Black Markets For Foreign Exchange Real Exchange Rates And Inflation
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Author | : Brian Pinto |
Publisher | : World Bank Publications |
Total Pages | : 37 |
Release | : 1988 |
Genre | : Black market |
ISBN | : |
Inflation could rise permanently and substantially as a result of unifying official and black market exchange rates, even if real government spending remains constant.
Author | : Jessica James |
Publisher | : John Wiley & Sons |
Total Pages | : 674 |
Release | : 2012-05-29 |
Genre | : Business & Economics |
ISBN | : 1118445775 |
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.
Author | : Ms.Linda S. Goldberg |
Publisher | : International Monetary Fund |
Total Pages | : 44 |
Release | : 1993-02-01 |
Genre | : Business & Economics |
ISBN | : 1451924798 |
In 1992 Russia unified the multiple exchange rates that had applied to international transactions. This paper describes the multiple exchange rate system that existed in Russia prior to mid-1992 and undertakes a theoretical exploration of the effects of the exchange rate unification that took place in July 1992. The model developed here allows for leakages between official and black markets and permits flexibility of the exchange rates in both official and parallel currency markets. Within this multiple exchange rate system with black market leakages, we trace the dynamic effects on official and parallel foreign exchange markets of changes in the types of policy instruments associated with Russia’s exchange rate regime reform. These instruments include adjustments of pegged interbank market exchange rates, rates of foreign exchange surrender taxation, and rates of taxation of capital account transactions.
Author | : Steven Kamin |
Publisher | : |
Total Pages | : 54 |
Release | : 1988 |
Genre | : Black market |
ISBN | : |
Author | : Emil Maria Claassen |
Publisher | : |
Total Pages | : 476 |
Release | : 1991 |
Genre | : Economic stabilization |
ISBN | : |
Author | : |
Publisher | : World Bank Publications |
Total Pages | : 94 |
Release | : |
Genre | : |
ISBN | : |
Author | : Mr.Simon T Gray |
Publisher | : International Monetary Fund |
Total Pages | : 45 |
Release | : 2021-02-05 |
Genre | : Business & Economics |
ISBN | : 1513568639 |
Some central banks have maintained overvalued official exchange rates, while unable to ensure that supply of foreign exchange meets legitimate demand for current account transactions at that price. A parallel exchange rate market develops, in such circumstances; and when the spread between the official and parallel rates is both substantial and sustained, price levels in the economy typically reflect the parallel market exchange rate. “Recognizing reality” by allowing economic agents to use a market clearing rate benefits economic activity without necessarily leading to more inflation. But a unified, market-clearing exchange rate will not stabilize without a supportive fiscal and monetary context. A number of country case studies are included; my thanks to Jie Ren for pulling together all the data for the country case studies, and the production of the charts.
Author | : Howard J. Shatz |
Publisher | : World Bank Publications |
Total Pages | : 36 |
Release | : 2000 |
Genre | : Black market in foreign exchange |
ISBN | : |
"Lessons from world experience about the consequences of exchange rate overvaluation (the frequent cause of trade crises), the consequences of trying to defend an overvalued exchange rate, and the most appropriate policies for resolving an overvaluation"--Cover.
Author | : Ibrahim Elbadawi |
Publisher | : |
Total Pages | : 64 |
Release | : 1989 |
Genre | : Black market in foreign exchange |
ISBN | : |
Author | : Sebastian Edwards |
Publisher | : Johns Hopkins University Press |
Total Pages | : 110 |
Release | : 1988 |
Genre | : Business & Economics |
ISBN | : |
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.