Download or read book Excess Volatility and the Asset Pricing Exchange Rate Model with Unobservable Fundamentals written by Mr.Lorenzo Giorgianni and published by International Monetary Fund. This book was released on 1999-05-01 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a method to test the volatility predictions of the textbook asset-pricing exchange rate model, which imposes minimal structure on the data and does not commit to a choice of exchange rate “fundamentals.” Our method builds on existing tests of excess volatility in asset prices, combining them with a procedure that extracts unobservable fundamentals from survey-based exchange rate expectations. We apply our method to data for the three major exchange rates since 1984 and find broad evidence of excess exchange rate volatility with respect to the predictions of the canonical asset-pricing model in an efficient market.

Download or read book Managing Foreign Exchange Rate Risk Capacity Development for Public Debt Managers in Emerging Market and Low Income Countries written by Thordur Jonasson and published by International Monetary Fund. This book was released on 2024-08-02 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents some sound practices for foreign-currency risk management in developing countries and outlines instruments for managing sovereign debt portfolio currency exposures. Adoption of a debt management strategy with well-defined targets for foreign exchange risk is a critical element of public debt risk management. To this end, public debt managers often need to face with complex strategic and operational matters related to public debt hedging practices, including the use of derivatives. In this context, we highlight the main institutional challenges in the management of foreign exchange risk in sovereign debt portfolios and discuss the overall implementation of a foreign exchange risk-management strategy.

Download or read book Are Exchange Rates Excessively Volatile and What Does Excessively Volatile Mean Anyway written by Mr.Leonardo Bartolini and published by International Monetary Fund. This book was released on 1995-08-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using data for the major currencies from 1973 to 1994, we apply recent tests of asset price volatility to re-examine whether exchange rates have been excessively volatile with respect to the predictions of the monetary model of the exchange rate and of standard extensions that allow for sticky prices, sluggish money adjustment, and time-varying risk premia. Consistent with previous evidence from regression-based tests, most of the models that we examine are rejected by our volatility-based tests. In general, however, we find that exchange rates have not been excessively volatile relative to movements of their determinants, with respect to the predictions of even the most restrictive version of the monetary model. Alternative measures of “volatility”, however, may disguise the cause of rejection as excessive exchange rate volatility. This a Working Paper and the author(s) would welcome any comments on the present text. Citations should refer to a Working Paper of the International Monetary Fund, mentioning the author(s), and the date of issuance. The views expressed are those of the author(s) and do not necessarily represent those of the Fund.

Download or read book Are Exchange Rates Excessively Volatile and what Does excessively Volatile Mean Anyway written by Leonardo Bartolini and published by . This book was released on 1995 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Macroeconomic Causes of Unemployment Diagnosis and Policy Recommendations written by Wolfgang Filc and published by Duncker & Humblot. This book was released on 2015-03-03 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: This conference volume deals with one of the most severe economic, social and political problems major European economies face since the early nineties, the problem of lasting high unemployment. Contrary to the current German discussion, solely concentrating on microeconomic explanations and therapy recommendations, this volume presents papers based on various macro-economic points of view, showing different ways out of the employment crisis. Apart from renowned German economists, some well-known international academics participated in the 1998 Berlin symposium, to learn from experience in other countries.The first chapter contains the main standard textbook models and paradigms explaining lasting high unemployment. The question in the second chapter is if it is possible to fight unemployment with the help of macro policy on a purely national basis in the presence of global markets. The third chapter indicates possible effects of misalignments in financial markets on economic growth and employment. The contributions of the fourth chapter present experiences of other countries, which have succeeded in recent years in lowering their unemployment rates. The question at issue is, if these concepts can be transferred to Germany. The topics of the concluding chapter are practical macroeconomic starting points for sustainable employment growth in Europe. The methods contradict supply side arguments for the stabilisation of employment predominant in the German discussion. Attention is focused on relations between the role of monetary and fiscal policy in close conjunction with wage policy. Furthermore it is made evident that in global markets a theoretical macroeconomic concept as a base for sustainable employment is not very promising without enhanced international co-operation. InhaltsverzeichnisInhalt: W. Franz, Macroeconomics and Joblessness: An Introductory Statement - R. Richter, Warum Arbeitslosigkeit? Antworten von Wirtschaftstheoretikern seit Keynes (1936) - J. Priewe, Klassische und keynesianische Arbeitslosigkeit: eine Kritik hybrider Typologien - H.-J. Heinemann, Nationale Beschäftigungspolitik bei globalisierten Märkten? - P. Davidson, Global Macro Policies for Reducing Persistent High Unemployment Rates in OECD Countries - H. Klodt, International Direct Investment: Export of Headquarter Services or Export of Jobs? - A. Juchems / W. Leibfritz, Monetary Conditions and Fiscal Policy. A Comparison over Various Business Cycles and Different Phases of the Business Cycle - P. Winker, Financing Constraints, Output and Employment. Lessons from Theory and Empirical Evidence on the Micro and Macro Level - M. Frömmel / L. Menkhoff, The Informational Efficiency of Financial Markets and Macroeconomic Equilibrium - L. Funk, Labour Market Dynamics in Western Europe and the USA - M. Heise / M. Moersch, Micro and Macro Determinants of Unemployment. A Comparison of Trends in the United States and Germany - A. Heise, Unemployment in Germany and Britain. A Question of Micro-Rigidities or Macro-Obstruction? - D. Hum / W. Simpson / N. Cameron, Reducing Unemployment in an Era of Low Inflationary Expectations to Regain High Employment - A. F. Ott, Effects of a Change in Policy Rules on the Growth of the Economy. Temporary versus Permanent Effects - L. Groot / R. Schettkat, Does Structure jMatter? The Macroeconomics of Unbalanced Growth - E. Nowotny, The Role of Macroeconomic Policy in Overcoming Slow Economic Growth. International Comparisons and Policy Perspectives - C.-L. Holtfrerich, Economic Policy Targeting, Policy Mix and (Un-)Employment - H.-P. Spahn, Central Bankers, Games and Markets. A Critical Assessment of the Microeconomic Optimization Approach in the Theory of Macroeconomic Stabilization - H.-J. Krupp / K. Cabos, The Impact of Monetary Policy on Employment - G. A. Horn, Zur Koordination von Geld- und Lohnpolitik. Eine empirische Analyse für die USA und Deutschland

Download or read book Historical Dictionary of the International Monetary Fund written by Sarah Tenney and published by Scarecrow Press. This book was released on 2011-05-01 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt: In its more than 65 years of existence, the International Monetary Fund has evolved from a small, obscure international agency, with new and uncertain responsibilities, into a powerful institution that today has assumed center stage in the international monetary system. It is a remarkable story of how an institution has developed and adapted itself to an evolving world and a changing membership in ways that perhaps no other international agency has been forced or able to do. The third edition of the Historical Dictionary of the International Monetary Fund provides a comprehensive overview of the fund, including a chronology, an introductory essay, appendixes, a bibliography, and over 300 cross-referenced dictionary entries on the organizations, significant leaders, founders, and members. This book is an excellent access point for students, researchers, and anyone wanting to know more about the International Monetary Fund.

Download or read book Forex Forever written by Ranald C. Michie and published by Oxford University Press. This book was released on 2024-02-28 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world's largest market is that for foreign exchange with a turnover running into trillions per day. The mystery is why this market is dominated by trading in London when the US dollar is the main currency in use. What role is played by this market? To many it is a speculator's paradise, exposed to manipulation and contributing to currency volatility. For others it plays a central role in in the operation of the global banking system and a mechanism for maintaining currency stability. In Forex Forever, Ranald C. Michie seeks to provide answers to these and other questions by examining how the foreign exchange market has developed in the City of London over the past 150 years and uncovers its secret existence in London before the First World War. Michie explores how the City of London became the centre of the global foreign exchange market before 1914 through the international banking network, trading on the floor of the Stock Exchange, and the communications revolution that began with the telegraph. He investigates how that position was sufficient to make London the centre of a new foreign exchange market that emerged between the wars, survived the era of fixed exchange rates after the Second World War, and then flourished from 1970 onwards. This in-depth study helps to explain how and why the global monetary system has functioned since the middle of the nineteenth century.

Download or read book Research Activities of the IMF January 1991 December 1998 written by International Monetary Fund and published by International Monetary Fund. This book was released on 1999-09-24 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: A selective index of major research papers prepared by IMF staff in 1991-98.

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 Journal of Economic Literature written by and published by . This book was released on 1996 with total page 1350 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book EMU Financial Markets and the World Economy written by Thomas Moser and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is based on the conference "EMU and the Outside World", held at the Swiss Federal Institute of Technology (ETH), December 11, 1998. The conference was organized by the Swiss Institute for Business Cycle Research (KOF), which is supported jointly by the ETH and the Swiss Society for Business Cycle Research (SGK), an organization comprising representatives from private industry, the Swiss National Bank and public authorities. On the eve of the final stage of European Economic and Mone tary Union (EMU), Zurich seemed to be a particularly appropriate place for such a conference. On the one hand, given its location and economic and financial links with the euro area, Switzerland is one of the "outside coun tries" most affected by EMU. On the other hand, it was nowhere else than in Zurich where the vision of "a United States of Europe" was expressed for the first time by Winston Churchill in his speech on September 19, 1946. For many EMU is a step in that direction, whether welcome or not. Most of the papers appearing in this volume were presented at the con ference and have been revised and updated. Three contributions, chapter 11- 13, were commissioned specially for this publication. Besides the authors of the chapters, special thanks are due to Guido Boller, Robert McCauley, Umberto Schwarz, and Charles Wyplosz.

Download or read book Capital Markets and Institutions written by Linda Allen and published by John Wiley & Sons. This book was released on 1997-01-31 with total page 804 pages. Available in PDF, EPUB and Kindle. Book excerpt: Intended for Junior/Senior/MBA course in Financial Markets, Capital Markets and Institutions. Using an international focus, this text integrates the financial markets with the activities of financial intermediaries. This approach enables students to understand the role of financial intermediaries in the development of financial markets. Throughout the text, the emphasis is on "how things are done on the street." The origins, major participants, pricing and settlements and typical transactions for all financial markets are also included.

Download or read book The Japanese Foreign Exchange Market written by Beate Reszat and published by Routledge. This book was released on 2002-04-12 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, Japan's financial market has seen dramatic changes, in particular the explosive growth of currency trading and the increasing international role of the yen. This book gives a comprehensive overview of this activity. This work is the first non-Japanese language title to examine the prolific rise of Japan's foreign currency exchange market, its idiosyncracies, and its future role in the global economy. It is vital reading for economists and students of Japan-related subjects.

Download or read book The Fed in Print written by and published by . This book was released on 1996 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Economic Policy Review written by and published by . This book was released on 1996 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book A Global Hazard Index for the World Foreign Exchange Markets written by Vincent Brousseau and published by . This book was released on 1999 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Publications of the International Monetary Fund written by International Monetary Fund and published by . This book was released on 1995-10 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: