International finance: theory & policy
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| Sprache: | English |
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Harlow, England
Pearson
[2023]
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| Ausgabe: | Twelfth edition, global edition |
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| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | 478 Seiten Illustrationen, Diagramme, Karten Breite 203mm, Höhe 254mm |
| ISBN: | 9781292417004 1292417005 |
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| 245 | 1 | 0 | |a International finance |b theory & policy |c Paul R. Krugman (Graduate Center of the City University of New York), Maurice Obstfeld (University of California, Berkeley), Marc J. Melitz (Harvard University) |
| 250 | |a Twelfth edition, global edition | ||
| 264 | 1 | |a Harlow, England |b Pearson |c [2023] | |
| 264 | 4 | |c © 2023 | |
| 300 | |a 478 Seiten |b Illustrationen, Diagramme, Karten |c Breite 203mm, Höhe 254mm | ||
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| 700 | 1 | |a Melitz, Marc J. |e Verfasser |0 (DE-588)129335398 |4 aut | |
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Datensatz im Suchindex
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| adam_text | ։ / Contents 1 Preface................................................................................................... 13 Introduction 21 What Is International Economics About?........................................................ 23 The Gains from Trade...................................................... 24 The Pattern of Trade............................................................... 25 How Much Trade?.......................... 25 Balance of Payments.............................. 26 Exchange Rate Determination.............................. 27 International Policy Coordination....... .................................................................................... 27 The International Capital Market............................................................... 28 International Economics: Trade and Money.................................................... PART 1 2 29 Exchange Rates and Open-Economy Macroeconomics__________ ____________30 National Income Accounting and the Balance of Payments 30 The National Income Accounts....... ................................................................................................ 32 National Product and National Income........................ 33 Capital Depreciation and International Transfers.................................................................... 34 Gross Domestic Product.......................................................................................................... 35 National Income Accounting for an Open Economy.......................................... 35
Consumption............................................................................................................................ 35 Investment................................................................................................ 35 Government Purchases............................................................................................................. 36 The National Income Identity for an Open Economy.............................................................. 36 An Imaginary Open Economy.................................................................................................. 37 The Current Account and Foreign Indebtedness..................................................................... 37 Saving and the Current Account.............................................................................................. 40 Private and Government Saving............................................................................................... 41 box: The Mystery of the Missing Deficit............................. 41 The Balance of Payments Accounts..................... 43 Examples of Paired Transactions...... ...................................................................................... 44 The Fundamental Balance of Payments Identity..................................................................... 45 The Current Account, Once Again............................................................... 46 The Capital Account.............. .................................................................................................
47 The Financial Account..................................................... 48 Statistical Discrepancy....................................... 48 box: Multinationals’ Profit Shifting and Ireland’s Volatile GDP.............................................. 49 Official Reserve Transactions................................................................................................... 51 case study: The Assets and Liabilities of the World’s Biggest Debtor........................................ 52 3 Summary....................................................................................................... 57 Exchange Rates and the Foreign Exchange Market: An Asset Approach 61 Exchange Rates and International Transactions........................................................................... 62 Domestic and Foreign Prices............................................................................ Exchange Rates and Relative Prices........................................... The Foreign Exchange Market.................... 62 64 65 The Actors................................................................................................................................ 65
б Contents Characteristics of the Market........................................................................... Spot Rates and Forward Rates......................................................................... Foreign Exchange Swaps................................................................................... Futures and Options......................................................................................... The Demand for Foreign Currency Assets.............................................................. ....70 Assets and Asset Returns.................................................................................. Risk and Liquidity............................................................................................. Interest Rates..................................................................................................... Exchange Rates and Asset Returns................................................................. A Simple Rule................................................................................................... Return, Risk, and Liquidity in the Foreign Exchange Market..................... .... 71 .... 72 .... 73 .... 73 .....75 .... 76 Equilibrium in the Foreign Exchange Market....................................................... .... 77 Interest Parity: The Basic Equilibrium Condition........................................ How Changes in the Current Exchange Rate Affect Expected Returns..... The Equilibrium Exchange Rate..................................................................... Interest Rates,
Expectations, and Equilibrium............................................... The Effect of Changing Interest Rates on the Current Exchange Rate...... The Effect of Changing Expectations on the Current Exchange Rate........ .....77 .... 78 .... 81 .... 82 .... 83 .... 84 What Explains the Carry Trade?................................................... .... 85 .....88 ..... 91 case study: Forward Exchange Rates and Covered Interest Parity.......... ........................... Summary............................................................................................... ......................... 4 .... 67 .... 68 .... 70 .... 70 Money, Interest Rates, and Exchange Rates 97 Money Defined: A Brief Review............................................................................... ..98 Money as a Medium of Exchange.................................................................. Money as a Unit of Account............................................................................ Money as a Store of Value............ .................................................................. What Is Money?................................................................................................ How the Money Supply Is Determined.......................................................... ..98 ..98 ..99 ..99 ..99 The Demand for Money by Individuals................................................................... 100 Expected Return................................................................................................
Risk.................................................................................................................... Liquidity............................................................................................................ 100 101 101 Aggregate Money Demand........................................................................................ . The Equilibrium Interest Rate: The Interaction of Money Supply and Demand................................................................ ............................................ 101 ... 103 Equilibrium in the Money Market................................................................. Interest Rates and the Money Supply............................................................. Output and the Interest Rate........................................................................... .... 104 ....105 ....106 The Money Supply and the Exchange Rate in the Short Run.......................... Linking Money, the Interest Rate, and the Exchange Rate.......................... U.S. Money Supply and the Dollar/Euro Exchange Rate............................ Europe’s Money Supply and the Dollar/Euro Exchange Rate..................... Money, the Price Level, and the Exchange Rate in the Long Run.................. Money and Money Prices................................................................................ The Long-Run Effects of Money Supply Changes....................................... Empirical Evidence on Money Supplies and Price Levels............................ Money and the Exchange Rate in the Long
Run.......................................... Inflation and Exchange Rate Dynamics..................... ............... Short-Run Price Rigidity versus Long-Run Price Flexibility...................... box: Money Supply Growth and Hyperinflation in Zimbabwe..................... Permanent Money Supply Changes and the Exchange Rate.................. ........ Exchange Rate Overshooting................................... case study: Inflation Targeting and Exchange Rate in Emerging Countries Summary................................................................ ... 107 .... 107 ....110 ....ПО ...113 ....из ....114 ....115 ....116 .... 117 ....117 ...119 .... 122 ....123 ...125 .... 128
Contents 5 Price Levels and the Exchange Rate in the Long Run 7 132 The Law of One Price..................................................................................................................... 133 Purchasing Power Parity................................................................................................. 134 The Relationship between PPP and the Law of One Price..................................................... 134 Absolute PPP and Relative PPP.......................................................... 135 A Long-Run Exchange Rate Model Based on PPP..................................................................... 136 The Fundamental Equation of the Monetary Approach....................................................... 136 Ongoing Inflation, Interest Parity, and PPP........................................................................... 138 The Fisher Effect......................................................... 139 Empirical Evidence on PPP and the Law of One Price.............................................................. 142 Explaining the Problems with PPP................................................................................................ 144 Trade Barriers and Nontradables........................................................................................... 144 Departures from Free Competition........................................................................................ 145 Differences in Consumption Patterns and Price Level Measurement..................................... 146 box: Measuring And
Comparing Countries’ Wealth Worldwide: The International Comparison Program (ICP)................................................................................................ 146 PPP in the Short Run and in the Long Run............................................................................ 149 case study: Why Price Levels Are Lower in Poorer Countries.................................................. 150 Beyond Purchasing Power Parity: A General Model of Long-Run Exchange Rates.............. 152 The Real Exchange Rate.......................................................................................................... 152 Demand, Supply, and the Long-Run Real Exchange Rate.................................................... 154 box: Sticky Prices and the Law of One Price: Evidence from Scandinavian Duty-Free Shops..................................................................................................................................155 Nominal and Real Exchange Rates in Long-Run Equilibrium........................................... 157 International Interest Rate Differences and the Real Exchange Rate....................................... 160 Real Interest Parity................................................ 161 Summary............................................................................................................................................ 162 Appendix to chapter 5: The Fisher Effect, the Interest Rate, and the Exchange Rate under the Flexible-Price Monetary Approach........................................................ 167 6
Output and the Exchange Rate in the Short Run 170 Determinants of Aggregate Demand in an Open Economy............................... 171 Determinants of Consumption Demand...............................................................................171 Determinants of the Current Account.................................................................................. 172 How Real Exchange Rate Changes Affect the Current Account............................................ 173 How Disposable Income Changes Affect the Current Account............................................. 174 The Equation of Aggregate Demand.............................................................................................174 The Real Exchange Rate and Aggregate Demand.............................. Real Income and Aggregate Demand..................... 174 175 How Output Is Determined in the Short Run............................................................................... 176 Output Market Equilibrium in the Short Run: The DD Schedule............................................. 177 Output, the Exchange Rate, and Output Market Equilibrium............................................... 177 Deriving the DD Schedule....................................................................................................... 178 Factors That Shift the DD Schedule....................................................................................... 179 Asset Market Equilibrium in the Short Run: The AA Schedule................................................. 182 Output, the Exchange Rate, and
Asset Market Equilibrium.................................................. 182 Deriving the AA Schedule....................................................................................................... 184 Factors That Shift the AA Schedule....................................................................................... 184 Short-Run Equilibrium for an Open Economy: Putting the DD and AA Schedules Together.............................................................................................................. 185 Temporary Changes in Monetary and Fiscal Policy.................................................................. 187
8 Contents ....... 188 Monetary Policy................................................................................................................... .......188 Fiscal Policy......................................................................................................................... Policies to Maintain Full Employment.............................................................................. .......189 Inflation Bias and Other Problems of Policy Formulation..................................................... ...... 191 Permanent Shifts in Monetary and Fiscal Policy..................................................................... ...... 192 A Permanent Increase in the Money Supply...................................................................... .......192 Adjustment to a Permanent Increase in the Money Supply............................................. .......193 A Permanent Fiscal Expansion.......................................................................................... .......195 Macroeconomic Policies and the Current Account................................................................... ...... 196 Gradual Trade Flow Adjustment and Current Account Dynamics....................................... ...... 198 The J-Curve.......................................................................................................................... Exchange Rate Pass-Through and Inflation...................................................................... Global Value Chains and Exchange Rate Effects on Export and Import Prices............
The Current Account, Wealth, and Exchange Rate Dynamics....................................... box: Understanding Pass-Through to Import and Export Prices....................................... .......198 .......199 .......200 .......202 ...... 202 The Liquidity Trap............................................................................................................................ .......204 case study: How Big Is the Government Spending Multiplier?............................................ ...... 207 Summary............................................. ......... ......... ·.............................. ........................................... ...... 209 Appendix 1 το chapter 6: Intertemporal Trade and Consumption Demand................... ...... 213 to chapter 6: The Marshall-Lerner Condition and Empirical Estimates of Trade Elasticities............................................................................................................ 215 Appendix 3 to chapter 6: The IS-LM Model and the DD-AA Model........................... 218 Fixed Exchange Rates and Foreign Exchange Intervention 223 Appendix 2 7 Why Study Fixed Exchange Rates?............................................................................................. Central Bank Intervention and the Money Supply.................................................................... ....224 ....225 The Central Bank Balance Sheet and the Money Supply................................................. Foreign Exchange Intervention and the Money Supply...................................................
Sterilization.......................................................................................................................... The Balance of Payments and the Money Supply........................... ................................. .... 225 .... 227 .... 228 .... 228 How the Central Bank Fixes the Exchange Rate...................................................................... ....229 Foreign Exchange Market Equilibrium under a Fixed Exchange Rate.......................... Money Market Equilibrium under a Fixed Exchange Rate............................................. A Diagrammatic Analysis.................................................................................................... .... 230 .... 230 .... 231 Stabilization Policies with a Fixed Exchange Rate.................................................................. ....232 Monetary Policy.................................................................................................................. Fiscal Policy......................................................................................................................... Changes in the Exchange Rate........................................................................................... Adjustment to Fiscal Policy and Exchange Rate Changes............................................... .... 233 .... 234 .... 235 .... 236 Balance of Payments Crises and Capital Flight................ ...................................................... Managed Floating and Sterilized Intervention...................................... ...........
....................... ....237 ....240 Perfect Asset Substitutability and the Ineffectiveness of Sterilized Intervention........... .... 240 Can Markets Attack a Strong Currency? The Case of Switzerland, 2011-2015 ....241 Foreign Exchange Market Equilibrium under Imperfect Asset Substitutability...................... 244 The Effects of Sterilized Intervention with Imperfect Asset Substitutability...........................245 Evidence on the Effects of Sterilized Intervention...................................................................... 246 case study: Reserve Currencies in the World Monetary System........................................................................... 247 The Mechanics of a Reserve Currency Standard...................................................................... 248 The Asymmetric Position of the Reserve Center..................................................................... 248 The Gold Standard........................................................................................................................ The Mechanics of a Gold Standard................................................................. . . “ 249 Symmetric Monetary Adjustment under a Gold Standard............................... Lľ.ľ ..............250 Benefits and Drawbacks of the Gold Standard..................................................... 250
Contents 9 The Bimetallic Standard.............................................................................................................. 251 The Gold Exchange Standard.....................................................................................................252 case study: The Demandfor International Reserves..................................................................... 252 Summary............................................................................................................................................ 256 Appendix 1 to chapter 7: Equilibrium in the Foreign Exchange Market with Imperfect Asset Substitutability 261 Demand........................................................................................................................................ 261 Supply............................................................................................................................................ 262 Equilibrium................................................................................................................................... 262 Appendix 2 to chapter Appendix 3 TO chapter 7: The Timing of Balance of Payments Crises................................ 264 7: The Monetary Approach to the Balance of Payments................. 267 RART^^InternationaLMacroeconomici Polio 8 International Monetary Systems: A Historical Overview 269 Macroeconomic Policy Goals in an Open Economy.................................................................... 270 Internal Balance: Full Employment and Price Level
Stability.................................................. 271 External Balance: The Optimal Level of the Current Account................................................ 272 box: Can a Country Borrow Forever? The Case of New Zealand.............................................. 274 Classifying Monetary Systems: The Open-Economy Monetary Trilemma............................. 278 International Macroeconomic Policy under the Gold Standard, 1870-1914............................ 279 Origins of the Gold Standard..................................................................................................... 280 External Balance under the Gold Standard................................................ 280 The Price-Specie-Flow Mechanism............................................................................................ 280 The Gold Standard “Rules of the Game”: Myth and Reality.................................................. 281 Internal Balance under the Gold Standard................................................................................ 282 case study: The Political Economy of Exchange Rate Regimes: Conflict over America’s Monetary Standard during the 1890s................................................................283 The Interwar Years, 1918-1939......................................................................................................284 The Fleeting Return to Gold.......................................................................................................285 International Economic
Disintegration..................................................................................... 285 case study: The International Gold Standard and the Great Depression................................... 286 The Bretton Woods System and the International Monetary Fund........................................... 287 Goals and Structure of the IMF................................................................................................. 288 Convertibility and the Expansion of Private Financial Flows................................................. 289 Speculative Capital Flows and Crises........................................................................................ 290 Analyzing Policy Options for Reaching Internal and External Balance................................... 291 Maintaining Internal Balance......................................................................................................292 Maintaining External Balance.................................................................................................... 293 Expenditure-Changing and Expenditure-Switching Policies.................................................... 293 The External Balance Problem of the United States under Bretton Woods............................. 295 case study: The End of Bretton Woods, Worldwide Inflation, and the Transition to Floating Rates....... ................................................................................................................ 2% The Mechanics of Imported
Inflation....................................................................................... 297 Assessment.................................................................................................................................... 299 The Case for Floating Exchange Rates......................................................................................... 299 Monetary Policy Autonomy......................................................... 299 Symmetry...................................................................................................................................... ^01 Exchange Rates as Automatic Stabilizers.................................................................................. 301 Exchange Rates and External Balance....................................................................................... 303 case study: The First Years of Floating Rates, 1973-1990..........................................................303
10 Contents Macroeconomic Interdependence under a Floating Rate.............................................................. Transformation and Crisis in the World Economy................................................... The Thorny Problem of Currency Manipulation............................................................... case study: The Dangers of Deflation............................................................................................ case study: box: What Has Been Learned Since . ........................................................................................................ Monetary Policy Autonomy....................................................................................................... Symmetry.................................................................................................................................... The Exchange Rate as an Automatic Stabilizer........................................................................ External Balance......................................................................................................................... The Problem of Policy Coordination................................... ·.................................................... Are Fixed Exchange Rates Even an Option for Most Countries?................................................ Summary................................................................................................................................................ Appendix to chapter 8: International Policy Coordination
Failures...................................... 9 Financial Globalization: Opportunity and Crisis 333 The International Capital Market and the Gains from Trade....................................................... 334 Three Types of Gain from Trade................................................................................................ 334 Risk Aversion.............................................................................................................................. 336 Portfolio Diversification as a Motive for International Asset Trade........................................336 The Menu of International Assets: Debt versus Equity............................................................ 337 International Banking and the International Capital Market.......................................................338 The Structure of the International Capital Market.................................................................... 338 Offshore Banking and Offshore Currency Trading.................................................................... 339 The Shadow Banking System...................................................................................................... 341 Banking and Financial Fragility......................................................................................................... 341 The Problem of Bank Failure...................................................................................................... 341 Government Safeguards against Financial Instability...............................................................
344 Moral Hazard and the Problem of “Too Big to Fail”............................................................... 347 box: Does the IMF Create Moral Hazard?.................................................................................. 347 The Challenge of Regulating International Banking...................................................................... 349 The Financial Trilemma.............................................................................................................. 349 International Regulatory Cooperation through 2007................................................................ 351 case study: The Global Financial Crisis of2007-2009................................................................ 352 box: Foreign Exchange Instability and Central Bank Swap Lines............................................. 355 International Regulatory Initiatives after the Global Financial Crisis......................................357 Metrics for International Capital Market Performance................................................................ 359 The Extent of International Portfolio Equity Diversification...................................................360 The Extent of Intertemporal Trade............................................................................................ 360 The Efficiency of International Asset-Price Arbitrage...............................................................362 The Efficiency of the Foreign Exchange Market....................................................................... Յ6Յ
Summary....................................................................................................................................... 10 Optimum Currency Areas and the Euro 372 How the European Single Currency Evolved..................................................................................... What Has Driven European Monetary Cooperation?............................................... 374 Brexit.............................................................................. 375 The European Monetary System, 1979-1998................................................... 37g German Monetary Dominance and the Credibility Theory of the EMS................................ 379 Market Integration Initiatives........................................................... ............................... European Economic and Monetary Union...................................... 3g լ box: The Euro and Economic Policy in the Euro Zone..................................... LÏ. .Ï.. .......................... 382 The Maastricht Convergence Criteria and the Stability and Growth Pact............................... 383 The European Central Bank and the Eurosystem...................................... ^՜Հ..................... The Revised Exchange Rate Mechanism............................. .
Contents 11 The Theory of Optimum Currency Areas......................................................................................... 385 Economic Integration and the Benefits of a Fixed Exchange Rate Area: The GG Schedule.............................................................................................................. 385 Economic Integration and the Costs of a Fixed Exchange Rate Area: The LL Schedule............................................................................................................... 387 The Decision to Join a Currency Area: Putting the GG and LL Schedules Together............................................................................................................................. 389 What Is an Optimum Currency Area?....................................................................................... 391 Other Important Considerations................................................................................................ 391 case study: Is Europe an Optimum Currency Area?..................................................................... 393 The Euro Crisis and the Future of EMU............................................................................................. 396 Origins of the Crisis..................................................................................................................... 396 Self-Fulfilling Government Default and the “Doom Loop”.................................................... 402 A Broader Crisis and Policy
Responses..................................................................................... 403 ECB Outright Monetary Transactions...................................................................................... 405 Response to the COVID-19 Pandemic....................................................................................... 405 The Future of EMU.....................................................................................................................406 Summary..................... 11 Developing Countries: Growth, Crisis, and Reform 407 412 Income, Wealth, and Growth in the World Economy....................................................................... 413 The Gap between Rich and Poor................................................................................................ 413 Has the World Income Gap Narrowed Over Time?.................................................................. 414 The Importance of Developing Countries for Global Growth................................................. 416 Structural Features of Developing Countries.................................................................................... 417 box: The Commodity Super Cycle................................................................................................. 419 Developing-Country Borrowing and Debt..................... 422 The Economics of Financial Inflows to Developing Countries............................................... 423 The Problem of
Default............................................................................................................. 424 Alternative Forms of Financial Inflow..................................................................................... 426 The Problem of “Original Sin”................................................................................................... 427 The Debt Crisis of the 1980s...................................................................................................... 429 Reforms, Capital Inflows, and the Return of Crisis.................................................................. 430 East Asia: Success and Crisis................................................................................................................ 434 The East Asian Economic Miracle.............................................................................................434 box: Why Have Developing Countries Accumulated High Levels of International Reserves?................................................................................................................................. 435 Asian Weaknesses........................................................................... box: What Did East Asia Do Right?............................................................................................. 438 The Asian Financial Crisis..........................................................................................................438 Lessons of Developing-Country
Crises............................................................................................... 439 Reforming the World’s Financial “Architecture”.............................................................................. 441 Capital Mobility and the Trilemma of the Exchange Rate Regime......................................... 442 “Prophylactic” Measures............................................................................................................. 443 Coping with Crisis........................................................................................................................ 444 box: Emerging Markets and Global Financial Cycles................................................................. 445 Understanding Global Capital Flows and the Global Distribution of Income: Is Geography Destiny?........................................................................................................................ 448 box: Capital Paradoxes................................................................................................................... 449 Summary..................................................................................................................................................... 453 Mathematical Postscript 458 Postscript to Chapter 9: Risk Aversion and International Portfolio Diversification................. 458 An Analytical Derivation of the Optimal Portfolio................................................................... 458
12 Contents A Diagrammatic Derivation of the Optimal Portfolio...............................................................459 The Effects of Changing Rates of Return................................................................................. 461 Merchandise Trade Flows with the United States (in 2018 U.S. dollars).................................... 466 Gross National Product per Capita (in 2019 U.S. dollars)............................................................. 468 Index......................................................................................................................................470
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։ / Contents 1 Preface. 13 Introduction 21 What Is International Economics About?. 23 The Gains from Trade. 24 The Pattern of Trade. 25 How Much Trade?. 25 Balance of Payments. 26 Exchange Rate Determination. 27 International Policy Coordination. . 27 The International Capital Market. 28 International Economics: Trade and Money. PART 1 2 29 Exchange Rates and Open-Economy Macroeconomics_ _30 National Income Accounting and the Balance of Payments 30 The National Income Accounts. . 32 National Product and National Income. 33 Capital Depreciation and International Transfers. 34 Gross Domestic Product. 35 National Income Accounting for an Open Economy. 35
Consumption. 35 Investment. 35 Government Purchases. 36 The National Income Identity for an Open Economy. 36 An Imaginary Open Economy. 37 The Current Account and Foreign Indebtedness. 37 Saving and the Current Account. 40 Private and Government Saving. 41 box: The Mystery of the Missing Deficit. 41 The Balance of Payments Accounts. 43 Examples of Paired Transactions. . 44 The Fundamental Balance of Payments Identity. 45 The Current Account, Once Again. 46 The Capital Account. .
47 The Financial Account. 48 Statistical Discrepancy. 48 box: Multinationals’ Profit Shifting and Ireland’s Volatile GDP. 49 Official Reserve Transactions. 51 case study: The Assets and Liabilities of the World’s Biggest Debtor. 52 3 Summary. 57 Exchange Rates and the Foreign Exchange Market: An Asset Approach 61 Exchange Rates and International Transactions. 62 Domestic and Foreign Prices. Exchange Rates and Relative Prices. The Foreign Exchange Market. 62 64 65 The Actors. 65
б Contents Characteristics of the Market. Spot Rates and Forward Rates. Foreign Exchange Swaps. Futures and Options. The Demand for Foreign Currency Assets. .70 Assets and Asset Returns. Risk and Liquidity. Interest Rates. Exchange Rates and Asset Returns. A Simple Rule. Return, Risk, and Liquidity in the Foreign Exchange Market. . 71 . 72 . 73 . 73 .75 . 76 Equilibrium in the Foreign Exchange Market. . 77 Interest Parity: The Basic Equilibrium Condition. How Changes in the Current Exchange Rate Affect Expected Returns. The Equilibrium Exchange Rate. Interest Rates,
Expectations, and Equilibrium. The Effect of Changing Interest Rates on the Current Exchange Rate. The Effect of Changing Expectations on the Current Exchange Rate. .77 . 78 . 81 . 82 . 83 . 84 What Explains the Carry Trade?. . 85 .88 . 91 case study: Forward Exchange Rates and Covered Interest Parity. . Summary. . 4 . 67 . 68 . 70 . 70 Money, Interest Rates, and Exchange Rates 97 Money Defined: A Brief Review. .98 Money as a Medium of Exchange. Money as a Unit of Account. Money as a Store of Value. . What Is Money?. How the Money Supply Is Determined. .98 .98 .99 .99 .99 The Demand for Money by Individuals. 100 Expected Return.
Risk. Liquidity. 100 101 101 Aggregate Money Demand. . The Equilibrium Interest Rate: The Interaction of Money Supply and Demand. . 101 . 103 Equilibrium in the Money Market. Interest Rates and the Money Supply. Output and the Interest Rate. . 104 .105 .106 The Money Supply and the Exchange Rate in the Short Run. Linking Money, the Interest Rate, and the Exchange Rate. U.S. Money Supply and the Dollar/Euro Exchange Rate. Europe’s Money Supply and the Dollar/Euro Exchange Rate. Money, the Price Level, and the Exchange Rate in the Long Run. Money and Money Prices. The Long-Run Effects of Money Supply Changes. Empirical Evidence on Money Supplies and Price Levels. Money and the Exchange Rate in the Long
Run. Inflation and Exchange Rate Dynamics. . Short-Run Price Rigidity versus Long-Run Price Flexibility. box: Money Supply Growth and Hyperinflation in Zimbabwe. Permanent Money Supply Changes and the Exchange Rate. . Exchange Rate Overshooting. case study: Inflation Targeting and Exchange Rate in Emerging Countries Summary. . 107 . 107 .110 .ПО .113 .из .114 .115 .116 . 117 .117 .119 . 122 .123 .125 . 128
Contents 5 Price Levels and the Exchange Rate in the Long Run 7 132 The Law of One Price. 133 Purchasing Power Parity. 134 The Relationship between PPP and the Law of One Price. 134 Absolute PPP and Relative PPP. 135 A Long-Run Exchange Rate Model Based on PPP. 136 The Fundamental Equation of the Monetary Approach. 136 Ongoing Inflation, Interest Parity, and PPP. 138 The Fisher Effect. 139 Empirical Evidence on PPP and the Law of One Price. 142 Explaining the Problems with PPP. 144 Trade Barriers and Nontradables. 144 Departures from Free Competition. 145 Differences in Consumption Patterns and Price Level Measurement. 146 box: Measuring And
Comparing Countries’ Wealth Worldwide: The International Comparison Program (ICP). 146 PPP in the Short Run and in the Long Run. 149 case study: Why Price Levels Are Lower in Poorer Countries. 150 Beyond Purchasing Power Parity: A General Model of Long-Run Exchange Rates. 152 The Real Exchange Rate. 152 Demand, Supply, and the Long-Run Real Exchange Rate. 154 box: Sticky Prices and the Law of One Price: Evidence from Scandinavian Duty-Free Shops.155 Nominal and Real Exchange Rates in Long-Run Equilibrium. 157 International Interest Rate Differences and the Real Exchange Rate. 160 Real Interest Parity. 161 Summary. 162 Appendix to chapter 5: The Fisher Effect, the Interest Rate, and the Exchange Rate under the Flexible-Price Monetary Approach. 167 6
Output and the Exchange Rate in the Short Run 170 Determinants of Aggregate Demand in an Open Economy. 171 Determinants of Consumption Demand.171 Determinants of the Current Account. 172 How Real Exchange Rate Changes Affect the Current Account. 173 How Disposable Income Changes Affect the Current Account. 174 The Equation of Aggregate Demand.174 The Real Exchange Rate and Aggregate Demand. Real Income and Aggregate Demand. 174 175 How Output Is Determined in the Short Run. 176 Output Market Equilibrium in the Short Run: The DD Schedule. 177 Output, the Exchange Rate, and Output Market Equilibrium. 177 Deriving the DD Schedule. 178 Factors That Shift the DD Schedule. 179 Asset Market Equilibrium in the Short Run: The AA Schedule. 182 Output, the Exchange Rate, and
Asset Market Equilibrium. 182 Deriving the AA Schedule. 184 Factors That Shift the AA Schedule. 184 Short-Run Equilibrium for an Open Economy: Putting the DD and AA Schedules Together. 185 Temporary Changes in Monetary and Fiscal Policy. 187
8 Contents . 188 Monetary Policy. .188 Fiscal Policy. Policies to Maintain Full Employment. .189 Inflation Bias and Other Problems of Policy Formulation. . 191 Permanent Shifts in Monetary and Fiscal Policy. . 192 A Permanent Increase in the Money Supply. .192 Adjustment to a Permanent Increase in the Money Supply. .193 A Permanent Fiscal Expansion. .195 Macroeconomic Policies and the Current Account. . 196 Gradual Trade Flow Adjustment and Current Account Dynamics. . 198 The J-Curve. Exchange Rate Pass-Through and Inflation. Global Value Chains and Exchange Rate Effects on Export and Import Prices.
The Current Account, Wealth, and Exchange Rate Dynamics. box: Understanding Pass-Through to Import and Export Prices. .198 .199 .200 .202 . 202 The Liquidity Trap. .204 case study: How Big Is the Government Spending Multiplier?. . 207 Summary. . . ·. . . 209 Appendix 1 το chapter 6: Intertemporal Trade and Consumption Demand. . 213 to chapter 6: The Marshall-Lerner Condition and Empirical Estimates of Trade Elasticities. 215 Appendix 3 to chapter 6: The IS-LM Model and the DD-AA Model. 218 Fixed Exchange Rates and Foreign Exchange Intervention 223 Appendix 2 7 Why Study Fixed Exchange Rates?. Central Bank Intervention and the Money Supply. .224 .225 The Central Bank Balance Sheet and the Money Supply. Foreign Exchange Intervention and the Money Supply.
Sterilization. The Balance of Payments and the Money Supply. . . 225 . 227 . 228 . 228 How the Central Bank Fixes the Exchange Rate. .229 Foreign Exchange Market Equilibrium under a Fixed Exchange Rate. Money Market Equilibrium under a Fixed Exchange Rate. A Diagrammatic Analysis. . 230 . 230 . 231 Stabilization Policies with a Fixed Exchange Rate. .232 Monetary Policy. Fiscal Policy. Changes in the Exchange Rate. Adjustment to Fiscal Policy and Exchange Rate Changes. . 233 . 234 . 235 . 236 Balance of Payments Crises and Capital Flight. . Managed Floating and Sterilized Intervention. .
. .237 .240 Perfect Asset Substitutability and the Ineffectiveness of Sterilized Intervention. . 240 Can Markets Attack a Strong Currency? The Case of Switzerland, 2011-2015 .241 Foreign Exchange Market Equilibrium under Imperfect Asset Substitutability. 244 The Effects of Sterilized Intervention with Imperfect Asset Substitutability.245 Evidence on the Effects of Sterilized Intervention. 246 case study: Reserve Currencies in the World Monetary System. 247 The Mechanics of a Reserve Currency Standard. 248 The Asymmetric Position of the Reserve Center. 248 The Gold Standard. The Mechanics of a Gold Standard. ".'"'".'“'""" 249 Symmetric Monetary Adjustment under a Gold Standard. Lľ.ľ .250 Benefits and Drawbacks of the Gold Standard. 250
Contents 9 The Bimetallic Standard. 251 The Gold Exchange Standard.252 case study: The Demandfor International Reserves. 252 Summary. 256 Appendix 1 to chapter 7: Equilibrium in the Foreign Exchange Market with Imperfect Asset Substitutability 261 Demand. 261 Supply. 262 Equilibrium. 262 Appendix 2 to chapter Appendix 3 TO chapter 7: The Timing of Balance of Payments Crises. 264 7: The Monetary Approach to the Balance of Payments. 267 RART^^InternationaLMacroeconomici Polio 8 International Monetary Systems: A Historical Overview 269 Macroeconomic Policy Goals in an Open Economy. 270 Internal Balance: Full Employment and Price Level
Stability. 271 External Balance: The Optimal Level of the Current Account. 272 box: Can a Country Borrow Forever? The Case of New Zealand. 274 Classifying Monetary Systems: The Open-Economy Monetary Trilemma. 278 International Macroeconomic Policy under the Gold Standard, 1870-1914. 279 Origins of the Gold Standard. 280 External Balance under the Gold Standard. 280 The Price-Specie-Flow Mechanism. 280 The Gold Standard “Rules of the Game”: Myth and Reality. 281 Internal Balance under the Gold Standard. 282 case study: The Political Economy of Exchange Rate Regimes: Conflict over America’s Monetary Standard during the 1890s.283 The Interwar Years, 1918-1939.284 The Fleeting Return to Gold.285 International Economic
Disintegration. 285 case study: The International Gold Standard and the Great Depression. 286 The Bretton Woods System and the International Monetary Fund. 287 Goals and Structure of the IMF. 288 Convertibility and the Expansion of Private Financial Flows. 289 Speculative Capital Flows and Crises. 290 Analyzing Policy Options for Reaching Internal and External Balance. 291 Maintaining Internal Balance.292 Maintaining External Balance. 293 Expenditure-Changing and Expenditure-Switching Policies. 293 The External Balance Problem of the United States under Bretton Woods. 295 case study: The End of Bretton Woods, Worldwide Inflation, and the Transition to Floating Rates. . 2% The Mechanics of Imported
Inflation. 297 Assessment. 299 The Case for Floating Exchange Rates. 299 Monetary Policy Autonomy. 299 Symmetry. ^01 Exchange Rates as Automatic Stabilizers. 301 Exchange Rates and External Balance. 303 case study: The First Years of Floating Rates, 1973-1990.303
10 Contents Macroeconomic Interdependence under a Floating Rate. Transformation and Crisis in the World Economy. The Thorny Problem of Currency Manipulation. case study: The Dangers of Deflation. case study: box: What Has Been Learned Since . . Monetary Policy Autonomy. Symmetry. The Exchange Rate as an Automatic Stabilizer. External Balance. The Problem of Policy Coordination. ·. Are Fixed Exchange Rates Even an Option for Most Countries?. Summary. Appendix to chapter 8: International Policy Coordination
Failures. 9 Financial Globalization: Opportunity and Crisis 333 The International Capital Market and the Gains from Trade. 334 Three Types of Gain from Trade. 334 Risk Aversion. 336 Portfolio Diversification as a Motive for International Asset Trade.336 The Menu of International Assets: Debt versus Equity. 337 International Banking and the International Capital Market.338 The Structure of the International Capital Market. 338 Offshore Banking and Offshore Currency Trading. 339 The Shadow Banking System. 341 Banking and Financial Fragility. 341 The Problem of Bank Failure. 341 Government Safeguards against Financial Instability.
344 Moral Hazard and the Problem of “Too Big to Fail”. 347 box: Does the IMF Create Moral Hazard?. 347 The Challenge of Regulating International Banking. 349 The Financial Trilemma. 349 International Regulatory Cooperation through 2007. 351 case study: The Global Financial Crisis of2007-2009. 352 box: Foreign Exchange Instability and Central Bank Swap Lines. 355 International Regulatory Initiatives after the Global Financial Crisis.357 Metrics for International Capital Market Performance. 359 The Extent of International Portfolio Equity Diversification.360 The Extent of Intertemporal Trade. 360 The Efficiency of International Asset-Price Arbitrage.362 The Efficiency of the Foreign Exchange Market. Յ6Յ
Summary. 10 Optimum Currency Areas and the Euro 372 How the European Single Currency Evolved. What Has Driven European Monetary Cooperation?. 374 Brexit. 375 The European Monetary System, 1979-1998. 37g German Monetary Dominance and the Credibility Theory of the EMS. 379 Market Integration Initiatives. . European Economic and Monetary Union. 3g լ box: The Euro and Economic Policy in the Euro Zone. LÏ. .Ï. . 382 The Maastricht Convergence Criteria and the Stability and Growth Pact. 383 The European Central Bank and the Eurosystem. ^՜Հ. The Revised Exchange Rate Mechanism. .
Contents 11 The Theory of Optimum Currency Areas. 385 Economic Integration and the Benefits of a Fixed Exchange Rate Area: The GG Schedule. 385 Economic Integration and the Costs of a Fixed Exchange Rate Area: The LL Schedule. 387 The Decision to Join a Currency Area: Putting the GG and LL Schedules Together. 389 What Is an Optimum Currency Area?. 391 Other Important Considerations. 391 case study: Is Europe an Optimum Currency Area?. 393 The Euro Crisis and the Future of EMU. 396 Origins of the Crisis. 396 Self-Fulfilling Government Default and the “Doom Loop”. 402 A Broader Crisis and Policy
Responses. 403 ECB Outright Monetary Transactions. 405 Response to the COVID-19 Pandemic. 405 The Future of EMU.406 Summary. 11 Developing Countries: Growth, Crisis, and Reform 407 412 Income, Wealth, and Growth in the World Economy. 413 The Gap between Rich and Poor. 413 Has the World Income Gap Narrowed Over Time?. 414 The Importance of Developing Countries for Global Growth. 416 Structural Features of Developing Countries. 417 box: The Commodity Super Cycle. 419 Developing-Country Borrowing and Debt. 422 The Economics of Financial Inflows to Developing Countries. 423 The Problem of
Default. 424 Alternative Forms of Financial Inflow. 426 The Problem of “Original Sin”. 427 The Debt Crisis of the 1980s. 429 Reforms, Capital Inflows, and the Return of Crisis. 430 East Asia: Success and Crisis. 434 The East Asian Economic Miracle.434 box: Why Have Developing Countries Accumulated High Levels of International Reserves?. 435 Asian Weaknesses. box: What Did East Asia Do Right?. 438 The Asian Financial Crisis.438 Lessons of Developing-Country
Crises. 439 Reforming the World’s Financial “Architecture”. 441 Capital Mobility and the Trilemma of the Exchange Rate Regime. 442 “Prophylactic” Measures. 443 Coping with Crisis. 444 box: Emerging Markets and Global Financial Cycles. 445 Understanding Global Capital Flows and the Global Distribution of Income: Is Geography Destiny?. 448 box: Capital Paradoxes. 449 Summary. 453 Mathematical Postscript 458 Postscript to Chapter 9: Risk Aversion and International Portfolio Diversification. 458 An Analytical Derivation of the Optimal Portfolio. 458
12 Contents A Diagrammatic Derivation of the Optimal Portfolio.459 The Effects of Changing Rates of Return. 461 Merchandise Trade Flows with the United States (in 2018 U.S. dollars). 466 Gross National Product per Capita (in 2019 U.S. dollars). 468 Index.470 |
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| illustrated | Illustrated |
| index_date | 2024-07-03T19:39:05Z |
| indexdate | 2024-07-10T09:26:41Z |
| institution | BVB |
| isbn | 9781292417004 1292417005 |
| language | English |
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| physical | 478 Seiten Illustrationen, Diagramme, Karten Breite 203mm, Höhe 254mm |
| publishDate | 2023 |
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| publisher | Pearson |
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| spelling | Krugman, Paul R. 1953- Verfasser (DE-588)121368033 aut International finance theory & policy Paul R. Krugman (Graduate Center of the City University of New York), Maurice Obstfeld (University of California, Berkeley), Marc J. Melitz (Harvard University) Twelfth edition, global edition Harlow, England Pearson [2023] © 2023 478 Seiten Illustrationen, Diagramme, Karten Breite 203mm, Höhe 254mm txt rdacontent n rdamedia nc rdacarrier Internationaler Kapitalmarkt (DE-588)4027402-0 gnd rswk-swf Internationaler Kapitalmarkt (DE-588)4027402-0 s DE-604 Obstfeld, Maurice 1952- Verfasser (DE-588)124550800 aut Melitz, Marc J. Verfasser (DE-588)129335398 aut Digitalisierung UB Bamberg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=033337500&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Krugman, Paul R. 1953- Obstfeld, Maurice 1952- Melitz, Marc J. International finance theory & policy Internationaler Kapitalmarkt (DE-588)4027402-0 gnd |
| subject_GND | (DE-588)4027402-0 |
| title | International finance theory & policy |
| title_auth | International finance theory & policy |
| title_exact_search | International finance theory & policy |
| title_exact_search_txtP | International finance theory & policy |
| title_full | International finance theory & policy Paul R. Krugman (Graduate Center of the City University of New York), Maurice Obstfeld (University of California, Berkeley), Marc J. Melitz (Harvard University) |
| title_fullStr | International finance theory & policy Paul R. Krugman (Graduate Center of the City University of New York), Maurice Obstfeld (University of California, Berkeley), Marc J. Melitz (Harvard University) |
| title_full_unstemmed | International finance theory & policy Paul R. Krugman (Graduate Center of the City University of New York), Maurice Obstfeld (University of California, Berkeley), Marc J. Melitz (Harvard University) |
| title_short | International finance |
| title_sort | international finance theory policy |
| title_sub | theory & policy |
| topic | Internationaler Kapitalmarkt (DE-588)4027402-0 gnd |
| topic_facet | Internationaler Kapitalmarkt |
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