Download or read book A Fair Exchange written by Tamim A. Bayoumi and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a theory-based model of equilibrium exchange rates incorporating factors that have been found to matter empirically. The model provides insights into how variables should be measured and what are appropriate cross-country restrictions. We estimate this model using a panel of 12 industrial countries. The model fits the data relatively well, implying relatively fast adjustment to equilibrium and outperforming a random walk at longer horizons. Furthermore, we find that the rate of adjustment depends on the distance from equilibrium, suggesting that part of the explanation for slow adjustment is inaccurate measures of equilibrium.
Download or read book A Fair Exchange written by Tamim A. Bayoumi and published by . This book was released on 2005 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Estimating the Equilibrium Real Exchange Rate written by Mr.Tarhan Feyzioglu and published by International Monetary Fund. This book was released on 1997-09-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: An equilibrium exchange rate is here defined as the level that is consistent with simultaneous internal and external balances as specified in Montiel (1996). Exogenous “fundamental” variables determining these balances are identified. Along the lines of Edwards (1994), a reduced form is estimated with the cointegration technique for Finland for the period 1975-95. The estimation produced a reasonable set of equilibrium exchange rates that appreciate with positive shocks to the terms of trade, world real interest rates, and the productivity differential between Finland and its trading partners.
Download or read book Exchange Rate Assessments written by Mr.Jaewoo Lee and published by International Monetary Fund. This book was released on 2008-04-07 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The rapid increase in international trade and financial integration over the past decade and the growing importance of emerging markets in world trade and GDP have inspired the IMF to place stronger emphasis on multilateral surveillance, macro-financial linkages, and the implications of globalization. The IMF's Consultative Group on Exchange Rate Issues (CGER)--formed in the mid-1990s to provide exchange rate assessments for a number of advanced economies from a multilateral perspective--has therefore broadened its mandate to cover both key advanced economies and major emerging market economies. This Occasional Paper summarizes the methodologies that underpin the expanded analysis.
Download or read book Equilibrium Exchange Rates written by Ronald MacDonald and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: How successful is PPP, and its extension in the monetary model, as a measure of the equilibrium exchange rate? What are the determinants and dynamics of equilibrium real exchange rates? How can misalignments be measured, and what are their causes? What are the effects of specific policies upon the equilibrium exchange rate? The answers to these questions are important to academic theorists, policymakers, international bankers and investment fund managers. This volume encompasses all of the competing views of equilibrium exchange rate determination, from PPP, through other reduced form models, to the macroeconomic balance approach. This volume is essentially empirical: what do we know about exchange rates? The different econometric and theoretical approaches taken by the various authors in this volume lead to mutually consistent conclusions. This consistency gives us confidence that significant progress has been made in understanding what are the fundamental determinants of exchange rates and what are the forces operating to bring them back in line with the fundamentals.
Download or read book Exchange Rate Economics written by Ronald MacDonald and published by Routledge. This book was released on 2007-03-12 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 2007. Exchange Rate Economics: Theories and Evidence is the second edition of Floating Exchange Rates: Theories and Evidence, and builds on the successful content and structure of the previous edition, but has been comprehensively updated and expanded to include additional literature on the determination of both fixed and floating exchange rates. Core topics covered include: • the purchasing power parity hypothesis and the PPP puzzle; • the monetary and portfolio-balance approaches to exchange rates; • the new open economy macroeconomics approach to exchange rates; and • the determination of exchange rates in target zone models and speculative attack models. Exchange Rate Economics: Theories and Evidence also includes extensive discussion of recent econometric work on exchange rates with a particular focus on equilibrium exchange rates and measuring exchange rate misalignment, as well as discussion on the non-fundamentals-based approaches to exchange rate behaviour, such as the market microstructure approach. The book will appeal to academics and postgraduate students with an interest in all aspects of international finance and will also be of interest to practitioners concerned with issues relating to equilibrium exchange rates and the forecastability of currencies in terms of macroeconomic fundamentals.
Download or read book The External Balance Assessment EBA Methodology written by Mr.Steven Phillips and published by International Monetary Fund. This book was released on 2014-01-13 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The External Balance Assessment (EBA) methodology has been developed by the IMF’s Research Department as a successor to the CGER methodology for assessing current accounts and exchange rates in a multilaterally consistent manner. Compared to other approaches, EBA emphasizes distinguishing between the positive empirical analysis and the normative assessment of current accounts and exchange rates, and highlights the roles of policies and policy distortions. This paper provides a comprehensive description and discussion of the 2013 version (“2.0”) of the EBA methodology, including areas for its further development.
Download or read book Theory and Practice of Equilibrium Real Exchange Rates written by Carmen Marín Martínez and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Current Account Balance Estimates for Emerging Market Economies written by Leandro Medina and published by International Monetary Fund. This book was released on 2010-02-01 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses a modified version of the methodology used by the IMF's Consultative Group on Exchange Rate Issues (CGER) to calculate equilibrium current account balances (or ?norms?) for a sample of 33 emerging market economies. We find that the fundamental determinants of the equilibrium current account balances are similar to those identified by the CGER using a sample that also comprises advanced economies. However, the fiscal balance has a considerably stronger impact on current account norms for emerging markets. This paper also offers estimates for the equilibrium current account balances of eleven smaller emerging market economies that are not currently included in the country sample used by the CGER.
Download or read book Evolving Finance Trade and Investment in Asia written by Tomoo Kikuchi and published by Routledge. This book was released on 2018-12-07 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: The year 2015 witnessed significant events in the area of finance, trade and investment, which brought Asia to the centre of the world stage. The Trans-Pacific Partnership reached its basic agreement among the 12 member countries in October; the Chinese Yuan was included into the Special Drawing Rights basket of currencies at the International Monetary Fund in November; the ASEAN Economic Community came into force; and the Asian Infrastructure Investment Bank was established with the 57 founding members in December. Within and outside the region, there is an urgent need to understand the underlying economic structures that brought about these events, which have global implications. The Centre on Asia and Globalisation at the National University of Singapore launched a series of conferences on ‘Evolving Finance, Trade and Investment in Asia’ with the aim of strengthening research capacity in Asia to influence regional policymaking. Looking forward, the conference will provide an annual platform for scholars to discuss the latest findings and to disseminate them to business leaders and policymakers. This book contains scholarship presented at the inaugural international conference in September 2015, and was originally published as a special issue of the International Economic Journal.
Download or read book The Theory And Empirics Of Exchange Rates written by Imad A Moosa and published by World Scientific. This book was released on 2009-07-15 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exchange rate economics is an important field of investigation for academics, professionals and policy-makers. This book provides a comprehensive survey of the theory of and empirical evidence on the determination and effects of exchange rates. The exposition utilizes both diagrammatic and mathematical representations of the underlying models. The book is a comprehensive reference for those engaged in this field of research.
Download or read book Estimating Equilibrium Exchange Rates written by John Williamson and published by Peterson Institute. This book was released on 1994 with total page 608 pages. Available in PDF, EPUB and Kindle. Book excerpt: The problems of exchange rate misalignments and the resulting payments imbalances have plagued the world economy for decades. At the Louvre Accord of 1987, the Group of Five industrial countries adopted a system of reference ranges for exchange rate management, influenced by proposals of C. Fred Bergstan and John Williamson for a target zone system. The reference range approach has, however, been operated only intermittently and half-heartedly, and questions continue to be raised in policy and scholarly circles about the design and operation of a full-fledged target zone regime. This volume, with chapters by leading international economists, explores one crucial issue in the design of a target zone system: the problem of calculating Williamson's concept of the fundamental equilibrium exchange rate (FEER). Williamson contributes an overview of the policy and analytic issues and a second chapter on his own calculations.
Download or read book IMF Research Bulletin written by and published by . This book was released on 2000 with total page 444 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 Equilibrium Exchange Rates written by Peter Isard and published by International Monetary Fund. This book was released on 2007-12 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper describes six different methodologies that have been used to assess the equilibrium values of exchange rates and discusses their limitations. It applies several of the approaches to data for the United States as of 2006, illustrates that different approaches sometimes provide substantially different assessments, and asks which methodologies deserve the most weight in such situations. It argues that while it is generally desirable to consider the implications of several different approaches, since different approaches provide different types of perspectives, two of the methodologies seem particularly relevant for identifying threats to macroeconomic stability and growth.
Download or read book The Theory and Practice of Floating Exchange Rates and the R le of Official Exchange market Intervention written by Helmut W. Mayer and published by . This book was released on 1982 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fair Exchange Theory And Practice Of Digital Belongings written by Carlos Molina-jimenez and published by World Scientific. This book was released on 2024-02-21 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: As more of our lives are spent interacting digitally — sending and receiving payments, interacting on social media, using certified delivery, playing games online, and generally participating in the digital world — the fair exchange of our digital belongings becomes increasingly essential.This book delves into the theory of fair exchange, from the historic to the cutting-edge, and presents a unified framework for understanding fair exchange protocols. Every exchange starts with a handshake, which is followed by four additional operations: deposit; verification; synchronization; and release or restoration. The environments in which these operations take place determine the properties of the resulting protocol, and the characteristics of the items that can be exchanged.Existing protocols are examined through this framework, including escrow-based protocols, optimistic protocols, and gradual release protocols. A new family of fair exchange protocols is developed which make use of attestables, a novel interface for exfiltration-resistant computing. An attestable-based protocol called FEWD is also introduced and several variations are described which are suitable for the exchange of different classes of items.Finally, a number of special topics for fair exchange are introduced, including legal issues that can emerge in practical applications of fair exchange, a legal analysis of the basic operations of fair exchange, commercial applications of FEWD, and an analysis of additional risks including participant expectations and implementations of attestable-based protocols. We conclude with a collection of topics for future research in making fair exchange more ubiquitous in our lives for a fairer digital world.
