International money and finance - Makin, Anthony J. (Routledge, 2016)
International Money and Finance- Front Cover; International Money and Finance; Title Page; Copyright Page; Contents; List of figures; List of tables; Preface; Acknowledgements; Chapter 1: The world economy; Globalisation; Measuring openness; Data, theory and policy; What lies ahead; Key points; Chapter 2: International monetary measures; The national accounts; National expenditure and national income; The price level and inflation; The exchange rate and competitiveness; The balance of payments accounts; The national capital account; Key points; Chapter 3: The exchange rate and competitiveness
Exchange rate systemsBasic exchange rate models; Purchasing power parity; Key points; Chapter 4: Consumption, saving and investment; Theories of private consumption and saving; Determinants of investment; Measurement issues; Key points; Chapter 5: Saving, investment and capital flows; International capital flows and the interest rate; Interest risk premium; The current account, capital flows and the exchange rate; Are external deficits a concern?; Key points; Chapter 6: Interest parity; Uncovered interest parity; Real interest parity; The current account, expectations and the exchange rate
Key pointsChapter 7: The government budget and fiscal policy; The government budget and the fiscal stance; Financing budget deficits; The twin deficits hypothesis; Stabilising public debt; Key points; Appendix A: Inflation-adjusted budget and current account imbalances; Appendix B: Deriving the debt stabilisation formula; Chapter 8: The central bank and monetary policy; The central bank and the monetary system; Inflation targeting; Short-term versus long-term interest rates; Foreign exchange market intervention; The short-run monetary transmission mechanism
Money, inflation and the exchange rate in the long runKey points; Chapter 9: Macroeconomic policy in the short run; A framework for analysing macroeconomic policy; Fixed versus floating exchange rates again; Policy rules versus discretion; Key points; Appendix: Deriving the AA-MM framework; Chapter 10: Foreign exchange market intervention; Monetary policy, interest rates and the exchange rate; Reserve currencies; Key points; Chapter 11: Tradables and nontradables; Tradables, nontradables and an alternative real exchange rate; The dependent economy model; The J curve
The international transmission of inflationKey points; Chapter 12: Commodity prices and the terms of trade; World commodity prices and the terms of trade; Exportables, importables and the terms of trade; The terms of trade, output and net exports; Commodity currencies; Key points; Chapter 13: Financial crises and foreign investment; The nature of financial crises; Modelling the macroeconomic impact of financial crises; Foreign direct investment; National balance sheet analysis; Key points; Chapter 14: Economic growth; Economic growth and living standards; The macroeconomic production function