Download or read book Interest Differentials Under Fixed and Flexible Exchange Rates written by Richard C. Marston and published by . This book was released on 1992 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines evidence on interest differentials under the Bretton Woods system of fixed exchange rates and under the flexible rate system which succeeded it. Under the Bretton Woods system, many countries resorted to capital controls in an attempt to pursue independent monetary policies. In the three major countries studied in this paper, Britain, Germany and the United States, these capital controls resulted in large differentials between national interest rates covered for exchange risk. The capital controls and resulting interest differentials distorted many cross-border investment and borrowing decisions. The paper compares these covered interest differentials with uncovered interest differentials in the Eurocurrency markets which are free of capital controls. In both fixed and flexible periods, average uncovered differentials between Eurodollar interest rates and four other Eurocurrency rates are in most cases close to zero. So these average uncovered interest differentials, whether attributable to exchange risk premiums or forecast errors, are much smaller than average covered interest differentials between national markets due to capital controls. If exchange risk premiums have significant effects on uncovered interest differentials in some periods, these premiums must be time-varying with a mean close to zero over the long sample periods studied. Similarly, if forecast errors have systematic components in some periods, in the long sample periods studied these errors have a mean close to zero as well.
Download or read book Floating Exchange Rates written by Ronald MacDonald and published by Allen & Unwin Australia. This book was released on 1988 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Comparative Performance of Fixed and Flexible Exchange Rate Regimes written by Barry J. Eichengreen and published by . This book was released on 1989 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reports evidence on the characteristics of fixed and flexible exchange rate regimes. It contrasts experience under three interwar exchange rate regimes: the free float of the early 1920s, the fixed rates of 1927-31, and the managed float of the early 1930s. A number of important differences across nominal exchange rate regimes emerge. Major findings include: (1) The variability of nominal exchange rates was positively associated with the freedom of the float. Nominal rates were considerably more variable under free than managed floating. (2) The reduction in nominal exchange rate variability achieved with the move from free to managed floating was not accompanied by a commensurate fall in exchange rate uncertainty. While government policy succeeded in damping spot rate fluctuations, it seems to have been subject to periodic shifts that heightened risk. (3) There was a strong association between nominal exchange rate predictability and real exchange rate predictability in both the free float of 1922-26 and the managed float of 1932-36. Together with (2), this implies that intervention of stabilize nominal rates did not guarantee a commensurate reduction in real exchange rate uncertainty. (4) There was no direct correspondence between the degree of exchange rate stability and the volume of international capital flows. Real interest differentials were larger under the managed float of the 1930s than under the free float of the 1920s. (5) Capital controls provide a major part of the explanation for differences across regimes in the magnitude of real interest differentials. Controls were considerably more prevalent under managed floating than under either free floating or fixed rates. Thus, interwar experience provides a counterexample to the popular notion that capital controls tend to be associated with fixed rate regimes.
Download or read book Flexible Exchange Rates and the Balance of Payments written by Egon Sohmen and published by North Holland. This book was released on 1980 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Trade Relations Under Flexible Exchange Rates written by Richard Blackhurst and published by . This book was released on 1980 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Flexible Exchange Rates h written by Jan Herin and published by Routledge. This book was released on 2019-03-12 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains the papers, comments, and the discussion at a conference on "Flexible Exchange Rates and Stabilization Policy", held at Saltsjobaden, Stockholm, August 26–27, 1975. The papers integrate the flexible exchange rates theory with macro theory and stabilization policy analysis. .
Download or read book The Many Disappointments of Flexible Exchange Rates written by Robert M. Dunn and published by . This book was released on 1983 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book International Interest Rate Differentials as Behavior Towards Exchange Rate Expectations written by Michael G. Porter and published by . This book was released on 1971 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Exchange Rate Economics written by Ronald MacDonald and published by Routledge. This book was released on 2005 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: ''In summary, the book is valuable as a textbook both at the advanced undergraduate level and at the graduate level. It is also very useful for the economist who wants to be brought up-to-date on theoretical and empirical research on exchange rate behaviour.'' ""Journal of International Economics""
Download or read book Exchange risk Under Fixed and Flexible Exchange Rates written by Samuel Irving Katz and published by . This book was released on 1972 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Comparative Performance of Fixed and Flexible Exchange Rate Regimes written by Barry Eichengreen and published by . This book was released on 2007 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reports evidence on the characteristics of fixed and flexible exchange rate regimes. It contrasts experience under three interwar exchange rate regimes: the free float of the early 1920s, the fixed rates of 1927-31, and the managed float of the early 1930s. A number of important differences across nominal exchange rate regimes emerge. Major findings include: (1) The variability of nominal exchange rates was positively associated with the freedom of the float. Nominal rates were considerably more variable under free than managed floating. (2) The reduction in nominal exchange rate variability achieved with the move from free to managed floating was not accompanied by a commensurate fall in exchange rate uncertainty. While government policy succeeded in damping spot rate fluctuations, it seems to have been subject to periodic shifts that heightened risk. (3) There was a strong association between nominal exchange rate predictability and real exchange rate predictability in both the free float of 1922-26 and the managed float of 1932-36. Together with (2), this implies that intervention of stabilize nominal rates did not guarantee a commensurate reduction in real exchange rate uncertainty. (4) There was no direct correspondence between the degree of exchange rate stability and the volume of international capital flows. Real interest differentials were larger under the managed float of the 1930s than under the free float of the 1920s. (5) Capital controls provide a major part of the explanation for differences across regimes in the magnitude of real interest differentials. Controls were considerably more prevalent under managed floating than under either free floating or fixed rates. Thus, interwar experience provides a counterexample to the popular notion that capital controls tend to be associated with fixed rate regimes.
Download or read book Floating Exchange Rates written by H Fournier and published by Martinus Nijhoff Publishers. This book was released on 1976-04 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Floating Exchange Rates and the Need for Surveillance written by Jacques R. Artus and published by . This book was released on 1978 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Floating Exchange Rates and U S Competitiveness written by Jerry Tempalski and published by . This book was released on 1982 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book An Empirical Exploration of Exchange Rate Target Zones written by Mr.Robert P. Flood and published by . This book was released on 1991-02 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the context of a flexible-price monetary exchange rate model and the assumption of uncovered interest parity, we obtain a measure of the fundamental determinant of exchange rates. Daily data for the European Monetary System are used to explore the importance of nonlinearities in the relationship between the exchange rates and fundamentals. Many implications of existing “target-zone” exchange rate models are tested; little support is found for existing nonlinear models of limited exchange rate flexibility.
Download or read book Flexible Exchange Rates and Interdependence written by Kong-Yam Tan and published by . This book was released on 1984 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book National Monetary Sovereignty Under Different Exchange Rate Regimes written by Peter Barton Clark and published by . This book was released on 1972 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
