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Author : Renzo G. Avesani
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (318 download)
Download or read book On the Evolution of Credibility and Flexible Exchange Rate Target Zones written by Renzo G. Avesani and published by . This book was released on 1994 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Matthias Rau-Göhring
Publisher : diplom.de
ISBN 13 : 3832467351
Total Pages : 68 pages
Book Rating : 4.8/5 (324 download)
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 [...]
Author : Christian Bordes-Marcilloux
Publisher : Manchester University Press
ISBN 13 : 9780719047077
Total Pages : 282 pages
Book Rating : 4.0/5 (47 download)
Download or read book European Currency Crises and After written by Christian Bordes-Marcilloux and published by Manchester University Press. This book was released on 1995 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: The speculative crises of 1992-93, which shook the EMS, left in their wake a series of questions about the monetary future of Europe, exchange rate behaviour and exchange-rate policy. This book explores these questions from the varying standpoints of econo
Author : Leila Talani
Publisher : Taylor & Francis
ISBN 13 : 1040291279
Total Pages : 341 pages
Book Rating : 4.0/5 (42 download)
Download or read book Betting for and Against EMU written by Leila Talani and published by Taylor & Francis. This book was released on 2024-11-01 with total page 341 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.
Author : Mr.Kenneth Rogoff
Publisher : International Monetary Fund
ISBN 13 : 1451875843
Total Pages : 85 pages
Book Rating : 4.4/5 (518 download)
Download or read book Evolution and Performance of Exchange Rate Regimes written by Mr.Kenneth Rogoff and published by International Monetary Fund. This book was released on 2003-12-01 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis suggests that as economies mature, the value of exchange rate flexibility rises. For countries at a relatively early stage of financial development and integration, fixed or relatively rigid regimes appear to offer some anti-inflation credibility gain without compromising growth objectives. As countries develop economically and institutionally, there appear to be considerable benefits to more flexible regimes. For developed countries that are not in a currency union, relatively flexible exchange rate regimes appear to offer higher growth without any cost in credibility.
Author : Berthold Herrendorf
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.F/5 ( download)
Download or read book Exchange Rate Pegging, Transparency, and Imports of Credibility written by Berthold Herrendorf and published by . This book was released on 1995 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Renzo G. Avesani
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.F/5 ( download)
Download or read book On the Nature of Commitment in Flexible Target Zones and the Measurement of Credibility written by Renzo G. Avesani and published by . This book was released on 1995 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ramon Marimon
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.F/5 ( download)
Download or read book 'Actual' Versus 'virtual' Employment in Europe written by Ramon Marimon and published by . This book was released on 1996 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the evolution of sectoral employment and labor cost in eleven European countries in the last two decades. Our statistical approach consists on decomposing for country and temporal effects. Virtual economies are construted by filtering country effects. We find that sectoral effects account for more that 80% of the long-run differentials across countries and industries in employment growth, whereas country-specific effects are more important in the analysis of labor cost dynamics. The initial distribution of labor across sectors plays a crucial role in explaining cross-country differences on employment. We pay special attention to Spain, the country that has experienced a higher persistent unemployment rate, and show that this can be the effect of a severe problem of sectoral reallocation, originating form the very high weight of the agricultural employment in 1975. Our study of the virtual economies also provides new evidence about the relative performance of some industries and/or countries, e.g., the poor performance of Belgium, the relatively good performance of Italy, in particular its textile sector, etc.
Author : Christian Belzil
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.F/5 ( download)
Download or read book Contiguous Duration Dependence and Nonstationarity in Job Search written by Christian Belzil and published by . This book was released on 1996 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Angel J. Ubide
Publisher :
ISBN 13 :
Total Pages : 84 pages
Book Rating : 4.:/5 (318 download)
Download or read book The International Transmission of Shocks in an Imperfectly Competitive International Business Cycle Model written by Angel J. Ubide and published by . This book was released on 1996 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Luisa Zanforlin
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.F/5 ( download)
Download or read book Technological Diffusion, Learning and Economic Performance written by Luisa Zanforlin and published by . This book was released on 1996 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Christian Belzil
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.F/5 ( download)
Download or read book Employment Reallocation, Wages and the Allocation of Workers Between Expanding and Declining Firms written by Christian Belzil and published by . This book was released on 1996 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Andrei Savkov
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.F/5 ( download)
Download or read book The Optimal Sequence of Privatization in Transitional Economies written by Andrei Savkov and published by . This book was released on 1996 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Christian Schluter
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (318 download)
Download or read book On the Non-stationarity of German Income Mobility (and Some Observations on Poverty Dynamics) written by Christian Schluter and published by . This book was released on 1996 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ramon Marimon
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.F/5 ( download)
Download or read book Learning from Learning in Economics written by Ramon Marimon and published by . This book was released on 1996 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ana Rute Cardoso
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.F/5 ( download)
Download or read book Workers Or Employers written by Ana Rute Cardoso and published by . This book was released on 1996 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Raúl Aníbal Feliz
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Credibility and Performance of Unilateral Target Zones written by Raúl Aníbal Feliz and published by . This book was released on 1993 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
