The Economics of Exchange Rates (Collected Works of Harry Johnson) PDF Download
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Author: Jacob A. Frenkel
Publisher: Routledge
ISBN: 1135039461
Category : Business & Economics
Languages : en
Pages : 252
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Book Description
The studies in this book deal with the determination of foreign exchange rates and the characteristics of the foreign exchange market. Analysis is made of flexible exchange rates through an approach developed by the authors, called the ‘asset-market approach’. Theory is combined with practical application in a clear concise way that will be understood by readers with a basic understanding of economics.
Author: Jacob A. Frenkel
Publisher: Routledge
ISBN: 1135039461
Category : Business & Economics
Languages : en
Pages : 252
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Book Description
The studies in this book deal with the determination of foreign exchange rates and the characteristics of the foreign exchange market. Analysis is made of flexible exchange rates through an approach developed by the authors, called the ‘asset-market approach’. Theory is combined with practical application in a clear concise way that will be understood by readers with a basic understanding of economics.
Author: Lucio Sarno
Publisher: Cambridge University Press
ISBN: 1139435043
Category : Business & Economics
Languages : en
Pages : 330
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Book Description
In the last few decades exchange rate economics has seen a number of developments, with substantial contributions to both the theory and empirics of exchange rate determination. Important developments in econometrics and the increasingly large availability of high-quality data have also been responsible for stimulating the large amount of empirical work on exchange rates in this period. Nonetheless, while our understanding of exchange rates has significantly improved, a number of challenges and open questions remain in the exchange rate debate, enhanced by events including the launch of the Euro and the large number of recent currency crises. This volume provides a selective coverage of the literature on exchange rates, focusing on developments from within the last fifteen years. Clear explanations of theories are offered, alongside an appraisal of the literature and suggestions for further research and analysis.
Author: Lucio Sarno
Publisher: Cambridge University Press
ISBN: 9780521485845
Category : Business & Economics
Languages : en
Pages : 334
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Book Description
In the last few decades exchange rate economics has seen a number of developments, with substantial contributions to both the theory and empirics of exchange rate determination. Important developments in econometrics and the increasingly large availability of high-quality data have also been responsible for stimulating the large amount of empirical work on exchange rates in this period. Nonetheless, while our understanding of exchange rates has significantly improved, a number of challenges and open questions remain in the exchange rate debate, enhanced by events including the launch of the Euro and the large number of recent currency crises. This volume provides a selective coverage of the literature on exchange rates, focusing on developments from within the last fifteen years. Clear explanations of theories are offered, alongside an appraisal of the literature and suggestions for further research and analysis.
Author: Peter Isard
Publisher: Cambridge University Press
ISBN: 9780521466004
Category : Business & Economics
Languages : en
Pages : 298
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Book Description
This book describes and evaluates the literature on exchange rate economics. It provides a wide-ranging survey, with background on the history of international monetary regimes and the institutional characteristics of foreign exchange markets, an overview of the development of conceptual and empirical models of exchange rate behavior, and perspectives on the key issues that policymakers confront in deciding whether, and how, to try to stabilize exchange rates. The treatment of most topics is reasonably compact, with extensive references to the literature for those desiring to pursue individual topics further. The level of exposition is relatively easy to comprehend; the historical and institutional material (part I) and the discussion of policy issues (part III) contain no equations or technical notation, while the chapters on models of exchange rate behavior (part II) are written at a level intelligible to first-year graduate students or advanced undergraduates. The book will enlighten both students and policymakers, and should also serve as a valuable reference for many research economists.
Author: Jacob A. Frenkel
Publisher: Routledge
ISBN: 113503947X
Category : Business & Economics
Languages : en
Pages : 222
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Book Description
The studies in this book deal with the determination of foreign exchange rates and the characteristics of the foreign exchange market. Analysis is made of flexible exchange rates through an approach developed by the authors, called the ‘asset-market approach’. Theory is combined with practical application in a clear concise way that will be understood by readers with a basic understanding of economics.
Author: Mr.Mark P. Taylor
Publisher: International Monetary Fund
ISBN: 1451964390
Category : Business & Economics
Languages : en
Pages : 61
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Book Description
We survey the literature on the two main views of exchange rate determination that have evolved since the early 1970s: the monetary approach to the exchange rate (in flex-price, sticky-price and real interest differential formulations) and the portfolio balance approach. We then go on to discuss the extant empirical evidence on these models and conclude by discussing how the future research strategy in the area of exchange rate determination is likely to develop. We also discuss the literature on foreign exchange market efficiency, on exchange rates and ‘news’ and on international parity conditions.
Author: Ralph Johann
Publisher: GRIN Verlag
ISBN: 3640159772
Category :
Languages : en
Pages : 30
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Book Description
Seminar paper from the year 2005 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,3, California State University, Fullerton, course: International Economics, 8 entries in the bibliography, language: English, abstract: This paper will discuss the general relationship between the two major currencies of the world: the US-Dollar and the Euro and the determinants for the exchange rate fluctuations since the introduction of the Euro as the common currency of Europe during the period between January 1999 and November 2005. Since the introduction of the Euro as the common currency of the European Monetary Union (EMU) in 1999 this relationship was first characterized by a sharp depreciation of the Euro followed by a three year lasting appreciation of the same that passed over in a slight depreciation again from the beginning of 2005 in the long run.1 This paper will first focus on the History of the international currency exchange system from the 19th century until the end of the Bretton Woods System in 1973 and on the history of the currency system in the European community. It will then discuss the general determinants of exchange rates in the short and long run. It will be pointed out that in the short run interest rate differentials and expectations of international portfolio investors matter and in the long run the economic fundamentals such as inflation rates and GDP growth rates of either economic region are the main factors for the behaviour of the exchange rate. In this context the theories of the Law of one price and the purchasing power parity are introduced. In the third part of the paper the exchange rate theories introduced in the previous part are applied to the -$ exchange rate in the time period between 1999 and 2005. Thus, the short term and long term factors are used to explain the relationship between the two currencies in this period. Finally, the last part serves as a conclusion.
Author: Jessica James
Publisher: John Wiley & Sons
ISBN: 1118445775
Category : Business & Economics
Languages : en
Pages : 856
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Book Description
Praise for Handbook of Exchange Rates “This book is remarkable. I expect it to become theanchor reference for people working in the foreign exchangefield.” —Richard K. Lyons, Dean and Professor of Finance,Haas School of Business, University of CaliforniaBerkeley “It is quite easily the most wide ranging treaty ofexpertise on the forex market I have ever come across. I will bekeeping a copy close to my fingertips.” —Jim O’Neill, Chairman, Goldman Sachs AssetManagement How should we evaluate the forecasting power of models? What areappropriate loss functions for major market participants? Is theexchange rate the only means of adjustment? Handbook of ExchangeRates answers these questions and many more, equipping readerswith the relevant concepts and policies for working intoday’s international economic climate. Featuring contributions written by leading specialists from theglobal financial arena, this handbook provides a collection oforiginal ideas on foreign exchange (FX) rates in four succinctsections: • Overview introduces the history of the FX marketand exchange rate regimes, discussing key instruments in thetrading environment as well as macro and micro approaches to FXdetermination. • Exchange Rate Models and Methods focuses onforecasting exchange rates, featuring methodological contributionson the statistical methods for evaluating forecast performance,parity relationships, fair value models, and flow–basedmodels. • FX Markets and Products outlines active currencymanagement, currency hedging, hedge accounting; high frequency andalgorithmic trading in FX; and FX strategy-based products. • FX Markets and Policy explores the currentpolicies in place in global markets and presents a framework foranalyzing financial crises. Throughout the book, topics are explored in-depth alongsidetheir founding principles. Each chapter uses real-world examplesfrom the financial industry and concludes with a summary thatoutlines key points and concepts. Handbook of Exchange Rates is an essential reference forfund managers and investors as well as practitioners andresearchers working in finance, banking, business, andeconometrics. The book also serves as a valuable supplement forcourses on economics, business, and international finance at theupper-undergraduate and graduate levels.
Author: W. Max Corden
Publisher: University of Chicago Press
ISBN: 0226115917
Category : Business & Economics
Languages : en
Pages : 335
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Book Description
This account of exchange rates in the international monetary system considers the issues in international macroeconomics. Using theoretical models of international economics it explains the effects of various policies and issues in macroeconomics.
Author: Laurence Krause
Publisher: Routledge
ISBN: 1000312895
Category : Political Science
Languages : en
Pages : 314
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Book Description
I began serious consideration of the issues and subject matter that comprise this book as a graduate student at the University of Massachusetts at Amherst. In need of a dissertation topic and vaguely curious about international monetary economics, I decided to sit in on Leonard Rapping's undergraduate course on international finance. Needless to say, I was soon hooked. Within several months I was teaching my own course on international money and beginning to write an outline of what would become my doctoral dissertation on foreign exchange speculation. Once completed the dissertation thesis became this basis for this book.
