The Simplest Test Of Target Zone Credibility

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The Simplest Test of Target Zone Credibility

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451947003
Total Pages : 38 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis The Simplest Test of Target Zone Credibility by : International Monetary Fund

Download or read book The Simplest Test of Target Zone Credibility written by International Monetary Fund and published by International Monetary Fund. This book was released on 1990-11-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Under the assumption of no arbitrage exchange rate target zone credibility is tested by whether domestic interest rates fall within “rate-of-return bands” between the maximum and minimum home-currency rate of return on a foreign investment absent a devaluation. Under the assumption of uncovered interest rate parity credibility is tested by whether expected future exchange rates fall within the exchange rate band. These tests are applied on data about the Swedish target zone during January 1987-August 1990.

The simplest test of target zone credibility

Author : Lars Svensson
Publisher :
ISBN 13 :
Total Pages : 16 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The simplest test of target zone credibility by : Lars Svensson

Download or read book The simplest test of target zone credibility written by Lars Svensson and published by . This book was released on 1990 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Simplest Test of Target Zone Credibility

Author : Lars E. O. Svensson
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (12 download)

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Book Synopsis The Simplest Test of Target Zone Credibility by : Lars E. O. Svensson

Download or read book The Simplest Test of Target Zone Credibility written by Lars E. O. Svensson and published by . This book was released on 1992 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: addition, the expected future exchange rates are used to give an estimate of the

The Simplest Test of Target Zone Credibility

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (99 download)

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Book Synopsis The Simplest Test of Target Zone Credibility by :

Download or read book The Simplest Test of Target Zone Credibility written by and published by . This book was released on 1992 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Simplest Test of Inflation Target Credibility

Author : Lars E. O. Svensson
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.X/5 (2 download)

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Book Synopsis The Simplest Test of Inflation Target Credibility by : Lars E. O. Svensson

Download or read book The Simplest Test of Inflation Target Credibility written by Lars E. O. Svensson and published by . This book was released on 1994 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Arbitrage-based Tests of Target Zone Credibility

Author : José Campa
Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 ( download)

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Book Synopsis Arbitrage-based Tests of Target Zone Credibility by : José Campa

Download or read book Arbitrage-based Tests of Target Zone Credibility written by José Campa and published by . This book was released on 1995 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:

IMF Staff papers

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
ISBN 13 : 1451973136
Total Pages : 236 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis IMF Staff papers by : International Monetary Fund. Research Dept.

Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1991-01-01 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Trade liberalization in developing countries is frequently opposed on the grounds that, because it is likely to cause a deterioration in the external balance, it may not be a viable policy option for countries facing foreign exchange constraints. Recent literature suggests, however, an ambiguous relationship between tariff changes and the current account. This paper shows that if liberalization involves reducing tariffs on imported intermediate inputs (a reform that has figured prominently in developing countries), then the current account may improve or deteriorate, depending on the level of initial trade distortions and the structure of the economy.[JEL F13, F32, F41]

Betting for and Against EMU

Author : Leila S Talani
Publisher : Routledge
ISBN 13 : 1351791001
Total Pages : 218 pages
Book Rating : 4.3/5 (517 download)

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Book Synopsis Betting for and Against EMU by : Leila S Talani

Download or read book Betting for and Against EMU written by Leila S Talani and published by Routledge. This book was released on 2017-11-01 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 2000: An analysis of the extent to which the outcomes of the process of European monetary integration and, particularly, of the development of the debate over the establishment of EMU, have been influenced by domestic politics and by domestic economic interest groups in Italy and in the United Kingdom. From an empirical point of view, the work provides an account of the development of Italian and British socio-economic interest groups towards the issue of European monetary union from the making of the EMS until the establishment of EMU.

Anales de Economía Aplicada 2009

Author :
Publisher : Delta Publicaciones
ISBN 13 : 8492453699
Total Pages : 748 pages
Book Rating : 4.4/5 (924 download)

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Book Synopsis Anales de Economía Aplicada 2009 by :

Download or read book Anales de Economía Aplicada 2009 written by and published by Delta Publicaciones. This book was released on 2009 with total page 748 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Monetary Policy in the European Monetary System

Author : Joao Loureiro
Publisher : Springer Science & Business Media
ISBN 13 : 3642801005
Total Pages : 149 pages
Book Rating : 4.6/5 (428 download)

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Book Synopsis Monetary Policy in the European Monetary System by : Joao Loureiro

Download or read book Monetary Policy in the European Monetary System written by Joao Loureiro and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary Policy in the European Monetary Systems (EMS) provides the reader with a critical assessment of the EMS operation, focusing on key issues like intervention in money and foreign exchange markets and credibility of EMS exchange rate bands. The book also reopens the discussion on the "EMS discipline-credibility hypothesis" and the notion of "New EMS", testing both with an original methodology. The conflict between internal and external objectives is made clear and the empirical results show the choices made by the individual countries and the resulting implications. The book is written with an empirical orientation based on a unifying data description framework.

Exchange Rate Economics

Author : Ronald MacDonald
Publisher : Taylor & Francis
ISBN 13 : 1134801262
Total Pages : 465 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 Taylor & Francis. This book was released on 2007-03-12 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 2007. Exchange Rate Economics: Theories and Evidence is the second edition of Floating Exchange Rates: Theories and Evidence, and builds on the successful content and structure of the previous edition, but has been comprehensively updated and expanded to include additional literature on the determination of both fixed and floating exchange rates. Core topics covered include: • the purchasing power parity hypothesis and the PPP puzzle; • the monetary and portfolio-balance approaches to exchange rates; • the new open economy macroeconomics approach to exchange rates; and • the determination of exchange rates in target zone models and speculative attack models. Exchange Rate Economics: Theories and Evidence also includes extensive discussion of recent econometric work on exchange rates with a particular focus on equilibrium exchange rates and measuring exchange rate misalignment, as well as discussion on the non-fundamentals-based approaches to exchange rate behaviour, such as the market microstructure approach. The book will appeal to academics and postgraduate students with an interest in all aspects of international finance and will also be of interest to practitioners concerned with issues relating to equilibrium exchange rates and the forecastability of currencies in terms of macroeconomic fundamentals.

Understanding Interdependence

Author : Peter B. Kenen
Publisher : Princeton University Press
ISBN 13 : 0691231133
Total Pages : 566 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis Understanding Interdependence by : Peter B. Kenen

Download or read book Understanding Interdependence written by Peter B. Kenen and published by Princeton University Press. This book was released on 2021-06-08 with total page 566 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing together new papers by some of today's leading figures in international economics and finance, Understanding Interdependence surveys the current state of knowledge on the international monetary system and, by implication, defines the research horizon for the future. Covering topics including the behavior of exchange rates, the choice of exchange-rate regime, current-account adjustment in classical and Keynesian models, the extent and effects of capital mobility, international debt, the stabilization and reform of the formerly planned economies, European monetary union, and international policy coordination, the book underscores the importance of these subjects and identifies lessons for policymakers. The contributors to the volume are Michael Bruno, Ralph C. Bryant, Richard N. Cooper, Michael P. Dooley, Barry Eichengreen, Stanley Fischer, Charles A. E. Goodhart, Peter Hooper, Peter B. Kenen, Paul R. Krugman, Henri Lorie, Jaime Marquez, Ronald I. McKinnon, Michael Mussa, Maurice Obstfeld, John Odling-Smee, Assaf Razin, Dani Rodrik, Mark P. Taylor, and John Williamson.

On the credibility issue of exchange rate target zones

Author : Matthias Rau-Göhring
Publisher : diplom.de
ISBN 13 : 3832467351
Total Pages : 68 pages
Book Rating : 4.8/5 (324 download)

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Book Synopsis On the credibility issue of exchange rate target zones by : Matthias Rau-Göhring

Download or read book On the credibility issue of exchange rate target zones written by Matthias Rau-Göhring and published by diplom.de. This book was released on 2003-04-29 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inhaltsangabe:Zusammenfassung: Währungskrisen, wie die des Europäischen Währungssystems (EWS) 1992, können noch immer nur unzureichend vorausgesagt werden. Es wird jedoch anerkannt, dass die Glaubwürdigkeit eines jeden Währungssystems ausschließlich endogen bestimmt wird, d.h. durch Interaktion der einzelnen Akteure an den Wechselkursmärkten. Die vorliegende Arbeit untersucht, ob ein bestimmtes Glaubwürdigkeitsmaß, eingeführt von Avesani, Gallo und Salmon (1995), geeignet ist, die große EWS Krise 1992 vorauszusagen. Dabei handelt es sich um ein dynamisches Spiel, in dem die beiden Akteure (Zentralbank und Finanzmarkt) miteinander interagieren und damit die Glaubwürdigkeit des Systems aushandeln . Es wird gezeigt, dass o.g. Glaubwürdigkeitsmaß ein geeigneter Indikator für Währungskrisen darstellt, was empirisch anhand des französischen Francs, der italienischen Lira und des niederländischen Guldens nachgewiesen wird. Introduction: The objective of the present study is to present the literature of exchange rate target zones and to explore empirically the Avesani-Gallo-Salmon credibility measure for selected currencies belonging to the Exchange-Rate Mechanism (ERM) of the European Monetary System (EMS). In the past decade the empirical literature on real world target zones mushroomed considerably, but still, its overall significance in explaining strains in the relevant foreign exchange markets remains relatively low. In this context, I will explore whether the Avesani-Gallo-Salmon (1995) credibility measure demonstrates more power than earlier studies in the analysis of the 1992/3 EMS crisis. It is not my intention to pursue a normative analysis whether flexible or fixed exchange rates or intermediate regimes are superior to one another in terms of their economic implications. This question is beyond the scope of my analysis.1 Given that target zones are applied frequently in the real world, I purely want to figure out, whether their application is sensible on grounds of a firm commitment of the policy-makers. Exchange rate bands have been discussed widely after the breakdown of the Bretton Woods System in 1973. Although experiences with the fixed exchange rate regime were disappointing in the 1960s, increased volatility and/or overshooting of the exchange rates in the 1970s let economists doubt the famous argument by Friedman (1953) that speculation would stabilize exchange rate movements in the floating system. McKinnon (1976) reckoned that [...]

Modern Perspectives on the Gold Standard

Author : Tamim Bayoumi
Publisher : Cambridge University Press
ISBN 13 : 0521571693
Total Pages : 432 pages
Book Rating : 4.5/5 (215 download)

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Book Synopsis Modern Perspectives on the Gold Standard by : Tamim Bayoumi

Download or read book Modern Perspectives on the Gold Standard written by Tamim Bayoumi and published by Cambridge University Press. This book was released on 1996 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: Currency crises in Europe and Mexico during the 1990s provided stark reminders of the importance and the fragility of international financial markets. These experiences led some commentators to conclude that open international capital markets are incompatible with financial stability. But the pre-1914 gold standard is an obvious challenge to the notion that open capital markets are sources of instability. To deepen our understanding of how this system worked, this volume draws together recent research on the gold standard. Theoretical models are used to guide qualitative discussions of historical experience, while econometric methods are used to help the historical data speak clearly. The result is an overview of the gold standard, a survey of the relevant applied research in international macroeconomics, and a demonstration of how the past can help to inform the present.

From the Athenian Tetradrachm to the Euro

Author : Gérassimos Notaras
Publisher : Routledge
ISBN 13 : 1351157906
Total Pages : 201 pages
Book Rating : 4.3/5 (511 download)

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Book Synopsis From the Athenian Tetradrachm to the Euro by : Gérassimos Notaras

Download or read book From the Athenian Tetradrachm to the Euro written by Gérassimos Notaras and published by Routledge. This book was released on 2017-11-28 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the introduction of the euro much recent attention has been focused on the role of currencies and their national and international significance. Whilst much has been made of the euro's achievements in harmonising Europe's financial dealings, it is often forgotten that it is by no means the first pan-national currency to enter circulation. Indeed, as the various contributions to this volume make plain, the euro can in many ways be regarded as a step 'back to the future', that is, a further international currency in a long historical tradition that includes the Athenian tetradrachm, the Spanish peso and the French franc. Covering a timespan of some two and a half millennia, the contributions within this volume fall within four broad chronological sections, the first comprising three contributions that consider aspects of the European experience from classical antiquity until the high middle ages. The discussion then leaps forward chronologically to the modern age, given a focus by three contributions devoted to nineteenth-century European developments. These, in turn, are set within a wider spatial perspective by two essays that review, first, the classical gold standard, primarily in terms of peripheral economies' experience, and, second, the Bretton Woods system. Fourth, and lastly, the euro's origins and birth are explored in three further contributions. By taking such a long term view of supra-national currencies, this volume provides a unique perspective, not only to the introduction and development of the euro, and its predecessors, but also on the broader question of the relationship between trade and common currencies.

Handbook of International Economics

Author : G.M. Grossman
Publisher : Elsevier
ISBN 13 : 0080933459
Total Pages : 896 pages
Book Rating : 4.0/5 (89 download)

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Book Synopsis Handbook of International Economics by : G.M. Grossman

Download or read book Handbook of International Economics written by G.M. Grossman and published by Elsevier. This book was released on 1997-10-24 with total page 896 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of International Economics

Handbook of International Economics

Author : Ronald Winthrop Jones
Publisher : Elsevier
ISBN 13 : 0444828648
Total Pages : 896 pages
Book Rating : 4.4/5 (448 download)

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Book Synopsis Handbook of International Economics by : Ronald Winthrop Jones

Download or read book Handbook of International Economics written by Ronald Winthrop Jones and published by Elsevier. This book was released on 1984 with total page 896 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This Handbook adopts a traditional definition of the subject, and focuses primarily on the explanation of international transactions in goods, services, and assets, and on the main domestic effects of those transactions. The first volume deals with the "real side" of international economics. It is concerned with the explanation of trade and factor flows, with their main effects on goods and factor prices, on the allocation of resources and income distribution and on economic welfare, and also with the effects on national policies designed explicitly to influence trade and factor flows. In other words, it deals chiefly with microeconomic issues and methods. The second volume deals with the "monetary side" of the subject. It is concerned with the balance of payments adjustment process under fixed exchange rates, with exchange rate determination under flexible exchange rates, and with the domestic ramifications of these phenomena. Accordingly, it deals mainly with economic issues, although microeconomic methods are frequently utilized, especially in work on expectations, asset markets, and exchange rate behavior."--Publisher's information