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 Target Zones and Forward Rates in a Model with Repeated Realignments written by Leonardo Bartolini and published by . This book was released on 1999 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Expected and Predicted Realignments written by Andrew Rose and published by . This book was released on 1991 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: An empirical model of time-varying realignment risk in an exchange rate target zone is developed. Expected rates of devaluation are estimated as the difference between interest race differentials and estimated expected rates of depreciation within the exchange rate band, using French Franc/Deutsche Mark data during the European Monetary System. The behavior of estimated expected rates of depreciation accord well with the theoretical model of Bertola-Svensson (1990) . We are also able to predict actual realignments with some success.
Download or read book Realignment Expectations in the ERM written by Sinimaaria Ranki and published by . This book was released on 1996 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this study is to analyze realignment expectations in the exchange rate mechanism of the European Monetary System, in particular with reference to the five year period (1987-1992) during which no realignments were done.
Download or read book IMF Working Paper written by and published by . This book was released on 1994 with total page 726 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Devaluation Expectations written by Hans Lindberg and published by . This book was released on 1991 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Devaluation expectations for the Swedish krona are estimated for the period 1982-1991 with several methods. First the "simplest test" is applied under either only the minimal assumption of "no positive minimum profit" or the additional assumption of uncovered interest parity. Then a more precise method suggested by Bertola and Svensson is used, in which expected rates of depreciation within the exchange rate band, estimated in several ways, are subtracted from interest rate differentials. In addition the probability density of the time of devaluations is estimated. Finally, estimated devaluation expectations are to some extent explained by a few macrovariables and parliament elections
Download or read book International Finance Discussion Papers written by and published by . This book was released on 1991 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Journal of International Money and Finance written by and published by . This book was released on 1995 with total page 910 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Operation and Collapse of Fixed Exchange Rate Regimes written by Peter M. Garber and published by . This book was released on 1994 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper reviews the recent literature on exchange rate target zones and on speculative attacks on fixed exchange rates. The influential Krugman model of exchange rate target zones has two main results, namely that credible target zones stabilize exchange rates more than fundamentals (the `honeymoon effect') and that exchange rates depend on fundamentals according to a nonlinear `S-curve' with `smooth pasting.' Almost all the model's empirical implications have been overwhelmingly rejected. Later research has reconciled the theory with empirical results by allowing for imperfectly credible exchange rates and for intra-marginal central bank interventions. That research has also shown that non-linearities and smooth pasting are probably empirically insignificant and that a linear managed-float model is a good approximation to exchange rate target zones. The speculative attack literature has developed models built on the principles of no anticipated price discontinuities, endogenous timing of the speculative attack, and the attack occurring when a finite amount of foreign exchange reserves remain. These models have been extended to include random timing of attacks and alternative post attack regimes. Some empirical tests have been undertaken. In contrast to target zone models, speculative attack models have been influenced by empirical results only to a small extent.
Download or read book Working Paper Summaries WP 92 1 WP 92 47 written by International Monetary Fund and published by International Monetary Fund. This book was released on 1992-08-01 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Download or read book Working Paper Series written by and published by . This book was released on 1999 with total page 490 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Research Activities of the IMF January 1991 December 1999 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2000-01-01 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research activity in the IMF emphasizes the links between the organization's policy and operational concerns. The main objectives of research is IMF staff understanding of policy and operational issues relevant to the institution, and to improve the analytical quality of the work prepared for management and the Executive Board and the advice provided to member countries. The scope of research in the IMF is defined by the purposes and functions of the institution. In order to foster innovation and ensure quality control, the IMF makes much of its research available outside the institution and encourages staff to interact with academia and other research organizations through conferences, seminars, and occasional joint research projects. The visiting scholar’s program has also enhanced the quality of research done in the IMF. This program brings in leading members of the economics profession from around the world to assist in the preparation of papers for the Executive Board and to conduct research on IMF-related issues.
Download or read book European Union at the Crossroads written by Christos C. Paraskevopoulos and published by Cheltenham, UK : Edward Elgar. This book was released on 1998 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of two volumes emerging from an August 1996 conference in Athens, Greece. Economists from several countries on four continents analyze issues facing the European Union as it slouches toward monetary union and enlargement. Economic theorists, empirical social scientists, policymakers, and informed general readers might find something of interest among the diverse methodologies and perspectives. The 12 papers cover whether Europe is ready for monetary union, policy and political aspects, and lessons from the Union's previous enlargements into Scandinavian and Mediterranean realms. Annotation copyrighted by Book News, Inc., Portland, OR
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 Realignment Expectations Forward Rate Bias and Sterilized Intervention in an Adjustable Peg Exchange Rate Model with Policy Optimization written by Mr.Peter Isard and published by International Monetary Fund. This book was released on 1994-02-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper models an adjustable peg exchange rate arrangement as a policy rule with an escape clause under which the timing and magnitudes of realignments are the outcomes of policy optimization decisions. Under the assumptions that market participants are rational, risk averse, and fully informed about the incentives of policymakers, the analysis focuses on the implications for relating realignment expectations to the state variables that enter the policy objective function, for modeling the bias in using forward exchange rates to predict future spot rates, and for characterizing the effectiveness of sterilized intervention.
Download or read book Risk Premium Currency Board and Attacks on the Hong Kong Dollar written by Leonard Kwok-Hon Cheng and published by . This book was released on 1999 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Aanwinsten van de Centrale Bibliotheek Queteletfonds written by Bibliothèque centrale (Fonds Quetelet) and published by . This book was released on 2002 with total page 716 pages. Available in PDF, EPUB and Kindle. Book excerpt:
