Download or read book The Size and Timing of Devaluations in Capital controlled Developing Economies written by Robert P. Flood and published by . This book was released on 1994 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Elections and the Timing of Devaluations written by Ernesto Stein and published by . This book was released on 1995 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Mechanics of Devaluations and the Output Response in a DSGE Model written by Camilo Ernesto Tovar Mora and published by . This book was released on 2005 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The relative importance of different mechanisms through which devaluations affect output are analyzed using a dynamic stochastic general equilibrium model for a small open economy with imperfect competition and nominal rigidities. Devaluations are defined as an increase in the central bank's nominal exchange rate target, which induces a decrease in the nominal interest rate. Three main mechanisms through which devaluations affect output are considered: The traditional expansionary expenditure-switching effect, the balance sheet effect which allows the possibility of contractionary effects when firms' debt are dollar-denominated, and a monetary channel associated with an interest rule that targets the nominal exchange rate. The model is calibrated and simulated under alternative scenarios of exchange rate regimes and shocks. Devaluations are found to be expansionary despite the contractionary balance sheet effect. In response to adverse external shocks the economy's output response improves with a devaluation the less flexible the exchange rate regime is"--Abstract.
Download or read book A Retrospective on the Bretton Woods System written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2007-12-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the close of the Second World War, when industrialized nations faced serious trade and financial imbalances, delegates from forty-four countries met in Bretton Woods, New Hampshire, in order to reconstruct the international monetary system. In this volume, three generations of scholars and policy makers, some of whom participated in the 1944 conference, consider how the Bretton Woods System contributed to unprecedented economic stability and rapid growth for 25 years and discuss the problems that plagued the system and led to its eventual collapse in 1971. The contributors explore adjustment, liquidity, and transmission under the System; the way it affected developing countries; and the role of the International Monetary Fund in maintaining a stable rate. The authors examine the reasons for the System's success and eventual collapse, compare it to subsequent monetary regimes, such as the European Monetary System, and address the possibility of a new fixed exchange rate for today's world.
Download or read book International Trade and Finance written by Peter B. Kenen and published by Cambridge University Press. This book was released on 1997-11-13 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of essays is intended to help define an agenda for future research in the field of international trade and finance.
Download or read book Industrial Pricing Behaviour and Devaluation written by P.M. Holmes and published by Springer. This book was released on 2016-01-03 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book IMF Staff Papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1952-01-01 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses various foreign payments practices in the United States. Most foreign payments in the United States are, therefore, done along traditional lines in whatever manner. Several nontraditional practices, however, have developed in recent years as the result of trade and payments restrictions established by foreign Governments. The amount and type of exchange sold by the US banks to their customers are limited only, if at all, by regulations abroad or by the banks' own limitations. In making or receiving foreign payments, the US banks deal generally with three types of customers which are, in the order of their importance: exporters and importers, individuals or corporations desiring to make or receive nontrade financial payments, and speculators. Foreign payments for account of individuals are usually small individually however, in the aggregate, they represent an important function of the banks located in the larger cities with a considerable foreign-born population.
Download or read book Money written by Douglas Gale and published by Cambridge University Press. This book was released on 1982-09-30 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals mainly with what can be described as the general-equilibrium approach to monetary theory. The author does not attempt an encyclopaedic treatment, rather Gale investigates the central problems and ideas in the development of topical monetary theory. The first part of the book - technically the easier - deals with questions which will be recognized as falling within the traditional field of (macroeconomic) monetary theory, although the treatment is unflaggingly microeconomic. The second part is less conventional, dealing with the general equilibrium theory of money in a fundamental way.
Download or read book The Macroeconomic Theory of Exchange Rate Crises written by Giovanni Piersanti and published by Oxford University Press. This book was released on 2012-04-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with the genesis and dynamics of exchange rate crises in fixed or managed exchange rate systems. It provides a comprehensive treatment of the existing theories of exchange rate crises and of financial market runs. It aims to provide a survey of both the theoretical literature on international financial crises and a systematic treatment of the analytical models. It analyzes a series of macroeconomic models and demonstrates their properties and conclusions, including comparative statics and dynamic behaviour. The models cover the range of phenomena exhibited in modern crises experienced in countries with fixed or managed exchange rate systems. Among the topics covered, beyond currency sustainability, are bank runs, the interaction between bank solvency and currency stability, capital flows and borrowing constraints, uncertainty about government policies, asymmetric information and herding behaviour, contagion across markets and countries, financial markets and asset price bubbles, strategic interaction among agents and equilibrium selection, the dynamics of speculative attacks and of financial crashes in international capital markets. The book is intended for econometricians, academics, policymakers and specialists in the field, and postgraduate students in economics.
Download or read book Modeling Exchange rate Passthrough After Large Devaluations written by Ariel T. Burstein and published by . This book was released on 2005 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Large devaluations are generally associated with large declines in real exchange rates. We develop a model which embodies two complementary forces that account for the large declines in the real exchange rate that occur in the aftermath of large devaluations. The first force is sticky nontradable-goods prices. The second force is the impact of real shocks that often accompany large devaluations. We argue that sticky nontradable goods prices generally play an important role in explaining post-devaluation movements in real exchange rates. However, real shocks can sometimes be primary drivers of real exchange-rate movements"--National Bureau of Economic Research web site.
Download or read book Currency Devaluation in Developing Countries written by Richard N. Cooper and published by . This book was released on 1981 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial Markets and European Monetary Cooperation written by Willem H. Buiter and published by Cambridge University Press. This book was released on 2001-04-23 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive assessment of the causes and implications of the 1992-3 crisis of the exchange rate mechanism.
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 Fiscal Devaluation and Fiscal Consolidation written by Ruud A. de Mooij and published by International Monetary Fund. This book was released on 2012-03-01 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on two core tax design issues that arise in addressing current fiscal challenges. It first explores the idea, prominent in troubled Eurozone countries, of a "fiscal devaluation": shifting from social contributions to the VAT as a way to mimic a nominal devaluation. Empirical evidence is presented which suggests that in Eurozone countries this may indeed improve the trade balance in the short-run, though, as theory predicts, the effects eventually disappear. The paper then assesses the wider scope for VAT reform in meeting fiscal consolidation needs, developing and beginning to apply a methodology for finding additional VAT revenue in ways less distortionary and fairer than further raising the standard rate.
Download or read book Demanding Devaluation written by David A. Steinberg and published by Cornell University Press. This book was released on 2015-11-16 with total page 382 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exchange rate policy has profound consequences for economic development, financial crises, and international political conflict. Some governments in the developing world maintain excessively weak and "undervalued" exchange rates, a policy that promotes export-led development but often heightens tensions with foreign governments. Many other developing countries "overvalue" their exchange rates, which increases consumers' purchasing power but often reduces economic growth. In Demanding Devaluation, David Steinberg argues that the demands of powerful interest groups often dictate government decisions about the level of the exchange rate.Combining rich qualitative case studies of China, Argentina, South Korea, Mexico, and Iran with cross-national statistical analyses, Steinberg reveals that exchange rate policy is heavily influenced by a country's domestic political arrangements. Interest group demands influence exchange rate policy, and national institutional structures shape whether interest groups lobby for an undervalued or an overvalued rate. A country's domestic political system helps determine whether it undervalues its exchange rate and experiences explosive economic growth or if it overvalues its exchange rate and sees its economy stagnate as a result.
Download or read book The International Monetary System written by Peter B Kenen and published by Routledge. This book was released on 2019-09-06 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: For 50 years, the International Finance Section at Princeton University has encouraged and published work in international finance. This volume, a semicentennial celebration of the Section's essays in international finance, is comprised of 12 essays.
Download or read book Financial Contagion written by Rob Quail and published by John Wiley & Sons. This book was released on 2011-02-09 with total page 570 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Financial Contagion: The Viral Threat to the Wealth of Nations covers a lot of territory. It is, of course, terribly important to analyze case histories to discover potential triggers, mechanisms of transmission, and viable ways to contain the damage of financial contagion. The problem is, as these articles amply demonstrate, that there’s always a new virus or a mutation of a former one lurking in some corner of the financial world. We don’t know what it is or where it is. And, even if we had some inkling, there’s almost never enough time to develop a financial flu shot." --SeekingAlpha.com The latest insights on financial contagion and how both nations and investors can effectively deal with it. The domino-style structure in which the financial system exists is a perilous one. Although historically, the financial system has been able to deal with major shocks, the fact remains that our financial system is not as secure as it should be. Recent years have brought about too many examples of contagion and systemic risk. That is why Financial Contagion is such an important read. In it, the serious concerns that revolve around our fragile economic system are investigated, researched, and explained. Throughout the book, Kolb offers valuable insights on this dilemma as he compiles the history of financial contagion, highlights the latest research on systemic failure and interrelated markets, and analyzes the risks and consequences we face moving forward. Examines the importance of careful regulation and what must be done to stabilize the global financial system Includes contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Details how close we are to witnessing a financial contagion that could devastate the world economy We have been harshly reminded of how fragile our economic ecosystem is. With Financial Contagion, you'll hold a better understanding of what needs to be done to strengthen our system and safeguard our financial future.
