identifiable exogenous fundamentals. We also find that the reverse relationship holds; that is, that commodity prices Granger-cause exchange rates. However, consistent with the vast post-Meese-Rogoff (1983a, b) literature on forecasting exchange rates, we find that the reverse forecasting regression does not survive out-of-sample testing. We argue, however, that it is quite plausible that exchange rates will be better predictors of exogenous commodity prices than vice-versa, because the exchange rate is fundamentally forward looking. Therefore, following Campbell and Shiller (1987) and Engel and West (2005), the exchange rate is likely to embody important information about future commodity price movements well beyond what econometricians can capture with simple time series models. In contrast, prices for most commodities are extremely sensitive to small shocks to current demand and supply, and are therefore likely to be less forward looking.
