The exchange rate environment:
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
London u.a.
Croom Helm
1986
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XIII, 294 S. |
| ISBN: | 0709917627 |
Internformat
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Datensatz im Suchindex
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| adam_text | IMAGE 1
THE
EXCHANGE RATE ENVIRONMENT
SIMON BROOKS, KEITH CUTHBERTSON AND DAVID G. MAYES
CROOM HELM
LONDON * SYDNEY * WOLFEBORO, NEW HAMPSHIRE
IMAGE 2
CONTENTS
LIST OF ABBREVIATIONS ABOUT THE AUTHORS FOREWORD
1. INTRODUCTION 1
THE STRUCTURE OF THE BOOK 1
WHY EXCHANGE MARKETS ARE INTRINSICALLY COMPLICATED 5 THE GENESIS OF
EXCHANGE RATE SYSTEMS 7
THE FIXED BUT ADJUSTABLE SYSTEM 9
EXCHANGE RATE POLICY UNDER FLOATING EXCHANGE RATES 10 CURRENCY FLOWS
ARISE FOR OTHER REASONS THAN THE FINANCING OF TRADE 11
IS THERE MORE TO EXCHANGE RATE THEORY THAN PPP? 13
PART 1: EXCHANGE RATE DETERMINATION: THEORY AND EVIDENCE IS
2. THE SPOT MARKET, THE FORWARD MARKET AND THE CAPITAL ACCOUNT 17
INTRODUCTION 17
DEFINITIONS AND NOTATION 19
FORWARD MARKETS 27
COVERED INTEREST ARBITRAGE AND THE DEMAND FOR SPOT CURRENCY 29
SPECULATIVE CAPITAL FLOWS IN THE SPOT MARKET 33
DIRECT INVESTMENT 35
SUMMARY AND CONCLUSIONS 36
3. THEORIES OF THE DETERMINATION OF THE FORWARD RATE AND SPOT CAPITAL
FLOWS 38
INTRODUCTION 38
THE MODERN THEORY OF THE FORWARD RATE 39
TESTING THE MODERN THEORY OF THE FORWARD EXCHANGE RATE 43 CAPITAL FLOWS
IN THE SPOT MARKET: EMPIRICAL TESTS 47 POLICY IMPLICATIONS 51
THE FORWARD MARKET, BANK ARBITRAGE AND TRANSACTIONS COSTS 54
SUMMARY AND CONCLUSIONS 57
V
IMAGE 3
VI CONTENTS
4. INTERNATIONAL MONETARY MODELS 59
CURRENT ACCOUNT MONETARY MODELS, CAM 60
CAPITAL ACCOUNT MONETARIST MODELS, KAM 69
5. ASSET MARKETS, THE EFFICIENT MARKETS HYPOTHESIS AND NEWS 83
INTRODUCTION 83
RATIONAL EXPECTATIONS HYPOTHESIS, REH 88
THE EFFICIENT MARKETS HYPOTHESIS: EMH 90
EXCHANGE RATES AND NEWS 104
SUMMARY AND CONCLUSIONS 114
PART 1: FURTHER READING 118
PART 2: ALTERNATIVE EXCHANGE RATE REGIMES 119
6. THE EVOLUTION OF THE EXCHANGE RATE SYSTEM SINCE THE SECOND WORLD WAR
125
THE BRETTON WOODS SYSTEM 125
GOLD AND GOLD STANDARDS 130
THE COLLAPSE OF THE BRETTON WOODS SYSTEM 133
THE CREATION OF THE SYSTEM OF FLOATING EXCHANGE RATES 135
7. THE EUROPEAN MONETARY SYSTEM 139
ANTECEDENTS 139
THE STRUCTURE OF THE EMS 141
EXPERIENCE OF THE EMS 146
OPTIMUM CURRENCY AREAS 148
8. OTHER EXCHANGE RATE REGIMES 150
THE UK INVESTMENT CURRENCY MARKET 155
BILATERAL ARRANGEMENTS 157
PART 2: FURTHER READING 159
PART 3: THE EXCHANGE RATE AND ECONOMIC POLICY 161
9. THE EXCHANGE RATE AND THE REAL ECONOMY 165
INTRODUCTION 165
EXCHANGE RATE POLICY UNDER FIXED EXCHANGE RATES 168 THE IMPLICATIONS OF
PRODUCING MORE THAT ONE GOOD 177 A SPECIAL MODEL: DEVALUATION IN THE
INCOME EXPENDITURE MODEL 190
IMAGE 4
CONTENTS VII
10. EXCHANGE RATE POLICY AND THE RATE OF INFLATION 19S IMPORTED
INFLATION 195
DOMESTICALLY GENERATED INFLATION 211
CONCLUSIONS 225
11. THE INTERACTIONS OF EXCHANGE RATE POLICY WITH OTHER POLICIES 226
EXCHANGE RATE POLICY AND FISCAL POLICY 226
EXCHANGE RATE POLICY AND MONETARY POLICY 233
* COMMERCIAL POLICY AND THE EXCHANGE RATE 235
12. THE IMPACT OF NATURAL RESOURCE DISCOVERY ON EXCHANGE RATES: THE CASE
OF NORTH SEA OIL 238 THE HISTORICAL BACKGROUND AND PROSPECTS FOR THE
FUTURE 238 THE STATIC EFFECTS OF OIL ON THE NON-OIL ECONOMY UNDER
FIXED EXCHANGE RATES 241
THE EFFECTS OF VARIATIONS IN THE EXCHANGE RATE 243
THE QUANTITATIVE IMPORTANCE OF OIL IN THE UK ECONOMY AND ITS ESTIMATED
EFFECT ON THE EXCHANGE RATE 245 CONCLUSION 248
PART 3: FURTHER READING 249 -
PART 4: FORECASTING 251
13. FORECASTING THE EXCHANGE RATE - A SCEPTICAL VIEW 253 ECONOMETRIC
EQUATIONS AND ECONOMETRIC MODELS 253 NON-ECONOMETRIC METHODS 276
HOW WELL DO PROFESSIONAL FORECASTERS FORECAST? 280 WHY IS THE EXCHANGE
RATE SO HARD TO FORECAST? 282
CONCLUSIONS
REFERENCES INDEX
285 290
|
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| id | DE-604.BV000528766 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T15:15:16Z |
| institution | BVB |
| isbn | 0709917627 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-000326124 |
| oclc_num | 13947788 |
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| physical | XIII, 294 S. |
| publishDate | 1986 |
| publishDateSearch | 1986 |
| publishDateSort | 1986 |
| publisher | Croom Helm |
| record_format | marc |
| spelling | Brooks, Simon Verfasser aut The exchange rate environment Simon Brooks, Keith Cuthbertson and David G. Mayes London u.a. Croom Helm 1986 XIII, 294 S. txt rdacontent n rdamedia nc rdacarrier Foreign exchange Devisenmarkt (DE-588)4139011-8 gnd rswk-swf Wechselkurs (DE-588)4064921-0 gnd rswk-swf Wechselkurs (DE-588)4064921-0 s DE-604 Devisenmarkt (DE-588)4139011-8 s Cuthbertson, Keith Verfasser aut Mayes, David G. 1946-2017 Verfasser (DE-588)128652136 aut HEBIS Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=000326124&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Brooks, Simon Cuthbertson, Keith Mayes, David G. 1946-2017 The exchange rate environment Foreign exchange Devisenmarkt (DE-588)4139011-8 gnd Wechselkurs (DE-588)4064921-0 gnd |
| subject_GND | (DE-588)4139011-8 (DE-588)4064921-0 |
| title | The exchange rate environment |
| title_auth | The exchange rate environment |
| title_exact_search | The exchange rate environment |
| title_full | The exchange rate environment Simon Brooks, Keith Cuthbertson and David G. Mayes |
| title_fullStr | The exchange rate environment Simon Brooks, Keith Cuthbertson and David G. Mayes |
| title_full_unstemmed | The exchange rate environment Simon Brooks, Keith Cuthbertson and David G. Mayes |
| title_short | The exchange rate environment |
| title_sort | the exchange rate environment |
| topic | Foreign exchange Devisenmarkt (DE-588)4139011-8 gnd Wechselkurs (DE-588)4064921-0 gnd |
| topic_facet | Foreign exchange Devisenmarkt Wechselkurs |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=000326124&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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