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Author: Michael D. Bordo Publisher: University of Chicago Press ISBN: 022605151X Category : Business & Economics Languages : en Pages : 453
Book Description
During the twentieth century, foreign-exchange intervention was sometimes used in an attempt to solve the fundamental trilemma of international finance, which holds that countries cannot simultaneously pursue independent monetary policies, stabilize their exchange rates, and benefit from free cross-border financial flows. Drawing on a trove of previously confidential data, Strained Relations reveals the evolution of US policy regarding currency market intervention, and its interaction with monetary policy. The authors consider how foreign-exchange intervention was affected by changing economic and institutional circumstances—most notably the abandonment of the international gold standard—and how political and bureaucratic factors affected this aspect of public policy.
Author: Michael D. Bordo Publisher: University of Chicago Press ISBN: 022605151X Category : Business & Economics Languages : en Pages : 453
Book Description
During the twentieth century, foreign-exchange intervention was sometimes used in an attempt to solve the fundamental trilemma of international finance, which holds that countries cannot simultaneously pursue independent monetary policies, stabilize their exchange rates, and benefit from free cross-border financial flows. Drawing on a trove of previously confidential data, Strained Relations reveals the evolution of US policy regarding currency market intervention, and its interaction with monetary policy. The authors consider how foreign-exchange intervention was affected by changing economic and institutional circumstances—most notably the abandonment of the international gold standard—and how political and bureaucratic factors affected this aspect of public policy.
Author: Mr.Fei Han Publisher: International Monetary Fund ISBN: 1498325394 Category : Business & Economics Languages : en Pages : 19
Book Description
The yen is an important barometer for the Japanese economy. Depreciations are typically associated with favorable economic developments such as increased corporate profits, rising equity prices, and upward pressure on domestic consumer prices. On the other hand, large and sharp appreciations run the risk of lowering actual and expected inflation, squeezing corporate profits, generating a negative wealth effect through depressed equity prices, and reducing confidence in the Bank of Japan’s efforts to reflate the domestic economy and achieve the inflation target. This paper takes a closer look at underlying drivers of rapid yen appreciations, highlighting the key role of carry-trade and the zero lower bound as important amplifiers.
Author: Mr.George S. Tavlas Publisher: International Monetary Fund ISBN: 1451930992 Category : Business & Economics Languages : en Pages : 61
Book Description
The role of the Japanese yen as an international currency is assessed. It is found that the determinants of international-currency use imply some increase for the yen’s use in international finance; however, the implications for the yen’s use in international trade are mixed. It is also shown that, despite Japan’s emergence as the world’s largest net creditor nation, Japan’s capital outflows have not significantly facilitated the yen’s internationalization. Data are presented showing that, although the yen’s use as an international currency has increased, it is still rather modest. Wider use of the yen as a regional currency in Asia has occurred, though a “yen-zone” does not appear to be emerging.
Author: Christian Pierdzioch Publisher: Springer Science & Business Media ISBN: 9783540427452 Category : Business & Economics Languages : en Pages : 232
Book Description
A flexible instrument to insure against adverse exchange rate movements are options on foreign currency. Often a relatively simple foreign currency option valuation model is used to address issues related to the pricing and hedging of such options. The results of many empirical studies document that real-world foreign currency option premia deviate from those predicted by the baseline model. In the first part of the book, it is shown that a noise trader model can help to explain the observed mispricing of the baseline foreign currency option pricing model. In the second part of the book, it is studied how policymakers can exploit the pricing errors of the baseline model. In particular, it is examined how option pricing theory can be applied to assess the effectiveness of central bank interventions in the foreign exchange market. To this end, a model is constructed to analyze the effectiveness of the interventions conducted by the Deutsche Bundesbank during the Louvre period.
Author: Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico Publisher: ISBN: 9789291319626 Category : Banks and banking, Central Languages : es Pages : 0
Author: William Allen Publisher: Routledge ISBN: 1134530145 Category : Business & Economics Languages : en Pages : 305
Book Description
Maxwell Fry was known internationally for his research into international and domestic financial issues. This book constitutes a tribute to his pioneering work in so many areas, and draws together contributions from a range of academic and policy-making colleagues who were fortunate enough to experience the depth of knowledge and insights which Max
Author: Mr.Tim Callen Publisher: International Monetary Fund ISBN: 158906187X Category : Business & Economics Languages : en Pages : 282
Book Description
Japan’s weak economic performance in the 1990s has had implications not only for its own people, but for the world economy more generally, given Japan’s importance as a trading partner and supplier of capital. Therefore, it is essential that Japan unlock its growth potential. The IMF has worked with the Japanese authorities to identify the policies needed to bring Japan’s economy out of its recent slump. This book contributes to this ongoing debate, whose major topics include the need for an integrated policy strategy based on the decisive restructuring of the banking and corporate sectors, combined with macroeconomic policies designed to bring an end to deflation.
Author: C. Fred Bergsten Publisher: Peterson Institute ISBN: 9780881323511 Category : Business & Economics Languages : en Pages : 334
Book Description
This report provides alternative views of how large a dollar depreciation would be needed to restore a sustainable position; analyzes the impact of currency misalignments on each of the three major economies; and discusses the role of exchange market intervention in addressing the issues.
Author: Lawrence C. Hilbert Publisher: Nova Publishers ISBN: 9781604560787 Category : Business & Economics Languages : en Pages : 178
Book Description
A currency is a unit of exchange, facilitating the transfer of goods and services. It is one form of money, where money is anything that serves as a medium of exchange, a store of value, and a standard of value. A currency zone is a country or region in which a specific currency is the dominant medium of exchange. To facilitate trade between currency zones, there are exchange rates, which are the prices at which currencies (and the goods and services of individual currency zones) can be exchanged against each other. Currencies can be classified as either floating currencies or fixed currencies based on their exchange rate regime. In common usage, currency sometimes refers to only paper money, as in coins and currency, but this is misleading. Coins and paper money are both forms of currency. In most cases, each country has monopoly control over the supply and production of its own currency. Member countries of the European Union's Economic and Monetary Union are a notable exception to this rule, as they have c
Author: Michael D. Bordo
Author: Michael D. Bordo
Author: Michael Frenkel
Author: Mr.Fei Han
Author: Mr.George S. Tavlas
Author: Christian Pierdzioch
Author: Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico
Author: William Allen
Author: Mr.Tim Callen
Author: C. Fred Bergsten
Author: Lawrence C. Hilbert