The Dynamic Effects Of Currency Union On Trade

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The Dynamic Effects of Currency Union on Trade

Author : Paul R. Bergin
Publisher :
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.:/5 (21 download)

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Book Synopsis The Dynamic Effects of Currency Union on Trade by : Paul R. Bergin

Download or read book The Dynamic Effects of Currency Union on Trade written by Paul R. Bergin and published by . This book was released on 2010 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: A currency union's ability to increase international trade is one of the most debated questions in international macroeconomics. This paper studies the dynamics of these trade effects. First, an empirical study of the European Monetary Union finds that the extensive margin of trade (entry of new firms or goods) responds several years ahead of overall trade volume. This implies that the intensive margin (previously traded goods) falls in the run-up to EMU. The paper's theoretical contribution is to study the announcement of a future monetary union as a news shock to trade costs in the context of a dynamic stochastic general equilibrium trade model. Early entry of new firms in anticipation is explainable as a rational forward-looking response under certain conditions, where essential elements include sunk costs of exporting and heterogeneity among firms of a type known before entry. The findings help identify which types of trading frictions are reduced by a currency union. The important role of expectations also indicates that continued gains from EMU depend upon long-term credibility of the union -- National Bureau of Economic Research web site.

Dominant Currency Paradigm: A New Model for Small Open Economies

Author : Camila Casas
Publisher : International Monetary Fund
ISBN 13 : 1484330609
Total Pages : 62 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Dominant Currency Paradigm: A New Model for Small Open Economies by : Camila Casas

Download or read book Dominant Currency Paradigm: A New Model for Small Open Economies written by Camila Casas and published by International Monetary Fund. This book was released on 2017-11-22 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most trade is invoiced in very few currencies. Despite this, the Mundell-Fleming benchmark and its variants focus on pricing in the producer’s currency or in local currency. We model instead a ‘dominant currency paradigm’ for small open economies characterized by three features: pricing in a dominant currency; pricing complementarities, and imported input use in production. Under this paradigm: (a) the terms-of-trade is stable; (b) dominant currency exchange rate pass-through into export and import prices is high regardless of destination or origin of goods; (c) exchange rate pass-through of non-dominant currencies is small; (d) expenditure switching occurs mostly via imports, driven by the dollar exchange rate while exports respond weakly, if at all; (e) strengthening of the dominant currency relative to non-dominant ones can negatively impact global trade; (f) optimal monetary policy targets deviations from the law of one price arising from dominant currency fluctuations, in addition to the inflation and output gap. Using data from Colombia we document strong support for the dominant currency paradigm.

Exchange Rate Volatility and Trade Flows--Some New Evidence

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498330282
Total Pages : 132 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Exchange Rate Volatility and Trade Flows--Some New Evidence by : International Monetary Fund

Download or read book Exchange Rate Volatility and Trade Flows--Some New Evidence written by International Monetary Fund and published by International Monetary Fund. This book was released on 2004-05-19 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL

Monetary Integration

Author : Warner Max Corden
Publisher : Princeton, N.J. : International Finance Section, Princeton University
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Monetary Integration by : Warner Max Corden

Download or read book Monetary Integration written by Warner Max Corden and published by Princeton, N.J. : International Finance Section, Princeton University. This book was released on 1972 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Learning and Expectations in Macroeconomics

Author : George W. Evans
Publisher : Princeton University Press
ISBN 13 : 1400824265
Total Pages : 440 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Learning and Expectations in Macroeconomics by : George W. Evans

Download or read book Learning and Expectations in Macroeconomics written by George W. Evans and published by Princeton University Press. This book was released on 2012-01-06 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: A crucial challenge for economists is figuring out how people interpret the world and form expectations that will likely influence their economic activity. Inflation, asset prices, exchange rates, investment, and consumption are just some of the economic variables that are largely explained by expectations. Here George Evans and Seppo Honkapohja bring new explanatory power to a variety of expectation formation models by focusing on the learning factor. Whereas the rational expectations paradigm offers the prevailing method to determining expectations, it assumes very theoretical knowledge on the part of economic actors. Evans and Honkapohja contribute to a growing body of research positing that households and firms learn by making forecasts using observed data, updating their forecast rules over time in response to errors. This book is the first systematic development of the new statistical learning approach. Depending on the particular economic structure, the economy may converge to a standard rational-expectations or a "rational bubble" solution, or exhibit persistent learning dynamics. The learning approach also provides tools to assess the importance of new models with expectational indeterminacy, in which expectations are an independent cause of macroeconomic fluctuations. Moreover, learning dynamics provide a theory for the evolution of expectations and selection between alternative equilibria, with implications for business cycles, asset price volatility, and policy. This book provides an authoritative treatment of this emerging field, developing the analytical techniques in detail and using them to synthesize and extend existing research.

The European Union: A Very Short Introduction

Author : John Pinder
Publisher : Oxford University Press, USA
ISBN 13 : 0199681694
Total Pages : 209 pages
Book Rating : 4.1/5 (996 download)

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Book Synopsis The European Union: A Very Short Introduction by : John Pinder

Download or read book The European Union: A Very Short Introduction written by John Pinder and published by Oxford University Press, USA. This book was released on 2013-07-25 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: John Pinder and Simon Usherwood explain the EU in plain readable English. They show how and why it has developed, how the institutions work, and what it does - from the single market to the euro, and from agriculture to the environment.

Financial Integration in the European Monetary Union

Author : Sławomir Ireneusz Bukowski
Publisher : Routledge
ISBN 13 : 0429575610
Total Pages : 126 pages
Book Rating : 4.4/5 (295 download)

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Book Synopsis Financial Integration in the European Monetary Union by : Sławomir Ireneusz Bukowski

Download or read book Financial Integration in the European Monetary Union written by Sławomir Ireneusz Bukowski and published by Routledge. This book was released on 2019-11-21 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book introduces readers to the world of international financial markets and their integration on a global and regional scale. The author presents the theoretical and practical issues concerning the processes of financial market integration, with a particular focus on the monetary union. The empirical research results are based on econometric modeling, thus simplifying them for a non-specialist audience, who can instead concentrate on the author’s conclusions, which comprise the results of these complicated research methods. The author outlines the role and functions of financial markets in the economy, in particular the relationship between financial intermediaries and financial markets and tackles the question of integration of new EU member countries’ financial markets within the eurozone. The integration of financial markets in an international context is inevitable, and the author argues that we must learn how to benefit from it from in terms of economic growth. This book will be a valuable resource for students of economics and finance, particularly those studying financial management and international business and finance, as well as professionals in these fields. Further, this book will be of interest to anyone looking to discover more about the problems of globalization and the integration of financial markets into the modern economy.

One Market, One Money

Author : Michael Emerson
Publisher :
ISBN 13 : 9780198773245
Total Pages : 356 pages
Book Rating : 4.7/5 (732 download)

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Book Synopsis One Market, One Money by : Michael Emerson

Download or read book One Market, One Money written by Michael Emerson and published by . This book was released on 1992 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Community is negotiating a new treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s. This study provides the only comprehensive guide to the economic implications of economic and monetary union. The work of an economist inside the Commission of the European Community, it reflects the considerations influencing the design of the union. The study creates a unique bridge between the insights of modern economic analysis and the work of the policy makers preparing for economic and monetary union.

Exchange Rate Economics

Author : Ronald MacDonald
Publisher : Routledge
ISBN 13 : 1134838220
Total Pages : 334 pages
Book Rating : 4.1/5 (348 download)

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Book Synopsis Exchange Rate Economics by : Ronald MacDonald

Download or read book Exchange Rate Economics written by Ronald MacDonald and published by Routledge. This book was released on 2005 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: ''In summary, the book is valuable as a textbook both at the advanced undergraduate level and at the graduate level. It is also very useful for the economist who wants to be brought up-to-date on theoretical and empirical research on exchange rate behaviour.'' ""Journal of International Economics""

Methodology for Impact Assessment of Free Trade Agreements

Author : Michael G. Plummer
Publisher : Asian Development Bank
ISBN 13 : 9290921978
Total Pages : 194 pages
Book Rating : 4.2/5 (99 download)

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Book Synopsis Methodology for Impact Assessment of Free Trade Agreements by : Michael G. Plummer

Download or read book Methodology for Impact Assessment of Free Trade Agreements written by Michael G. Plummer and published by Asian Development Bank. This book was released on 2011-02-01 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication displays the menu for choice of available methods to evaluate the impact of Free Trade Agreements (FTAs). It caters mainly to policy makers from developing countries and aims to equip them with some economic knowledge and techniques that will enable them to conduct their own economic evaluation studies on existing or future FTAs, or to critically re-examine the results of impact assessment studies conducted by others, at the very least.

Monetary Unions

Author : Hubert Kempf
Publisher : Springer Nature
ISBN 13 : 303093232X
Total Pages : 457 pages
Book Rating : 4.0/5 (39 download)

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Book Synopsis Monetary Unions by : Hubert Kempf

Download or read book Monetary Unions written by Hubert Kempf and published by Springer Nature. This book was released on 2022-04-22 with total page 457 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook explains the notion of monetary union, highlighting the key concepts, procedures, and challenges involved. The book is organized in three parts. In the first part, the reader learns about monetary issues, like definitions and typology of monetary unions, rationale of monetary unions, monetary policy, monetary institutional matters. The second part is devoted to fiscal matters and the interplay between fiscal and monetary policies, such as deficits, transfers, public debt sustainability issues, fiscal policy, policy mix. The last part focuses on other distinct but related issues, necessary to complete the union: banking and fiscal unions, structural adjustments in a monetary union. It ends with a chapter on the fate of monetary unions: how they develop, mature and sometimes dissolve. The book addresses students at undergraduate and graduate level, interested in a better understanding of international macroeconomics and monetary unions, as well as policy-makers, practitioners and economists in central banks, ministries of economics, economic institutions and banks.

An Estimate of the Effect of Common Currencies on Trade and Income

Author : Jeffrey A. Frankel
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis An Estimate of the Effect of Common Currencies on Trade and Income by : Jeffrey A. Frankel

Download or read book An Estimate of the Effect of Common Currencies on Trade and Income written by Jeffrey A. Frankel and published by . This book was released on 2002 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Monetary Policy, Expectations and Commitment

Author : George W. Evans
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Monetary Policy, Expectations and Commitment by : George W. Evans

Download or read book Monetary Policy, Expectations and Commitment written by George W. Evans and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Commitment in monetary policy leads to equilibria that are superior to those from optimal discretionary policies. A number of interest-rate reaction functions and instrument rules have been proposed to implement or approximate commitment policy. We assess these rules in terms of whether they lead to a rational expectations equilibrium that is both locally determinate and stable under adaptive learning by private agents. A reaction function that appropriately depends explicitly on private sector expectations performs particularly well on both counts.

European Monetary Integration: from the European Monetary System to Monetary Union

Author : Daniel Gros
Publisher :
ISBN 13 : 9780582079229
Total Pages : 320 pages
Book Rating : 4.0/5 (792 download)

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Book Synopsis European Monetary Integration: from the European Monetary System to Monetary Union by : Daniel Gros

Download or read book European Monetary Integration: from the European Monetary System to Monetary Union written by Daniel Gros and published by . This book was released on 1992 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Globalization

Author : Bent Jesper Christensen
Publisher : Springer
ISBN 13 : 3662495023
Total Pages : 609 pages
Book Rating : 4.6/5 (624 download)

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Book Synopsis Globalization by : Bent Jesper Christensen

Download or read book Globalization written by Bent Jesper Christensen and published by Springer. This book was released on 2017-03-07 with total page 609 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume uses cutting-edge theory and empirical analysis of channels of international interaction to build new knowledge about strategies of entrepreneurs, domestic and multinational firms, governments, and international organizations facing increasing globalization. The ongoing process of globalization implies the continuing expansion and intensification of economic, political, social, cultural and judicial relations across borders. It is furthered by reductions in transportation and communication costs, the rise of new information technologies, such as the internet, and liberalizations in the markets for goods, services, labor, capital, and technology. Globalization presents new opportunities to some, but risks and threats to others. The volume presents new research and findings by leading scholars on international trade, labor markets, financial markets, economic integration, political science, law, management, the humanities, developing countries, and international relations.

Issues in Regional Economics: 2013 Edition

Author :
Publisher : ScholarlyEditions
ISBN 13 : 1490110674
Total Pages : 476 pages
Book Rating : 4.4/5 (91 download)

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Book Synopsis Issues in Regional Economics: 2013 Edition by :

Download or read book Issues in Regional Economics: 2013 Edition written by and published by ScholarlyEditions. This book was released on 2013-05-01 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: Issues in Regional Economics / 2013 Edition is a ScholarlyEditions™ book that delivers timely, authoritative, and comprehensive information about Japanese Economy. The editors have built Issues in Regional Economics: 2013 Edition on the vast information databases of ScholarlyNews.™ You can expect the information about Japanese Economy in this book to be deeper than what you can access anywhere else, as well as consistently reliable, authoritative, informed, and relevant. The content of Issues in Regional Economics: 2013 Edition has been produced by the world’s leading scientists, engineers, analysts, research institutions, and companies. All of the content is from peer-reviewed sources, and all of it is written, assembled, and edited by the editors at ScholarlyEditions™ and available exclusively from us. You now have a source you can cite with authority, confidence, and credibility. More information is available at http://www.ScholarlyEditions.com/.

Market Regulation, Cycles and Growth in a Monetary Union

Author : Mirko Abbritti
Publisher : International Monetary Fund
ISBN 13 : 149831838X
Total Pages : 52 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Market Regulation, Cycles and Growth in a Monetary Union by : Mirko Abbritti

Download or read book Market Regulation, Cycles and Growth in a Monetary Union written by Mirko Abbritti and published by International Monetary Fund. This book was released on 2019-06-03 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: We build a two-country currency union DSGE model with endogenous growth to assess the role of cross-country differences in product and labor market regulations for long-term growth and for the adjustment to shocks. We show that with endogenous growth, there is no reason to expect real income convergence. Large shocks, through endogenous TFP movements, can lead to permanent changes of output and real exchange rates. Differences are exacerbated when member countries have different product and labor market regulations. Less regulated economies are likely to have higher trend growth and recover faster from negative shocks. Results are consistent with higher inflation, lower employment and disappointing TFP growth rates experienced in the less reform-friendly euro area members.