Exchange rates and international finance:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Wokingham u.a.
Addison-Wesley
1994
|
| Ausgabe: | 2. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XIV, 455 S. graph. Darst. |
| ISBN: | 020162429X |
Internformat
MARC
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| 100 | 1 | |a Copeland, Laurence S. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Exchange rates and international finance |c Laurence S. Copeland |
| 250 | |a 2. ed. | ||
| 264 | 1 | |a Wokingham u.a. |b Addison-Wesley |c 1994 | |
| 300 | |a XIV, 455 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 650 | 4 | |a Finanzas internacionales | |
| 650 | 7 | |a Internationale financiën |2 gtt | |
| 650 | 7 | |a Wisselkoersen |2 gtt | |
| 650 | 4 | |a Foreign exchange rates | |
| 650 | 4 | |a International finance | |
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Datensatz im Suchindex
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| adam_text |
Contents
Preface to the second edition vi
Preface to the first edition vii
1 Introduction 1
1.1 What is an Exchange Rate? 4
1.2 The Market for Foreign Currency 12
1.3 The Balance of Payments 22
1.4 The DIY Model 30
1.5 Exchange Rates Since World War II: a Brief History 31
1.6 Overview of the Book 42
Summary 43
Reading Guide 44
Part I The International Setting 47
2 Prices in the Open Economy: Purchasing Power Parity 49
2.1 The Law of One Price in the Domestic Economy 50
2.2 The Law of One Price in the Open Economy 59
2.3 A Digression on Price Indices 66
2.4 Purchasing Power Parity 70
2.5 Purchasing Power Parity a Look at the Facts 76
2.6 Conclusions 81
Summary 82
Reading Guide 83
3 The Financial Markets in the Open Economy 85
3.1 Uncovered Interest Rate Parity 86
3.2 Covered Interest Rate Parity 96
3.3 Borrowing and Lending 100
3.4 Covered Interest Rate Parity the Facts 104
3.5 Efficient Markets a First Encounter 106
Summary 110
Reading Guide 110
4 Open Economy Macroeconomics 111
4.1 The IS LM Model of Aggregate Demand 112
4.2 Aggregate Supply 141
4.3 Conclusions 148
Summary 149
Reading Guide 151
Part II Exchange Rate Determination 153
5 Flexible Prices: The Monetary Model 155
5.1 The Simple Monetary Model of a Floating Exchange Rate 156
5.2 The Simple Monetary Model of a Fixed Exchange Rate 165
5.3 Interest Rates in the Monetary Model 177
5.4 The Monetary Model as an Explanation of the Facts 180
5.5 Conclusions 185
Summary 185
Reading Guide 186
6 Fixed Prices: The Mundell Fleming Model 187
6.1 The Setting 188
6.2 Equilibrium 193
6.3 Monetary Expansion with a Floating Exchange Rate 193
6.4 Fiscal Expansion with a Floating Exchange Rate 194
6.5 Monetary Expansion with a Fixed Exchange Rate 197
6.6 Fiscal Expansion with a Fixed Exchange Rate 199
6.7 The Monetary Model and the Mundell Fleming Model
Compared 200
6.8 Evidence 205
6.9 Conclusions 206
Summary 207
Reading Guide 207
7 Sticky Prices: The Dornbusch Model 209
7.1 Outline of the Model 210
7.2 Monetary Expansion 216
7.3 A Formal Explanation 221
7.4 Oil and the UK Economy 226
7.5 Empirical Tests: The Frankel Model 234
7.6 Conclusions 236
Summary 236
Reading Guide 237
8 Portfolio Balance and the Current Account 239
8.1 The Specification of Asset Markets 241
8.2 Short Run Equilibrium 245
8.3 The Long Run and Current Account Equilibrium 252
8.4 The Evidence on Portfolio Balance Models 255
8.5 Conclusions 260
Summary 261
Reading Guide 262
9 Currency Substitution 263
9.1 The Model 265
9.2 Evidence on Currency Substitution 274
9.3 Conclusions 275
Summary 276
Reading Guide 277
10 Optimum Currency Areas and Monetary Union 279
10.1 The Benefits of Monetary Union 284
10.2 The Costs of Monetary Union 291
10.3 Other Considerations 296
10.4 Conclusions 308
Summary 308
Reading Guide 310
Part III A World of Uncertainty 311
11 Market Efficiency and Rational Expectations 313
11.1 Mathematical Expected Value 315
11.2 Rational Expectations 318
11.3 Market Efficiency 323
11.4 Unbiasedness 325
11.5 The Random Walk Model 326
11.6 Testing for Efficiency: Some Basic Problems 329
11.7 Spot and Forward Rates: Background Facts 331
11.8 Results 333
11.9 Conclusions 337
Summary 338
Reading Guide 339
12 The'News'Model and Exchange Rate Volatility 341
12.1 The 'News' Model: a Simple Example 342
12.2 The Monetary Model Revisited 344
12.3 Testing the'News' 352
12.4 Results 357
xiv Contents
12.5 Volatility Tests, Bubbles and the Peso Problem 360
12.6 Conclusions 367
Summary 368
Reading Guide 369
13 The Risk Premium 371
13.1 Assumptions 372
13.2 A Simple Model of the Risk Premium: Mean Variance
Analysis 373
13.3 A General Model of the Risk Premium 378
13.4 The Evidence on the Risk Premium 385
13.5 Conclusions 386
Summary 387
Reading Guide 387
Appendix 388
14 A Certain Uncertainty: Non linearity, Cycles and Chaos 389
14.1 Deterministic versus Stochastic Models 390
14.2 A Simple Non linear Model 392
14.3 The Time Path of the Exchange Rate 394
14.4 Chaos 412
14.5 Evidence 418
14.6 Conclusions 424
Summary 426
Reading Guide 427
Part IV Conclusions 429
15 Conclusions 431
15.1 Summary of the Book 431
15.2 Where do we go from here? 433
Bibliography 437
Appendix: List of symbols 445
Index 447 |
| any_adam_object | 1 |
| author | Copeland, Laurence S. |
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| dewey-search | 332.4/56 20 332.4/56 |
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| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 2. ed. |
| format | Book |
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| isbn | 020162429X |
| language | English |
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| spelling | Copeland, Laurence S. Verfasser aut Exchange rates and international finance Laurence S. Copeland 2. ed. Wokingham u.a. Addison-Wesley 1994 XIV, 455 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Finanzas internacionales Internationale financiën gtt Wisselkoersen gtt Foreign exchange rates International finance Internationaler Kreditmarkt (DE-588)4120506-6 gnd rswk-swf Wechselkurs (DE-588)4064921-0 gnd rswk-swf Finanzierung (DE-588)4017182-6 gnd rswk-swf Internationale Finanzpolitik (DE-588)4162038-0 gnd rswk-swf Wechselkurs (DE-588)4064921-0 s Internationale Finanzpolitik (DE-588)4162038-0 s DE-188 Finanzierung (DE-588)4017182-6 s 1\p DE-604 Internationaler Kreditmarkt (DE-588)4120506-6 s 2\p DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006693504&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Copeland, Laurence S. Exchange rates and international finance Finanzas internacionales Internationale financiën gtt Wisselkoersen gtt Foreign exchange rates International finance Internationaler Kreditmarkt (DE-588)4120506-6 gnd Wechselkurs (DE-588)4064921-0 gnd Finanzierung (DE-588)4017182-6 gnd Internationale Finanzpolitik (DE-588)4162038-0 gnd |
| subject_GND | (DE-588)4120506-6 (DE-588)4064921-0 (DE-588)4017182-6 (DE-588)4162038-0 |
| title | Exchange rates and international finance |
| title_auth | Exchange rates and international finance |
| title_exact_search | Exchange rates and international finance |
| title_full | Exchange rates and international finance Laurence S. Copeland |
| title_fullStr | Exchange rates and international finance Laurence S. Copeland |
| title_full_unstemmed | Exchange rates and international finance Laurence S. Copeland |
| title_short | Exchange rates and international finance |
| title_sort | exchange rates and international finance |
| topic | Finanzas internacionales Internationale financiën gtt Wisselkoersen gtt Foreign exchange rates International finance Internationaler Kreditmarkt (DE-588)4120506-6 gnd Wechselkurs (DE-588)4064921-0 gnd Finanzierung (DE-588)4017182-6 gnd Internationale Finanzpolitik (DE-588)4162038-0 gnd |
| topic_facet | Finanzas internacionales Internationale financiën Wisselkoersen Foreign exchange rates International finance Internationaler Kreditmarkt Wechselkurs Finanzierung Internationale Finanzpolitik |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006693504&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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