Economics of the international financial system:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New Delhi [u.a.]
Routledge
2014
|
| Ausgabe: | 1. publ. |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XX, 260 S. graph. Darst. |
| ISBN: | 9780415660235 |
Internformat
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Datensatz im Suchindex
| _version_ | 1804152000836796416 |
|---|---|
| adam_text | Titel: Economics of the international financial system
Autor: Nandi, Sukumar
Jahr: 2014
Contents
List of Tables xiii
List of Figures and Exhibits xv
List of Abbreviations xvii
Preface xix
Acknowledgements xxi
1. Introduction: The International Monetary System 1
2. Money in Economics of the Open Economy 6
2.1 Introduction: What is Money? 6
2.2 David Hume and the Quantity Theory of Money 8
2.3 Purchasing Power Parity Theory 11
2.4 The Monetarist Arithmetic 13
2.5 Balance of Payments Adjustment 14
2.6 The Absorption Model of the Balance of Trade 15
2.7 The Monetary Approach 16
2.8 Classical and Keynesian Models: A Comparison 17
2.9 Money in New Open Economy Models 18
2.10 Extension of OB-RO Model 19
2.11 The Steady State Again 20
2.12 Uncertainity and Stochastic Nature 20
2.13 Equilibrium Exchange Rate and Pass-through 21
2.14 More on Micro Structure of Exchange Rate 22
2.15 Stabilization Programme in Crisis Economies: Monetarist Approach and
Polak Model 23
2.16 G-3 Exchange Rate Volatility 25
3. Money Growth, Inflation and Seigniorage 28
3.1 Introduction 28
3.2 Measurement of Seigniorage 31
3.3 Broader Definition of Seigniorage 31
3.4 Seigniorage and Exchange Rate 33
3.5 Dynamic Effects 33
3.6 Cost of Seigniorage 34
3.7 Conclusion 35
4. Multinational Corporations and Emerging Economies 37
4.1 Greenfield Investment and Merger and Acquisition: A Comparison 39
4.2 Technology Issue 40
4.3 Indian Case 41
vi i i *¦ Contents
4.4 Market Structure and Competition 42
4.5 Sequential Market Entry: A Case Study of Sony Corporation in the
United States 43
5. International Financial System: A Historical Evolution
5.1 The Gold Standard 45
5.2 The Demise of Classical Gold Standard 46
5.3 The Bretton Woods International Monetary System 47
5.4 Multilateral Payments Mechanism 49
5.5 Resources of IMF 49
5.6 The Structure of Organization 50
5.7 Historical Stages of the Bretton Woods Agreement: 1946-60 50
5.8 The Period 1960-67 51
5.9 The Liquidity Problem 52
5.10 Special Drawing Rights (SDR) 53
5.11 Market Price of Gold and Confidence Issues 54
5.12 Demonetization of Gold 55
5.13 Gresham s Law at International Level 55
5.14 Decline of the System 56
5.15 Post-Bretton Woods Era: Managed Floating Exchange Rate 57
5.16 The Second Amendment of IMF Article 57
5.17 Appreciation of USD 58
5.18 The Plaza Accord 58
5.19 International Capital Flows 59
5.20 The Financial Architecture 59
5.21 Exchange Rate Arrangements 60
5.22 The Tobin Tax Proposal on Capital Movement 61
5.23 The G-7 Study of World Monetary Reform 62
5.24 Stronger Financial Regulation 62
5.25 Strong Macroeconomic Policy 63
5.26 Crisis Prevention and Crisis Management 63
5.27 Formation of a New Group: G-20 64
5.28 New Initiative of IMF and the Poor 64
5.29 The New International Financial Architecture 64
5.30 A New International Economic Order 65
5.31 European Union and Euro 66
5.32 European Union as Optimum Currency Area 67
5.33 Euro and a Historical Introspection 68
6. Recent Changes in the International Financial Structure 72
6.1 Introduction 72
6.2 The Role of International Monetary Fund 73
6.3 Creation of New Arrangement to Borrow 74
Contents «- ix
6.4 Special Drawing Rights (SDR) Allocation 74
6.5 Role of the USD 77
6.6 Global Macroeconomic Imbalances 79
6.7 Financial Markets in Emerging Economies 80
6.8 Conclusion 80
7. National Government and Sovereign Currency 82
7.1 Introduction 82
7.2 The Gold Standard Implications 84
7.3 Competing Currencies: Competition among Governments 85
7.4 Some Barriers to International Competition in Money 86
7.5 A Market Approach to Currency Provision 87
7.6 Indian Rupee in a Controlled Regime: An Empirical Approach in Historical
Perspective 87
7.7 The Arrangement of Currencies - New Method of Reserve Bank of India 88
7.8 Indian Rupee in Historical Perspective 88
7.9 Emergence of Dual Rates 90
7.10 International Transactions 90
7.11 Price Level and Exchange Rate in India 91
7.12 Real Exchange Rate 93
7.13 Exact Exchange Rate 93
7.14 Exchange Rate of Indian Rupee and Current Account 96
7.15 Empirical Estimation 97
7.16 Black-Market Premium and Price Ratio 98
7.17 Currency Basket and Indian Rupee: The SDR Approach 98
7.18 Choice between a Peg and a Currency Basket 99
7.19 The System of Currency Basket 99
7.20 Official and Black Market Exchange Rate of Rupee: A Time Series
Study 101
7.21 Black Market Exchange Rate of Indian Rupee: An Empirical Exercise 102
7.22 Relative Price Movement and Black Market Exchange Rate 103
8. International Banking System and Global Money Flows 104
8.1 Introduction 104
8.2 Role of Banks: Intermediation and Interest-Rate Expectations 105
8.3 International Banking Operations 105
8.4 Determinants of International Banking Activity 106
8.5 Offshore Banking and Tax-Haven Centres 107
8.6 Why Offshore Finance Centre a Preferred Destination 108
8.7 Panama: An Offshore Centre 109
8.8 The Isle of Man: Offshore Financial Centre 109
8.9 The Fixed Coefficient Model of the Banking System 110
8.10 The Eurodollar System 111
x * Contents
8.11 Capital Inflows and Financial Opening 112
8.12 Asian and Latin American Experiences of 1990s 112
8.13 Dollarization 113
8.14 Currency Board and Dollarization: A Comparison 115
8.15 Dollarization and Function of Money 116
8.16 Dollar Deposits in Foreign Banks 116
8.17 Seigniorage and Dollarization: Multiple Equilibrium Points 116
8.18 Cost of Complete Dollarization 118
8.19 Dollarization in Latin America 119
8.20 Corruption and Open Economy Implications: The Developing Country
Perspective 119
8.21 International Gold Market Connections 121
9. Exchange Rate and Foreign Exchange Market 130
9.1 The Players 130
9.2 Trading Location 132
9.3 Favorite Currencies 133
9.4 Quotations in Foreign Exchange Transactions 134
9.5 Direct and Indirect Quote 134
9.6 Direction in the Market 134
9.7 Inter-Banking 135
9.8 Foreign Exchange Account 135
9.9 Reimbursement Claim Solution (RCS) 135
9.10 Export and Import Transactions 136
9.11 Marshall-Lerner Conditions 137
9.12 TheJ-Curve 138
9.13 Contractionary Devaluation 139
9.14 Forward Speculation 139
9.15 Market Efficiency 140
9.16 Hedging and Interest Arbitrage 140
9.17 Covered Interest Parity and Forward Premium 140
9.18 Measuring Capital Mobility 142
9.19 The Real Exchange Rate 143
9.20 Monetary and Fiscal Policy in Open Economies 144
9.21 Mundell-Fleming Model of Fixed Exchange Rates 145
10. Modern Theory of Exchange Rate Determination and International Parity
Relationship 149
10.1 Introduction 149
10.2 Determination of Exchange Rate 150
10.3 Gold Standard: A Brief History 150
10.4 Models of Exchange Rate Determination 152
10.5 PPP and Real Interest Parity 154
Contents • xi
10.6 Monetary Approach to Exchange Rate 154
10.7 Overshooting Exchange Rate 155
10.8 Dornbusch Model of Flexible Exchange Rates 156
10.9 The Portfolio-Balance Approach 158
10.10 News and Volatility in the Exchange Rate 159
10.11 The Foreign Exchange Market 161
10.12 Currency Substitution and Exchange Rate 161
10.13 Disequilibrium Models 162
10.14 Exchange Rate Systems and Policy 163
10.15 Rigidly Fixed Exchange Rate 163
10.16 Currency Boards 164
10.17 Currency Union 164
10.18 Pegged Exchange Rate 164
10.19 Managed Exchange Rates 165
10.20 Freely Floating Exchange Rate 166
10.21 Multiple Exchange Rates 166
10.22 The Relative Merits of Different Exchange Rate Regimes 166
11. International Transmission of Interest Rates and Monetary Independence 169
11.1 Introduction 169
11.2 Exchange Rate 170
11.3 Financial Integration and Capital Mobility 171
11.4 The Policy Trilemma 172
11.5 USD as International Currency 172
12. Capital Mobility, Currency Crisis and Problems of Contagion 176
12.1 Introduction 176
12.2 The Crisis 176
12.3 Currency Crisis 177
12.4 First-Generation Models 177
12.5 Second-Generation Models 178
12.6 Third-Generation Models 178
12.7 Contagion: The Definition 179
12.8 Washington Consensus 180
12.9 Evolution of Washington Consensus 181
12.10 Globalization 182
13. Foreign Direct Investment in India and Emerging Economies 185
13.1 Introduction 185
13.2 Objective 186
13.3 Approach towards FDI in India 187
13.4 Role of Infrastructure 187
13.5 Hypothesis of the Study as Pursued in this Chapter 188
13.6 Data and Methodology 188
xii * Contents
13.7 FDI: A Model in the Making 188
13.8 Empirical Exercise 189
13.9 Technology Transfer, Capital Formation and International Trade 191
13.10 Inter-Industry Variation in FDI 192
13.11 Indian Economy and Foreign Capital 192
13.12 Foreign Direct Investment and Emerging Economy Perspective 193
13.13 Technology : Policy and Reality 193
13.14 FDI: A Segmented Analysis 193
13.15 Sector-Wise Inflow 194
13.16 Nature of FDI Inflow 194
13.17 Infrastructure and FDI Inflow 197
13.18 A Quantitative Exercise to Ascertain the Role of Infrastructure 200
13.19 Conclusion 202
14. International Reserve and Liquidity 215
14.1 Introduction 215
14.2 Review of Literature 217
14.3 Adequacy of and Demand for Reserve 219
14.4 Reasons for Holding Reserve 221
14.5 Monetarist Controversies and Reserve: A Macro World View 222
14.6 Theory, Model and Estimation 223
14.7 Conclusion 230
15. Optimum Currency Area, European Union and the Euro 232
15.1 Introduction 232
15.2 The British Problem 233
15.3 Maastricht Treaty, 1992 233
15.4 The European Union 235
15.5 Euro as the Single Currency of the European Union 236
15.6 Euro vis-à-vis USD 238
15.7 Conclusion 239
Select Bibliography 241
About the Author 257
Index 259
|
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| title | Economics of the international financial system |
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| title_fullStr | Economics of the international financial system Sukumar Nandi |
| title_full_unstemmed | Economics of the international financial system Sukumar Nandi |
| title_short | Economics of the international financial system |
| title_sort | economics of the international financial system |
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