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Author: Gi-kuang Chen Publisher: ISBN: 9781109851229 Category : Languages : en Pages : 108
Book Description
This dissertation addresses two issues in International Economics: one in international trade theory and the other in foreign exchange rate estimation. The trade effect on the number of firms in an oligopolistic two-way trade model has been ambiguous ever since this model was introduced by Brander and Krugman (1983). Although the effect has been shown to be negative in various special cases, it remains unknown under the general setting of a non-zero transport cost and a nonlinear demand function. The author of this dissertation successfully resolves this long-standing difficulty and derives an unambiguous negative effect under the general setting. This then enables the delivery of an analysis in the complete evolvement of the economy from autarky to after trade, and from the short run to the long run. In addition, the author also shows that it is possible for welfare to decrease or increase in the short run after trade, depending on relative magnitudes of exogenous variables. With China's increasing presence in the global economy, its foreign exchange rate misalignment has become a heated topic in recent years. Intensive research has been done, but the findings are surprisingly dispersed. Chinese Yuan has been estimated as being from 50% undervalued to 14% overvalued, depending on the methodology employed, explanatory variables chosen, sample period studied, researchers' subjective assumptions made, etc. This dissertation addresses the issue by employing the Behavioral Equilibrium Exchange Rate (BEER) approach with cointegration analysis and vector error correction model (VECM). It is found that the Chinese Yuan has been fluctuating moderately around its long run equilibrium value with undervaluation up to 20% and overvaluation up to 10% at various points in time. This result along with most other studies using the BEER approach suggests that Yuan has not deviated substantially from the equilibrium or has been consistently undervalued as has been widely argued.
Author: Gi-kuang Chen Publisher: ISBN: 9781109851229 Category : Languages : en Pages : 108
Book Description
This dissertation addresses two issues in International Economics: one in international trade theory and the other in foreign exchange rate estimation. The trade effect on the number of firms in an oligopolistic two-way trade model has been ambiguous ever since this model was introduced by Brander and Krugman (1983). Although the effect has been shown to be negative in various special cases, it remains unknown under the general setting of a non-zero transport cost and a nonlinear demand function. The author of this dissertation successfully resolves this long-standing difficulty and derives an unambiguous negative effect under the general setting. This then enables the delivery of an analysis in the complete evolvement of the economy from autarky to after trade, and from the short run to the long run. In addition, the author also shows that it is possible for welfare to decrease or increase in the short run after trade, depending on relative magnitudes of exogenous variables. With China's increasing presence in the global economy, its foreign exchange rate misalignment has become a heated topic in recent years. Intensive research has been done, but the findings are surprisingly dispersed. Chinese Yuan has been estimated as being from 50% undervalued to 14% overvalued, depending on the methodology employed, explanatory variables chosen, sample period studied, researchers' subjective assumptions made, etc. This dissertation addresses the issue by employing the Behavioral Equilibrium Exchange Rate (BEER) approach with cointegration analysis and vector error correction model (VECM). It is found that the Chinese Yuan has been fluctuating moderately around its long run equilibrium value with undervaluation up to 20% and overvaluation up to 10% at various points in time. This result along with most other studies using the BEER approach suggests that Yuan has not deviated substantially from the equilibrium or has been consistently undervalued as has been widely argued.
Author: Peter B. Kenen Publisher: Princeton University Press ISBN: 0691196605 Category : Business & Economics Languages : en Pages : 272
Book Description
Written form 1957 through 1978 by one of the foremost authorities in the field of international economics, this collection of Peter Kenen's previously published essays deals with issues in the pure theory of international trade, international monetary theory, and international monetary reform. The essays in Part I, "Trade, Tariffs, and Welfare," concern the roles of tangible and human capital in the determination of trade patterns, the joint determination of demand conditions and trade patterns, the gains from international trade, and the effects of migration on economic welfare. Part II, "International Monetary Theory and Policy," contains essays on the theory of gold-exchange standard, the determination of forward exchange rates, the demand for international reserves, economic integration and the delineation of currency areas, and the process of balance of payments adjustment under pegged and floating exchange rates. The essays in Part III, "Monetary Reform and the Dollar," are arranged in chonological order, from 1963 through 1977, and focus on the problems and progress of international monetary reform and on the functioning of the present international monetary system. Peter B. Kenen is Walker Professor of Economics and International Finance at Princeton University. The Princeton Sereies of Collected Essays provides facsimile reprints, in paperback and in cloth, of important articles by leading scholars. Originally published in 1981. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Author: Naoyuki Yoshino Publisher: Springer Nature ISBN: 9811670625 Category : Business & Economics Languages : en Pages : 671
Book Description
This festschrift volume presents discussions on contemporary issues in international economics and finance. It is aimed to serve as a reference material for researchers. There are two broad sections of the book -- International Macroeconomics and International Finance. The chapters in the International Macroeconomics section discuss critical topics like aggregate level macro model for India with a new Keynesian perspective, balance of payments, service sector exports, foreign exchange constraints for import demands, foreign direct investment and knowledge spill over, the relationship between forex rate fluctuation and investment, Institutional quality-trade openness-economic growth nexus, currency crises and debt-deficit relationship in the BRICS countries in the backdrop of COVID-19. Apart from these, various analytical issues related to macroeconomic policies are also covered in this section. The topics discussed includes the nature of forex market interventions, the issue of disinvestment and privatization, changing nature of fiscal policy, the inflation-growth nexus, macroeconomic simulation modelling, measuring core inflation, central bank credibility, monetary policy, inflation targeting, Infrastructure, trade, unemployment and inequality nexus. In the International Finance section, topics such as COVID-19 induced financial crisis, commodity futures volatility, stock market connectivity, volatility persistence, determinants of sovereign bond yields, FII and stock market volatility, cryptocurrency price formation, financialization of Indian commodity market, and a Keynesian view of the financial crisis are discussed. Overall, thirty two chapters in the volume discuss cutting edge research in the areas of the two sections. A tour de force... a lucid guide to some of the diverse and complex issues in International Macroeconomics and Finance. This collection of scholarly works is a fitting tribute to respected Prof. Bandi Kamaiah and his enviable academic contributions. - Prof. Y V Reddy, Former Governor, Reserve Bank of India This volume comprising thoughtful essays by our leading scholars on some of important policy issues that India is facing is indeed a rich tribute to Professor Bandi Kamaiah . This book will greatly benefit the academic community as well as our policy makers. - Prof. Vijay Kelkar, Chairman, 13th Finance Commission of India; Chairman, India Development Foundation, Mumbai, India Noted economists from India and abroad gather to apply the rigorous searchlight that Professor Bandi Kamaiah used so effectively in his career. Major current topics in macroeconomics and international finance are effectively explored in the volume. - Prof. Ashima Goyal, Emeritus Professor, Indira Gandhi Institute of Development Research, Mumbai, India; and Member, Monetary Policy Committee of Reserve Bank of India This volume of 32 papers in macroeconomics, international economics, and international finance is intended as a tribute to the eminent econometrician , Prof B Kamaiah. Post-graduate students and researchers will find much valuable literature in the volume, which is a fitting tribute to Prof Kamaiah. The editors and authors deserve rich compliments. - Prof. K L Krishna, Former Director, Delhi School of Economics, New Delhi, India I am so happy to hear that Dr. Kamaiah's colleagues and ex-students are bringing out a special volume of articles in his honor. Nothing can be more appropriate. Dr. Kamaiah, being a man of tremendous publications, deserves this tribute. I wish all the luck and success to the new book. - Prof. Kishore Kulkarni, Distinguished Professor of Economics, Metropolitan State University of Denver, USA
Author: Amlan Datta Publisher: ISBN: Category : Languages : en Pages :
Book Description
My dissertation consists of two essays, which focus on international finance and trade that are encapsulated within the realm of international economics. My first essay tests whether the effects of financial system liberalization in Singapore can be identified using indicators of exchange market pressure. First, I calculate exchange market pressure (EMP) index for the Singapore dollar relative to US dollar for two separate periods 1991-1997 and 1998-2008. During 1991-1997, Monetary Authority of Singapore heavily regulated Singapore financial markets. However, post 1997 MAS started to liberalize Singapore financial system. In view of such structural changes in the financial system, we estimate a VAR model incorporating EMP and obtain impulse response functions to identify how MAS changes its policy approach in response to high EMP during two periods. My second essay explores the impact of the Dominican Republic - Central American Free Trade Agreement (ACFAT-DR) on U.S. imports and determines whether the enactment of such an agreement caused trade creation or trade diversion. More specifically, it investigates whether or not there was any significant increase in U.S. import flows from Central America due to enactment of the agreement. Using disaggregate data we estimate fixed effect regression models and find that U.S. imports increased due to tariff liberalization under CAFTA-DR agreement without causing any trade diversion.
Author: Charles Wolf Jr. Publisher: Hoover Press ISBN: 0817918566 Category : Political Science Languages : en Pages : 255
Book Description
In this wide-ranging collection of essays first published between 2007 and 2014, Charles Wolf Jr. shares his insights on the world's economies, including those of China, the United States, Japan, Korea, India, and others. First appearing in such periodicals as in Forbes, the Wall Street Journal, and the Weekly Standard, among others, these chapters take on a range of questions about the global economy. Wolf discusses the paradoxes and puzzles within China's political economy and in its interactions with the United States. He analyzes the shortcomings of Keynesian economics as a response to the 2008 recession, as well as the weaknesses of policies and actions inferred from the theory, and compares those weaknesses with those of austerity policies intended to limit government spending and indebtedness. He also offers his views on economic inequality and where its principal sources may truly lay, China's currency and the continuing controversy about whether and when it may become a major international reserve currency, and many more insights on key economic issues affecting the global economy. Bringing these essays together for the first time in a single volume, including two essays not yet published elsewhere, this book enables the reader to absorb the author's expert perspective during the years in a collection in which the whole is truly greater than the sum of its parts. Each chapter includes a brief "postaudit" in which the author attempts to grade how well or ill the essay seems in retrospect.
Author: Gi-kuang Chen
Author: Gi-kuang Chen
Author: Xiujian Chen
Author: Peter B. Kenen
Author: David Duden Selover
Author: Naoyuki Yoshino
Author: John Marcus Fleming
Author: Amlan Datta
Author: Princeton University. International Economics Section
Author: Peter B. Kenen
Author: Charles Wolf Jr.