Download or read book No Single Currency Regime is Right for All Countries Or at All Times written by Jeffrey A. Frankel and published by Princeton University International Finance Section, Department of Econmics. This book was released on 1999 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This essay considers some prescriptions that are currently popular regarding exchange rate regimes: a general movement toward floating, a general movement toward fixing, or a general movement toward either extreme and away from the middle. The whole spectrum from fixed to floating is covered (including basket pegs, crawling pegs, and bands), with special attention to currency boards and dollarization. One overall theme is that the appropriate exchange rate regime varies depending on the specific circumstances of the country in question (which includes the classic optimum currency area criteria, as well as some newer criteria related to credibility) and depending on the circumstances of the time period in question (which includes the problem of successful exit strategies). Latin American interest rates are seen to be more sensitive to US interest rates when the country has a loose dollar peg than when it has a tight peg. It is also argued that such relevant country characteristics as income correlations and openness can vary over time, and that the optimum currency area criterion is accordingly endogenous.

Download or read book No Single Currency Regime is Right for All Countries Or at All Times written by Jeffrey A. Frankel and published by Princeton University International Finance Section, Department of Econmics. This book was released on 1999 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This essay considers some prescriptions that are currently popular regarding exchange rate regimes: a general movement toward floating, a general movement toward fixing, or a general movement toward either extreme and away from the middle. The whole spectrum from fixed to floating is covered (including basket pegs, crawling pegs, and bands), with special attention to currency boards and dollarization. One overall theme is that the appropriate exchange rate regime varies depending on the specific circumstances of the country in question (which includes the classic optimum currency area criteria, as well as some newer criteria related to credibility) and depending on the circumstances of the time period in question (which includes the problem of successful exit strategies). Latin American interest rates are seen to be more sensitive to US interest rates when the country has a loose dollar peg than when it has a tight peg. It is also argued that such relevant country characteristics as income correlations and openness can vary over time, and that the optimum currency area criterion is accordingly endogenous.

Download or read book No Single Currency Regime is Right for All Countries Or at All Times written by Jeffrey A. Frankel and published by Princeton University International Finance Section, Department of Econmics. This book was released on 1999 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This essay considers some prescriptions that are currently popular regarding exchange rate regimes: a general movement toward floating, a general movement toward fixing, or a general movement toward either extreme and away from the middle. The whole spectrum from fixed to floating is covered (including basket pegs, crawling pegs, and bands), with special attention to currency boards and dollarization. One overall theme is that the appropriate exchange rate regime varies depending on the specific circumstances of the country in question (which includes the classic optimum currency area criteria, as well as some newer criteria related to credibility) and depending on the circumstances of the time period in question (which includes the problem of successful exit strategies). Latin American interest rates are seen to be more sensitive to US interest rates when the country has a loose dollar peg than when it has a tight peg. It is also argued that such relevant country characteristics as income correlations and openness can vary over time, and that the optimum currency area criterion is accordingly endogenous.

Download or read book Evolution and Performance of Exchange Rate Regimes written by Mr.Kenneth Rogoff and published by International Monetary Fund. This book was released on 2003-12-01 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis suggests that as economies mature, the value of exchange rate flexibility rises. For countries at a relatively early stage of financial development and integration, fixed or relatively rigid regimes appear to offer some anti-inflation credibility gain without compromising growth objectives. As countries develop economically and institutionally, there appear to be considerable benefits to more flexible regimes. For developed countries that are not in a currency union, relatively flexible exchange rate regimes appear to offer higher growth without any cost in credibility.

Download or read book Handbook of Exchange Rates written by Jessica James and published by John Wiley & Sons. This book was released on 2012-05-29 with total page 674 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Handbook of Exchange Rates “This book is remarkable. I expect it to become the anchor reference for people working in the foreign exchange field.” —Richard K. Lyons, Dean and Professor of Finance, Haas School of Business, University of California Berkeley “It is quite easily the most wide ranging treaty of expertise on the forex market I have ever come across. I will be keeping a copy close to my fingertips.” —Jim O’Neill, Chairman, Goldman Sachs Asset Management How should we evaluate the forecasting power of models? What are appropriate loss functions for major market participants? Is the exchange rate the only means of adjustment? Handbook of Exchange Rates answers these questions and many more, equipping readers with the relevant concepts and policies for working in today’s international economic climate. Featuring contributions written by leading specialists from the global financial arena, this handbook provides a collection of original ideas on foreign exchange (FX) rates in four succinct sections: • Overview introduces the history of the FX market and exchange rate regimes, discussing key instruments in the trading environment as well as macro and micro approaches to FX determination. • Exchange Rate Models and Methods focuses on forecasting exchange rates, featuring methodological contributions on the statistical methods for evaluating forecast performance, parity relationships, fair value models, and flow–based models. • FX Markets and Products outlines active currency management, currency hedging, hedge accounting; high frequency and algorithmic trading in FX; and FX strategy-based products. • FX Markets and Policy explores the current policies in place in global markets and presents a framework for analyzing financial crises. Throughout the book, topics are explored in-depth alongside their founding principles. Each chapter uses real-world examples from the financial industry and concludes with a summary that outlines key points and concepts. Handbook of Exchange Rates is an essential reference for fund managers and investors as well as practitioners and researchers working in finance, banking, business, and econometrics. The book also serves as a valuable supplement for courses on economics, business, and international finance at the upper-undergraduate and graduate levels.

Download or read book One Market One Money written by Michael Emerson and published by . This book was released on 1992 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Community is negotiating a new treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s. This study provides the only comprehensive guide to the economic implications of economic and monetary union. The work of an economist inside the Commission of the European Community, it reflects the considerations influencing the design of the union. The study creates a unique bridge between the insights of modern economic analysis and the work of the policy makers preparing for economic and monetary union.

Download or read book Full Dollarization written by Andrew Berg and published by International Monetary Fund. This book was released on 2000 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyzes the costs and benefits of full dollarization, or the adoption by one country of another country's currency. Potential advantages include lower borrowing costs and deeper integration into world markets. But countries lose the ability to devalue, and become dependent on the U.S. Compares with currency board option.

Download or read book The Single Global Currency Common Cents for the World written by Morrison Bonpasse and published by . This book was released on 2006-04 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2014 Edition of THE SINGLE GLOBAL CURRENCY - COMMON CENTS FOR THE WORLD is the fifth book of this name, and it updates the text of the original 2006 edition. The 2007, 2008 and 2009 editions included the original edition together with an annual update appendix. Future editions are planned in five year increments for 2019 and 2024, the latter date being the 80th anniversary of the 1944 Bretton Woods Conference. The book is for all readers around the world, as every human being in our increasingly globalized world has an interest in achieving the goal of a Single Global Currency. What the people of the world want and deserve is stable money, so that the money they earn, save and invest today will be worth almost the same tomorrow. The Single Global Currency will provide that stability. It is the common cents/sense currency for our increasingly globalized world. The current multicurrency global monetary system is volatile and extremely risky as $5.3 trillion worth of currencies are traded every trading day on the global foreign exchange markets. Currencies crises are a continuing threat. Avoiding the effects and risks of currency fluctuations and rapid flows of cross-currency capital were the primary goals of the International Monetary Fund at its 1945 creation, and the Single Global Currency will solve both problems. The Single Global Currency will be managed by a Global Central Bank within a Global Monetary Union. Since 1999, the primary model for this "3-G" system has been the euro which is managed by the European Central Bank within the European Monetary Union. Beginning with 12 member countries, the eurozone now has 18 members and continues to grow toward its full potential of all the members of the growing European Union, which now number 28. Creation of a Single Global Currency is not a new idea or goal, but is now feasible thanks to automation and the increasing interdependence of the world's peoples. The potential benefits of a Single Global Currency are staggering: - Worldwide asset values will increase by about $10 trillion. - Worldwide GDP will increase by $trillions. - Global trade will increase by $trillions. - Annual FX trading transaction costs of $300 billion will be avoided. - Global currency/payments imbalances will be eliminated. - Currency crises will be eliminated. - Currency speculation will be eliminated. - The need for unproductive foreign exchange reserves will be eliminated. Currently, the 193 members of the United Nations use 140 currencies for their international and domestic transactions. The 50+ members without their own national currencies are using the currencies of monetary unions of which they are members, or they are using ("izing") the currencies of other countries or monetary unions. As existing monetary unions in Europe, the Caribbean and Africa are expanded, and as new monetary unions are created in Africa, the Americas, Asia and the Mid-East, the number of currencies will continue to decline. At some "tipping point," perhaps after a merger of large currencies, the largest monetary union currency will likely be designated as the world's Single Global Currency. This process can be accelerated when individuals, nations and global institutions openly declare their support for a Single Global Currency and they initiate the necessary steps toward that goal. Such steps will include a global internet-based naming process for the new currency and a timeline for implementation. There is little question that the world is moving toward a Single Global Currency. The remaining question is When? The global challenge will be to achieve the Single Global Currency with a smooth transition from the existing multicurrency system. It is hoped that this book, and the work of the Single Global Currency Association (www.singleglobalcurrency.org) will help move the world in that direction.

Download or read book The Monetary Geography of Africa written by Paul R. Masson and published by Rowman & Littlefield. This book was released on 2004-11-30 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Africa is working toward the goal of creating a common currency that would serve as a symbol of African unity. The advantages of a common currency include lower transaction costs, increased stability, and greater insulation of central banks from pressures to provide monetary financing. Disadvantages relate to asymmetries among countries, especially in their terms of trade and in the degree of fiscal discipline. More disciplined countries will not want to form a union with countries whose excessive spending puts upward pressure on the central bank's monetary expansion. In T he Monetary Geography of Africa, Paul Masson and Catherine Pattillo review the history of monetary arrangements on the continent and analyze the current situation and prospects for further integration. They apply lessons from both experience and theory that lead to a number of conclusions. To begin with, West Africa faces a major problem because Nigeria has both asymmetric terms of trade—it is a large oil exporter while its potential partners are oil importers—and most important, large fiscal imbalances. Secondly, a monetary union among all eastern or southern African countries seems infeasible at this stage, since a number of countries suffer from the effects of civil conflicts and drought and are far from achieving the macroeconomic stability of South Africa. Lastly, the plan by Kenya, Tanzania, and Uganda to create a common currency seems to be generally compatible with other initiatives that could contribute to greater regional solidarity. However, economic gains would likely favor Kenya, which, unlike the other two countries, has substantial exports to its neighbors, and this may constrain the political will needed to proceed. A more promising strategy for monetary integration would be to build on existing monetary unions—the CFA franc zone in western and central Africa and the Common Monetary Area in southern Africa. Masson and Pattillo argue that the goal of a creating a s

Download or read book Dominant Currency Paradigm A New Model for Small Open Economies written by Camila Casas and published by International Monetary Fund. This book was released on 2017-11-22 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most trade is invoiced in very few currencies. Despite this, the Mundell-Fleming benchmark and its variants focus on pricing in the producer’s currency or in local currency. We model instead a ‘dominant currency paradigm’ for small open economies characterized by three features: pricing in a dominant currency; pricing complementarities, and imported input use in production. Under this paradigm: (a) the terms-of-trade is stable; (b) dominant currency exchange rate pass-through into export and import prices is high regardless of destination or origin of goods; (c) exchange rate pass-through of non-dominant currencies is small; (d) expenditure switching occurs mostly via imports, driven by the dollar exchange rate while exports respond weakly, if at all; (e) strengthening of the dominant currency relative to non-dominant ones can negatively impact global trade; (f) optimal monetary policy targets deviations from the law of one price arising from dominant currency fluctuations, in addition to the inflation and output gap. Using data from Colombia we document strong support for the dominant currency paradigm.

Download or read book The European Union A Very Short Introduction written by John Pinder and published by Oxford University Press, USA. This book was released on 2013-07-25 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: John Pinder and Simon Usherwood explain the EU in plain readable English. They show how and why it has developed, how the institutions work, and what it does - from the single market to the euro, and from agriculture to the environment.

Download or read book Exchange Rate Regimes in the Modern Era written by Michael W. Klein and published by Mit Press. This book was released on 2012-08 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: An analysis of the operation and consequences of exchange rate regimes in an era of increasing international interdependence. The exchange rate is sometimes called the most important price in a highly globalized world. A country's choice of its exchange rate regime, between government-managed fixed rates and market-determined floating rates has significant implications for monetary policy, trade, and macroeconomic outcomes, and is the subject of both academic and policy debate. In this book, two leading economists examine the operation and consequences of exchange rate regimes in an era of increasing international interdependence. Michael Klein and Jay Shambaugh focus on the evolution of exchange rate regimes in the modern era, the period since 1973, which followed the Bretton Woods era of 1945-72 and the pre-World War I gold standard era. Klein and Shambaugh offer a comprehensive, integrated treatment of the characteristics of exchange rate regimes and their effects. The book draws on and synthesizes data from the recent wave of empirical research on this topic, and includes new findings that challenge preconceived notions.

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 Exchange Rate Monetary and Financial Issues and Policies in Asia written by Ramkishen S. Rajan and published by World Scientific. This book was released on 2009 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a Pageburst digital textbook; the product description may vary from the print textbook. User-friendly and comprehensive, this essential resource covers all aspects of canine, feline, and equine diagnostic radiology and interpretation. It features relevant coverage of the physics of radiology, CT, and MRI, as well as valuable information on patient positioning and management, radiographic technique and safety measures, normal and abnormal anatomy, radiographic viewing and interpretation, and alternative imaging modalities. This edition features more than 500 additional images, a new chapter on the principles of digital imaging, and expanded coverage of brain and spinal cord imaging. Features comprehensive, logically organized coverage of the latest advances in imaging techniques and interpretation for the dog, cat, and horse. A body systems approach presents information in a logical progression, covering skeletal versus soft tissue structures, normal anatomy, general radiographic changes, and the most common abnormalities affecting each particular system. Discussion of the physics of radiology, CT, and MRI offers a better understanding of the radiographic process. An atlas of normal radiographic anatomy of the dog and horse offers a basis for comparison to assist in recognizing abnormal findings. Information on radiation safety highlights safety measures associated with ionizing radiation. A self-assessment section at the end of each chapter evaluates understanding of key concepts and clinical applications. High-quality radiographic images, illustrations, tables, and charts throughout clarify important concepts and interpretative principles. A new chapter on Digital Images and Digital Radiographic Image Capture (Chapter 2). Updated and expanded coverage of brain and spinal cord imaging, including CT and MRI. More than 500 additional radiographic images that clarify key concepts.

Download or read book International Monetary Policy After the Euro written by Robert A. Mundell and published by Edward Elgar Publishing. This book was released on 2005-01-01 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: This fascinating book, a dialogue by leading economists, offers an extensive review of the impact of the introduction of the euro on the international monetary system. The authors dissect the impact of the euro on living standards in developed and developing countries, the growth of the euro zone, the role of the International Monetary Fund, and the function of gold in the international monetary system. Also discussed is the design of a new international financial architecture and its impact on the wealth of nations. The critique is frank, entertaining, and sometimes conflicting, empowering the reader to draw his or her own conclusions. Offering a comprehensive review, this book will have great appeal for economists, especially those working on international monetary policy and theory. Students will also find this book of value.

Download or read book China s New Economic Frontier written by Joseph E. Gagnon and published by Peterson Institute for International Economics. This book was released on 2016-08-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: PIIE Briefing 16-5

Download or read book Management of Foreign Exchange Risk written by Y. C. Lum and published by Routledge. This book was released on 2020-09-02 with total page 1149 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a technical and specialised discussion of contemporary and emerging issues in foreign exchange and financial markets by addressing the issues of risk management and theory and hypothesis development, which have general implications for finance theory and foreign exchange market management. It offers an in-depth, comprehensive analysis of the issues concerning the volatility of exchange rates. The book has three main objectives. First, it applies the integrated study of exchange rate volatility in terms of depth and breadth. Second, it applies the integrated study of exchange rate volatility in Malaysia, as a case study of a developing country. Malaysia had imposed capital control measures in the past and has now liberalised its exchange rate market and will continue to liberalise it further in the long run. Hence, the need to understand exchange rate volatility measurement and management will be even more important in the future. Third, the book highlights new conditional volatility models for a developing country, such as Malaysia, and develops advanced econometric models which have produced results for sound risk management strategies and for achieving risk management in the financial market and the economy. Additionally, the authors recommend risk management themes which may be of relevance to other developing countries. This work can be used as a reference book by fund managers, financial market analysts, researchers, academics, practitioners, policy makers and postgraduate students in the areas of finance, accounting, business and financial economics. It can also be a supplementary text for Ph.D. and Masters’ students in these areas.