Destabilizing Exchange Rate Speculation
Author : Lars Ljungqvist
Publisher :
Page : 28 pages
File Size : 16,18 MB
Release : 1993
Category :
ISBN :
Exchange-rate Management in Theory and Practice
Author : Victor E. Argy
Publisher :
Page : 374 pages
File Size : 45,24 MB
Release : 1982
Category : Business & Economics
ISBN :
Book Description
Speculation And The Dollar
Author : Laurence Krause
Publisher : Routledge
Page : 314 pages
File Size : 32,18 MB
Release : 2019-07-11
Category : Political Science
ISBN : 1000312895
Book Description
I began serious consideration of the issues and subject matter that comprise this book as a graduate student at the University of Massachusetts at Amherst. In need of a dissertation topic and vaguely curious about international monetary economics, I decided to sit in on Leonard Rapping's undergraduate course on international finance. Needless to say, I was soon hooked. Within several months I was teaching my own course on international money and beginning to write an outline of what would become my doctoral dissertation on foreign exchange speculation. Once completed the dissertation thesis became this basis for this book.
The Monetary Approach to the Balance of Payments
Author : Jacob Frenkel
Publisher : Routledge
Page : 389 pages
File Size : 43,98 MB
Release : 2013-07-18
Category : Business & Economics
ISBN : 1135043493
Book Description
This book collects together the basic documents of an approach to the theory and policy of the balance of payments developed in the 1970s. The approach marked a return to the historical traditions of international monetary theory after some thirty years of departure from them – a departure occasioned by the international collapse of the 1930s, the Keynesian Revolution and a long period of war and post-war reconstruction in which the international monetary system was fragmented by exchange controls, currency inconvertibility and controls over international trade and capital movements.
Approaches to Greater Flexibility of Exchange Rates
Author : C. Fred Bergsten
Publisher : Princeton University Press
Page : 451 pages
File Size : 43,68 MB
Release : 2015-03-08
Category : Business & Economics
ISBN : 1400867274
Book Description
This volume contains the papers presented and comments made at two conferences on the controversial subject of greater flexibility of exchange rates. The first of the conferences was held at Oyster Bay, New York, early in 1969, the second at Bürgenstock, Switzerland, in the summer of 1969. One half of the 40 conferees were academic economists, the others were practitioners of the foreign exchange markets, mostly bankers and a few executives of international business firms. Both the opposition to greater flexibility of exchange rates and the advocacy of more flexible systems are represented in these papers. The contrast between fixed or jumping exchange rates and gliding exchange rates is clearly described and the various systems of increased flexibility, such as the "wider band" and the "crawling peg," are explained and examined. Originally published in 1970. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Flexible Exchange Rates for a Stable World Economy
Author : Joseph E. Gagnon
Publisher : Peterson Institute
Page : 301 pages
File Size : 25,19 MB
Release : 2011
Category : Business & Economics
ISBN : 0881326356
Book Description
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.
Strained Relations
Author : Michael D. Bordo
Publisher : University of Chicago Press
Page : 453 pages
File Size : 46,29 MB
Release : 2015-03-02
Category : Business & Economics
ISBN : 022605151X
Book Description
During the twentieth century, foreign-exchange intervention was sometimes used in an attempt to solve the fundamental trilemma of international finance, which holds that countries cannot simultaneously pursue independent monetary policies, stabilize their exchange rates, and benefit from free cross-border financial flows. Drawing on a trove of previously confidential data, Strained Relations reveals the evolution of US policy regarding currency market intervention, and its interaction with monetary policy. The authors consider how foreign-exchange intervention was affected by changing economic and institutional circumstances—most notably the abandonment of the international gold standard—and how political and bureaucratic factors affected this aspect of public policy.
Exchange Rate Expectations
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 36 pages
File Size : 46,75 MB
Release : 1990-06-01
Category : Business & Economics
ISBN : 145197020X
Book Description
This paper presents a brief survey of the empirical literature on survey-based exchange rate expectations. The literature in general supports the presence of a non-zero risk premium and rejects the hypothesis of rational expectations. The crucial result is that, while short-run expectations tend to move away from some long-run “normal” values, long-run expectations tend to regress toward them. If this nature of short-run expectations increases the volatility of exchange rate movements, there may be a basis for some official measure to minimize short-run exchange rate movements.
From Fixed to Float
Author : Mrs.Gilda Fernandez
Publisher : International Monetary Fund
Page : 40 pages
File Size : 33,82 MB
Release : 2004-07-01
Category : Business & Economics
ISBN : 1451854935
Book Description
This paper identifies the institutional and operational requisites for transitions to floating exchange rate regimes. In particular, it explores key issues underlying the transition, including developing a deep and liquid foreign exchange market, formulating intervention policies consistent with the new regime, establishing an alternative nominal anchor in the context of a new monetary policy framework, and building the capacity of market participants to manage exchange rate risks and of supervisory authorities to regulate and monitor them. It also assesses the factors that influence the pace of exit and the appropriate sequencing of exchange rate flexibility and capital account liberalization.
International Economics
Author : Dominick Salvatore
Publisher : John Wiley & Sons
Page : 722 pages
File Size : 41,19 MB
Release : 2019-11-26
Category : Political Science
ISBN : 1119554926
Book Description
International Economics, 13th Edition provides students with a comprehensive, up-to-date review of the field’s essential principles and theory. This comprehensive textbook explains the concepts necessary to understand, evaluate, and address the economic problems and issues the nations of the world are currently facing, and are likely to face in the future. Balancing depth and accessibility, the text helps students identify the real-world relevance of the material through extensive practical applications and examples. The new, thoroughly-updated and expanded edition provides students with a solid knowledgebase in international trade theory and policy, balance of payments, foreign exchange markets and exchange rates, open-economy macroeconomics, and the international monetary system. The text uniquely employs the same graphical and numerical model in chapters that cover the same basic concept, allowing students to recognize the relationship among the different topics without having to start with a new example each time. Clear, straightforward discussions of each key concept and theory are complemented by concrete, accessible, and relatable examples that serve to strengthen student comprehension and retention. Topics include the ‘Great Recession,’ the increase in trade protectionism, excessive volatility and large misalignments of exchange rates, and the impacts of resource scarcity and climate change to continued growth and sustainable development.
