Download or read book The Price of Gold and the Exchange Rates written by Larry A. Sjaastad and published by . This book was released on 1995 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Exchange Rates Country Preferences and Gold written by Michael P. Dooley and published by . This book was released on 1992 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides indirect tests of the hypothesis that exchange rate movements may be largely coterminus with changes in preferences for holding claims on different countries. It is argued that changes in country preferences will be reflected systematically in the price of gold and, hence, that gold price movements, under the maintained hypothesis, should have explanatory power with respect to exchange rate movements over and above the effects of monetary shocks. The paper applies multivariate vector autoregression and cointegration modeling techniques to test for the short- and long-run influence of gold prices on exchange rates conditional on other monetary and real macroeconomic variables, and applies the resulting error correction exchange rate equation to out-of-sample forecasting exercises.
Download or read book The Price of Gold and the Exchange Rates written by Larry A. Sjaastad and published by . This book was released on 2007 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Currency Politics written by Jeffry A. Frieden and published by Princeton University Press. This book was released on 2014-12-28 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: The politics surrounding exchange rate policies in the global economy The exchange rate is the most important price in any economy, since it affects all other prices. Exchange rates are set, either directly or indirectly, by government policy. Exchange rates are also central to the global economy, for they profoundly influence all international economic activity. Despite the critical role of exchange rate policy, there are few definitive explanations of why governments choose the currency policies they do. Filled with in-depth cases and examples, Currency Politics presents a comprehensive analysis of the politics surrounding exchange rates. Identifying the motivations for currency policy preferences on the part of industries seeking to influence politicians, Jeffry Frieden shows how each industry's characteristics—including its exposure to currency risk and the price effects of exchange rate movements—determine those preferences. Frieden evaluates the accuracy of his theoretical arguments in a variety of historical and geographical settings: he looks at the politics of the gold standard, particularly in the United States, and he examines the political economy of European monetary integration. He also analyzes the politics of Latin American currency policy over the past forty years, and focuses on the daunting currency crises that have frequently debilitated Latin American nations, including Mexico, Argentina, and Brazil. With an ambitious mix of narrative and statistical investigation, Currency Politics clarifies the political and economic determinants of exchange rate policies.
Download or read book The Price of Gold and the Exchange Rates written by Larry A. Sjaastad and published by . This book was released on 1995 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Intrinsic Value of Gold written by Richard D. F. Harris and published by . This book was released on 2017 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we propose a gold price index that enables market participants to separate the change in the 'intrinsic' value of gold from changes in global exchange rates. The index is a geometrically weighted average of the price of gold denominated in different currencies, with weights that are proportional to the market power of each country in the global gold market, where market power is defined as the impact that a change in a country's exchange rate has on the price of gold expressed in other currencies. We use principal components analysis to reduce the set of global exchange rates to four currency 'blocs' representing the U.S. dollar, the euro, the commodity currencies and the Asian currencies. We estimate the weight of each currency bloc in the index in an error correction framework using a broad set of variables to control for the unobserved intrinsic value. We show that the resulting index is less volatile than the USD price of gold and, in contrast with the USD price of gold, has a strong negative relationship with global equities and a strong positive relationship with the VIX index, both of which underline the role of gold as a safe haven asset.
Download or read book The Gold dollar System written by Milton Gilbert and published by Princeton, N.J. : International Finance Section, Princeton University. This book was released on 1968 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Currencies Commodities and Consumption written by Kenneth W. Clements and published by Cambridge University Press. This book was released on 2013-01-31 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discusses economic issues associated with exchange rates, commodity prices, the economic size of countries and alternatives to PPP exchange rates.
Download or read book Exchange Rates Country Preferences and Gold written by Michael P. Dooley and published by . This book was released on 2006 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides indirect tests of the hypothesis that exchange rate movements may be largely coterminus with changes in preferences for holding claims on different countries. It is argued that changes in country preferences will be reflected systematically in the price of gold and, hence, that gold price movements, under the maintained hypothesis, should have explanatory power with respect to exchange rate movements over and above the effects of monetary shocks. The paper applies multivariate vector autoregression and cointegration modeling techniques to test for the short- and long-run influence of gold prices on exchange rates conditional on other monetary and real macroeconomic variables, and applies the resulting error correction exchange rate equation to out-of-sample forecasting exercises.
Download or read book Gold Standard In Theory History written by Marc Flandreau and published by Routledge. This book was released on 2005-08-18 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the first edition, published in 1985, much new research has been completed. This updated version includes five new essays, including a new introduction by Eichengreen and a discussion of the gold standard and the EU monetary debate.
Download or read book Exchange Rates Country Preferences and Gold written by Mr.Peter Isard and published by INTERNATIONAL MONETARY FUND. This book was released on 1992-07-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides indirect tests of the hypothesis that exchange rate movements may be largely coterminus with changes in preferences for holding claims on different countries. It is argued that changes in country preferences will be reflected systematically in the price of gold and, hence, that gold price movements, under the maintained hypothesis, should have explanatory power with respect to exchange rate movements over and above the effects of monetary shocks. The paper applies multivariate vector autoregression and cointegration modeling techniques to test for the short-and long-run influence of gold prices on exchange rates conditional on other monetary and real macroeconomic variables, and applies the resulting error correction exchange rate equation to out-of-sample forecasting exercises.
Download or read book Monetary Standards and Exchange Rates written by Maria Cristina Marcuzzo and published by Routledge. This book was released on 2002-09-11 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this volume an international team of distinguished monetary historians examine the historical experience of exchange rate behaviour under different monetary regimes. The main focus is on metallic standards and fixed exchange rates, such as the gold standard. With its combination of thematic overviews and case studies of the key countries and periods, the book greatly enhances our understanding of past monetary systems.
Download or read book Explaining the gold price after the Bretton Woods Agreement using independent variables An ARIMA model approach written by Stefan Heini and published by GRIN Verlag. This book was released on 2015-08-14 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2014 in the subject Economics - Finance, grade: 1.7, University of Leicester (Center of Management), language: English, abstract: To date, nobody has formulated a comprehensive theorem to determine gold valuation or precious metal prices. Until fairly recently, Eugene Fama’s Efficient Market Hypothesis was the predominant paradigm explaining asset markets but today it is widely acknowledged that markets can be irrational and investors are prone to act irrationally. When trying to explain gold market anomalies, behavioural science approaches can be useful. Phenomena such as herding (‘group think’), ‘safe value bias’ and investors’ ‘excessive extrapolation’ can help explain positive price performance over a certain time. In this dissertation, the author investigates the applicability of a multivariate ARIMA (auto-regressive, integrated, moving average) model to help explain gold price movements from 1973 to 2011. This model uses the gold price and independent variables such as inflation, real interest rates, silver prices, the US dollar money supply (M2), oil prices, the MSCI World index and the S&P 500 as these are linked to gold and/or highly correlated with the gold price. The evaluation criteria were defined as R-squared, mean absolute percentage error (MAPE) and BIC. The model was calculated over so-called ‘normal times’ and times of crises (one political, one financial). The researcher used SPSS’ Expert Modeler to find the best-fitting ARIMA model and to identify the independent variables significantly contributing to the fit of the model. Remarkably, a multivariate ARIMA model using independent variables explained almost twice as much of the variability of the gold price as a univariate ARIMA model using only the gold price. Also, throughout the complete period and during normal times the model explained a much higher percentage of the variability of the gold price than during crises and comparably more of the independent variables contributed significantly to the fit of the model (5 vs. 2). This can be explained by investors’ tendencies to buy gold to preserve their assets (“safe value”), to follow the crowd (“herding”) and to extrapolate past price chart developments. The results show that in an attempt to discern the cause of gold price movements, a multivariate ARIMA model outperforms a univariate ARIMA model significantly. The results of the study furthermore indicate researchers evaluating different methods to fit a time series should consider a multivariate ARIMA model, especially if the independent variables are highly correlated with the dependent variable.
Download or read book Modern Perspectives on the Gold Standard written by Tamim Bayoumi and published by Cambridge University Press. This book was released on 1996 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: Currency crises in Europe and Mexico during the 1990s provided stark reminders of the importance and the fragility of international financial markets. These experiences led some commentators to conclude that open international capital markets are incompatible with financial stability. But the pre-1914 gold standard is an obvious challenge to the notion that open capital markets are sources of instability. To deepen our understanding of how this system worked, this volume draws together recent research on the gold standard. Theoretical models are used to guide qualitative discussions of historical experience, while econometric methods are used to help the historical data speak clearly. The result is an overview of the gold standard, a survey of the relevant applied research in international macroeconomics, and a demonstration of how the past can help to inform the present.
Download or read book Similarities and differences between the Classical Gold Standard and the Gold Exchange Standard written by Filippo Marino and published by GRIN Verlag. This book was released on 2015-10-23 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2015 in the subject Business economics - Economic and Social History, grade: 29/30, , language: English, abstract: Gold is definitely one of the most reliable, storable and easily recognizable means of exchange. For these and other virtues, this precious metal has been used as a form of money since the earliest populations, but it’s only from the late nineteenth century that gold represented an international currency essential for the needs of a world economy more and more integrated. By fixing its national currency in terms of a specific weight of fine gold, each country could determine a unit of account in which all other forms of money are convertible, creating in this way an international system of fixed exchange rates. This leads to an important advantage (in terms of globalization): the value of a domestic currency does not depend on its demand/supply, but on the quantity of gold pegged to it, being in this way “standardized”. Historically, the gold standard system was divided in two different periods: the classical gold standard (1870-1914) and the gold-exchange standard (1922-1930s). These systems do not differ only for chronological reasons, but also for their structure, the impact they had on the world economy and the causes that determined their failure.
Download or read book Gold Price written by H. W. J. Wijnholds and published by . This book was released on 1968 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Gold Standard written by Roy W. Jastram and published by . This book was released on 1981 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
