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Author: Jeffry A. Frieden Publisher: Princeton University Press ISBN: 1400865344 Category : Business & Economics Languages : en Pages : 318
Book Description
The politics surrounding exchange rate policies in the global economy The exchange rate is the most important price in any economy, since it affects all other prices. Exchange rates are set, either directly or indirectly, by government policy. Exchange rates are also central to the global economy, for they profoundly influence all international economic activity. Despite the critical role of exchange rate policy, there are few definitive explanations of why governments choose the currency policies they do. Filled with in-depth cases and examples, Currency Politics presents a comprehensive analysis of the politics surrounding exchange rates. Identifying the motivations for currency policy preferences on the part of industries seeking to influence politicians, Jeffry Frieden shows how each industry's characteristics—including its exposure to currency risk and the price effects of exchange rate movements—determine those preferences. Frieden evaluates the accuracy of his theoretical arguments in a variety of historical and geographical settings: he looks at the politics of the gold standard, particularly in the United States, and he examines the political economy of European monetary integration. He also analyzes the politics of Latin American currency policy over the past forty years, and focuses on the daunting currency crises that have frequently debilitated Latin American nations, including Mexico, Argentina, and Brazil. With an ambitious mix of narrative and statistical investigation, Currency Politics clarifies the political and economic determinants of exchange rate policies.
Author: Ralph Setzer Publisher: Springer Science & Business Media ISBN: 3790817163 Category : Business & Economics Languages : en Pages : 265
Book Description
This book considers the issue of exchange rate policymaking from a political economy perspective. It illustrates both theoretically and empirically how domestic political and institutional incentives shape exchange rate policies in developing countries. Empirical analysis is based on a panel survey of 47 countries and thereby provides insights on how political and institutional conditions typically affect exchange rate policy.
Author: Jeffry A. Frieden Publisher: Princeton University Press ISBN: 1400865344 Category : Business & Economics Languages : en Pages : 318
Book Description
The politics surrounding exchange rate policies in the global economy The exchange rate is the most important price in any economy, since it affects all other prices. Exchange rates are set, either directly or indirectly, by government policy. Exchange rates are also central to the global economy, for they profoundly influence all international economic activity. Despite the critical role of exchange rate policy, there are few definitive explanations of why governments choose the currency policies they do. Filled with in-depth cases and examples, Currency Politics presents a comprehensive analysis of the politics surrounding exchange rates. Identifying the motivations for currency policy preferences on the part of industries seeking to influence politicians, Jeffry Frieden shows how each industry's characteristics—including its exposure to currency risk and the price effects of exchange rate movements—determine those preferences. Frieden evaluates the accuracy of his theoretical arguments in a variety of historical and geographical settings: he looks at the politics of the gold standard, particularly in the United States, and he examines the political economy of European monetary integration. He also analyzes the politics of Latin American currency policy over the past forty years, and focuses on the daunting currency crises that have frequently debilitated Latin American nations, including Mexico, Argentina, and Brazil. With an ambitious mix of narrative and statistical investigation, Currency Politics clarifies the political and economic determinants of exchange rate policies.
Author: David Steinberg Publisher: Cornell University Press ISBN: 0801454255 Category : Business & Economics Languages : en Pages : 288
Book Description
Exchange rate policy has profound consequences for economic development, financial crises, and international political conflict. Some governments in the developing world maintain excessively weak and "undervalued" exchange rates, a policy that promotes export-led development but often heightens tensions with foreign governments. Many other developing countries "overvalue" their exchange rates, which increases consumers’ purchasing power but often reduces economic growth. In Demanding Devaluation, David Steinberg argues that the demands of powerful interest groups often dictate government decisions about the level of the exchange rate. Combining rich qualitative case studies of China, Argentina, South Korea, Mexico, and Iran with cross-national statistical analyses, Steinberg reveals that exchange rate policy is heavily influenced by a country’s domestic political arrangements. Interest group demands influence exchange rate policy, and national institutional structures shape whether interest groups lobby for an undervalued or an overvalued rate. A country’s domestic political system helps determine whether it undervalues its exchange rate and experiences explosive economic growth or if it overvalues its exchange rate and sees its economy stagnate as a result.
Author: Michael G. Hall Publisher: Routledge ISBN: 1351158430 Category : Political Science Languages : en Pages : 226
Book Description
According to many economists, the increasing mobility of capital across borders has made it more costly to peg exchange rates. This phenomenon has contributed to some of the more famous examples of exchange rate crises in recent times, such as the Mexican peso crisis in 1994 and the Asian financial crisis in 1997. Yet despite the increasing costs of pegging in today's accelerated financial markets, some developing countries try to maintain a peg for as long as they can. This work is the first to theorize the role of bankers as a domestic interest group involved in exchange rate policy. It adds to our understanding of how interest groups affect economic policy in developing countries and explains why some of the largest and fastest growing economies in the developing world were the most prone to crisis. The volume also refines our understanding of the 'hollowing-out thesis', the argument that increasing capital mobility is forcing states to abandon pegging.
Author: Miguel A. Kiguel Publisher: Springer ISBN: 1349255203 Category : Business & Economics Languages : en Pages : 411
Book Description
'...the most definitive study of the subject, assembling an all-star cast to address the many outstanding questions and succeeding beyond expectations in combining elegant theory and state of the art econometrics to reach very sensible policy conclusions.' - Mohsin S. Khan, Deputy Director, Research Department, International Monetary Fund ' This book fills an important vacuum in the literature of the economic consequences of parallel markets and should prove of great value to students of economic development and to policy-makers in developing countries as they struggle to reform their exchange rate and trade incentive systems. Here they will find all that they need to know.' - Vittorio Corbo, Professor of Economics, Universidad Catolica de Chile 'A most comprehensive treatment of the relationships between parallel foreign exchange markets and macroeconomic policies, both across countries and over time. The book substantially enhances our understanding of how these systems work in practice and will be of great interest to policy-makers, researchers and graduate students of economic policy.' - Samuel M. Wangwe, Professor of Economics, University of Dar es Salaam and Executive Director, Economic and Social Research Foundation, Dar es Salaam, Tanzania This book examines extensive empirical evidence on the macroeconomic implications of parallel exchange rates in developing countries. Eight case-studies from Africa, Latin America, and Turkey provide detailed evidence on the emergence of parallel exchange rates, their impact on macroeconomic performance, and the criteria for successful exchange-rate unification. A chapter on European dual exchange rates summarizes the contrasting experience of industrial countries. An overview chapter lays out the analytical framework, assesses the evidence, and draws policy conclusions.
Author: Sebastian Edwards Publisher: University of Chicago Press ISBN: 0226184730 Category : Business & Economics Languages : en Pages : 460
Book Description
In spite of the attention paid exchange rates in recent economic debates on developing countries, relatively few studies have systematically analyzed in detail the various ramifications of exchange rate policy in these countries. In this new volume from the National Bureau of Economic Research, leading economists use rigorous models to tackle various exchange rate issues, while also illuminating policy implications that emerge from their analyses. The volume, divided into four main sections, addresses: the role of exchange rates in stabilization programs and the adjustment process; the importance of exchange rate policy during liberalization reform in developing countries; exchange rate problems relevant and unique to developing countries, illustrated by case studies; and the problems defining, measuring, and identifying determinants of real exchange rates. Authors of individual papers examine the relation between commercial policies and exchange rates, the role of exchange rate policy in stabilization programs, the effectiveness of devaluations as a policy tool, and the interaction between exchange rate terms of trade an capital flow. This research will not only prove crucial to our understanding of the role of exchange rates in developing countries, but will clearly set the standard for future work in the field.
Author: Takatoshi Ito Publisher: University of Chicago Press ISBN: 0226386937 Category : Business & Economics Languages : en Pages : 466
Book Description
The exchange rate is a crucial variable linking a nation's domestic economy to the international market. Thus choice of an exchange rate regime is a central component in the economic policy of developing countries and a key factor affecting economic growth. Historically, most developing nations have employed strict exchange rate controls and heavy protection of domestic industry-policies now thought to be at odds with sustainable and desirable rates of economic growth. By contrast, many East Asian nations maintained exchange rate regimes designed to achieve an attractive climate for exports and an "outer-oriented" development strategy. The result has been rapid and consistent economic growth over the past few decades. Changes in Exchange Rates in Rapidly Developing Countries explores the impact of such diverse exchange control regimes in both historical and regional contexts, focusing particular attention on East Asia. This comprehensive, carefully researched volume will surely become a standard reference for scholars and policymakers.
Author: Pierre-Richard Agénor Publisher: International Monetary Fund ISBN: 1451923236 Category : Business & Economics Languages : en Pages : 44
Book Description
The paper develops and tests a model of a developing economy that incorporates trade and capital restrictions, illegal transactions, a parallel foreign exchange market, currency substitution features, and forward-looking rational expectations. Temporary expansionary demand policies are associated with an increase in output and prices, a fall in the stock of net foreign assets, and a depreciation of the parallel exchange rate. The speed of adjustment is inversely related to the degree of rationing in the official foreign currency market. A once-for–all devaluation of the official exchange rate has no long-term effect on the premium.
Author: Peter J. Quirk Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 58
Book Description
In recent years, an increasing number of developing countries have adopted market-determined floating exchange rates. This development has represented a significant step forward in the evolution toward exchange rate flexibility that has taken place in the developing country group since the adoption of generalized floating by industrial countries in 1973.
Author: Stephan Haggard Publisher: Cornell University Press ISBN: 1501744496 Category : Political Science Languages : en Pages : 351
Book Description
Ten original essays examine the political and institutional factors that influence the initiation and efficiency of preferential credit policies in Korea, Taiwan, Thailand, Indonesia, the Philippines, Chile, Mexico, and Brazil.
Author: Jeffry A. Frieden
Author: Ralph Setzer
Author: Jeffry A. Frieden
Author: David Steinberg
Author: Michael G. Hall
Author: Miguel A. Kiguel
Author: Sebastian Edwards
Author: Takatoshi Ito
Author: Pierre-Richard Agénor
Author: Peter J. Quirk
Author: Stephan Haggard