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Liberalized Markets Have More Stable Exchange Rates
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Book Synopsis Liberalized Markets Have More Stable Exchange Rates by : Aleš Bulíř
Download or read book Liberalized Markets Have More Stable Exchange Rates written by Aleš Bulíř and published by . This book was released on 2006 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper looks at the hypothesis that financial market liberalization can create a basis for more stable exchange rates, as deviations of exchange rates from equilibrium levels bring forth stabilizing flows of liquidity. This hypothesis suggests that opening financial markets militates in favor of exchange rate flexibility by increasing the viability of a floating regime, as well as making it more difficult to maintain a peg. The paper examines this hypothesis in a sample of four transition economies and finds that exchange rates tend to return faster to their Hodrick-Prescott-based values where markets are liberalized. The results suggest that early and successful foreign exchange liberalization pays off in terms of depth of the market and, hence, faster adjustment of exchange rate to shocks. Moreover, it implies that central banks should not be overly concerned with short-run volatility of their national exchange rates.
Book Synopsis Liberalized Markets Have More Stable Exchange Rates by : Mr.Ales Bulir
Download or read book Liberalized Markets Have More Stable Exchange Rates written by Mr.Ales Bulir and published by INTERNATIONAL MONETARY FUND. This book was released on 2004-02-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper looks at the hypothesis that financial market liberalization can create a basis for more stable exchange rates, as deviations of exchange rates from equilibrium levels bring forth stabilizing flows of liquidity. This "endogenous liquidity" hypothesis suggests that opening financial markets militates in favor of exchange rate flexibility by increasing the viability of a floating regime, as well as making it more difficult to maintain a peg. The paper examines this hypothesis in a sample of four transition economies and finds that exchange rates tend to return faster to their Hodrick-Prescott-based values where markets are liberalized. The results suggest that early and successful foreign exchange liberalization pays off in terms of depth of the market and, hence, faster adjustment of exchange rate to shocks. Moreover, it implies that central banks should not be overly concerned with short-run volatility of their national exchange rates, given the self-correcting tendencies.
Book Synopsis Liberalized Markets Have More Stable Exchange Rates by : Aleš Buliř
Download or read book Liberalized Markets Have More Stable Exchange Rates written by Aleš Buliř and published by . This book was released on 2004 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Liberalized Markets Have More Stable Exchange Rate by : A. Bulir
Download or read book Liberalized Markets Have More Stable Exchange Rate written by A. Bulir and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Putting the Cart Before the Horse? Capital Account Liberalization and Exchange Rate Flexibility in China by : Mr.Eswar Prasad
Download or read book Putting the Cart Before the Horse? Capital Account Liberalization and Exchange Rate Flexibility in China written by Mr.Eswar Prasad and published by International Monetary Fund. This book was released on 2005-01-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the issues involved in moving towards greater exchange rate flexibility and capital account liberalization in China. A more flexible exchange rate regime would allow China to operate a more independent monetary policy, providing a useful buffer against domestic and external shocks. At the same time, weaknesses in China’s financial system suggest that capital account liberalization poses significant risks and should be a lower priority in the short term. This paper concludes that greater exchange rate flexibility is in China’s own interest and that, along with a more stable and robust financial system, it should be regarded as a prerequisite for undertaking a substantial liberalization of the capital account.
Book Synopsis Short-Run Pain, Long-Run Gain by : Mr.Sergio L. Schmukler
Download or read book Short-Run Pain, Long-Run Gain written by Mr.Sergio L. Schmukler and published by International Monetary Fund. This book was released on 2003-02-01 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the short- and long-run effects of financial liberalization on capital markets. To do so, we construct a new comprehensive chronology of financial liberalization in 28 mature and emerging market economies since 1973. We also construct an algorithm to identify booms and busts in stock market prices. Our results indicate that financial liberalization is followed by more pronounced boom-bust cycles in the short run. However, financial liberalization leads to more stable markets in the long run. Finally, we analyze the sequencing of liberalization and institutional reforms to understand the contrasting short- and long-run effects of liberalization.
Book Synopsis Financial Liberalization and Macroeconomic Stability by : Torben M. Andersen
Download or read book Financial Liberalization and Macroeconomic Stability written by Torben M. Andersen and published by Wiley-Blackwell. This book was released on 1997-08-04 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume examines the causes of the very volatile financial markets and exchange rate crises recently experienced, particularly in a number of European countries, and considers the implications for business cycle fluctuations and economic policy. It will attempt to clarify whether these developments can be attributed to further capital market liberalization, financial innovations, etc., or whether they are the product of business cycle changes in combination with shifts in the focus of economic policy towards less activism and low inflation. Issues related to the functioning of financial and exchange rate markets, the possibility of controlling these markets, the gains from liberalization and the implications for economic policy will also be covered.
Book Synopsis The Order of Economic Liberalization by : Ronald I. Mckinnon
Download or read book The Order of Economic Liberalization written by Ronald I. Mckinnon and published by JHU Press. This book was released on 1993-10 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Can knowledge of financial policies in developing countries over four decades help the socialist economies of Asia and Eastern Europe become open market economies in the 1990s? In all these countries the loss of fiscal and monetary control has often resulted in high inflation that undermines the liberalization process itself. In the second edition of The Order of Economic Liberalization, Ronald McKinnon builds on his influential work on the liberalization of financial markets in less developed countries and outlines the progression necessary to move from a "repressed" to an open economy. New to this edition are chapters that contrast the gradual Chinese approach to liberalizing domestic and foreign trade with the "big bang" approach followed by some Eastern European countries and republics of the former Soviet Union. Financial control and macroeconomic stability, McKinnon argues, are more critical to a successful transition than is any crash program to privatize state-owned industrial assets and the banking system.
Book Synopsis Financial Liberalization and the Reconstruction of State-Market Relations by : Robert B. Packer
Download or read book Financial Liberalization and the Reconstruction of State-Market Relations written by Robert B. Packer and published by Routledge. This book was released on 2019-03-11 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study, the author hopes to add to the literature concerning the distributional consequences of financial integration by focusing on the rise of non-state actors within a transformed international system. In it, he argues that structural change brought on by transnational production and post-industrialization has created space for non-state actors to acquire autonomy from sovereign entities. While finance is by no means the only specialized sector to achieve autonomy, it has perhaps the most immediate impact on the ability of governments to pursue policy. First published in 1999. Routledge is an imprint of Taylor & Francis, an informa company.
Book Synopsis Financial Structural Change, Liberalization and Liquidity Market Integrity in China by : Francis Mulenga Muma
Download or read book Financial Structural Change, Liberalization and Liquidity Market Integrity in China written by Francis Mulenga Muma and published by GRIN Verlag. This book was released on 2012-07-31 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Paper (undergraduate) from the year 2011 in the subject Economics - Monetary theory and policy, grade: A, Xiamen University (School of Economics), course: Economics, language: English, abstract: Money market refers to an exchange for buying and selling of financial and money market instruments where financial institutions make transactions of short-term financial instruments for short-term financing and liquidity management. China’s money market is mainly made up of interbank funding market and bond repurchase agreement market commonly referred to as repo market.Since the market-oriented economic reform in 1978, China has entered into a stage of financial deregulation and liberalization. With the growth of the national economy and change of national income structure, China’s finance has increased rapidly, which has brought a great deal of changes in the financial structure. In 1978, broad money (M2) balance was near RMB150 billion yuan. By the end of 2001, M2 balance was up to RMB16,000 billion yuan, an increase of over 100 times in the past twenty years, implying a growth rate of 5 percent a year in 20 years. However, with this financial development and deepening, China needs to liberalize the financial market further and let the liquidity conditions reflect the market realities and integrity. Some scholars argue that China’s financial liberalization remains incomplete as the behavior of short-term market-determined interest rates is influenced by regulated rates. This paper argues that to have integrity of the market China should further liberalize its retail interest rates to allow all interest rates to better reflect liquidity conditions and the scarcity of capital. China has taken important steps to liberalize its interest rates. Short-term interbank interest rates were liberalized initially, financial and treasury bond yields were liberalized soon after, followed later by the liberalization of the corporate fixed income market. The creation of the short-term financing bond in 2005 and medium-term financing note in 2008, with unregulated interest rates and liberal issuance criteria, were major advances in the development of the corporate financing market. In 2007, seeking to make interest rates better reflect market conditions and create a more stable benchmark yield curve at longer maturities, the Chinese authorities also launched the Shanghai Interbank Offered Rate (SHIBOR) benchmark rate system.In so doing we hope this will reflect a better and genuine financial Liberalization with integrity of the market that is more aspiring and creates market confidence. Keywords: Financial Liberalization, Integrity of the Market.
Author :Evžen Kočenda Publisher :Charles University in Prague, Karolinum Press ISBN 13 :8024631997 Total Pages :220 pages Book Rating :4.0/5 (246 download)
Book Synopsis Elements of Time Series Econometrics: an Applied Approach by : Evžen Kočenda
Download or read book Elements of Time Series Econometrics: an Applied Approach written by Evžen Kočenda and published by Charles University in Prague, Karolinum Press. This book was released on 2015-12-01 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents the numerous tools for the econometric analysis of time series. The text is designed with emphasis on the practical application of theoretical tools. Accordingly, material is presented in a way that is easy to understand. In many cases intuitive explanation and understanding of the studied phenomena are offerd. Essential concepts are illustrated by clear-cut examples. The attention of readers is drawn to numerous applied works where the use of specific techniques is best illustrated. Such applications are chiefly connected with issues of recent economic transition and European integration. The outlined style of presentation makes the book also a rich source of references. The text is divided into five major sections. The first section, “The Nature of Time Series”, gives an introduction to time series analysis. The second section, “Difference Equations”, describes briefly the theory of difference equations with an emphasis on results that are important for time series econometrics. The third section, “Univariate Time Series”, presents the methods commonly used in univariate time series analysis, the analysis of time series of one single variable. The fourth section, “Multiple Time Series”, deals with time series models of multiple interrelated variables. The fifth section “Panel Data and Unit Root Tests”, deals with methods known as panel unit root tests that are relevant to issues of convergence. Appendices contain an introduction to simulation techniques and statistical tables. Kniha přináší soubor základních i pokročilých technik a postupů používaných v ekonometrické analýze časových řad. Kniha klade důraz na umožnění efektivního použití popsaných technik v aplikovaném ekonomickém výzkumu. Toho je dosaženo tím, že teoretické základy popsané ekonometrie jsou prezentovány spolu s intuitivním vysvětlením problematiky a jednotlivé techniky jsou ilustrovány na výsledcích současného výzkumu a to především v kontextu procesu nedávné ekonomické transformace a současné evropské integrace. Toto pojetí z knihy činí nejen učebnici v klasickém smyslu, ale také užitečný referenční zdroj neboť odkazy v knize spojují klasickou i moderní ekonometrickou literaturu se soudobými aplikacemi, na nichž je použití jednotlivých technik jasně pochopitelné. Mnohá použití vycházejí z bohaté předchozí práce autorů v oboru. Text knihy je rozdělen do pěti hlavních částí. První část, “The Nature of Time Series”, přináší úvod do analýzy časových řad a popis jejich nejdůležitějších charakteristik, vlastností a procesů. Druhá část, “Difference Equations”, stručně popisuje teorii diferenciálních rovnic s důrazem na aspekty, které jsou klíčové v ekonometrii časových řad. Třetí část, “Univariate Time Series”, poměrně rozsáhle popisuje techniky, které se používají při analýze jednotlivých časových řad bez jejich vzájemené interakce a zahrnuje jak lineární tak nelineární modelované struktury. Čtvrtá část, “Multiple Time Series”, popisuje modely které umožňují analýzu několika časových řad a jejich vzájemných interakcí. Pátá část “Panel Data and Unit Root Tests”, zahrnuje některé techniky postavené na panelových datech, jež k průřezovým datům přidávají časovou dimenzi a vztahují se k analýze konvergence. Závěr knihy je doplněn o úvod do simulační techniky a statistické tabulky
Book Synopsis Currency and Competitiveness in Europe by : Klaus Liebscher
Download or read book Currency and Competitiveness in Europe written by Klaus Liebscher and published by Edward Elgar Publishing. This book was released on 2008-01-01 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: Competitiveness is a notoriously slippery concept. This volume, featuring a galaxy of economic stars, lends some much-needed precision to the term and the debate over its determinants. Barry Eichengreen, University of California, Berkeley, US This book combines currency matters with competitiveness considerations, with a view to raising the understanding of exchange rate dynamics and to analysing the role of exchange rates in reinforcing economic competitiveness. The overall focus is on highlighting the link between currency developments and the real side of the economy. From a regional perspective, the contributions centre on developments in Central, Eastern and South-eastern Europe and thus put a special emphasis on aspects of transition and convergence. More specifically, the book addresses key issues of financial globalization and global imbalances; the role of macroeconomic fundamentals in exchange rate economics; the role, objectives and challenges of regional monetary unions; exchange rate dynamics in transition economies and the competitiveness of catching-up countries. It also addresses the structural aspects of competitiveness and the significance of qualitative and quantitative aspects of competitiveness. Offering the views of eminent academics and professionals, this book will be of great interest to economists and central bankers as well as to international organizations, universities and research institutes.
Book Synopsis One Currency, Two Markets by : Edwin L.-C. Lai
Download or read book One Currency, Two Markets written by Edwin L.-C. Lai and published by Cambridge University Press. This book was released on 2021-07-08 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic analysis of the future of the international monetary system and the USD, and the rising importance of the RMB.
Book Synopsis Liberalization, Financial Instability and Economic Development by : Yılmaz Akyüz
Download or read book Liberalization, Financial Instability and Economic Development written by Yılmaz Akyüz and published by Anthem Press. This book was released on 2014-05-01 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: Weighing up the costs and benefits of economic interdependence in a finance-driven world, this book argues that globalization, understood and promoted as absolute freedom for all forms of capital, has been oversold to the Global South, and that the South should be as selective about globalization as the North. ‘Liberalization, Financial Instability and Economic Development’ challenges the orthodoxy on the link between financial deepening and economic growth, as well as that between the efficiency of financial markets and the benefits of liberalization. Ultimately, the author urges developing countries to control capital flows and asset bubbles, preventing financial fragility and crises, and recommends regional policy options for managing capital flows and exchange rates.
Author :International Monetary Fund. Monetary and Financial Systems Dept. Publisher :International Monetary Fund ISBN 13 :1498330010 Total Pages :48 pages Book Rating :4.4/5 (983 download)
Book Synopsis From Fixed to Float-Operational Aspects of Moving Toward Exchange Rate Flexibility by : International Monetary Fund. Monetary and Financial Systems Dept.
Download or read book From Fixed to Float-Operational Aspects of Moving Toward Exchange Rate Flexibility written by International Monetary Fund. Monetary and Financial Systems Dept. and published by International Monetary Fund. This book was released on 2004-11-19 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Book Synopsis States and the Reemergence of Global Finance by : Eric Helleiner
Download or read book States and the Reemergence of Global Finance written by Eric Helleiner and published by Cornell University Press. This book was released on 2015-05-26 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most accounts explain the postwar globalization of financial markets as a product of unstoppable technological and market forces. Drawing on extensive historical research, Eric Helleiner provides the first comprehensive political history of the phenomenon, one that details and explains the central role played by states in permitting and encouraging financial globalization. Helleiner begins by highlighting the commitment of advanced industrial states to a restrictive international financial order at the 1944 Bretton Woods conference and during the early postwar years. He then explains the growing political support for the globalization of financial markets after the late 1950s by analyzing five sets of episodes: the creation of the Euromarket in the 1960s, the rejection in the early 1970s of proposals to reregulate global financial markets, four aborted initiatives in the late 1970s and early 1980s to implement effective controls on financial movements, the extensive liberalization of capital controls in the 1980s, and the containment of international financial crises at three critical junctures in the 1970s and 1980s. He shows that these developments resulted from various factors, including the unique hegemonic interests of the United States and Britain in finance, a competitive deregulation dynamic, ideological shifts, and the construction of a crisis-prevention regime among leading central bankers. In his conclusion Helleiner addresses the question of why states have increasingly embraced an open, liberal international financial order in an era of considerable trade protectionism.
Book Synopsis Market-Driven Politics by : Colin Leys
Download or read book Market-Driven Politics written by Colin Leys and published by Verso. This book was released on 2003-07-17 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an original analysis of the key processes of commodification of public services, the conversion of public-service workforces into employees motivated to generate profit, and the role of the state in absorbing risk.
