Download or read book Foreign Exchange Intervention Rules for Central Banks A Risk based Framework written by Romain Lafarguette and published by International Monetary Fund. This book was released on 2021-02-12 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a rule for foreign exchange interventions (FXI), designed to preserve financial stability in floating exchange rate arrangements. The FXI rule addresses a market failure: the absence of hedging solution for tail exchange rate risk in the market (i.e. high volatility). Market impairment or overshoot of exchange rate between two equilibria could generate high volatility and threaten financial stability due to unhedged exposure to exchange rate risk in the economy. The rule uses the concept of Value at Risk (VaR) to define FXI triggers. While it provides to the market a hedge against tail risk, the rule allows the exchange rate to smoothly adjust to new equilibria. In addition, the rule is budget neutral over the medium term, encourages a prudent risk management in the market, and is more resilient to speculative attacks than other rules, such as fixed-volatility rules. The empirical methodology is backtested on Banco Mexico’s FXIs data between 2008 and 2016.

Download or read book Forex Forever written by Ranald C. Michie and published by Oxford University Press. This book was released on 2024-02-28 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world's largest market is that for foreign exchange with a turnover running into trillions per day. The mystery is why this market is dominated by trading in London when the US dollar is the main currency in use. What role is played by this market? To many it is a speculator's paradise, exposed to manipulation and contributing to currency volatility. For others it plays a central role in in the operation of the global banking system and a mechanism for maintaining currency stability. In Forex Forever, Ranald C. Michie seeks to provide answers to these and other questions by examining how the foreign exchange market has developed in the City of London over the past 150 years and uncovers its secret existence in London before the First World War. Michie explores how the City of London became the centre of the global foreign exchange market before 1914 through the international banking network, trading on the floor of the Stock Exchange, and the communications revolution that began with the telegraph. He investigates how that position was sufficient to make London the centre of a new foreign exchange market that emerged between the wars, survived the era of fixed exchange rates after the Second World War, and then flourished from 1970 onwards. This in-depth study helps to explain how and why the global monetary system has functioned since the middle of the nineteenth century.

Download or read book Strained Relations written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2015-03-02 with total page 453 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Federal Tax Bulletins written by Commerce Clearing House and published by . This book was released on 1922 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Department of State Bulletin written by and published by . This book was released on 1948 with total page 848 pages. Available in PDF, EPUB and Kindle. Book excerpt: The official monthly record of United States foreign policy.

Download or read book Anatomy and Consequences of Exchange Control Regimes written by and published by . This book was released on 1978 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Bulletin written by Institute of International Finance and published by . This book was released on 1934 with total page 622 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Daily Consular and Trade Reports written by and published by . This book was released on 1927 with total page 894 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Bulletin written by and published by . This book was released on 1941 with total page 382 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Commerce Reports written by and published by . This book was released on 1939-11-18 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book European Financial Notes written by and published by . This book was released on 1940-05-09 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Exchange Control Policy written by Centre for Co-operation with European Economies in Transition and published by Organisation for Economic Co-operation and Development. This book was released on 1993 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: Part I of this volume provides an assessment of the lessons that Central and Eastern European countries (CEECs) may draw from the past experience of OECD countries with exchange controls. Part II describes the regimes of exchange controls in five CEECs and addresses issues of direct policy concern to them.

Download or read book Foreign Trade Regulations of Singapore written by John Edward Walsh and published by . This book was released on 1972 with total page 786 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Foreign Social Science Bibliographies written by and published by . This book was released on 1965 with total page 962 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book United States Foreign Trade Annual written by and published by . This book was released on with total page 466 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Bulletin written by Hamburg World economic archives and published by . This book was released on 1936 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Strained Relations written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2015-03-02 with total page 453 pages. Available in PDF, EPUB and Kindle. Book excerpt: Michael Bordo, Owen Humpage, and Anna Schwartz explore the evolution of exchange-market policyprimarily foreign-exchange interventionin the United States. Based on decades of research with unique, heretofore confidential, data consisting of all official US foreign-exchange transactions conducted through the Federal Reserve Bank of New York between 1962 and 1995, "Strained Relations" is fundamentally a study of institutional learning and adaptation under changing circumstances, most notably the abandonment of the international gold standard. The authors narrate the economic developments, the political environment, and the bureaucratic issues that fostered this evolution. They use many economic studies of foreign-exchange-market intervention, but the book is not a survey of the voluminous literature or empirical analysis; it is primarily a historical narrative. A fact-based history of the modern dollar with the unifying perspective of how the US has tried to influence how much the dollar is worth abroad while balancing the priority of keeping inflation low at home, "Strained Relations" is an intriguing story of gold, secrets, and economic intervention."