Download or read book The Political Economy of International Monetary Interdependence written by Koichi Hamada and published by Mit Press. This book was released on 1985 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, Hamada applies current methods of game theory, public economics, and oligopoly theory to the problem of the choice of international monetary regimes in a world where goods markets and capital markets are increasingly integrated.

Download or read book Dominant Currency Paradigm A New Model for Small Open Economies written by Camila Casas and published by International Monetary Fund. This book was released on 2017-11-22 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most trade is invoiced in very few currencies. Despite this, the Mundell-Fleming benchmark and its variants focus on pricing in the producer’s currency or in local currency. We model instead a ‘dominant currency paradigm’ for small open economies characterized by three features: pricing in a dominant currency; pricing complementarities, and imported input use in production. Under this paradigm: (a) the terms-of-trade is stable; (b) dominant currency exchange rate pass-through into export and import prices is high regardless of destination or origin of goods; (c) exchange rate pass-through of non-dominant currencies is small; (d) expenditure switching occurs mostly via imports, driven by the dollar exchange rate while exports respond weakly, if at all; (e) strengthening of the dominant currency relative to non-dominant ones can negatively impact global trade; (f) optimal monetary policy targets deviations from the law of one price arising from dominant currency fluctuations, in addition to the inflation and output gap. Using data from Colombia we document strong support for the dominant currency paradigm.

Download or read book The International Transmission of Inflation written by Michael R. Darby and published by University of Chicago Press. This book was released on 2008-04-15 with total page 744 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation became the dominant economic, social, and political problem of the industrialized West during the 1970s. This book is about how the inflation came to pass and what can be done about it. Certain to provoke controversy, it is a major source of new empirical information and theoretical conclusions concerning the causes of international inflation. The authors construct a consistent data base of information for eight countries and design a theoretically sound model to test and evaluate competing hypotheses incorporating the most recent theoretical developments. Additional chapters address an impressive variety of issues that complement and corroborate the core of the study. They answer such questions as these: Can countries conduct an independent monetary policy under fixed exchange rates? How closely tied are product prices across countries? How are disturbances transmitted across countries? The International Transmission of Inflation is an important contribution to international monetary economics in furnishing an invaluable empirical foundation for future investigation and discussion.

Download or read book Economic Interdependence and War written by Dale C. Copeland and published by Princeton University Press. This book was released on 2014-11-02 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does growing economic interdependence among great powers increase or decrease the chance of conflict and war? Liberals argue that the benefits of trade give states an incentive to stay peaceful. Realists contend that trade compels states to struggle for vital raw materials and markets. Moving beyond the stale liberal-realist debate, Economic Interdependence and War lays out a dynamic theory of expectations that shows under what specific conditions interstate commerce will reduce or heighten the risk of conflict between nations. Taking a broad look at cases spanning two centuries, from the Napoleonic and Crimean wars to the more recent Cold War crises, Dale Copeland demonstrates that when leaders have positive expectations of the future trade environment, they want to remain at peace in order to secure the economic benefits that enhance long-term power. When, however, these expectations turn negative, leaders are likely to fear a loss of access to raw materials and markets, giving them more incentive to initiate crises to protect their commercial interests. The theory of trade expectations holds important implications for the understanding of Sino-American relations since 1985 and for the direction these relations will likely take over the next two decades. Economic Interdependence and War offers sweeping new insights into historical and contemporary global politics and the actual nature of democratic versus economic peace.

Download or read book Economic Interdependence and International Conflict written by Edward Deering Mansfield and published by University of Michigan Press. This book was released on 2009-09-15 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: The claim that open trade promotes peace has sparked heated debate among scholars and policymakers for centuries. Until recently, however, this claim remained untested and largely unexplored. Economic Interdependence and International Conflict clarifies the state of current knowledge about the effects of foreign commerce on political-military relations and identifies the avenues of new research needed to improve our understanding of this relationship. The contributions to this volume offer crucial insights into the political economy of national security, the causes of war, and the politics of global economic relations. Edward D. Mansfield is Hum Rosen Professor of Political Science and Co-Director of the Christopher H. Browne Center for International Politics at the University of Pennsylvania. Brian M. Pollins is Associate Professor of Political Science at Ohio State University and a Research Fellow at the Mershon Center.

Download or read book Exchange Rate Misalignment in Developing Countries written by Sebastian Edwards and published by Johns Hopkins University Press. This book was released on 1988 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article analyzes the theory of equilibrium real exchange rates and defines misalignment as a deviation of the real exchange rate (RER) from its equilibrium level. The role of macroeconomic policies is then analyzed under three alternative nominal exchange rate regimes: predetermined nominal exchange rates; floating nominal rates; and dual or black market nominal exchange rates. This discussion points out how inconsistent macroeconomic policies often lead to real exchange rate misalignment. Corrective measures, including nominal devaluation and several alternative approaches, are then evaluated.

Download or read book Essays in International Economics written by Peter B. Kenen and published by Princeton University Press. This book was released on 2019-01-29 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written form 1957 through 1978 by one of the foremost authorities in the field of international economics, this collection of Peter Kenen's previously published essays deals with issues in the pure theory of international trade, international monetary theory, and international monetary reform. The essays in Part I, "Trade, Tariffs, and Welfare," concern the roles of tangible and human capital in the determination of trade patterns, the joint determination of demand conditions and trade patterns, the gains from international trade, and the effects of migration on economic welfare. Part II, "International Monetary Theory and Policy," contains essays on the theory of gold-exchange standard, the determination of forward exchange rates, the demand for international reserves, economic integration and the delineation of currency areas, and the process of balance of payments adjustment under pegged and floating exchange rates. The essays in Part III, "Monetary Reform and the Dollar," are arranged in chonological order, from 1963 through 1977, and focus on the problems and progress of international monetary reform and on the functioning of the present international monetary system. Peter B. Kenen is Walker Professor of Economics and International Finance at Princeton University. The Princeton Sereies of Collected Essays provides facsimile reprints, in paperback and in cloth, of important articles by leading scholars. Originally published in 1981. 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.

Download or read book Economic Policy in an Interdependent World written by Richard N. Cooper and published by Cambridge, Mass. : MIT Press. This book was released on 1986 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: These eleven essays written over the past fifteen years continue and develop Richard Cooper's central theme of interdependence, reflecting his experience in government in the Council of Economic Advisers and as Undersecretary of State for Economic Affairs. They focus in particular on the opportunities and constraints for national economic policy in an environment where goods, services, capital, and even labor are increasingly mobile. The first four chapters are informal, discursive treatments of economic and foreign policies in the face of growing interdependence among nations. The remaining chapters cover such specialist topics as optimal regional integration, the integration of world capital markets, the impact of greater interdependence on the effectiveness of domestic economic policy, the comparison of monetary and fiscal policy under fixed and flexible exchange rates, currency evaluation in developing countries, and the appropriate size and composition of a developing country's external debt. A concluding chapter surveys the preceding essays in terms of coordinating macroeconomic policymaking in an interdependent world economy. Richard N. Cooper is Maurits C. Boas Professor of International Economy at Harvard University.

Download or read book The Japanese Yen as an International Currency written by Mr.George S. Tavlas and published by International Monetary Fund. This book was released on 1991-01-01 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: The role of the Japanese yen as an international currency is assessed. It is found that the determinants of international-currency use imply some increase for the yen’s use in international finance; however, the implications for the yen’s use in international trade are mixed. It is also shown that, despite Japan’s emergence as the world’s largest net creditor nation, Japan’s capital outflows have not significantly facilitated the yen’s internationalization. Data are presented showing that, although the yen’s use as an international currency has increased, it is still rather modest. Wider use of the yen as a regional currency in Asia has occurred, though a “yen-zone” does not appear to be emerging.

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.

Download or read book The Cost of Foreign Exchange Intervention written by Gustavo Adler and published by International Monetary Fund. This book was released on 2016-04-12 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: The accumulation of large foreign asset positions by many central banks through sustained foreign exchange (FX) intervention has raised questions about its associated fiscal costs. This paper clarifies conceptual issues regarding how to measure these costs both from an ex-post and an ex-ante (relevant for decision making) perspective, and estimates both marginal and total costs for 73 countries over the period 2002-13. We find ex-ante marginal costs for the median emerging market economy (EME) in the inter-quartile range of 2-5.5 percent per year; while ex-ante total costs (of sustaining FX positions) in the range of 0.2-0.7 percent of GDP per year for light interveners and 0.3-1.2 percent of GDP per year for heavy interveners. These estimates indicate that fiscal costs of sustained FX intervention (via expanding central bank balance sheets) are not negligible.

Download or read book Handbook of International Economics written by R.W. Jones and published by Elsevier. This book was released on 1984 with total page 640 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. For more information on the Handbooks in Economics series, please see our home page on http://www.elsevier.nl/locate/hes

Download or read book Macroeconomic Policy and Economic Interdependence written by Donald R. Hodgman and published by Springer. This book was released on 1989-01-16 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: The contributors examine the conduct and consequences of national macroeconomic policy in a world of economically independent countries. The book's main themes include the effect of deregulation and financial innovation and of budget deficits on monetary policy, the role of exchange rates in the international transmission of disturbances of a monetary or fiscal origin, the effectiveness of price controls in moderating the economic cost of deflationary maroeconomic policies and the implications of cooperative versus non-cooperative approaches to policy under conditions of economic interdependence.

Download or read book Economic Policy in Theory and Practice written by Assaf Razin and published by Palgrave Macmillan. This book was released on 1987-03-02 with total page 604 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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:

Download or read book Elements of International Economics written by Giancarlo Gandolfo and published by Springer Science & Business Media. This book was released on 2013-04-09 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modern economies become more and more open and the external sector of an economy becomes more and more important. This textbook aims at clarify ing how an open economy functions, in particular at explaining the determi nants of international fiows of commodities and financial assets. It also aims at examining the effects of these fiows on the domestic and international econ omy and the possible policy acti.ons at the national and international level. Particular attention will be paid to the problems of international economic at both the commercial and monetary level. integration Students will be able to read and interpret the balance of payments of a country, evaluating the various types of balance, to explain the behaviour of commercial fiows in the light of the theories studied, to analyze fiows of financial assets according to interest-rate differentials and other elements, to study the forces that determine exchange rates and cause currency crises, to understand the reasons behind international economic integration such as the European Union, to evaluate the effects of national and international policies.

Download or read book International Macroeconomic Interdependence written by Paul R. Bergin and published by . This book was released on 2018 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: "How does globalization in goods and asset markets alter the nature of economic recessions and the choices facing macroeconomic policy makers? This volume presents empirical and theoretical contributions of economist Paul Bergin to this vital question. By a number of metrics, including trade volume and price convergence, national goods markets have become more globally integrated over time. The same is true for asset markets, which today function more as a single global marketplace. Rigorous theoretical models are developed to explore how international integration in these markets provides channels by which shocks driving recession in one country can be transmitted to other countries. These theoretical concepts can shed light on the Great Recession of the last decade, which has been referred to as the first truly global recession. Theory is also brought to bear to explore how these international spillovers and the resulting international co-movement in recessions can create incentives for policy makers to coordinate their monetary and fiscal policies with each other, as they deal with the challenge of managing their national economies."--Publisher's website.