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The Intra Daily Exchange Rate Dynamics And Monetary Policies After The G5 Agreement
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Book Synopsis The Intra-daily Exchange Rate Dynamics and Monetary Policies After the G5 Agreement by : Takatoshi Ito
Download or read book The Intra-daily Exchange Rate Dynamics and Monetary Policies After the G5 Agreement written by Takatoshi Ito and published by . This book was released on 1986 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates determinants of yen appreciation from the G5 agreement of September 1985 to the end of May, 1986. During that period, four waves of appreciation separated by calm periods are identified. For each wave and calm period, the changes in the yen/dollar exchange rate are decomposed in those taken place in the Tokyo, Europe and New York markets. In addition, correlations among the yen, mark, and pound for each market for each wave are studied. The surprisingly strong effect of the G5 agreement on the exchange rate was due to the signaled U.S. policy change. The role of direct intervention by the Bank of Japan was rather limited at that point. The Bank of Japan, adopted the "high interest policy" in October 1985. By narrowing the interest rate gap between Japan and the United States, the Bank of Japan successfully led to another round of appreciation. A major cause of the third wave of yen appreciation starting January 24, 1986 was the decline in oil prices. After the third wave was over, the Bank of Japan started intervening the market in support of the dollar -- a reversal of direction. However, the effort was not successful to stop another round of yen appreciation. The fourth wave of appreciation in the middle of April was due to a mix of prospects of reducing the U.S. federal deficits and a further decline in oil prices. These findings are consistent with a view that the exchange rates respond mainly to news of fundamentals and that the exchange rates are not manageable by coordinated interventions alone.
Book Synopsis Exchange-Rate Regimes and Currency Unions by : Ernst Baltensperger
Download or read book Exchange-Rate Regimes and Currency Unions written by Ernst Baltensperger and published by Springer. This book was released on 2016-07-27 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The contributions are concerned with the theoretical and empirical analyses of fixed and flexible exchange rate systems, the role of central bank and other government policies in such systems, the prospects, workings and effects of a European Monetary System, and capital mobility and economic integration.
Book Synopsis On the Equilibrium Yen Dollar Rate by : Hiroshi Yoshikawa
Download or read book On the Equilibrium Yen Dollar Rate written by Hiroshi Yoshikawa and published by . This book was released on 1987 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Journal of International Money and Finance by :
Download or read book Journal of International Money and Finance written by and published by . This book was released on 1993 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: Earlier place of publication varies.
Book Synopsis Bank of Japan Monetary and Economic Studies by :
Download or read book Bank of Japan Monetary and Economic Studies written by and published by . This book was released on 1987 with total page 922 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Journal of International Economics by :
Download or read book Journal of International Economics written by and published by . This book was released on 1992 with total page 852 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Dimensions of Monetary Policy by : Jordi Galí
Download or read book International Dimensions of Monetary Policy written by Jordi Galí and published by University of Chicago Press. This book was released on 2010-03-15 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.
Book Synopsis Short-run and Long-run Expectations of the Yen/Dollar Exchange Rate by : Takatoshi Itō
Download or read book Short-run and Long-run Expectations of the Yen/Dollar Exchange Rate written by Takatoshi Itō and published by . This book was released on 1993 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The survey data on the yen/dollar exchange rate, collected twice a month for eight years from 1985 to 1993, shows the following features. First, the expected exchange rate changes in the short horizon (one month) are of the band-wagon type while the expected changes in the long horizon (three to six months) are of the mean- reversion type. That is, foreign exchange traders infer from recent appreciations or depreciation that the recent change in the exchange rate will continue for a while, but the direction of changes will reverse, eventually. Second, this result is robust for the entire sample period, which includes sub-periods of sharp yen appreciations and of relative calm, and with respect to different specifications. Third, the deviation from an equilibrium exchange rate does not yield a robust estimate in the regression of expectation formation. Although the history of the yen/dollar exchange rate fluctuations in the past two decades shows mean reversion over several years, they are not captured in the six-month expectations in the survey data.
Download or read book Discussion Paper written by and published by . This book was released on 1987 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Constant Recontracting Model of Sovereign Debt by : Jeremy Bulow
Download or read book A Constant Recontracting Model of Sovereign Debt written by Jeremy Bulow and published by . This book was released on 1986 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Few sovereign debtors have repudiated their obligations entirely. But despite the significant sanctions at the disposal of lenders, many borrowers have been able to consistently negotiate for reduced repayments. This paper presents a model of the on-going bargaining process that determines repayment levels. We derive a bargaining equilibrium in which countries with large debts achieve negotiated partial default. The ability to credibly threaten more draconian penalties in the event of repudiation may be of no benefit to lenders. Furthermore, unanticipated increases in world interest rates may actually help the borrowers by making lenders more inpatient for a negotiated settlement. Finally, Western governments may be induced to make payments to facilitate reschedulings even though efficient agreements will be reached without their intervention.
Book Synopsis Monetary Policy Beyond the Zero Interest Rate Policy Under Deflation by : Takatoshi Itō
Download or read book Monetary Policy Beyond the Zero Interest Rate Policy Under Deflation written by Takatoshi Itō and published by . This book was released on 2005 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Macroeconommic Policy Coordination when Policy-makers Disagree on the Model by : Jeffrey A. Frankel
Download or read book International Macroeconommic Policy Coordination when Policy-makers Disagree on the Model written by Jeffrey A. Frankel and published by . This book was released on 1986 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book AccessAsia written by and published by . This book was released on 1995 with total page 588 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Japan and the International Monetary Regime by : Kōichi Hamada
Download or read book Japan and the International Monetary Regime written by Kōichi Hamada and published by . This book was released on 1987 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Amnesty, Enforcement and Tax Policy by : Herman B. Leonard
Download or read book Amnesty, Enforcement and Tax Policy written by Herman B. Leonard and published by . This book was released on 1986 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Amnesties are widely used in society to rehabilitate past sinners, to collect resources, such as library books, that would otherwise be unrecoverable, and to make enforcement easier by reducing the ranks of delinquents. Over the past four years, tax amnesties have emerged as a major instrument of state revenue policy. Twenty states conducted amnesties. Record collections were made by New York ($360 million) and Illinois (income tax amnesty dollars 3.4% of collections). Amnesties took in dollars that would probably have escaped otherwise, and tax rolls were bolstered. Tax amnesties also have costs, however. They may anger honest taxpayers, diminish the legitimacy of the tax system by pardoning past evasion, and decrease compliance by making future amnesties seem more likely. Shou1.d the federal government, aswirl in tax reform and suffering from an estimated $100 billion tax evasion problem, now offer an amnesty of its own? What type of federal program would most likely be offered? What would it be likely to accomplish? State tax amnesties have generally bean coupled with enhanced enforcement efforts, a feature intended to preserve the legitimacy of the tan system. The amnesty/enforcement combination twists the penalty schedule, lowering it non raising it later, in that way encouraging prompt payment. With no past sins to hide, future compliance also becomes less costly, hence more probable. Any federal amnesty, we predict, would be accompanied by a strengthening of enforcement. After reviewing the state experience, we speculatively estimate that a federal amnesty/enforcement to annual revenues on the order of $10 billion.
Book Synopsis Stability and Change in Embedded Relationships by : Christina Linn Ahmadjian
Download or read book Stability and Change in Embedded Relationships written by Christina Linn Ahmadjian and published by . This book was released on 2005 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Strategic Logic of Japanese Keiretsu, Main Banks and Cross-shareholdings, Revisited by : Ulrike Schaede
Download or read book The Strategic Logic of Japanese Keiretsu, Main Banks and Cross-shareholdings, Revisited written by Ulrike Schaede and published by . This book was released on 2006 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
