Money in international exchange: the convertible currency system
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
New York [u.a.]
Oxford Univ. Pr.
1980
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| Edition: | 3. print. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XII, 294 S. graph. Darst. |
| ISBN: | 0195024095 0195024087 |
Staff View
MARC
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Record in the Search Index
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| adam_text | Titel: Money in international exchange
Autor: McKinnon, Ronald I
Jahr: 1980
Contents
1 In Search of International Money:
The Convertible Currency System 3
Convertibility and Commercial Trading:
Official Restraints on Asset Choice 4
The Interbank Market for Convertible Currencies 9
The Monetary Conditions for Long-Run Exchange Stability 13
Technical Note: Foreign Exchange Quotations 21
2 Intervention by Central Banks
In A World of N Currencies 27
N Currencies and N - 1 Exchange Rates 28
Official Parities and Triangulär Arbitrage 30
The Choice of the Nth Currency 34
The United States Dollar as a Vehicle Currency
for Commercial Banks 38
Inconvertibility, Less Developed Countries,
and Pegged Exchange Rates 39
Fixed versus Floating Exchange Rates 43
3 Currency Inconvertibility and the Foreign Trade
of Centrally Planned Economies 47
Central Planning and Commodity Inconvertibility 48
Multilateral Exchange with the West 50
Bilateralism within the Council for Mutual Economic
Assistance (CMEA) 52
The Determination of Foreign Trade Prices in the CMEA 55
Barter, Command Planning, and Economic Sovereignty 60
A Gold Ruble? 62
Füll Liberalization and the Monetary Conditions
for Exchange-Rate Stability 64
Hedging by Exporters and Importers 68
The Currency of Invoice: Tradables I and II 72
Currency Risk and the Structure of Trade Credit 78
Inventory Valuation Adjustment versus Forward Covering 80
Financial Predominance, Tradables II, and the Optimum
Double Hedge 83
Technical Note: Optimum Forward Cover 89
Forward Covering and Interest Arbitrage
in Imperfect Capital Markets 94
The Trader s Liquidity and Spot versus Forward Covering 95
The Empirical Magnitude of Forward Transacting 98
Hedging Pressure and Bias in the Forward Exchange Rate 101
The Importance of Covered Interest Arbitrage 104
Forward Market Equilibrium and Interest-Rate Parity 108
Imperfections in the Supply of Arbitrage Funds 110
Short-Term Capital Flows and the Public Interest 112
Technical Note: Covered Interest Arbitrage 114
Purchasing Power Parity 117
The Law of One Price and the Absolute Version of Purchasing
Power Parity 118
Relative Purchasing Power Parity and the Real Exchange Rate 121
Some Bilateral Statistical Comparisons 123
Multilateral Comparisons of Effective Exchange Rates
and Prices 128
Deviations from the Law of One Price under Fluctuating
Exchange Rates 133
Implications for Trader Hedging 136
Per Capita Income Comparisons and Exchange-Rate
Conversions 137
Speculation 142
Part I: Floating Exchange Rates among Convertible Currencies 144
On Aggregating Open Positions over All Maturities 145
The Demand for Stabilizing Speculation and the ] Curve 148
The Supply of Stabilizing Speculation 155
Banking Risk versus Currency Risk 156
Multinational Corporations and Other Nonspeculators 159
Speculating without International Money 160
Part II: Pegged Exchange Rates and Speculation against
Central Banks 163
Leads and Lags 166
Changing the Currency of Invoice 169
Official Speculation and Exchange Controls 170
Fluctuating Exchange Rates, 1973-1978:
A Qualified Monetary Interpretation 176
Keynesian Liquidity Preference and the Rate of Interest in
an Open Economy 177
Foreign Exchange Dealers and the Domestic Money Market 181
The Interest Elasticity of the Liquidity-Preference Function 184
Exchange-Rate Fluetuations under Füll Information 187
Uncertain Expectations 192
Optimum Currency Areas 192
Intervention by Central Banks: A Concluding Note 195
The Eurocurrency Market 197
Regulatory Asymmetry: A Potted History 200
The Mechanics of Transacting and the Scope of the Market 207
Problems of Statistical Measurement:
Some Conceptual Difficulties 210
The Foreign Exchange Aspect: Covering and Interest Arbitrage 213
Liquidity Creation and Domestic Financial Intermediation 218
International Capital Transfers 222
A Concluding Note on Regulation 230
10 Monetary Unions and Fixed Exchange Rates 231
Secular Growth in the Money Supply and the Prices of
Tradable Goods 233
Official Intervention and Nonsterilization 238
The Symmetry Rule and the Aggregate Monetary Base 240
On Flexing the System: Discounting and Short-Term
Capital Flows 241
Concluding Note 247
11 America s Role in Stabilizing the World s Monetary
System 248
The Marshall Plan and the Remonetization of Western European Trade
(1948-1959) 250
Realization of the Bretton Woods Agreement and the Dollar-Gold
Exchange Standard (1959-1968) 254
Uncertainly Pegged Exchange Rates and the International Transmission
of Inflation (1968-1973) 261
Freely Floating Exchange Rates (1973-Present) 267
Appendix
Proposais for International Monetary Reform 270
On Extending Currency Convertibility to Less Developed and
Cenrrally Planned Economies 271
A Commodity-Reserve Currency? 272
Artificial Currency Units and Special Drawing Rights 279
The Seigniorage Problem and the Link to
Less Developed Countries 283
Name Index 293
|
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| building | Verbundindex |
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| id | DE-604.BV013539711 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:47:37Z |
| institution | BVB |
| isbn | 0195024095 0195024087 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-009244142 |
| oclc_num | 256558143 |
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| owner | DE-20 |
| owner_facet | DE-20 |
| physical | XII, 294 S. graph. Darst. |
| publishDate | 1980 |
| publishDateSearch | 1980 |
| publishDateSort | 1980 |
| publisher | Oxford Univ. Pr. |
| record_format | marc |
| spelling | McKinnon, Ronald I. 1935-2014 Verfasser (DE-588)124007562 aut Money in international exchange the convertible currency system Ronald I. McKinnon 3. print. New York [u.a.] Oxford Univ. Pr. 1980 XII, 294 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Wechselkurs (DE-588)4064921-0 gnd rswk-swf Internationales Währungssystem (DE-588)4072901-1 gnd rswk-swf Internationales Währungssystem (DE-588)4072901-1 s Wechselkurs (DE-588)4064921-0 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009244142&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | McKinnon, Ronald I. 1935-2014 Money in international exchange the convertible currency system Wechselkurs (DE-588)4064921-0 gnd Internationales Währungssystem (DE-588)4072901-1 gnd |
| subject_GND | (DE-588)4064921-0 (DE-588)4072901-1 |
| title | Money in international exchange the convertible currency system |
| title_auth | Money in international exchange the convertible currency system |
| title_exact_search | Money in international exchange the convertible currency system |
| title_full | Money in international exchange the convertible currency system Ronald I. McKinnon |
| title_fullStr | Money in international exchange the convertible currency system Ronald I. McKinnon |
| title_full_unstemmed | Money in international exchange the convertible currency system Ronald I. McKinnon |
| title_short | Money in international exchange |
| title_sort | money in international exchange the convertible currency system |
| title_sub | the convertible currency system |
| topic | Wechselkurs (DE-588)4064921-0 gnd Internationales Währungssystem (DE-588)4072901-1 gnd |
| topic_facet | Wechselkurs Internationales Währungssystem |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009244142&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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