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Three Essays on International Finance and Macroeconomics

Three Essays on International Finance and Macroeconomics PDF Author: Hiroyuki Ito
Publisher:
ISBN:
Category :
Languages : en
Pages : 464

Book Description


Three Essays on International Finance and Macroeconomics

Three Essays on International Finance and Macroeconomics PDF Author: Hiroyuki Ito
Publisher:
ISBN:
Category :
Languages : en
Pages : 464

Book Description


Three Essays in International Finance

Three Essays in International Finance PDF Author: Byong-Ju Lee
Publisher: Stanford University
ISBN:
Category :
Languages : en
Pages : 132

Book Description
This thesis consists of three essays on international finance. The first essay is "Exchange rates and Fundamentals". A new open interest rate parity condition that takes account of economic fundamentals is developed from stochastic discount factors (SDFs) of two countries. Through this parity condition, business cycles or fundamentals are linked to exchange rates. Key empirical findings from this parity condition are as follows. First, this model beats the random walk hypothesis: economic fundamentals explain exchange rate movements for high interest rate currencies. Exchange rates of low interest rate currencies act like a random walk because they are less correlated with fundamentals owing to their low risk. For example, U.S. business cycles explain the direction of changes in exchange rates against the dollar. The same thing is true for Japan. Second, this model resolves the forward premium puzzle: the forward premium puzzle is not a general characteristic as regarded in previous studies. It happens when the risk awareness of investors is low, during economic expansions and for low risk currencies. The second essay is "Carry Trade and Global Financial Instability". Carry trade, an opportunistic investment strategy that takes advantage of interest rate differential across countries, is identified the cause of the large-scale depreciations of peripheral currencies in the later half of 2008. A simultaneous equations model, which is derived from a conceptual partial equilibrium model for a local foreign exchange market, is estimated from a cross-sectional sample. The results suggest that the larger appreciation of the yen than the dollar was brought about by a lack of the local supply of the yen rather than a more severe crunch of yen credits. The third essay is "The Economic Origin of Letters of Credit". This essay discusses the economic origin of letters of credit, an instrument widely used in international trade. A game theoretical analysis shows that letters of credit improve efficiency in trade settlements, increasing returns in trade. A few notable facts on letters of credit are discussed. First, the new institution is adopted by merchant banks to maximize their profits and in the process, an improvement in efficiency of international transactions is obtained. Second, the organization established by the legacy institution, bills of exchange, played a critical role in adopting the new institution. Third, the legal enforcement is not essential in this economic institution. Finally, two drivers are identified that improve efficiency of transactions: concentration and projection.

Three Essays in International Macroeconomics and Finance

Three Essays in International Macroeconomics and Finance PDF Author: Enrique Martinez-Garcia
Publisher:
ISBN:
Category :
Languages : en
Pages : 198

Book Description


The Theory of Money and Financial Institutions

The Theory of Money and Financial Institutions PDF Author: Martin Shubik
Publisher: MIT Press
ISBN: 9780262693110
Category : Business & Economics
Languages : en
Pages : 472

Book Description
This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.

Three Essays in International Finance

Three Essays in International Finance PDF Author: Jian Wang
Publisher:
ISBN:
Category :
Languages : en
Pages : 168

Book Description


Three Essays in International Finance

Three Essays in International Finance PDF Author: Menzie David Chinn
Publisher:
ISBN:
Category :
Languages : en
Pages : 318

Book Description


Macroeconomics, Finance and Money

Macroeconomics, Finance and Money PDF Author: Giuseppe Fontana
Publisher: Springer
ISBN: 0230285589
Category : Business & Economics
Languages : en
Pages : 363

Book Description
This volume focuses on current issues of debate in the area of modern macroeconomics and money, written from (a broadly interpreted) post Keynesian perspective. The papers connect with Philip Arestis' contributions to macroeconomics and money, and pay tribute to his distinguished career.

Three Essays on International Finance

Three Essays on International Finance PDF Author: Keun Yeong Lee
Publisher:
ISBN:
Category :
Languages : en
Pages : 314

Book Description


Three Essays on Macroeconomics and Economics of Transition

Three Essays on Macroeconomics and Economics of Transition PDF Author: Chun-wah Liu
Publisher:
ISBN:
Category :
Languages : en
Pages : 398

Book Description


Three Essays in International Macroeconomics

Three Essays in International Macroeconomics PDF Author: Mahir Binici
Publisher:
ISBN:
Category :
Languages : en
Pages : 366

Book Description