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The Stabilizing Effect Of The Erm On Exchange Rates And Interest Rates
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Book Synopsis The Stabilizing Effect of the Erm on Exchange Rates and Interest Rates by : Michael J. Artis
Download or read book The Stabilizing Effect of the Erm on Exchange Rates and Interest Rates written by Michael J. Artis and published by . This book was released on 2006 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper applies nonparametric test procedures to test for a shift in the volatility of nominal and real exchange rates for ERM members and nonmembers. The results imply a reduction in volatility for the ERM members, especially during the second half of the period of operation of the ERM. We also demonstrate that this enhanced stability was not bought at the expense of increased interest rate volatility. The issue of interest rate volatility during sterling`s participation in the ERM is also examined.
Book Synopsis The Stabilizing Effect of the ERM on Exchange Rates and Interest Rates by : Michael J. Artis
Download or read book The Stabilizing Effect of the ERM on Exchange Rates and Interest Rates written by Michael J. Artis and published by . This book was released on 1993 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Stabilizing Effect of the ERMon Exchange Rates and Interest Rates by : Michael J. Artis
Download or read book The Stabilizing Effect of the ERMon Exchange Rates and Interest Rates written by Michael J. Artis and published by . This book was released on 1993 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper applies nonparametric test procedures to test for a shift in the volatility of nominal and real exchange rates for ERM members and nonmembers. The results imply a reduction in volatility for the ERM members, especially during the second half of the period of operation of the ERM. We also demonstrate that this enhanced stability was not bought at the expense of increased interest rate volatility. The issue of interest rate volatility during sterling's participation in the ERM is also examined.
Book Synopsis The Stabilizing Effect of the ERMon Exchange Rates and Interest Rates by : Mr.Mark P. Taylor
Download or read book The Stabilizing Effect of the ERMon Exchange Rates and Interest Rates written by Mr.Mark P. Taylor and published by International Monetary Fund. This book was released on 1993-08-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper applies nonparametric test procedures to test for a shift in the volatility of nominal and real exchange rates for ERM members and nonmembers. The results imply a reduction in volatility for the ERM members, especially during the second half of the period of operation of the ERM. We also demonstrate that this enhanced stability was not bought at the expense of increased interest rate volatility. The issue of interest rate volatility during sterling’s participation in the ERM is also examined.
Book Synopsis Asymmetry in the ERM by : Mr.W. R. M. Perraudin
Download or read book Asymmetry in the ERM written by Mr.W. R. M. Perraudin and published by International Monetary Fund. This book was released on 1992-11-01 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study empirically daily French and German interest rate changes since the Basle-Nyborg agreement of September 1987. In particular, we ask whether the shock associated with German unification altered the degree of leadership of German monetary policy in the ERM. We conclude that Germany’s leadership role within the ERM largely disappeared in the year following unification but that the Bundesbank has recently begun to reassert its predominance.
Book Synopsis Exchange Rates, Capital Flows, and Monetary Policy in a Changing World Economy by : William C. Gruben
Download or read book Exchange Rates, Capital Flows, and Monetary Policy in a Changing World Economy written by William C. Gruben and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dramatic growth of international capital flow has provided unprecedented opportunities and risks in emerging markets. This book is the result of a conference exploring this phenomenon, sponsored by the Federal Reserve Bank of Dallas. The issues explored include direct versus portfolio investment; exchange rates and economic growth; and optimal exchange rate policy for stabilizing inflation in developing countries. It concludes with a panel discussion on central bank coordination in the midst of exchange rate instability.
Book Synopsis Realignment Expectations in the ERM by : Sinimaaria Ranki
Download or read book Realignment Expectations in the ERM written by Sinimaaria Ranki and published by . This book was released on 1996 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this study is to analyze realignment expectations in the exchange rate mechanism of the European Monetary System, in particular with reference to the five year period (1987-1992) during which no realignments were done.
Book Synopsis Does Monetary Policy Stabilize the Exchange Rate Following a Currency Crisis? by : Ilan Goldfajn
Download or read book Does Monetary Policy Stabilize the Exchange Rate Following a Currency Crisis? written by Ilan Goldfajn and published by International Monetary Fund. This book was released on 1999-03 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tight money in a given financial crisis can serve either to attract funds or to repel them, depending on the expectations that a rise in interest rates generates. With inelastic expectations, no fear of crisis or of currency depreciation, an increase in the discount rate attracts funds from abroad, and helps provide the cash needed to ensure liquidity; with elastic expectations of change - of falling prices, bankruptcies, or exchange depreciation - raising the discount rate may suggest to foreigners the need to take more funds out rather than in.
Book Synopsis Asymmetry in the ERM by : Edward H. Gardner
Download or read book Asymmetry in the ERM written by Edward H. Gardner and published by . This book was released on 1992 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Model of the ERM Crisis by : F. Gulcin Ozkan
Download or read book A Model of the ERM Crisis written by F. Gulcin Ozkan and published by . This book was released on 1994 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exchange Rate Dynamics by : Jean-Olivier Hairault
Download or read book Exchange Rate Dynamics written by Jean-Olivier Hairault and published by Routledge. This book was released on 2004 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book builds upon the seminal work by Obsfeld and Rogoff, Foundations of International Macroeconomics and provides a coherent and modern framework for thinking about exchange rate dynamics.
Book Synopsis Stabilization Policy, Fixed Exchange Rates and Target Zones by : George S. Alogoskoufis
Download or read book Stabilization Policy, Fixed Exchange Rates and Target Zones written by George S. Alogoskoufis and published by . This book was released on 1989 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effects of Real Exchange Rate Volatility on Sectoral Investment by : Bahar Erdal
Download or read book The Effects of Real Exchange Rate Volatility on Sectoral Investment written by Bahar Erdal and published by Routledge. This book was released on 2017-05-18 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published in 1997. This study investigates what the effects of real exchange rate volatility are on sectorial investment in the fixed and flexible exchange rate systems. It lays out the results of research into the effects of the levels and volatility of real exchange rates on investment in the manufacturing sectors of the countries in the European Monetary System as well as of the countries in the flexible exchange rate system, with data from between 1973 and 1993. Examining the differences between the two systems in the results this book also looks at exchange rate effects on interest rates at the time.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451957033 Total Pages :181 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff papers, Volume 41 No. 1 by : International Monetary Fund. Research Dept.
Download or read book IMF Staff papers, Volume 41 No. 1 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1994-01-01 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines effects of economic growth and speed of adjustment on openness, human development, and fiscal policies. The model developed in this paper postulates that learning through experience raises labor productivity with three major consequences. First, the steady-state growth rate of output becomes endogenous and is influenced by government policies. Second, the speed of adjustment to steady-state growth increases and enhanced learning further reduces adjustment time. Third, both steady-state growth and the optimal net rate of return to capital are higher than the sum of the exogenous rates of technical change and population growth.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :9781557758606 Total Pages :124 pages Book Rating :4.7/5 (586 download)
Book Synopsis Research Activities of the IMF, January 1991-December 1998 by : International Monetary Fund
Download or read book Research Activities of the IMF, January 1991-December 1998 written by International Monetary Fund and published by International Monetary Fund. This book was released on 1999-09-24 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: A selective index of major research papers prepared by IMF staff in 1991-98.
Book Synopsis On the Empirical Relevance of the Exchange Rate as a Shock Absorber at the Zero Lower Bound by : David Finck
Download or read book On the Empirical Relevance of the Exchange Rate as a Shock Absorber at the Zero Lower Bound written by David Finck and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The open economy New Keynesian model with flexible exchange rates postulates that the real exchange rate appreciates in response to an asymmetric negative demand shock in a zero lower bound (ZLB) scenario and exacerbates the adverse macroeconomic effects. However, when monetary policy is able to accommodate the adverse effects of the negative demand shock via unconventional measures, the model can generate a real depreciation at the ZLB. This paper examines these counteracting exchange rate channels empirically. We estimate the effect of a negative asymmetric demand shock on the real exchange rate and inflation expectations as well as output and prices by employing state-dependent and sign-restricted local projection methods for the euro area vis-Ã -vis the United States, Canada, and Japan. We find that the real exchange rate depreciates when interest rates are not at the ZLB but also when they are. Furthermore, our empirical results show that the real exchange rate can absor considerable variations in output, confirming its shock-absorbing capacity before but also during the ZLB episode. The stabilizing role of the exchange rate is accompanied by a significant expansion of the ECBs balance sheet in the ZLB period, while it remained unaffected in the pre-ZLB period. Overall, our empirical results favor the open economy New Keynesian model with unconventional measures when interest rates are at the ZLB.
Book Synopsis The Impact of Foreign Interest Rates on the Economy by : Julian Di Giovanni
Download or read book The Impact of Foreign Interest Rates on the Economy written by Julian Di Giovanni and published by . This book was released on 2007 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the connection between interest rates in major industrial countries and annual real output growth in other countries. The results show that high large-country interest rates have a contractionary effect on annual real GDP growth in the domestic economy, but that this effect is centered on countries with fixed exchange rates. The paper then examines the potential channels through which large-country interest rates affect small economies. The direct monetary policy channel is the most likely channel when compared with other possibilities, such as a general capital market effect or a trade effect.
