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Author : Ray Barrell
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.X/5 (2 download)
Download or read book Fundamental Equilibrium Exchange Rates for the G7 written by Ray Barrell and published by . This book was released on 1989 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ronald MacDonald
Publisher : Springer Science & Business Media
ISBN 13 : 9401144117
Total Pages : 353 pages
Book Rating : 4.4/5 (11 download)
Download or read book Equilibrium Exchange Rates written by Ronald MacDonald and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: How successful is PPP, and its extension in the monetary model, as a measure of the equilibrium exchange rate? What are the determinants and dynamics of equilibrium real exchange rates? How can misalignments be measured, and what are their causes? What are the effects of specific policies upon the equilibrium exchange rate? The answers to these questions are important to academic theorists, policymakers, international bankers and investment fund managers. This volume encompasses all of the competing views of equilibrium exchange rate determination, from PPP, through other reduced form models, to the macroeconomic balance approach. This volume is essentially empirical: what do we know about exchange rates? The different econometric and theoretical approaches taken by the various authors in this volume lead to mutually consistent conclusions. This consistency gives us confidence that significant progress has been made in understanding what are the fundamental determinants of exchange rates and what are the forces operating to bring them back in line with the fundamentals.
Author : John Williamson
Publisher : Peterson Institute
ISBN 13 : 9780881320763
Total Pages : 608 pages
Book Rating : 4.3/5 (27 download)
Download or read book Estimating Equilibrium Exchange Rates written by John Williamson and published by Peterson Institute. This book was released on 1994 with total page 608 pages. Available in PDF, EPUB and Kindle. Book excerpt: The problems of exchange rate misalignments and the resulting payments imbalances have plagued the world economy for decades. At the Louvre Accord of 1987, the Group of Five industrial countries adopted a system of reference ranges for exchange rate management, influenced by proposals of C. Fred Bergstan and John Williamson for a target zone system. The reference range approach has, however, been operated only intermittently and half-heartedly, and questions continue to be raised in policy and scholarly circles about the design and operation of a full-fledged target zone regime. This volume, with chapters by leading international economists, explores one crucial issue in the design of a target zone system: the problem of calculating Williamson's concept of the fundamental equilibrium exchange rate (FEER). Williamson contributes an overview of the policy and analytic issues and a second chapter on his own calculations.
Author : Mr.Jerome L. Stein
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Fundamental Determinants of the Real Exchange Rate of the U. S. Dollar Relative to Other G-7 Currencies written by Mr.Jerome L. Stein and published by International Monetary Fund. This book was released on 1995-08 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Author : Su Zhou
Publisher :
ISBN 13 :
Total Pages : 178 pages
Book Rating : 4.:/5 (253 download)
Download or read book Fundamental Equilibrium Exchange Rates and Exchange Rate Dynamics written by Su Zhou and published by . This book was released on 1991 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jerome L. Stein
Publisher : Oxford University Press
ISBN 13 : 9780198293064
Total Pages : 276 pages
Book Rating : 4.2/5 (93 download)
Download or read book Fundamental Determinants of Exchange Rates written by Jerome L. Stein and published by Oxford University Press. This book was released on 1997 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book greatly enhances our understanding of the behavior of real exchange rates. It provides an elegant model based on a solid theoretical foundation that links real exchange rates to their fundamental economic determinants and takes proper account of stock and flow considerations. The authors provide a masterful account of how changes in productivity and thrift affect the real exchange rate, and show that the long-run impact depends crucially on whether the change reflects the former fundamental (investment) or the latter (consumption). The empirical implementation uses state-of-the-art cointegration and error correction methodologies that are eminently well suited to capture the short-run adjustment of the real exchange rate to its medium- to long-run equilibrium value. The empirical results are extremely encouraging, as the economic fundamentals identified by the authors can explain a substantial part of the movement in the real exchange rate of a number of countries."--Peter Clark, International Monetary Fund
Author : Fergal O'Connor
Publisher :
ISBN 13 :
Total Pages : 79 pages
Book Rating : 4.:/5 (795 download)
Download or read book A Fundamental Equilibrium Exchange Rate Analysis of the Real Exchange Rates of the Gulf Co-operation Council Countries written by Fergal O'Connor and published by . This book was released on 2008 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Liselotte Høj
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.3/5 ( download)
Download or read book Fundamental Equilibrium Exchange Rate written by Liselotte Høj and published by . This book was released on 1995 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tiivistelmä.
Author : William R. Cline
Publisher :
ISBN 13 :
Total Pages : 13 pages
Book Rating : 4.:/5 (822 download)
Download or read book Updated Estimates of Fundamental Equilibrium Exchange Rates written by William R. Cline and published by . This book was released on 2012 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John Williamson
Publisher :
ISBN 13 :
Total Pages : 112 pages
Book Rating : 4.F/5 ( download)
Download or read book The Exchange Rate System written by John Williamson and published by . This book was released on 1983 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now available directly from: IIE 11 Dupont Circle, NW Washington, DC 20036 Tel: (202) 328-9000 This book examines the system of flexible exchange rates, estimating misalignments of major currencies and analyzing costs and benefits of volatility and deviations from equilibrium. It considers target zones, reference rates, and other alternatives for stabilizing the system.
Author : Simon Wren-Lewis
Publisher : Peterson Institute for International Economics
ISBN 13 :
Total Pages : 192 pages
Book Rating : 4.:/5 (318 download)
Download or read book Real Exchange Rates for the Year 2000 written by Simon Wren-Lewis and published by Peterson Institute for International Economics. This book was released on 1998 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study estimates fundamental equilibrium exchange rates (FEERs) for the Group of Seven (G7) countries for 1995 and 2000. Three developments motivate this new analysis.
Author : William R. Cline
Publisher :
ISBN 13 :
Total Pages : 20 pages
Book Rating : 4.:/5 (694 download)
Download or read book New Estimates of Fundamental Equilibrium Exchange Rates written by William R. Cline and published by . This book was released on 2008 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Natalia Salazar
Publisher :
ISBN 13 :
Total Pages : 256 pages
Book Rating : 4.:/5 (457 download)
Download or read book Essays on Fundamental Equilibrium Exchange Rates written by Natalia Salazar and published by . This book was released on 2000 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first chapter presents the estimated trajectory for the US FEER over the period from 1967Q1 to 1994Q4. The estimated trajectory is shown to outperform the random walk in medium-term and long-term forecasting. The second chapter considers bilateral exchange rates. The equilibrium exchange rate trajectories are estimated for 3 pairs of countries: UK-US, Japan-US and Canada-US. These trajectories are compared to the random walk in forecasting real exchange rates and found to be superior in medium-and long-run. In the third chapter, FEER is compared to the equilibrium exchange rates estimates derived from reduced-form equations: Natural Real Exchange Rate (NATREX), and Behavioral Equilibrium Exchange Rate (BEER). It is shown that the medium and long-term forecasts based on the FEER and NATREX models are more accurate than the point predictions of the random walk. The BEER model, however, can beat the random walk only if the actual realized values of the fundamentals are used in forecasting.
Author : Mr.Tamim Bayoumi
Publisher : International Monetary Fund
ISBN 13 : 9781557754516
Total Pages : 36 pages
Book Rating : 4.7/5 (545 download)
Download or read book Exchange Rates and Economic Fundamentals written by Mr.Tamim Bayoumi and published by International Monetary Fund. This book was released on 1994-09-15 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper summarizes the methods and types of indicators that are often employed, both insid and outside the IMF, to assess whether exchange rates are broadly in line with economic fundamentals.
Author : Bernd Schnatz
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Global Imbalances and the Pretence of Knowing Fundamental Equilibrium Exchange Rates written by Bernd Schnatz and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global imbalances remain a key challenge for the world economy. In this regard, it has often been argued that insufficient exchange rate adjustment prevents their dissolution. Obviously, such a line of reasoning crucially depends on the methodologies used for assessing the 'fair value' of a currency. This paper looks specifically at estimates of fundamental equilibrium exchange rates (FEER) and shows that these are highly sensitive to the chosen assumptions. The present study cautions against using such models too mechanistically and giving too much confidence to the precision of obtained magnitudes of misalignment.
Author : Mr.Angel J. Ubide
Publisher : International Monetary Fund
ISBN 13 : 1451858736
Total Pages : 44 pages
Book Rating : 4.4/5 (518 download)
Download or read book Global Equilibrium Exchange Rates written by Mr.Angel J. Ubide and published by International Monetary Fund. This book was released on 1999-12-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a methodology for calculating bilateral equilibrium exchange rates for a panel of currencies in a way that guarantees global consistency. The methodology has three parts: a theoretical model that encompasses the balance of payments and the Balassa-Samuelson approaches to real exchange rate determination; an unobserved components decomposition in a cointegration framework that identifies a time-varying equilibrium real exchange rate; and an algebraic transformation that extracts bilateral equilibrium nominal rates. The results uncover that, by the start of Stage III of the European Economic and Monetary Union (EMU), the euro was significantly undervalued against the dollar and the pound, but overvalued against the yen. The paper also shows that the four major EMU currencies locked their parities with the euro at a rate close to equilibrium.
Author : Falkmar Butgereit
Publisher : diplom.de
ISBN 13 : 3836632187
Total Pages : 121 pages
Book Rating : 4.8/5 (366 download)
Download or read book Exchange Rate Determination Puzzle - Long Run Behavior and Short Run Dynamics written by Falkmar Butgereit and published by diplom.de. This book was released on 2009-07-02 with total page 121 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inhaltsangabe:Introduction: As the foreign exchange rate market operates twenty-four hours a day and seven days a week it can be described as a global marketplace trading in continuous time. The importance of this market place on weal and woe of economies and agents cannot be overestimated. Long lasting disputes about exchange rate over- and under-evaluation between countries (as most prominently the case between China and the USA) and its implications for international trade, growth rates of economies, unemployment levels, financial money flows, and so forth illustrate this point. As reported by the Bank of International Settlement in its triennial Central Bank Survey 2007, covering 54 countries and jurisdictions, the daily average foreign exchange turnover as of April 2007 has reached a mind-staggering $3.21 trillion. This amount marks an increase of 69 percent compared to the $1.97 trillion three years earlier and highlights the still increasing importance of the exchange rate markets. The U.S. dollar is by far the most important currency as it is involved in 86 percent of all transactions amounting to some $2.7 trillion per day. This is by far bigger than the volume of U.S. international trade in goods and services which for the month April 2007 amounted to (imports + exports) $317.5 billion.1 Indeed, only 17 percent of exchange market turnover has been reported to occur with non-financial customer counterparties, while 43 percent of transactions occur between reporting dealers (i.e. the interbank market) and 40 percent occur between reporting and non-reporting financial institutions (e.g. hedge funds, mutual funds, pension funds, insurance companies). Accordingly, more than 2/3 of the turnover was traded as derivatives such as foreign exchange swaps, outright forwards, or options, while only 1/3 constituted spot rate transactions. These are important facts to consider when talking about forces of exchange rate determination. On ground of these figures one may reasonably explain why old-fashion standard models like the monetary model or purchasing power parity may only hold in the very long run and exchange rate movements may be much more subject to trades based on heterogeneous expectations incurred by investors, speculators and market makers. Particularly at the short-run exchange rates exhibit considerably greater volatility than macroeconomic time series leaving an impression of noisy and chaotic behavior. Throughout this work it [...]
