Download or read book Misalignment of Exchange Rates written by Richard C. Marston and published by University of Chicago Press. This book was released on 2008-04-15 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists writing on flexible exchange rates in the 1960s foresaw neither the magnitude nor the persistence of the changes in real exchange rates that have occurred in the last fifteen years. Unexpectedly large movements in relative prices have lead to sharp changes in exports and imports, disrupting normal trading relations and causing shifts in employment and output. Many of the largest changes are not equilibrium adjustments to real disturbances but represent instead sustained departures from long-run equilibrium levels, with real exchange rates remaining "misaligned" for years at a time. Contributors to Misalignment of Exchange Rates address a series of questions about misalignment. Several papers investigate the causes of misalignment and the extent to which observed movements in real exchange rates can be attributed to misalignment. These studies are conducted both empirically, through the experiences of the United States, Great Britain, Japan, and the countries of the European Monetary System, and theoretically, through models of imperfect competition. Attention is then turned to the effects of misalignment, especially on employment and production, and to detailed estimates of the effects of changes in exchange rates on several industries, including the U.S. auto industry. In response to the contention that there is significant "hysteresis" in the adjustment of employment and production to changes in exchange rates, contributors also attempt to determine whether the effects of misalignment can be reversed once exchange rates return to earlier levels. Finally, the issue of how to avoid—or at least control—misalignment through macroeconomic policy is confronted.
Download or read book The Alignment of Foreign Exchange Rates written by Fritz Machlup and published by Irvington Publishers. This book was released on 1972 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 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 Market Volatility and Foreign Exchange Intervention in EMEs written by Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Exchange Rate Misalignment in Developing Countries written by Sebastian Edwards and published by Johns Hopkins University Press. This book was released on 1988 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article analyzes the theory of equilibrium real exchange rates and defines misalignment as a deviation of the real exchange rate (RER) from its equilibrium level. The role of macroeconomic policies is then analyzed under three alternative nominal exchange rate regimes: predetermined nominal exchange rates; floating nominal rates; and dual or black market nominal exchange rates. This discussion points out how inconsistent macroeconomic policies often lead to real exchange rate misalignment. Corrective measures, including nominal devaluation and several alternative approaches, are then evaluated.
Download or read book The Unloved Dollar Standard written by Ronald I. McKinnon and published by Oxford University Press. This book was released on 2013 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: Th world dollar standard greatly facilitates international exchange. Since the Bretton Woods Agreement of 1945, the dollar has been the key currency for clearing international payments among banks, including government interventions to set exchange rates. IT is the dominant currency for invoicing trade in primary commodities and official exchange reserves.
Download or read book Money in International Exchange written by Ronald I. McKinnon and published by New York : Oxford University Press. This book was released on 1979 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: How do nations trade when no purely international money exists? This book describes how the use of national currencies, only some of which have the important international property of being convertible, allows most of world trade to be effectively monetized rather than bartered. Professor McKinnon's analysis represents the first attempt to focus on the microeconomic and monetary aspects of international exchange, and addresses unresolved problems in securing mutual monetary adjustment among the world's great trading economies.
Download or read book The Alignment of Foreign Exchange Rates written by Fritz Machlup and published by New York University Press. This book was released on 1972 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Annual Report on Exchange Arrangements and Exchange Restrictions 2014 written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2014-10-09 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the 65th issue of the AREAER. It provides a description of the foreign exchange arrangements, exchange and trade systems, and capital controls of all IMF member countries. It also provides information on the operation of foreign exchange markets and controls on international trade. It describes controls on capital transactions and measures implemented in the financial sector, including prudential measures. In addition, it reports on exchange measures imposed by member countries for security reasons. A single table provides a snapshot of the exchange and trade systems of all IMF member countries. The Overview describes in detail how the general trend toward foreign exchange liberalization continued during 2013, alongside a strengthening of the financial sector regulatory framework. A Special Topic essay examines the dynamics and evolution of capital flows. The AREAER is available in several formats. The Overview in print and online, and the detailed information for each of the 191 member countries and territories is included on a CD that accompanies the printed Overview and in an online database, AREAER Online. In addition to the information on the exchange and trade system of IMF member countries in 2013, AREAER Online contains historical data published in previous issues of the AREAER. It is searchable by year, country, and category of measure and allows cross country comparisons for time series.
Download or read book Introduction to Foreign Exchange Rates Second Edition written by Thomas J. O'Brien and published by Business Expert Press. This book was released on 2016-12-02 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: As managers expand their international business operations, they are confronted by the puzzling and vexing world of foreign exchange (FX) rates. This book is designed as a resource that can help managers quickly understand and navigate the FX market. The text may be used as an introductory module in a course in international finance, whether the course is oriented to international markets, international investments, or international corporate finance. The primary intended audience is an applied MBA course aimed at executives, managers, and would-be managers. After an introduction to FX rates, the author covers the important topic FX rate valuation. It is important for managers to understand when an FX rate may be incorrectly valued, as this situation may have a bearing on corporate decisions on strategy, risk management, capital structure, and overseas investments and operations. He also discusses the mechanics of forward FX contracts and their use in managing the risk of future foreign currency cash flow and includes a case that unifies the ideas. The case company is faced with FX exposure in the revenues from a proposed new foreign customer. The decision maker applies the text material to estimate whether the FX rate is over-, under-, or correctly valued. The final decisions are whether to expand sales to the foreign market and whether to hedge the FX risk.
Download or read book Align written by Jonathan Trevor and published by Bloomsbury Publishing. This book was released on 2019-11-28 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shortlisted for the 2020 Business Book Awards Why do some businesses thrive, while many more struggle and fail? A key reason – and the focus of this book – is strategic alignment. This is the careful arrangement of the various elements of an enterprise – from its business strategy to its organisation – to best support the fulfillment of its long-term purpose. The best-aligned enterprises are the best performing. Most executives recognise that their enterprises should be managed in this aligned way, but lack a robust system of thought to allow them to execute strategic alignment effectively and realise its full benefits. There are thousands of organisations globally that are operating below their potential simply because they are not aligned. This book aims to change that. In Align, Jonathan Trevor provides a blueprint for how strategic alignment can be effectively developed, implemented and sustained. Drawing upon active research at the University of Oxford's Saïd Business School (with contributions from the joint works of Dr Jonathan Trevor and Dr Barry Varcoe), Jonathan also provides practical case studies and evidence-based insights – culminating in a thoughtful and compelling message to help leaders everywhere to improve their alignment and enterprise performance.
Download or read book Maintaining and Restoring Balance in International Trade written by Fritz Machlup and published by Princeton University Press. This book was released on 2015-12-08 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fourteen leading economists analyze the problem of imbalance in international payments and suggest corrective measures. Three general appraisals by William Fellner, Fritz Machlup, and Robert Triffin are followed by shorter technical papers on special issues by Fellner, Gottfried Haberler, Sir Roy Harrod, Harry G. Johnson, Peter B. Kenen, Alexandre Lamfalussy, Friedrich A. Lutz, Machlup, Jürg Niehans, Walters S. Salant, Tibor Scitovsky, James Tobin, Triffin, and Robert L. West. Originally published in 1966. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Download or read book The Microstructure Approach to Exchange Rates written by Richard K. Lyons and published by MIT Press (MA). This book was released on 2001 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explaining the puzzling behavior of exchange rates using models from microstructure finance and data from electronic trading.
Download or read book Re Align written by Jonathan Trevor and published by Bloomsbury Publishing. This book was released on 2022-06-09 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why do some businesses thrive while many more struggle? In this age of disruption, a key reason is the failure of many leaders to realign all the moving parts of their enterprise, including its business strategy and how it is organised, to best support its enduring purpose. Thousands of enterprises globally are operating below their potential simply because they are not well aligned or fail to realign to reflect the new realities of their changing business environment. This book aims to change that. This book is about strategic realignment, a leadership process to overcome disruption and secure high performance on a sustainable basis. Given that change is a constant and disruption to the business environment ever more likely, strategic realignment must become a core competency in order that all enterprises and leaders can succeed in the future. Most executives recognise this but lack a robust system of thought to execute strategic realignment effectively and realise its full benefits. But once mastered, strategic realignment offers a means of turning disruption into an advantage. In Re:Align, Jonathan Trevor provides a blueprint to help leaders ask good questions, have better conversations and make the best possible choices to realign their enterprise to be fit for purpose. Drawing upon active research at the University of Oxford's Saïd Business School (with contributions from the joint works of Dr Jonathan Trevor and Dr Barry Varcoe), the book also provides practical case studies and evidence-based insights. Re:Align offers both a thoughtful and compelling message as well as an effective toolkit to help leaders everywhere to overcome disruption and improve enterprise performance.
Download or read book Guidelines for Foreign Exchange Reserve Management written by International Monetary Fund and published by International Monetary Fund. This book was released on 2004-08-16 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: These guidelines are intended to assist countries in strengthening their policy frameworks for reserve management so that they can become more resilient to shocks that may originate from global financial markets or within the domestic financial system. The guidelines have been developed as part of a broader IMF work program to help strengthen international financial architecture, to promote policies and practices that contribute to stability and transparency in the financial sector, and to reduce external vulnerabilities of member countries.
Download or read book MegaTrade101 The Art of Trading written by J. S. T. Alexander and published by megatrade101. This book was released on 2010-11-08 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: MegaTrade101 aims to provide a comprehensive trading guide for traders and investors in the Foreign Currency Market. With a more accurate trading analysis through an 'enhanced Fibonacci Analysis' and using 'Leverage as equalizer for Risk' the probability of having a net positive result over all would be the real essence of trading the Forex market.
