Exchange rates and international finance:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Harlow
Pearson Education
2000
|
| Ausgabe: | 3. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XVIII, 493 S. graph. Darst. |
| ISBN: | 0201398508 |
Internformat
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Datensatz im Suchindex
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| adam_text | Titel: Exchange rates and international finance
Autor: Copeland, Laurence S
Jahr: 2000
Preface to the first edition xiii
Preface to the second edition xvi
Preface to the third edition xvii
Publishers acknowledgements xviii
1 Introduction 1
Introduction 1
1.1 What is an exchange rate? 3
1.2 The market for foreign currency 12
1.3 The balance of payments 21
1.4 The DIY model 28
1.5 Exchange rates since World War II: a brief history 29
1.6 Overview of the book 40
Summary 41
Reading Guide 42
Part I THE INTERNATIONAL SETTING 45
2 Prices in the open economy: purchasing power parity 47
Introduction 47
2.1 The law of one price in the domestic economy 48
2.2 The law of one price in the open economy 57
2.3 A digression on price indices 63
2.4 Purchasing power parity 66
2.5 Purchasing power parity - a look at the facts 72
2.6 Conclusions 77
Summary 79
Reading Guide 80
3 The financial markets in the open economy 81
Introduction 81
3.1 Uncovered interest rate parity 82
3.2 Covered interest rate parity 91
3.3 Borrowing and lending 94
3.4 Covered interest rate parity - the facts 99
3.5 Efficient markets - a first encounter 101
Summary 104
Reading Guide 104
4 Open economy macroeconomics 105
Introduction 105
4.1 The IS-LM model of aggregate demand 106
4.2 Aggregate supply 133
4.3 Conclusions 139
Summary 140
Reading Guide 141
Part II EXCHANGE RATE DETERMINATION 143
5 Flexible prices: the monetary model 145
Introduction 145
5.1 The simple monetary model of a floating exchange rate 146
5.2 The simple monetary model of a fixed exchange rate 155
5.3 Interest rates in the monetary model 165
5.4 The monetary model as an explanation of the facts 168
5.5 Conclusions 173
Summary 173
Reading Guide 174
6 Fixed prices: the Mundell-Fleming model 175
Introduction 175
6.1 The setting 176
6.2 Equilibrium 180
6.3 Monetary expansion with a floating exchange rate 180
6.4 Fiscal expansion with a floating exchange rate 182
6.5 Monetary expansion with a fixed exchange rate 184
6.6 Fiscal expansion with a fixed exchange rate 186
6.7 The monetary model and the Mundell-Fleming model compared 187
6.8 Evidence 192
6.9 Conclusions 193
Summary 193
Reading Guide 194
7 Sticky prices: the Dornbusch model 195
Introduction 195
7.1 Outline of the model 196
7.2 Monetary expansion 202
7.3 A formal explanation 206
7.4 Oil and the UK economy 211
7.5 Empirical tests: the Frankel model 218
7.6 Conclusions 219
Summary 220
Reading Guide 221
8 Portfolio balance and the current account 222
Introduction 222
8.1 The specification of asset markets 223
8.2 Short-run equilibrium 228
8.3 The long-run and current account equilibrium 234
8.4 The evidence on portfolio balance models 236
8.5 Conclusions 242
Summary 242
Reading Guide 243
9 Currency substitution 244
Introduction 244
9.1 The model 246
9.2 Evidence on currency substitution 254
9.3 Conclusions 255
Summary 256
Reading Guide 257
10 Optimum currency areas and monetary union 258
Introduction 258
10.1 The benefits of monetary union 262
10.2 The costs of monetary union 269
10.3 Other considerations 273
10.4 Currency boards 285
10.5 Conclusions 288
Summary 289
Reading Guide 290
Part III A WORLD OF UNCERTAINTY 291
11 Market efficiency and rational expectations 293
Introduction 293
11.1 Mathematical expected value 295
11.2 Rational expectations 298
11.3 Market efficiency 302
11.4 Unbiasedness 305
11.5 The random walk model 306
11.6 Testing for efficiency: some basic problems 309
11.7 Spot and forward rates: background facts 310
11.8 Results 313
11.9 Conclusions 317
Summary 318
Reading Guide 319
12 The news model and exchange rate volatility 320
Introduction 320
12.1 The news model: a simple example 321
12.2 The monetary model revisited 323
12.3 Testing the news 330
12.4 Results 335
12.5 Volatility tests, bubbles and the peso problem 337
12.6 Conclusions 344
Summary 345
Reading Guide 346
13 The risk premium 347
Introduction 347
13.1 Assumptions 348
13.2 A simple model of the risk premium: mean-variance analysis 349
13.3 A general model of the risk premium 353
13.4 The evidence on the risk premium 360
13.5 Conclusions 361
Summary 362
Reading Guide 363
Appendix 363
14 A certain uncertainty: non-linearity, cycles and chaos 364
Introduction 364
14.1 Deterministic versus stochastic models 365
14.2 A simple non-linear model 367
14.3 The time path of the exchange rate 368
14.4 Chaos 383
14.5 Evidence 390
14.6 Conclusions 396
Summary 397
Reading Guide 398
Part IV FIXED EXCHANGE RATES 399
15 Target zones 401
Introduction 401
15.1 What is a target zone? 403
15.2 The effect of target zones 405
15.3 Smooth pasting 409
15.4 An option interpretation 411
15.5 A honeymoon for policymakers? 421
15.6 Beauty and the beast: the target zone model meets the facts 424
15.7 Intramarginai interventions: leaning against the wind 425
15.8 Credibility and realignment prospects 429
15.9 Conclusions 431
Summary 432
Reading Guide 433
Appendix 433
16 Crises and credibility 435
Introduction 435
16.1 The first generation model 436
16.2 Second generation crisis models 445
16.3 Third generation models 456
16.4 Conclusions 464
Summary 465
Reading Guide 466
Part V CONCLUSIONS 467
17 Conclusions 469
17.1 Summary of the book 469
17.2 Where do we go from here? 471
Bibliography 476
Appendix: list of symbols 483
Index 485
|
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| spelling | Copeland, Laurence S. Verfasser aut Exchange rates and international finance Laurence S. Copeland 3. ed. Harlow Pearson Education 2000 XVIII, 493 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Foreign exchange rates International finance Finanzierung (DE-588)4017182-6 gnd rswk-swf Internationale Finanzpolitik (DE-588)4162038-0 gnd rswk-swf Internationaler Kreditmarkt (DE-588)4120506-6 gnd rswk-swf Wechselkurs (DE-588)4064921-0 gnd rswk-swf Wechselkurs (DE-588)4064921-0 s Finanzierung (DE-588)4017182-6 s DE-604 Internationaler Kreditmarkt (DE-588)4120506-6 s 1\p DE-604 Internationale Finanzpolitik (DE-588)4162038-0 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=009005791&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 Foreign exchange rates International finance Finanzierung (DE-588)4017182-6 gnd Internationale Finanzpolitik (DE-588)4162038-0 gnd Internationaler Kreditmarkt (DE-588)4120506-6 gnd Wechselkurs (DE-588)4064921-0 gnd |
| subject_GND | (DE-588)4017182-6 (DE-588)4162038-0 (DE-588)4120506-6 (DE-588)4064921-0 |
| 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 | Foreign exchange rates International finance Finanzierung (DE-588)4017182-6 gnd Internationale Finanzpolitik (DE-588)4162038-0 gnd Internationaler Kreditmarkt (DE-588)4120506-6 gnd Wechselkurs (DE-588)4064921-0 gnd |
| topic_facet | Foreign exchange rates International finance Finanzierung Internationale Finanzpolitik Internationaler Kreditmarkt Wechselkurs |
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