Download or read book Narrow Target Zones Within Broad Zones written by Staffan Ringbom and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Central Banks around the world are commonly responsible for their exchange rate policies. During the 1990s it has been clear that the controllability of the exchange rates by the central banks' interventions is limited (McKinnon, 1993). When the underlying monetary reserves are bounded, which in practice is the case, a target zone can never be credibly defended at the official borders of an announced zone. With limited reserves all credible interventions must be intra-marginal with respect to the official exchange rate zone. The adapted principle with unofficial narrow zones within broad zones in the EMS is the only appealing policy, as all interventions at the borders of an official zone signal non-credibility to the market (cf Labhard and Wyplosz, 1996). Any visit and intervention at the official border of the zone has to be compensated by a gamble about a regime collapse. This gamble must be randomized on the underlying control variable. It is formally shown why there do not exist any critical limits for the reserves that ensure a credible behavior of the exchange rate within a target zone regime (cf Flood and Garber, 1991; Krugman & Rotemberg, 1990).
Download or read book Exchange Rate Targets and Currency Bands written by Paul Krugman and published by Cambridge University Press. This book was released on 1992-10-22 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume examines the intersection between a new analytical approach and a real economic problem.
Download or read book Target Zones Broad and Narrow written by Bernard Dumas and published by . This book was released on 1992 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fiscal Federalism in Theory and Practice written by Mrs.Teresa Ter-Minassian and published by International Monetary Fund. This book was released on 1997-09-10 with total page 1146 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past few decades, a clear trend has emerged worldwide toward the devolution of spending and, to a lesser extent, revenue-raising responsibilities to state and local levels of government. One view is that the decentralization of spending responsibilities can entail substantial gains in terms of distributed equity and macroeconomic management. The papers in this volume, edited by Teresa Ter-Minassian, examine the validity of these views in light of theoretical considerations, as well as the experience of a number of countries.
Download or read book Target Zones and Interest Rate Variability written by Mr.Lars E. O. Svensson and published by International Monetary Fund. This book was released on 1990-04-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The trade-off between interest rate variability and the width of an exchange rate target zone is examined, using the regulated Brownian motion model of target zones. The interest rate differential’s asymptotic (unconditional) variability is increasing in the exchange rate band for narrow bands; whereas it is slowly decreasing for wide bands. The interest rate differential’s instantaneous (conditional) variability is decreasing in the exchange rate band. The model is extended to include a realignment/devaluation risk, as well as an endogenous exchange rate risk premium. The risk premium is small for reasonable parameter values.
Download or read book On the credibility issue of exchange rate target zones written by Matthias Rau-Göhring and published by diplom.de. This book was released on 2003-04-29 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inhaltsangabe:Zusammenfassung: Währungskrisen, wie die des Europäischen Währungssystems (EWS) 1992, können noch immer nur unzureichend vorausgesagt werden. Es wird jedoch anerkannt, dass die Glaubwürdigkeit eines jeden Währungssystems ausschließlich endogen bestimmt wird, d.h. durch Interaktion der einzelnen Akteure an den Wechselkursmärkten. Die vorliegende Arbeit untersucht, ob ein bestimmtes Glaubwürdigkeitsmaß, eingeführt von Avesani, Gallo und Salmon (1995), geeignet ist, die große EWS Krise 1992 vorauszusagen. Dabei handelt es sich um ein dynamisches Spiel, in dem die beiden Akteure (Zentralbank und Finanzmarkt) miteinander interagieren und damit die Glaubwürdigkeit des Systems aushandeln . Es wird gezeigt, dass o.g. Glaubwürdigkeitsmaß ein geeigneter Indikator für Währungskrisen darstellt, was empirisch anhand des französischen Francs, der italienischen Lira und des niederländischen Guldens nachgewiesen wird. Introduction: The objective of the present study is to present the literature of exchange rate target zones and to explore empirically the Avesani-Gallo-Salmon credibility measure for selected currencies belonging to the Exchange-Rate Mechanism (ERM) of the European Monetary System (EMS). In the past decade the empirical literature on real world target zones mushroomed considerably, but still, its overall significance in explaining strains in the relevant foreign exchange markets remains relatively low. In this context, I will explore whether the Avesani-Gallo-Salmon (1995) credibility measure demonstrates more power than earlier studies in the analysis of the 1992/3 EMS crisis. It is not my intention to pursue a normative analysis whether flexible or fixed exchange rates or intermediate regimes are superior to one another in terms of their economic implications. This question is beyond the scope of my analysis.1 Given that target zones are applied frequently in the real world, I purely want to figure out, whether their application is sensible on grounds of a firm commitment of the policy-makers. Exchange rate bands have been discussed widely after the breakdown of the Bretton Woods System in 1973. Although experiences with the fixed exchange rate regime were disappointing in the 1960s, increased volatility and/or overshooting of the exchange rates in the 1970s let economists doubt the famous argument by Friedman (1953) that speculation would stabilize exchange rate movements in the floating system. McKinnon (1976) reckoned that [...]
Download or read book Target Zones and Forward Rates in a Model with Repeated Realignments written by Mr.Leonardo Bartolini and published by International Monetary Fund. This book was released on 1992-03-01 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the implications of the imperfect credibility of an exchange rate target zone on the term structure of forward premia. The relationship between spot and forward exchange rates of different maturities reflects the possibility of repeated realignments of the exchange rate band. The credibility of the commitment to the target zone implicit in forward market data can be extracted by estimating the model. Application to French/German data indicates that the model is capable of matching observed patterns of interest rate differentials during the EMS, while yielding estimates of the credibility parameters that accord with the experience of the FF/DM exchange rate during the 1980s.
Download or read book Economics Letters written by and published by . This book was released on 1980 with total page 864 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book International Bibliography Of Economics 2003 written by Compiled by the British Library of Political and Economic Science and published by Psychology Press. This book was released on 2004-12 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1952, the International Bibliography of the Social Sciences (anthropology, economics, political science, and sociology) is well established as a major bibliographic reference for students, researchers and librarians in the social sciences worldwide. Key features * Authority: Rigorous standards are applied to make the IBSS the most authoritative selective bibliography ever produced. Articles and books are selected on merit by some of the world's most expert librarians and academics. * Breadth: today the IBSS covers over 2000 journals - more than any other comparable resource. The latest monograph publications are also included. * International Coverage: the IBSS reviews scholarship published in over 30 languages, including publications from Eastern Europe and the developing world. * User friendly organization: all non-English titles are word sections. Extensive author, subject and place name indexes are provided in both English and French.
Download or read book Applying Systemic Structural Activity Theory to Design of Human Computer Interaction Systems written by Gregory Z. Bedny and published by CRC Press. This book was released on 2014-12-17 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: Human Computer Interaction (HCI) is no longer limited to trained software users. Today people interact with various devices such as mobile phones, tablets, and laptops. How can such interaction be made more user friendly, even when user proficiency levels vary? This book explores methods for assessing the psychological complexity of compute
Download or read book Effects of Search Area Size on Target Acquisition with Passive Night Vision Devices written by James Huber Banks and published by . This book was released on 1971 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Night Operations Program is concerned with optimizing human performance in relation to night vision devices and related sensors. Specific aspects deal with determining performance effectiveness of sensor systems, factors which affect performance, and means of improving effectiveness. The present study describes research involving the use of such devices in assessing the effectiveness of soldier performance during night operations. The primary objective of the experiment was to investigate the effects of search area size on performance--as it interacts with a number of environmental, target, and human factors--and to determine the implications of findings for operational use, basis of issue; and search deployment, as well as for improvement of soldiers' effectiveness in using these devices.
Download or read book The Economics of Exchange Rates written by Lucio Sarno and published by Cambridge University Press. This book was released on 2003-01-09 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last few decades exchange rate economics has seen a number of developments, with substantial contributions to both the theory and empirics of exchange rate determination. Important developments in econometrics and the increasingly large availability of high-quality data have also been responsible for stimulating the large amount of empirical work on exchange rates in this period. Nonetheless, while our understanding of exchange rates has significantly improved, a number of challenges and open questions remain in the exchange rate debate, enhanced by events including the launch of the Euro and the large number of recent currency crises. This volume provides a selective coverage of the literature on exchange rates, focusing on developments from within the last fifteen years. Clear explanations of theories are offered, alongside an appraisal of the literature and suggestions for further research and analysis.
Download or read book Rmb Towards Internationalization written by Siwei Cheng and published by World Scientific. This book was released on 2015-04-29 with total page 395 pages. Available in PDF, EPUB and Kindle. Book excerpt: RMB: Towards Internationalization takes an in-depth look at the exchange rate regime of China's currency, the RMB, including the arrangements, related policies and management, and corresponding policy recommendations. This is the first book to apply the theories of fictitious economy, complexity science and the principles of international finance to analyze the RMB exchange rate regime. For readers interested in China's economy in general and RMB internationalization in particular, this book provides an entirely new analytical framework on the history and evolution of RMB exchange regime and on its future development.
Download or read book Strategic Management Text and Cases written by Gupta C.B. and published by S. Chand Publishing. This book was released on with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gives chapter outline to indicate the topics covered in each chapter. Provides diagrams and tables to illustrate the text. Includes examples from Indian organisations. Incorporates chapter-end summary for quick recapitulation. Gives test questions culled from MBA, M.Com and BBA examinations Includes case studies at the end of every chapter. This textbook is designed for the students of MBA and M.Com. Besides, it will also be useful to the students of MHROD, MIB and MBE. Students of postgraduate diploma in global business operations, chartered accountancy and BBA will also find this book useful.
Download or read book Principles of Strategic Management written by Prof. Kuldeep Bhalerao, Dr. Sanjay Mehunkar and published by Archers & Elevators Publishing House. This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Geological Survey of Canada Open File 5831 written by and published by Natural Resources Canada. This book was released on with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Coastal Zone Mission Analysis Report written by Coastal Zone Mission Analysis Project (U.S.) and published by . This book was released on 1999 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt:
