Download or read book The new regulation of the foreign exchange market in Spain written by Luis María Linde de Castro and published by . This book was released on 1989 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Spain s foreign exchange market written by and published by . This book was released on 1960 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Exchange Market Pressures and Speculative Capital Flows in Selected European Countries written by Ms.Inci Ötker and published by International Monetary Fund. This book was released on 1994-02-01 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates a speculative attack model of currency crises in an attempt to identify the roles of macroeconomic fundamentals and speculative market pressures in the recent crisis, as well as earlier devaluations in adjustable fixed exchange rate systems in the European currency markets. For a sample of five countries, including Denmark, Ireland, Spain, Norway, and Sweden, our empirical analyses show that both economic fundamentals and speculative factors have a significant influence on the probability of devaluations. The recent experience in the European foreign exchange markets suggests that the latest realignments are mainly the result of foreign exchange market tensions amidst the growing conflict between the needs of the domestic economies and the policies needed to maintain fixed exchange rates. Our results confirm that regardless of the source of the deterioration in economic conditions, market participants perceived the existing parities of the currencies in these five countries as inconsistent with their underlying economic fundamentals, thus effectively bringing about either a realignment or a modification of the exchange arrangement.
Download or read book Spain and the Euro written by Joaquín Muns and published by "la Caixa". This book was released on 1997 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recoge:España y el Euro; Unión monetaria europea; Costes y beneficios de una moneda única en España; Políticas de la Unión monetaria.
Download or read book Foreign Exchange Exposure on the Spanish Stock Market written by Pedro Martínez-Solano and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the foreign exchange exposure of a sample of 71 non financial companies quoted on the Spanish Stock Exchange Market between January 1992 and December 1997. The level of exposure was obtained from time-series regressions between monthly returns of firms or portfolios, as a dependent variable and the monthly market return and the nominal effective exchange-rate change of the Spanish currency as independent variables. The second part of our study was dedicated to the analysis of levels of exports, imports and foreign debt as possible explanatory factors of exchange rate risk exposure, as well as a study of effects of foreign currency hedging, measured through proxies, on the levels of economic exposure. Then, a cross-sectional regression between the exposure coefficients, as a dependent variable, and the previous factors as independent variables was carried out. The results indicate the existence of economic exposure in about twenty percent of companies and that exports and imports are decisive factors in the level of economic exposure to exchange rate risk. Exports have a positive effect on returns as a result of the exchange rate changes, whereas imports have a negative effect. Furthermore, the results suggest that economic exposure is inversely related to the size of firms and directly with Forex adjustment, which have been used as foreign currency hedging proxy; these results would seem to confirm that foreign currency hedging reduces exchange- rate exposure.
Download or read book Spain s Capital Account Shock written by José Viñais and published by . This book was released on 1990 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Emergence of a National Market in Spain 1650 1800 written by Guillermo Perez Sarrion and published by Bloomsbury Publishing. This book was released on 2016-06-16 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: Awarded the Jaume Vicens Vives Prize by the Spanish Association of Economic History, this study analyses the development of the Spanish domestic market from 1650 to 1800, which transformed the country from a pseudocolonial territory, politically and economically dependent on its European neighbours, to a significant European power. The Emergence of a National Market in Spain, 1650-1800 places Spain firmly in a European context, arguing that the origins of a sophisticated economy must be understood through the complex diplomacy of the period, namely the competition between Britain and France for dominance in the Iberian peninsula. It was in response to this rivalry that the Spanish state actively promoted the conditions for economic development in the 18th century, aided by autonomous commercial networks of Catalan merchants, Navarrese tradesmen and migrant French businessmen. This original interpretation by one of Spain's leading economic historians, available in English for the first time, is indispensable reading for students and scholars of Spanish history.
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 Spain written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-06-08 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report summarizes the findings of the Financial Sector Assessment Program (FSAP) Update for Spain. Although there is a core of strong banks that are well managed and appear resilient to further shocks, vulnerabilities remain. Substantial progress has been made in reforming the former savings banks, and the most vulnerable institutions have either been resolved or are being restructured. Recent measures address the most problematic part of banks’ portfolios. Moving ahead, a further restructuring and recapitalization of some of the remaining weaker banks may be needed as a result of deteriorating economic conditions.
Download or read book Theory and Practice of the Foreign Exchange Market written by Gonzalo Nolte and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Efficiency and Risk Premia in Foreign Exchange Markets written by Juan Ayuso and published by . This book was released on 1993 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Distant Tyranny written by Regina Grafe and published by Princeton University Press. This book was released on 2012-01-08 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: Spain's development from a premodern society into a modern unified nation-state with an integrated economy was painfully slow and varied widely by region. Economic historians have long argued that high internal transportation costs limited domestic market integration, while at the same time the Castilian capital city of Madrid drew resources from surrounding Spanish regions as it pursued its quest for centralization. According to this view, powerful Madrid thwarted trade over large geographic distances by destroying an integrated network of manufacturing towns in the Spanish interior. Challenging this long-held view, Regina Grafe argues that decentralization, not a strong and powerful Madrid, is to blame for Spain's slow march to modernity. Through a groundbreaking analysis of the market for bacalao--dried and salted codfish that was a transatlantic commodity and staple food during this period--Grafe shows how peripheral historic territories and powerful interior towns obstructed Spain's economic development through jurisdictional obstacles to trade, which exacerbated already high transport costs. She reveals how the early phases of globalization made these regions much more externally focused, and how coastal elites that were engaged in trade outside Spain sought to sustain their positions of power in relation to Madrid. Distant Tyranny offers a needed reassessment of the haphazard and regionally diverse process of state formation and market integration in early modern Spain, showing how local and regional agency paradoxically led to legitimate governance but economic backwardness.
Download or read book Silver Trade and War written by Stanley J. Stein and published by JHU Press. This book was released on 2000-04-21 with total page 382 pages. Available in PDF, EPUB and Kindle. Book excerpt: Silver, Trade, and War is about men and markets, national rivalries, diplomacy and conflict, and the advancement or stagnation of states. Chosen by Choice Magazine as an Outstanding Academic Title The 250 years covered by Silver, Trade, and War marked the era of commercial capitalism, that bridge between late medieval and modern times. Spain, peripheral to western Europe in 1500, produced American treasure in silver, which Spanish convoys bore from Portobelo and Veracruz on the Carribbean coast across the Atlantic to Spain in exchange for European goods shipped from Sevilla (later, Cadiz). Spanish colonialism, the authors suggest, was the cutting edge of the early global economy. America's silver permitted Spain to graft early capitalistic elements onto its late medieval structures, reinforcing its patrimonialism and dynasticism. However, the authors argue, silver gave Spain an illusion of wealth, security, and hegemony, while its system of "managed" transatlantic trade failed to monitor silver flows that were beyond the control of government officials. While Spain's intervention buttressed Hapsburg efforts at hegemony in Europe, it induced the formation of protonationalist state formations, notably in England and France. The treaty of Utrecht (1714) emphasized the lag between developing England and France, and stagnating Spain, and the persistence of Spain's late medieval structures. These were basic elements of what the authors term Spain's Hapsburg "legacy." Over the first half of the eighteenth century, Spain under the Bourbons tried to contain expansionist France and England in the Caribbean and to formulate and implement policies competitors seemed to apply successfully to their overseas possessions, namely, a colonial compact. Spain's policy planners (proyectistas) scanned abroad for models of modernization adaptable to Spain and its American colonies without risking institutional change. The second part of the book, "Toward a Spanish-Bourbon Paradigm," analyzes the projectors' works and their minimal impact in the context of the changing Atlantic scene until 1759. By then, despite its efforts, Spain could no longer compete successfully with England and France in the international economy. Throughout the book a colonial rather than metropolitan prism informs the authors' interpretation of the major themes examined.
Download or read book Issues of Openness and Flexibility for Foreign Exchange Systems written by International Monetary Fund and published by International Monetary Fund. This book was released on 1989 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper surveys briefly the main issues for official management of foreign exchange, including the choice of exchange rate regime and exchange and trade restrictive systems. It concludes by identifying the main forms of arrangements that have demonstrated their merits and practicability for developing countries in recent years, including auction and interbank exchange markets, market-based forward exchange rates, import license auctions, open general import licensing, and liberalized capital controls.
Download or read book The History of Bimetallism in the United States written by James Laurence Laughlin and published by . This book was released on 1886 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Making of National Money written by Eric Helleiner and published by Cornell University Press. This book was released on 2018-07-05 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why should each country have its own exclusive currency? Eric Helleiner offers a fascinating and unique perspective on this question in his accessible history of the origins of national money. Our contemporary understandings of national currency are, Helleiner shows, surprisingly recent. Based on standardized technologies of production and extraction, territorially exclusive national currencies emerged for the first time only during the nineteenth century. This major change involved a narrow definition of legal tender and the exclusion of tokens of value issued outside the national territory. "Territorial currencies" rapidly became bound up with the rise of national markets, and money reflected basic questions of national identity and self-presentation: In what way should money be managed to serve national goals? Whose pictures should go on the banknotes? Helleiner draws out the potent implications of this largely unknown history for today's context. Territorial currencies face challenges from many monetary innovations—the creation of the euro, dollarization, the spread of local currencies, and the prospect of privately issued electronic currencies. While these challenges are dramatic, the author argues that their significance should not be overstated. Even in their short historical life, territorial currencies have never been as dominant as conventional wisdom suggests. The future of this kind of currency, Helleiner contends, depends on political struggles across the globe, struggles that echo those at the birth of national money.
Download or read book Exchange Arrangements and Foreign Exchange Markets written by International Monetary Fund and published by International Monetary Fund. This book was released on 2003-03-28 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews developments and issues in the exchange arrangements and currency convertibility of IMF members. Against the backdrop of continuing financial globalization and a series of emerging market crises since 1997, there have been important changes in the evolution of exchange rate regimes and the pace of liberalization of current and capital transactions among IMF member countries. There has been a shift away from intermediate regimes according to the IMF's official exchange rate regime classification system based on de facto exchange rate policies. The de facto exchange rate classification system has helped to clarify the nature and role of members' exchange rate regimes. It has facilitated discussions with country authorities about the implementation of exchange rate regimes and hence has contributed to more effective surveillance of the international monetary system. The use of exchange controls appears to have been little influenced by the degree of flexibility of exchange rate regimes or the occurrences of currency crises.
