Currencies, Crises, Fiscal Policy, and Coordination

Currencies, Crises, Fiscal Policy, and Coordination
Author: Paul R. Masson
Publisher: World Scientific
Total Pages: 355
Release: 2011
Genre: Business & Economics
ISBN: 981435015X

This volume provides an integrated compilation of selected major articles published by the author in several fields of international finance. These include contributions to the understanding of currency crises and financial contagion, the evolution of exchange rate regimes, the interaction between national fiscal policies and regional monetary unions, and the effect of uncertainty on the gains from international economic policy coordination. The author spent most of his career doing research at established institutions (the Bank of Canada, OECD, and IMF), and these articles emerged from the need to understand the major economic policy issues of the day. In the book's introduction, the author discusses the motivation for these contributions and the unifying themes that emerged, while a concluding chapter provides his personal reflections and suggestions about promising avenues for further research.

Exchange Rate Regimes in the Modern Era

Exchange Rate Regimes in the Modern Era
Author: Michael W. Klein
Publisher: MIT Press
Total Pages: 267
Release: 2012-08-24
Genre: Business & Economics
ISBN: 0262258331

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.

China’s Evolving Exchange Rate Regime

China’s Evolving Exchange Rate Regime
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.

Handbook of Exchange Rates

Handbook of Exchange Rates
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.

Evolution of Exchange Rate Regimes

Evolution of Exchange Rate Regimes
Author: International Monetary Fund
Publisher: International Monetary Fund
Total Pages: 38
Release: 1988-12-09
Genre: Business & Economics
ISBN: 1451946945

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.

Understanding Interdependence

Understanding Interdependence
Author: Peter B. Kenen
Publisher: Princeton University Press
Total Pages: 566
Release: 2021-06-08
Genre: Business & Economics
ISBN: 0691231133

Drawing together new papers by some of today's leading figures in international economics and finance, Understanding Interdependence surveys the current state of knowledge on the international monetary system and, by implication, defines the research horizon for the future. Covering topics including the behavior of exchange rates, the choice of exchange-rate regime, current-account adjustment in classical and Keynesian models, the extent and effects of capital mobility, international debt, the stabilization and reform of the formerly planned economies, European monetary union, and international policy coordination, the book underscores the importance of these subjects and identifies lessons for policymakers. The contributors to the volume are Michael Bruno, Ralph C. Bryant, Richard N. Cooper, Michael P. Dooley, Barry Eichengreen, Stanley Fischer, Charles A. E. Goodhart, Peter Hooper, Peter B. Kenen, Paul R. Krugman, Henri Lorie, Jaime Marquez, Ronald I. McKinnon, Michael Mussa, Maurice Obstfeld, John Odling-Smee, Assaf Razin, Dani Rodrik, Mark P. Taylor, and John Williamson.

Flexible Exchange Rates for a Stable World Economy

Flexible Exchange Rates for a Stable World Economy
Author: Joseph E. Gagnon
Publisher: Peterson Institute
Total Pages: 301
Release: 2011
Genre: Business & Economics
ISBN: 0881326356

Volatile exchange rates and how to manage them are a contentious topic whenever economic policymakers gather in international meetings. This book examines the broad parameters of exchange rate policy in light of both high-powered theory and real-world experience. What are the costs and benefits of flexible versus fixed exchange rates? How much of a role should the exchange rate play in monetary policy? Why don't volatile exchange rates destabilize inflation and output? The principal finding of this book is that using monetary policy to fight exchange rate volatility, including through the adoption of a fixed exchange rate regime, leads to greater volatility of employment, output, and inflation. In other words, the "cure" for exchange rate volatility is worse than the disease. This finding is demonstrated in economic models, in historical case studies, and in statistical analysis of the data. The book devotes considerable attention to understanding the reasons why volatile exchange rates do not destabilize inflation and output. The book concludes that many countries would benefit from allowing greater flexibility of their exchange rates in order to target monetary policy at stabilization of their domestic economies. Few, if any, countries would benefit from a move in the opposite direction.

International Handbook of Development Economics

International Handbook of Development Economics
Author: Amitava Krishna Dutt
Publisher: Edward Elgar Publishing
Total Pages: 1179
Release: 2008-01-01
Genre: Business & Economics
ISBN: 1848442815

The essays are concise, yet comprehensive, and each essay contains a substantial set of references, which an interested researcher or student could follow up. . . In addition to representing multidisciplinary interactions, this collection encompasses several different perspectives within development economics, so the reader can learn, for example, both about neoclassical approaches and dependency theories in the same volume. This makes the collection unique and all the more valuable. . . This is a very good reference collection, as the individual essays are informative and provide a good overall perspective on the topic that they set out to address. The extensive bibliography at the end of each essay adds further value to this collection. Ashwini Deshpande, Economic and Political Weekly These new volumes impress along two dimensions. First, they highlight important connections between economic development and variables such as culture, warfare, and ethnicity, which are sometimes ignored by mainstream economists. Second, they analyze the economic development experience of different regions such as Africa, Latin America, and East Asia. . . a valuable reference for scholars and practitioners in the field. Highly recommended. H.A. Faruq, Choice This two-volume original reference work provides a comprehensive overview of development economics and comprises contributions by some of the leading scholars working in the field. Authors are drawn from around the world and write on a wide range of topics. After providing an introduction to the subject (by examining issues like the meaning and measurement of development, historical and interdisciplinary approaches, empirical regularities and data problems), the contributors provide a wealth of perspectives on, and analyses of, development economics. They discuss alternative approaches to development, the macroeconomics of growth, factors and sources of economic development (such as capital, labor, entrepreneurship, resources and technology), major sectors of concern (such as agriculture, industry, services and the informal sector) and international issues (such as trade, capital and labor flows and technology transfers). Income distribution and poverty, the state and other institutions, and actual development experiences are explored. The contributors provide analytical contributions, as well as the relation between these contributions and real world and policy issues from a variety of alternative perspectives. Scholars, students, policymakers and other development practitioners will all find this comprehensive reference invaluable.

Exchange Rate Economics

Exchange Rate Economics
Author: Ronald MacDonald
Publisher: Routledge
Total Pages: 334
Release: 2005
Genre: Foreign exchange
ISBN: 1134838220

''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""

Swiss Monetary History since the Early 19th Century

Swiss Monetary History since the Early 19th Century
Author: Ernst Baltensperger
Publisher: Cambridge University Press
Total Pages: 267
Release: 2017-08-03
Genre: Business & Economics
ISBN: 1108191444

This book describes the remarkable path which led to the Swiss Franc becoming the strong international currency that it is today. Ernst Baltensperger and Peter Kugler use Swiss monetary history to provide valuable insights into a number of issues concerning the organization and development of monetary institutions and currency that shaped the structure of financial markets and affected the economic course of a country in important ways. They investigate a number of topics, including the functioning of a world without a central bank, the role of competition and monopoly in money and banking, the functioning of monetary unions, monetary policy of small open economies under fixed and flexible exchange rates, the stability of money demand and supply under different monetary regimes, and the monetary and macroeconomic effects of Swiss Banking and Finance. Swiss Monetary History since the Early 19th Century illustrates the value of monetary history for understanding financial markets and macroeconomics today.