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Fixing Exchange Rates
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Book Synopsis Flexible Exchange Rates for a Stable World Economy by : Joseph E. Gagnon
Download or read book Flexible Exchange Rates for a Stable World Economy written by Joseph E. Gagnon and published by Peterson Institute. This book was released on 2011 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volatile exchange rates and how to manage them are a contentious topic whenever economic policymakers gather in international meetings. This book examines the broad parameters of exchange rate policy in light of both high-powered theory and real-world experience. What are the costs and benefits of flexible versus fixed exchange rates? How much of a role should the exchange rate play in monetary policy? Why don't volatile exchange rates destabilize inflation and output? The principal finding of this book is that using monetary policy to fight exchange rate volatility, including through the adoption of a fixed exchange rate regime, leads to greater volatility of employment, output, and inflation. In other words, the "cure" for exchange rate volatility is worse than the disease. This finding is demonstrated in economic models, in historical case studies, and in statistical analysis of the data. The book devotes considerable attention to understanding the reasons why volatile exchange rates do not destabilize inflation and output. The book concludes that many countries would benefit from allowing greater flexibility of their exchange rates in order to target monetary policy at stabilization of their domestic economies. Few, if any, countries would benefit from a move in the opposite direction.
Book Synopsis Exchange Rate Regimes in the Modern Era by : Michael W. Klein
Download or read book Exchange Rate Regimes in the Modern Era written by Michael W. Klein and published by Mit Press. This book was released on 2012-08 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: An analysis of the operation and consequences of exchange rate regimes in an era of increasing international interdependence. The exchange rate is sometimes called the most important price in a highly globalized world. A country's choice of its exchange rate regime, between government-managed fixed rates and market-determined floating rates has significant implications for monetary policy, trade, and macroeconomic outcomes, and is the subject of both academic and policy debate. In this book, two leading economists examine the operation and consequences of exchange rate regimes in an era of increasing international interdependence. Michael Klein and Jay Shambaugh focus on the evolution of exchange rate regimes in the modern era, the period since 1973, which followed the Bretton Woods era of 1945-72 and the pre-World War I gold standard era. Klein and Shambaugh offer a comprehensive, integrated treatment of the characteristics of exchange rate regimes and their effects. The book draws on and synthesizes data from the recent wave of empirical research on this topic, and includes new findings that challenge preconceived notions.
Download or read book Too Sensational written by W. Max Corden and published by MIT Press. This book was released on 2004-08-20 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most of the literature on exchange rate regimes has focused on the developed countries. Since the recent crises in emerging markets, however, attention has shifted to the choice of exchange rate regimes for developing countries, especially those that are more integrated into the world capital markets. In Too Sensational, W. Max Corden presents a systematic and accessible overview of the choice of exchange rate regimes. Reviewing many types of regimes, he shows how the choice of an exchange rate regime is related to both fiscal policy and trade policy. Building on the theory of optimum currency areas, Corden develops an analytic framework of three approaches (nominal anchor, real targets, and exchange rate stability) and three polar exchange rate regimes (absolutely fixed, pure floating, and fixed but adjustable). He considers all other regimes to be mixtures of two or three of the polar regimes. Beginning with theory and later turning to case studies of countries in Asia, Europe, and Latin America, Corden focuses on how economies react to negative and positive shocks under various exchange rate regimes. He examines in particular the Asian and Latin American currency crises of the 1990s. He concludes that although "too sensational" crises have discredited fixed but adjustable regimes, the extremes of absolutely fixed regimes or pure floating regimes need not be chosen.
Book Synopsis A Search for Solvency by : Alfred E. Eckes
Download or read book A Search for Solvency written by Alfred E. Eckes and published by University of Texas Press. This book was released on 2014-07-03 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: Diverted by the dramatic military and political events of July 1944, few Americans realized the significance of an international conference taking place at Bretton Woods, a mountain resort in New Hampshire, far from the battle zones. There United Nations experts were completing plans for a world monetary and financial system that they hoped would create a prosperous, efficient global economy and avert economic tensions that might lead to another world war. Until the dollar crisis of 1971, decisions made at Bretton Woods provided the institutions and rules for international finance. The conference ushered in an era of unprecedented expansion of world trade and prosperity. Based on extensive research in previously unavailable sources, A Search for Solvency relates intriguing and often complicated issues of economic analysis and diplomatic history. It offers a succinct and comprehensive survey of international monetary development from the collapse of the pre–World War I gold standard to the devaluation of the dollar in 1971. In effect, it explains the origins of late twentieth-century global inflation and currency problems. The author details how the ghost of the Great Depression, the failure of monetary reconstruction efforts after World War I, and the memory of the nineteenth-century gold standard guided efforts to construct the Bretton Woods system. This preoccupation with the past, as well as political constraints, produced a monetary system protected against past dangers—fluctuating currencies, controls, and deflation—but dangerously vulnerable to inflationary pressures. The weaknesses of Bretton Woods, a system geared to an era in which economic power was concentrated in the United States, became visible in the 1960s and painfully apparent by the mid-1970s.
Book Synopsis China’s Evolving Exchange Rate Regime by : Mr.Sonali Das
Download or read book China’s Evolving Exchange Rate Regime written by Mr.Sonali Das and published by International Monetary Fund. This book was released on 2019-03-07 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s exchange rate regime has undergone gradual reform since the move away from a fixed exchange rate in 2005. The renminbi has become more flexible over time but is still carefully managed, and depth and liquidity in the onshore FX market is relatively low compared to other countries with de jure floating currencies. Allowing a greater role for market forces within the existing regime, and greater two-way flexibility of the exchange rate, are important steps to build on the progress already made. This should be complemented by further steps to develop the FX market, improve FX risk management, and modernize the monetary policy framework.
Book Synopsis Handbook of Exchange Rates by : Jessica James
Download or read book Handbook of Exchange Rates written by Jessica James and published by John Wiley & Sons. This book was released on 2012-05-29 with total page 674 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Handbook of Exchange Rates “This book is remarkable. I expect it to become the anchor reference for people working in the foreign exchange field.” —Richard K. Lyons, Dean and Professor of Finance, Haas School of Business, University of California Berkeley “It is quite easily the most wide ranging treaty of expertise on the forex market I have ever come across. I will be keeping a copy close to my fingertips.” —Jim O’Neill, Chairman, Goldman Sachs Asset Management How should we evaluate the forecasting power of models? What are appropriate loss functions for major market participants? Is the exchange rate the only means of adjustment? Handbook of Exchange Rates answers these questions and many more, equipping readers with the relevant concepts and policies for working in today’s international economic climate. Featuring contributions written by leading specialists from the global financial arena, this handbook provides a collection of original ideas on foreign exchange (FX) rates in four succinct sections: • Overview introduces the history of the FX market and exchange rate regimes, discussing key instruments in the trading environment as well as macro and micro approaches to FX determination. • Exchange Rate Models and Methods focuses on forecasting exchange rates, featuring methodological contributions on the statistical methods for evaluating forecast performance, parity relationships, fair value models, and flow–based models. • FX Markets and Products outlines active currency management, currency hedging, hedge accounting; high frequency and algorithmic trading in FX; and FX strategy-based products. • FX Markets and Policy explores the current policies in place in global markets and presents a framework for analyzing financial crises. Throughout the book, topics are explored in-depth alongside their founding principles. Each chapter uses real-world examples from the financial industry and concludes with a summary that outlines key points and concepts. Handbook of Exchange Rates is an essential reference for fund managers and investors as well as practitioners and researchers working in finance, banking, business, and econometrics. The book also serves as a valuable supplement for courses on economics, business, and international finance at the upper-undergraduate and graduate levels.
Book Synopsis Rethinking the International Monetary System by : Jane Sneddon Little
Download or read book Rethinking the International Monetary System written by Jane Sneddon Little and published by University Press of the Pacific. This book was released on 1999 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: According to a recent World Bank study, the Asian crisis led to a significant rise in poverty and sharp declines in middle-class living standards in the countries most affected. Real public spending on health and education fell, with poor households experiencing the largest declines in access to these services. The impact of decreased investment in human capital will have consequences for individuals and whole societies for years to come. Because these external shocks occurred very shortly after these countries had liberalized their capital markets, they have engendered a growing distrust of globalization in many parts of the world. We owe it to the people of the developing countries, as well as to ourselves, to consider how institutional or policy changes could moderate such setbacks in the future. For all these reasons, this conference seemed a good time to pause and consider the implications of recent events, institutional changes, and new research for the evolution of the international monetary system. Representing frontline countries and frontline institutions, many of the conference participants had struggled firsthand with the dilemmas posed by the recent crises. Thus, they brought unique perspectives on the issues and offered thoughtful observations and useful ideas that could improve the workings of the international monetary system. It is our hope that this publication of their views will stimulate further discussion, research and, more than partial implementation.
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""
Book Synopsis Foreign Exchange Value of the Dollar by :
Download or read book Foreign Exchange Value of the Dollar written by and published by . This book was released on 1984 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exchange-Rate Determination by : Anne O. Krueger
Download or read book Exchange-Rate Determination written by Anne O. Krueger and published by Cambridge University Press. This book was released on 1983-03-31 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides a survey of thought about exchange-rate determination as it emerged in the 1970s.
Book Synopsis Swiss Monetary History since the Early 19th Century by : Ernst Baltensperger
Download or read book Swiss Monetary History since the Early 19th Century written by Ernst Baltensperger and published by Cambridge University Press. This book was released on 2017-08-03 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes the remarkable path which led to the Swiss Franc becoming the strong international currency that it is today. Ernst Baltensperger and Peter Kugler use Swiss monetary history to provide valuable insights into a number of issues concerning the organization and development of monetary institutions and currency that shaped the structure of financial markets and affected the economic course of a country in important ways. They investigate a number of topics, including the functioning of a world without a central bank, the role of competition and monopoly in money and banking, the functioning of monetary unions, monetary policy of small open economies under fixed and flexible exchange rates, the stability of money demand and supply under different monetary regimes, and the monetary and macroeconomic effects of Swiss Banking and Finance. Swiss Monetary History since the Early 19th Century illustrates the value of monetary history for understanding financial markets and macroeconomics today.
Book Synopsis Principles of International Finance and Open Economy Macroeconomics by : Cristina Terra
Download or read book Principles of International Finance and Open Economy Macroeconomics written by Cristina Terra and published by Academic Press. This book was released on 2015-06-09 with total page 363 pages. Available in PDF, EPUB and Kindle. Book excerpt: Principles of International Finance and Open Economy Macroeconomics: Theories, Applications, and Policies presents a macroeconomic framework for understanding and analyzing the global economy from the perspectives of emerging economies and developing countries. Unlike most macroeconomic textbooks, which typically emphasize issues about developed countries while downplaying issues related to developing countries, this book emphasizes problems in emerging economies, including those in Latin American countries. It also explains recent developments in international finance that are essential to a thorough understanding of the effects and implications of the recent financial crisis. - Concentrates on developing country perspectives on International Finance and the Economy, including those in Latin American countries - Provides case studies and publicly available data allowing readers to explore theories and their applications - Explains recent developments in international finance that are essential to a thorough understanding of the effects and implications of the recent financial crisis - Proposes a unified mathematical model accessible to those with basic mathematical skills
Book Synopsis Fixed Ideas of Money by : Tobias Straumann
Download or read book Fixed Ideas of Money written by Tobias Straumann and published by Cambridge University Press. This book was released on 2014-01-30 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most European countries are rather small, yet we know little about their monetary history. This book analyses for the first time the experience of seven small states (Austria, Belgium, Denmark, the Netherlands, Norway, Sweden, and Switzerland) during the last hundred years, starting with the restoration of the gold standard after World War I and ending with Sweden's rejection of the Euro in 2003. The comparative analysis shows that for the most part of the twentieth century the options of policy makers were seriously constrained by a distinct fear of floating exchange rates. Only with the crisis of the European Monetary System (EMS) in 1992-93 did the idea that a flexible exchange rate regime was suited for a small open economy gain currency. The book also analyses the differences among small states and concludes that economic structures or foreign policy orientations were far more important for the timing of regime changes than domestic institutions and policies.
Book Synopsis Economic Disturbances and Equilibrium in an Integrated Global Economy by : Victor A. Canto
Download or read book Economic Disturbances and Equilibrium in an Integrated Global Economy written by Victor A. Canto and published by Academic Press. This book was released on 2018-04-19 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic Disturbances and Equilibrium in an Integrated Global Economy: Investment Insights and Policy Analysis helps readers develop a framework for analyzing economic events and make better, more consistent decisions. Victor Canto presents the theoretical building blocks that make up the overall framework, then expands the framework to tackle more complex problems, applying additional considerations to actual policy or investment issues. Drawing upon the most recent trends in monetary policy and international economics, the book offers sustained direct engagement with the main research question and makes innovative use of the simple concepts of supply and demand to illuminate modern finance literature. The book succeeds by highlighting the often-forgotten interconnectedness of different economic processes. How do we respond to a change in policy or an economic shock? Are all the expected changes to the general equilibrium consistent with each other? - Helps readers build an intellectual framework that enables them to interpret articles in the financial press and policy decisions in a logical and consistent manner - Differs from other books by eschewing partial equilibria analyses and instead providing a general equilibrium perspective useful for investors and policy makers - Provides supporting data on a freely-accessible website so readers can test and replicate results
Book Synopsis The Theory And Empirics Of Exchange Rates by : Imad A Moosa
Download or read book The Theory And Empirics Of Exchange Rates written by Imad A Moosa and published by World Scientific. This book was released on 2009-07-15 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exchange rate economics is an important field of investigation for academics, professionals and policy-makers. This book provides a comprehensive survey of the theory of and empirical evidence on the determination and effects of exchange rates. The exposition utilizes both diagrammatic and mathematical representations of the underlying models. The book is a comprehensive reference for those engaged in this field of research.
Book Synopsis International Finance by : Keith Pilbeam
Download or read book International Finance written by Keith Pilbeam and published by . This book was released on 1998 with total page 488 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a fully-revised and updated textbook on international finance, covering the major traditional and modern theories, along with empirical and applied topics. There are also new chapters covering derivative instruments such as swaps, options and futures, and updated coverage of the Euromoney and Eurobond markets.
Book Synopsis Exchange-rate Management in Theory and Practice by : Victor E. Argy
Download or read book Exchange-rate Management in Theory and Practice written by Victor E. Argy and published by . This book was released on 1982 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt:
