Author: Alejandro Hernández D.Publisher:
ISBN:
Category :
Languages : en
Pages : 46
Book Description
Exchange Rate Determination and the Collapse of a Target Zone with Stochastic Capital Flows
Author: Alejandro Hernández D.Publisher:
ISBN:
Category :
Languages : en
Pages : 46
Book Description
Bank Leverage and Monetary Policy's Risk-Taking Channel
Author: Mr.Giovanni Dell'AricciaPublisher: International Monetary Fund
ISBN: 1484381130
Category : Business & Economics
Languages : en
Pages : 41
Book Description
We present evidence of a risk-taking channel of monetary policy for the U.S. banking system. We use confidential data on the internal ratings of U.S. banks on loans to businesses over the period 1997 to 2011 from the Federal Reserve’s survey of terms of business lending. We find that ex-ante risk taking by banks (as measured by the risk rating of the bank’s loan portfolio) is negatively associated with increases in short-term policy interest rates. This relationship is less pronounced for banks with relatively low capital or during periods when banks’ capital erodes, such as episodes of financial and economic distress. These results contribute to the ongoing debate on the role of monetary policy in financial stability and suggest that monetary policy has a bearing on the riskiness of banks and financial stability more generally.
Money, Capital Mobility, and Trade
Author: Guillermo A. CalvoPublisher: MIT Press
ISBN: 9780262532600
Category : Business & Economics
Languages : en
Pages : 572
Book Description
Essays by leading economists and scholars reflecting on Mundell's broad influence on modern open-economy macroeconomics.
Perspectiveson the Recent Currency Crisis Literature
Author: Mr.Robert P. FloodPublisher: International Monetary Fund
ISBN: 1451855168
Category : Business & Economics
Languages : en
Pages : 52
Book Description
In the 1990s, currency crises in Europe, Mexico, and Asia have drawn worldwide attention to speculative attacks on government-controlled exchange rates and have prompted researchers to undertake new theoretical and empirical analysis of these events. This paper provides some perspective on this work and relates it to earlier research. It derives the optimal commitment to a fixed exchange rate and proposes a common framework for analyzing currency crises. This framework stresses the important role of speculators and recognizes that the government’s commitment to a fixed exchange rate is constrained by other policy goals. The final section finds that some crises may be particularly difficult to predict using currently popular methods.
Exchange Rate Theory and Practice
Author: John F. BilsonPublisher: University of Chicago Press
ISBN: 0226050998
Category : Business & Economics
Languages : en
Pages : 542
Book Description
This volume grew out of a National Bureau of Economic Research conference on exchange rates held in Bellagio, Italy, in 1982. In it, the world's most respected international monetary economists discuss three significant new views on the economics of exchange rates - Rudiger Dornbusch's overshooting model, Jacob Frenkel's and Michael Mussa's asset market variants, and Pentti Kouri's current account/portfolio approach. Their papers test these views with evidence from empirical studies and analyze a number of exchange rate policies in use today, including those of the European Monetary System.
Exchange Rate Economics
Author: Ronald MacDonaldPublisher: Routledge
ISBN: 1134838220
Category : Foreign exchange
Languages : en
Pages : 334
Book Description
''In summary, the book is valuable as a textbook both at the advanced undergraduate level and at the graduate level. It is also very useful for the economist who wants to be brought up-to-date on theoretical and empirical research on exchange rate behaviour.'' ""Journal of International Economics""
Research Abstracts
Author: The Economics of Exchange Rates
Author: Lucio SarnoPublisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 344
Book Description
Table of contents
On Aggregate Precautionary Saving
Author: Mark HuggettPublisher:
ISBN:
Category : Saving and investment
Languages : en
Pages : 40
Book Description
The Monetary Approach to the Balance of Payments
Author: Jacob FrenkelPublisher: Routledge
ISBN: 1135043493
Category : Business & Economics
Languages : en
Pages : 389
Book Description
This book collects together the basic documents of an approach to the theory and policy of the balance of payments developed in the 1970s. The approach marked a return to the historical traditions of international monetary theory after some thirty years of departure from them – a departure occasioned by the international collapse of the 1930s, the Keynesian Revolution and a long period of war and post-war reconstruction in which the international monetary system was fragmented by exchange controls, currency inconvertibility and controls over international trade and capital movements.