Download or read book Integration of Short run Exchange Rate Dynamics with Long run Equilibrium written by Sugata Biswas and published by . This book was released on 1993 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Exchange Rates and Macroeconomic Dynamics written by P. Karadeloglou and published by Springer. This book was released on 2008-02-13 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at the PPP persistence puzzle, and econometric aspects of exchange rate dynamics and their implications. It also explores the importance of exchange rate dynamics in the pass-through effects (PTE) and the econometric aspects of the exchange rates dynamics linked to structural shocks on different economies.
Download or read book Flexible Exchange Rates h written by Jan Herin and published by Routledge. This book was released on 2019-03-12 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains the papers, comments, and the discussion at a conference on "Flexible Exchange Rates and Stabilization Policy", held at Saltsjobaden, Stockholm, August 26–27, 1975. The papers integrate the flexible exchange rates theory with macro theory and stabilization policy analysis. .
Download or read book Economic and Monetary Integration and the Aggregate Demand for Money in the EMS written by International Monetary Fund and published by International Monetary Fund. This book was released on 1990-03-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study shows that the aggregate demand for M1 in the group of countries participating in the Exchange Rate Mechanism (ERM) of the European Monetary System can be expressed as a stable function of ERM-wide income, inflation, interest rates, and the exchange rate of the European Currency Unit (ECU) vis-à-vis the U.S. dollar. A notable feature of the model is the rapid elimination of monetary disequilibria, in contrast with most single-country estimates which tend to find implausibly slow adjustment. These results are suggestive: if robust, they would indicate that, even at the present stage of economic and monetary integration, a European central bank could, in principle, implement monetary control more effectively than the individual national central banks.
Download or read book Exchange Rates And Global Financial Policies written by Paul De Grauwe and published by World Scientific. This book was released on 2014-02-04 with total page 585 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exchange Rates and Global Financial Policies brings together research and work done by world-class economist Paul De Grauwe over the past two decades. Drawing inspiration from behavioural finance literature, De Grauwe covers topics such as exchange rate economics, monetary integration (with particular attention on the Eurozone), and international macroeconomics.His work is categorised across three parts. The first part develops new theoretical and empirical approaches to exchange rate modelling. The second part features a collection of papers on the theory and empirical analysis of monetary unions. The final part contains criticism of mainstream macroeconomic models as well as proposed alternative modelling approaches.
Download or read book Exchange Rate Pass Through in Spain written by Zuzana Murgasova and published by International Monetary Fund. This book was released on 1996-10 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the factors underlying the stability of inflation observed following devaluations of the Spanish peseta, which took place during the 1992-93 Exchange Rate Mechanism (ERM) crisis. The long-run equilibrium relationships between the exchange rate and the aggregate price indices are estimated using the Johansen maximum likelihood-method. The short-run dynamics are obtained from error-correction models. The model is then simulated by calibrating changes in the exogenous variables to their actual values. The results indicate that the cost-push-up effect of devaluations may have been completely offset by determinants of the cyclical position of the economy and the low inflation rate in 1993-94 should not be viewed as unusual.
Download or read book Terms of Trade Commercial Policy and the Black Market for Foreign Exchange written by Ibrahim Elbadawi and published by . This book was released on 1989 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Exchange Rate Dynamics Redux written by and published by . This book was released on 1996 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Until now, thinking on open economy macroeconomics has been largely schizophrenic. When it comes to analyzing exchange rate dynamics, an empirically-minded economist abandons modern current account models which, while theoretically coherent, fail to address the awkward reality of sticky nominal prices. In this paper we develop an analytically tractable two-country model that marries a full account of dynamics to a supply framework based on monopolistic competition and sticky prices. It offers simple and intuitive predictions about exchange rates and current accounts that sometimes differ sharply from those of either modern flexible-price intertemporal models, or traditional sticky-price Keynesian models. The model also leads to a novel perspective on the international welfare spillovers of monetary and fiscal policies.
Download or read book An Essay on the Intertemporal General Equilibrium Model of Exchange Rates in a Continuous time Version written by Ki Young Chung and published by . This book was released on 1986 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Monetary Approach to the Balance of Payments written by Jacob Frenkel and published by Routledge. This book was released on 2013-07-18 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects together the basic documents of an approach to the theory and policy of the balance of payments developed in the 1970s. The approach marked a return to the historical traditions of international monetary theory after some thirty years of departure from them – a departure occasioned by the international collapse of the 1930s, the Keynesian Revolution and a long period of war and post-war reconstruction in which the international monetary system was fragmented by exchange controls, currency inconvertibility and controls over international trade and capital movements.
Download or read book Exchange Rate Dynamics and the Stock Market written by Eliana A. Cardoso and published by . This book was released on 1983 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Globalization of Markets written by Jerome L. Stein and published by Physica. This book was released on 2012-12-06 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: The interrelated issues analyzed in this book are as follows. With the integration of Europe, there are free movements in goods, services, short and long term capital, and direct investment. The German mark is the key currency in Europe and its value will affect the equilibrium bilateral exchange rates of the other currencies in the European Union. It is important to examine the following issues. What have been the fundamental determinants of the real value of the mark since the period of floating? What will be the effects of German integration upon exchange rates? How can we measure whether currencies are misaligned or if exchange rates are at their equilibrium values? Are short term capital flows destabilizing and, if so, should they be discouraged through a transactions tax? Under what conditions does the formation of a regional trading bloc help or hinder the liberalization of world trade? What are the determinants of foreign direct investment made by multinational enterprises? There is a unity to this book. The authors are senior scholars who approach the subject from the theoretical, policy oriented and econometric points of view. Jerome L. Stein Contents JAMES TOBIN A Currency Transactions Tax. Why and How CHARLES A. GOODHART Discussant to Professor J. Tobin. . . . . . . . . . . . . . . . . . . . . . 7 JEROME L. STEIN and KARLHANS SAUERNHEIMER The Equilibrium Real Exchange Rate of Germany 13 PETER B. CLARK Concepts of Equilibrium Exchange Rates . . . . . . . . . . . . . . 49 G. C. LIM A Note on Estimating Dynamic Economic Models of the Real Exchange Rate. . . . . . . . . . . . . . . . . . . . . . . . . . .
Download or read book Handbook of International Economics written by R.W. Jones and published by North Holland. This book was released on 1984 with total page 654 pages. Available in PDF, EPUB and Kindle. Book excerpt: Textbook, research papers on international economic theory, economic policy and practice - includes a literature survey of theoretical studies in trade relations; covers evolution of economic models explaining the determinants of trade structure, capital flow, labour mobility, trade in natural resources, etc.; examines macroeconomics aspects of balance of payments, exchange rate, international monetary system, economic relations and dependence, etc. Bibliography, graphs, statistical tables.
Download or read book Common Trends and Structural Change written by Mr.Torbjorn I. Becker and published by International Monetary Fund. This book was released on 1999-06-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses a common trends model to study how prices, the black market exchange rate, money, and real output have developed over a period covering both pre- and post-revolution Iranian data. It is shown that monetary shocks have significant short-run effects on output, but permanent effects on the price level and exchange rate, that is, expansionary monetary policy is not consistent with achieving low inflation or a stable unified exchange rate. The real shocks generate higher growth and lower inflation, suggesting that supply-side policies are consistent with the goals in the Islamic Republic of Iran’s second five-year development plan.
Download or read book On Dynamic Relationship Among Oil Prices Exchange Rate and Stock Prices in India written by Vanita Tripathi and published by . This book was released on 2015 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the long run and short run dynamics among oil prices, exchange rates and stock prices in India (one of the fastest growing emerging markets in the world) over the most recent 15 year period 1997-2011. Using Johansen's Co integration test we find the existence of long run equilibrium relationship among oil market, foreign exchange market and stock market in India. The short term dynamics among the three markets are analyzed using Vector Autoregression (unrestricted as well as VECM), VAR causality/Block Exogeneity Wald test and Impulse response analysis. We find unidirectional causality from stock market to oil market. An impulse originating in foreign exchange market results in a profound drop in stock as well as oil prices and is statistically significant for about three weeks in oil market and two weeks in stock market. The domino effect of up-waves in stock market is positive for oil market and remains statistically significant for few weeks, while being of opposite tendency in foreign exchange market. The optimism of oil market bulls up stock market in India while creating bearish trends in foreign exchange market. An assessment of impulse response graphs in pre-crisis, during crisis and post crisis period exhibits that the riposte of all the variables to a shock generating from within stays for a relatively longer period during crisis as compared to pre and post crisis period. These results have wider implications for market integration, policy makers and investors at large. Since these markets are integrated rather than segmented, from the perspective of investments, risk reduction cannot be achieved in the long run by holding assets from these markets in the same portfolio. However diversification opportunities are not ruled out in the short run. Stock market turns out to be the leader in all the three markets especially after the recent financial crisis. Rapidly rising stock prices in India signal the expectation of higher economic growth ahead. If the stock prices get trapped in a bubble, however, oil prices will overshoot in relation to economic fundamentals.
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 Dynamic General Equilibrium Analysis written by Giovanni Ganelli and published by . This book was released on 2002 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
