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| Author | : Edwin L.-C. Lai |
| Publisher | : Cambridge University Press |
| Total Pages | : 347 |
| Release | : 2021-07-08 |
| Genre | : Business & Economics |
| ISBN | : 1108491685 |
Economic analysis of the future of the international monetary system and the USD, and the rising importance of the RMB.
| Author | : Eswar Prasad |
| Publisher | : Oxford University Press |
| Total Pages | : 345 |
| Release | : 2017 |
| Genre | : Business & Economics |
| ISBN | : 0190631058 |
China's currency, the renminbi, has taken the world by storm. This book documents the renminbi's impressive rise to global prominence in a short period but also shows how much further it has to go before becoming a major international currency. The hype about its inevitable ascendance to global dominance is overblown.
| Author | : Barry Eichengreen |
| Publisher | : Brookings Institution Press |
| Total Pages | : 401 |
| Release | : 2015-02-11 |
| Genre | : Political Science |
| ISBN | : 0815726120 |
A Brookings Institution Press and Asian Development Bank Institute publication Meet the next global currency: the Chinese renminbi, or the "redback." Following the global financial crisis of 2008, China's major monetary policy objective is the internationalization of the renminbi, that is, to create an inter-national role for its currency akin to the international role currently played by the U.S. dollar. Renminbi internationalization is a hot topic, for good reason. It is, essentially, a window onto the Chinese government's aspirations and the larger process of economic and financial transformation. Making the renminbi a global currency requires rebalancing the Chinese economy, developing the country's financial markets and opening them to the rest of the world, and moving to a more flexible exchange rate. In other words, the internationalization of the renminbi is a monetary and financial issue with much broader supra-monetary and financial implications. This book offers a new perspective on the larger issues of economic, financial, and institutional change in what will eventually be the world's largest economy.
| Author | : Brian Twomey |
| Publisher | : John Wiley & Sons |
| Total Pages | : 336 |
| Release | : 2011-10-04 |
| Genre | : Business & Economics |
| ISBN | : 1118149351 |
A complete resource to trading today's currency market Currency movements are impacted by a variety of factors, including interest rates, trade balances, inflation levels, monetary and fiscal policies, and the political climate. Traders use both fundamental data and a variety of technical tools to trade within this market. Inside the Currency Market describes both the underlying dynamics that drive this market and the strategies that can help you capture consistent profits in it. Page by page, this reliable guide skillfully discusses the structure of the market, its roles in the global economy, the forces that drive currency values, trading strategies, and tactics. It also offers a detailed understanding of how global financial flows, derivatives, and other markets such as oil and gold impact currencies. Along the way, author and professor Brian Twomey provides information on gathering and analyzing global financial data so that traders can gain a "big-picture" perspective when attempting to identify trades. Explains virtually every element of the market and can function as a desk reference that puts everyday events into context for traders Fundamentally driven trades based on interest rate differentials and trade imbalances are discussed, as well as technical trades involving chart patterns, trends, and trading ranges Each chapter contains questions and answers to help readers master the material The currency market continues to generate interest and attract new retail traders due to the many opportunities available within it. This book will show you how to successfully operate within this arena by making the most informed trading decisions possible.
| Author | : Camila Casas |
| Publisher | : International Monetary Fund |
| Total Pages | : 62 |
| Release | : 2017-11-22 |
| Genre | : Business & Economics |
| ISBN | : 1484330609 |
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.
| Author | : Edwin L.-C. Lai |
| Publisher | : |
| Total Pages | : |
| Release | : 2021 |
| Genre | : Capital market |
| ISBN | : 9781108740586 |
"The Chinese government is trying to internationalize the RMB. But what are the real reasons for doing it? Will it succeed? What are the factors working in its favor? What are the impediments? What are the implications for the rest of the world? In this book, I explain how the problem with the international monetary system since the demise of the Bretton Woods system and the recent global financial crisis prompted China to seek independence from the dollar standard. One way is to make the RMB a widely accepted currency internationally. China, however, is in an awkward position. On the one hand, it is the second largest economy and the largest trading nation in the world, and it would likely become the largest economy before long. This works in favor of the internationalization of the RMB. On the other hand, China is still an emerging economy, meaning that its financial and legal institutions are still immature compared with the more advanced system in the West. Yet, China does not want to fully integrate its financial system with the West any time soon. As currency internationalization requires the currency to be largely convertible in the capital account, this factor works against the internationalization of the RMB. Thus, China tries to internationalize its currency in its own unique way, i.e. by adopting the "one currency, two markets" approach, which entails establishing a global offshore RMB market"--
| Author | : Mr.Sonali Das |
| Publisher | : International Monetary Fund |
| Total Pages | : 31 |
| Release | : 2019-03-07 |
| Genre | : Business & Economics |
| ISBN | : 1498302025 |
China’s exchange rate regime has undergone gradual reform since the move away from a fixed exchange rate in 2005. The renminbi has become more flexible over time but is still carefully managed, and depth and liquidity in the onshore FX market is relatively low compared to other countries with de jure floating currencies. Allowing a greater role for market forces within the existing regime, and greater two-way flexibility of the exchange rate, are important steps to build on the progress already made. This should be complemented by further steps to develop the FX market, improve FX risk management, and modernize the monetary policy framework.
| Author | : William Stanley Jevons |
| Publisher | : |
| Total Pages | : 380 |
| Release | : 1877 |
| Genre | : Exchange |
| ISBN | : |
| Author | : Benjamin J. Cohen |
| Publisher | : Princeton University Press |
| Total Pages | : 302 |
| Release | : 2018-04-24 |
| Genre | : Business & Economics |
| ISBN | : 0691181063 |
Why the dollar will remain the world's most powerful currency Monetary rivalry is a fact of life in the world economy. Intense competition between international currencies like the US dollar, Europe's euro, and the Chinese yuan is profoundly political, going to the heart of the global balance of power. But what exactly is the relationship between currency and power, and what does it portend for the geopolitical standing of the United States, Europe, and China? Popular opinion holds that the days of the dollar, long the world’s dominant currency, are numbered. By contrast, Currency Power argues that the current monetary rivalry still greatly favors America’s greenback. Benjamin Cohen shows why neither the euro nor the yuan will supplant the dollar at the top of the global currency hierarchy. Cohen presents an innovative analysis of currency power and emphasizes the importance of separating out the various roles that international money might have. After systematically exploring the links between currency internationalization and state power, Cohen turns to the state of play among today’s top currencies. The greenback, he contends, is the "indispensable currency"—the one that the world can’t do without. Only the dollar is backed by all the economic and political resources that make a currency powerful. Meanwhile, the euro is severely handicapped by structural defects in the design of its governance mechanisms, and the yuan suffers from various practical limitations in both finance and politics. Contrary to today’s growing opinion, Currency Power demonstrates that the dollar will continue to be the leading global currency for some time to come.
| Author | : Brent Donnelly |
| Publisher | : John Wiley & Sons |
| Total Pages | : 420 |
| Release | : 2019-06-12 |
| Genre | : Business & Economics |
| ISBN | : 1119583551 |
Now you can master the art of foreign exchange trading While most currency trading and foreign exchange books focus on international finance theory or simplistic chart-based strategies, The Art of Currency Trading is a comprehensive guide that will teach you how to profitably trade currencies in the real world. Author Brent Donnelly has been a successful interbank FX trader for more than 20 years and in this book, he shares the specific strategies and tactics he has used to profit in the forex marketplace. The book helps investors understand and master foreign exchange trading in order to achieve sustainable long-term financial success. The book builds in intensity and depth one topic at a time, starting with the basics and moving on to intermediate then advanced setups and strategies. Whether you are new to currency trading or have years of experience, The Art of Currency Trading provides the information you need to learn to trade like an expert. This much-needed guide provides: an insider’s view of what drives currency price movements; a clear explanation of how to combine macro fundamentals, technical analysis, behavioral finance and diligent risk management to trade successfully; specific techniques and setups you can use to make money trading foreign exchange; and steps you can take to better understand yourself and improve your trading psychology and discipline. Written for currency traders of all skill levels, international stock and bond investors, corporate treasurers, commodity traders, and asset managers, The Art of Currency Trading offers a comprehensive guide to foreign exchange trading written by a noted expert in the field.
