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Intervention Reaction Functions In The Dollar Deutschmark Market
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Book Synopsis Intervention Reaction Functions in the Dollar-Deutschmark Market by : Georg Stadtmann
Download or read book Intervention Reaction Functions in the Dollar-Deutschmark Market written by Georg Stadtmann and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates reaction functions for the Federal Reserve and the Deutsche Bundesbank in the dollar-deutschmark market for the period 1979 - 1995 for which empirical studies have so far focused on Federal Reserve interventions. Applying a Logit model we examine whether the intervention strategy of the two central banks was stable over time. In order to investigate the effects of applying the reaction functions to forecasting activities, we perform both in-sample and out-of-sample tests. The results show that there was a fairly stable relationship between exchange rate developments and the probability of interventions. The regressions also suggest that central banks coordinated their interventions so that the observation of an intervention by one central bank could have improved the forecast of interventions of the other central bank.
Book Synopsis Estimating the Reaction Functions of the Federal Reserve and the Deutsche Bundesbank Regarding Their Intervention Behavior in the Dollar-Deutschmark Market by : Michael Frenkel
Download or read book Estimating the Reaction Functions of the Federal Reserve and the Deutsche Bundesbank Regarding Their Intervention Behavior in the Dollar-Deutschmark Market written by Michael Frenkel and published by . This book was released on 2002 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates reaction functions for the Federal Reserve and the Deutsche Bundesbank in the dollar-deutschmark market for the period 1979 - 1995 for which empirical studies have so far focused on Federal Reserve interventions. Applying a Logit model we examine whether the intervention strategy of the two central banks was stable over time. In order to investigate the effects of applying the reaction functions to forecasting activities, we perform both in-sample and out-of-sample tests. The results show that there was a fairly stable relationship between exchange rate developments and the probability of interventions. The regressions also suggest that central banks coordinated their interventions so that the observation of an intervention by one central bank could have improved the forecast of interventions of the other central bank.
Book Synopsis Observations on U.S., Japanese, and German Forex Interventions, 1973-2004 by : Dhruv Sharma
Download or read book Observations on U.S., Japanese, and German Forex Interventions, 1973-2004 written by Dhruv Sharma and published by Dhruv Sharma. This book was released on 2017-11-28 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book documents, observes, and models the 'trial and error' period following Bretton Woods Collapse of Foreign Exchange Interventions by the G-3 Advanced Economies. The book serves as a narration and analytical reader for Exchange Rate Intervention Economics for this period of 1973 to 2004.
Book Synopsis The Effectiveness of Central-bank Intervention by : Hali J. Edison
Download or read book The Effectiveness of Central-bank Intervention written by Hali J. Edison and published by . This book was released on 1993 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Foreign Exchange Intervention by : Sylvester C. W. Eijffinger
Download or read book Foreign Exchange Intervention written by Sylvester C. W. Eijffinger and published by Edward Elgar Publishing. This book was released on 1998 with total page 616 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brings together articles first published in various journals from the 1970s through the 1990s, in sections on the objectives of foreign exchange intervention, the effectiveness of foreign exchange intervention and the portfolio-balance and expectations channel, and new approaches to foreign exchange intervention involving technical analysis, private information, and game-theoretic models. Specific topics include exchange rate policy in Japan, the effects of sterilized intervention, market responses to coordinated central bank intervention, and the London foreign exchange market. Annotation copyrighted by Book News, Inc., Portland, OR
Book Synopsis International Monetary Cooperation Among the United States, Japan, and Germany by : Keisuke Iida
Download or read book International Monetary Cooperation Among the United States, Japan, and Germany written by Keisuke Iida and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: International Monetary Cooperation among the United States, Japan, and Germany offers a first - and overdue - book- length study of counterproductive cooperation. It takes to task the critical importance of conducting systematic theory-guided empirical research to examine the validity of arguments that international monetary cooperation could be highly counterproductive. This book combines various methods - formal, quantitative, and qualitative - to study the theories of counterproductive monetary cooperation by focusing on the cooperative episodes among the major industrial countries - the United States, Japan, and Germany. For the first time, this book presents all theories of counterproductive cooperation in one place, subjects them to systematic, empirical scrutiny in the light of the experience of G-3 (U.S., Germany, and Japanese) cooperation since the 1970s, and suggests policy recommendations in the light of the findings.
Book Synopsis Nonlinearity in Central Bank Intervention by : Jongbyung Jun
Download or read book Nonlinearity in Central Bank Intervention written by Jongbyung Jun and published by . This book was released on 2004 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Foreign Exchange Intervention by : Geert J. Almekinders
Download or read book Foreign Exchange Intervention written by Geert J. Almekinders and published by Edward Elgar Publishing. This book was released on 1995 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explains why central banks continue to carry out foreign exchange interventions despite their poor track record. It uses confidential daily intervention data from the Bundesbank and the Federal Reserve.
Book Synopsis Daily Bundesbank and Federal Reserve Intervention and the Conditional Variance Tale in DM/$-returns by : Geert J. Almekinders
Download or read book Daily Bundesbank and Federal Reserve Intervention and the Conditional Variance Tale in DM/$-returns written by Geert J. Almekinders and published by . This book was released on 1992 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Journal of Banking & Finance written by and published by . This book was released on 1996 with total page 874 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis On Exchange Rates by : Jeffrey A. Frankel
Download or read book On Exchange Rates written by Jeffrey A. Frankel and published by MIT Press. This book was released on 1993 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt: These seventeen essays provide an accessible and thorough reference for understanding the role of exchange rates in the international monetary system since 1973, when the rates were allowed to float. The essays analyze such issues as exchange rate movements, exchange risk premia, investor expectations of exchange rates and behavior of exchange rates in different systems. Frankel's sound empirical treatment of exchange rate questions shows that it is possible to produce work that is interesting from a purely intellectual viewpoint while contributing to practical knowledge of the real world of international economics and finance.The essays have been organized in a way that provides an introduction to the field of empirical international finance. Part I documents the steady reduction in barriers to international capital movement and leads logically to part II, which explains how exchange rates are determined. Both monetary and portfolio-based models are surveyed in part II, providing a clear transition to the topic of part III; the possible existence of an exchange risk premium. Part IV applies the tools discussed in earlier sections to explore various policy questions related to exchange rate expectations such as whether foreign exchange intervention matters and whether the European monetary system had become credible by 1991. Each part begins with a detailed introduction explaining not only the central issues of that section but also suggesting connections with other essays in the book.Jeffrey A. Frankel is Professor of Economics at the University of California, Berkeley.
Book Synopsis Currencies, Crises, Fiscal Policy, and Coordination by : Paul R. Masson
Download or read book Currencies, Crises, Fiscal Policy, and Coordination written by Paul R. Masson and published by World Scientific. This book was released on 2011 with total page 355 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides an integrated compilation of selected major articles published by the author in several fields of international finance. These include contributions to the understanding of currency crises and financial contagion, the evolution of exchange rate regimes, the interaction between national fiscal policies and regional monetary unions, and the effect of uncertainty on the gains from international economic policy coordination. The author spent most of his career doing research at established institutions (the Bank of Canada, OECD, and IMF), and these articles emerged from the need to understand the major economic policy issues of the day. In the book's introduction, the author discusses the motivation for these contributions and the unifying themes that emerged, while a concluding chapter provides his personal reflections and suggestions about promising avenues for further research.
Author :Otmar Emminger Publisher :Princeton, N.J. : International Finance Section, Department of Economics, Princeton University ISBN 13 : Total Pages :72 pages Book Rating :4.4/5 (91 download)
Book Synopsis The D-Mark in the Conflict Between Internal and External Equilibrium, 1948-75 by : Otmar Emminger
Download or read book The D-Mark in the Conflict Between Internal and External Equilibrium, 1948-75 written by Otmar Emminger and published by Princeton, N.J. : International Finance Section, Department of Economics, Princeton University. This book was released on 1977 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis European Monetary Integration by : Paul J.J. Welfens
Download or read book European Monetary Integration written by Paul J.J. Welfens and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 399 pages. Available in PDF, EPUB and Kindle. Book excerpt: EU monetary integration was reinforced in the 1980s when macroeconomic convergence and a dominant role of the German Bundesbank created the basis for relatively stable exchange rates and increasing EU trade volumes. The analysis here focuses on the EMS crisis of 1992/93, the topic of optimum currency areas and the problem of fiscal policies and regional stabilization in Europe, the US and Canada. This book gives an assessment of the EMS developments and shows how financial market liberalization as well as the EU single market project affect the process of economic and monetary union. The role of currency substitution and problems of the Bundesbank's monetary policy control in a changing international system are evaluated.
Book Synopsis The Economics of Exchange Rates by : Lucio Sarno
Download or read book The Economics of Exchange Rates written by Lucio Sarno and published by Cambridge University Press. This book was released on 2003-01-09 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last few decades exchange rate economics has seen a number of developments, with substantial contributions to both the theory and empirics of exchange rate determination. Important developments in econometrics and the increasingly large availability of high-quality data have also been responsible for stimulating the large amount of empirical work on exchange rates in this period. Nonetheless, while our understanding of exchange rates has significantly improved, a number of challenges and open questions remain in the exchange rate debate, enhanced by events including the launch of the Euro and the large number of recent currency crises. This volume provides a selective coverage of the literature on exchange rates, focusing on developments from within the last fifteen years. Clear explanations of theories are offered, alongside an appraisal of the literature and suggestions for further research and analysis.
Book Synopsis Strained Relations by : Michael D. Bordo
Download or read book Strained Relations written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2015-03-02 with total page 453 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the twentieth century, foreign-exchange intervention was sometimes used in an attempt to solve the fundamental trilemma of international finance, which holds that countries cannot simultaneously pursue independent monetary policies, stabilize their exchange rates, and benefit from free cross-border financial flows. Drawing on a trove of previously confidential data, Strained Relations reveals the evolution of US policy regarding currency market intervention, and its interaction with monetary policy. The authors consider how foreign-exchange intervention was affected by changing economic and institutional circumstances—most notably the abandonment of the international gold standard—and how political and bureaucratic factors affected this aspect of public policy.
Book Synopsis The ECU and European Monetary Integration by : P. de Grauwe
Download or read book The ECU and European Monetary Integration written by P. de Grauwe and published by Springer. This book was released on 1988-10-28 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: The creation of the ECU in 1979 as part of the newly established European Monetary system was greeted with widespread scepticism, few predicted the success it would have in private financial markets. The macroeconomic and microeconomic implications of the ECU and its significance for monetary integration in Europe are considered by a variety of contributors from academics to those in banking circles. Current research is examined and the theoretical and empirical aspects of the emergence of the ECU as a vehicle for European policy-making are considered to provide insights as to its future development.
