The Impact of Real Exchange Rate Movements on
... Services have long been considered by economists and other observers of international commerce to be the proverbial non-traded good. Indeed, by conventional measures of openness services remain the most closed sector of the world economy. However, in part due to the technological changes that have m ...
... Services have long been considered by economists and other observers of international commerce to be the proverbial non-traded good. Indeed, by conventional measures of openness services remain the most closed sector of the world economy. However, in part due to the technological changes that have m ...
A Long-Term Strategy and a Short
... trinity, which decrees that a country must give up one of three goals—exchange-rate stability, monetary independence, or financial-market integration. simple schematic illustration of the impossible trinity. ...
... trinity, which decrees that a country must give up one of three goals—exchange-rate stability, monetary independence, or financial-market integration. simple schematic illustration of the impossible trinity. ...
This David Longworth Working Paper No. 535 1050 Massachusetts Avenue
... very sharp growth of external borrowing by Canadians in the 1974—76 period. Our attempt to explain this growth relies in part upon the existence of irrationality in the formation of long—run expectations in the bond market or exchange market or both. Finally, in Section 4 we turn to an analysis of t ...
... very sharp growth of external borrowing by Canadians in the 1974—76 period. Our attempt to explain this growth relies in part upon the existence of irrationality in the formation of long—run expectations in the bond market or exchange market or both. Finally, in Section 4 we turn to an analysis of t ...
On the long-run determinants of real exchange rates for
... an estimation of its equilibrium value for a panel of developing countries using conventional cointegration tests on time series data (cf. Johansen, 1988). According to this estimation, only real variables affect real the exchange rate in the long-run, but in the short-run both real and nominal vari ...
... an estimation of its equilibrium value for a panel of developing countries using conventional cointegration tests on time series data (cf. Johansen, 1988). According to this estimation, only real variables affect real the exchange rate in the long-run, but in the short-run both real and nominal vari ...
Fundamentals, Contagion and Currency Crises
... Non-structural models of currency crises fall into two broad categories: those based on non-parametric tests and those based on probit regressions. The nonparametric approach was popularised by Eichengreen, Rose and Wyplosz (1995). Using quarterly data for members of the exchange rate mechanism (ERM ...
... Non-structural models of currency crises fall into two broad categories: those based on non-parametric tests and those based on probit regressions. The nonparametric approach was popularised by Eichengreen, Rose and Wyplosz (1995). Using quarterly data for members of the exchange rate mechanism (ERM ...
Policies to Curb Stock Market Volatility
... Curbs on portfolio insurance and program trading None of the studies of the stock market crash recommends direct curbs on program trading, portfolio insurance, or index arbitrage. Further, all of them conclude " . . . that derivative index markets provide valuable hedging and market timing benefits ...
... Curbs on portfolio insurance and program trading None of the studies of the stock market crash recommends direct curbs on program trading, portfolio insurance, or index arbitrage. Further, all of them conclude " . . . that derivative index markets provide valuable hedging and market timing benefits ...
Global Pricing
... To minimize risks, firms use hedging, swaps or other financial instruments There may be additional constrains such as inability to freely convert local currency to other currencies, limitations on foreign exchange transfers etc ...
... To minimize risks, firms use hedging, swaps or other financial instruments There may be additional constrains such as inability to freely convert local currency to other currencies, limitations on foreign exchange transfers etc ...
The Interactions of Strength of Governments and Alternative
... Rogoff 1995, Summers 2000, Fischer 2001, and Bubula and Otker Robe 2003). Other economists argued that it wasn’t necessary to go all the way to a corner and that crawling bands, for example, could still be an effective regime. Advocates of this view were able to offer examples where crawling bands h ...
... Rogoff 1995, Summers 2000, Fischer 2001, and Bubula and Otker Robe 2003). Other economists argued that it wasn’t necessary to go all the way to a corner and that crawling bands, for example, could still be an effective regime. Advocates of this view were able to offer examples where crawling bands h ...
Long memory and nonlinear mean reversion in Japanese yen
... The apparent revival of the empirical relevance of PPP has been typically attributed to the improved statistical power attained through using efficient testing procedures and/or longer sample series available for the current float (Lothian and Taylor, 1997). This generic explanation in terms of pure ...
... The apparent revival of the empirical relevance of PPP has been typically attributed to the improved statistical power attained through using efficient testing procedures and/or longer sample series available for the current float (Lothian and Taylor, 1997). This generic explanation in terms of pure ...
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... The choice of macroeconomic policies is traditionally cast in terms of the well-known trilemma. This is a way of describing succinctly a choice among three policy goals: pegging the exchange rate, keeping the capital markets open, or conducting a business-cycle stabilizing monetary policy. The tri-l ...
... The choice of macroeconomic policies is traditionally cast in terms of the well-known trilemma. This is a way of describing succinctly a choice among three policy goals: pegging the exchange rate, keeping the capital markets open, or conducting a business-cycle stabilizing monetary policy. The tri-l ...
This PDF is a selection from an out-of-print volume from... of Economic Research
... advanced industrializing economies. Although the model is quite general, it is motivated by recent events in the Southern Cone of Latin America, where wide-ranging economic reforms initiated in the 1970s produced dramatic-and ultimately unsustainable-movements in external accounts and real exchange ...
... advanced industrializing economies. Although the model is quite general, it is motivated by recent events in the Southern Cone of Latin America, where wide-ranging economic reforms initiated in the 1970s produced dramatic-and ultimately unsustainable-movements in external accounts and real exchange ...
put title here - Terry FitzPatrick: Reporting, Training, Media
... Narrator: Every business day, more than a billion shares change hands on America's major stock exchanges. Nearly 90-million dollars worth of stock changes hands every minute. Brokers constantly scramble to do their client's bidding in the battlefield of high finance. Cashin: "The floor's a rather un ...
... Narrator: Every business day, more than a billion shares change hands on America's major stock exchanges. Nearly 90-million dollars worth of stock changes hands every minute. Brokers constantly scramble to do their client's bidding in the battlefield of high finance. Cashin: "The floor's a rather un ...
Performance Measurement
... Growing regulatory obligations to demonstrate • best execution practices • soft and bundled commissions paid by money manager are in investors interests ...
... Growing regulatory obligations to demonstrate • best execution practices • soft and bundled commissions paid by money manager are in investors interests ...
FREE Sample Here
... A. Start with £100 and trade for $500 at the official exchange rate. Redeem the $500 for 13.89 ounces of gold. Trade the gold for £83.33. B. Start with $100 and buy gold. Sell the gold for £16.67. Sell the pounds at the official exchange rate. C. Start with £100 and buy gold. Sell the gold for $600. ...
... A. Start with £100 and trade for $500 at the official exchange rate. Redeem the $500 for 13.89 ounces of gold. Trade the gold for £83.33. B. Start with $100 and buy gold. Sell the gold for £16.67. Sell the pounds at the official exchange rate. C. Start with £100 and buy gold. Sell the gold for $600. ...
The Japanese yen as an international currency*
... Following the collapse of the Bretton Woods system, the major developed countries have adopted a floating exchange rate system since 1973. Even while it has continued to lose its value relative to other major currencies, the US dollar remained a key currency throughout this period. This has been hi ...
... Following the collapse of the Bretton Woods system, the major developed countries have adopted a floating exchange rate system since 1973. Even while it has continued to lose its value relative to other major currencies, the US dollar remained a key currency throughout this period. This has been hi ...
Exchange rate movements and export market dynamics: evidence
... Received March 16, 2017 Accepted as Economics Discussion Paper March 21, 2017 Published March 24, 2017 © Author(s) 2017. Licensed under the Creative Commons License - Attribution 4.0 International (CC BY 4.0) ...
... Received March 16, 2017 Accepted as Economics Discussion Paper March 21, 2017 Published March 24, 2017 © Author(s) 2017. Licensed under the Creative Commons License - Attribution 4.0 International (CC BY 4.0) ...
The Treasury Bill Futures Market and Market Expectations of Interest
... In the case of the futures market in Treasury bills, the yields on futures contracts indicate the pattern of interest rates expected by market participants to prevail in certain months in the future, given currently available information. Any expectation of future interest rates, however arrived at, ...
... In the case of the futures market in Treasury bills, the yields on futures contracts indicate the pattern of interest rates expected by market participants to prevail in certain months in the future, given currently available information. Any expectation of future interest rates, however arrived at, ...
The Portfolio Balance Model∗
... Assets Liabilities Assets Liabilities Foreign bonds +1 monetary base +1 Reserves +1 deposits of foreign banks +1 Foreign commercial banks Assets Liabilities Foreign bonds -1 deposits at domestic banks +1 An alternative strategy is to buy domestic bonds from the domestic commercial banks, i.e., an op ...
... Assets Liabilities Assets Liabilities Foreign bonds +1 monetary base +1 Reserves +1 deposits of foreign banks +1 Foreign commercial banks Assets Liabilities Foreign bonds -1 deposits at domestic banks +1 An alternative strategy is to buy domestic bonds from the domestic commercial banks, i.e., an op ...
Chapter 15: Options on stock indices and currencies
... Min portfolio value = V1+n($m)(K- I1) This is the lowest level that the portfolio value can attain. If the index falls below the exercise price and the portfolio value declines too, the protective puts will be exercised and the money gained may be invested in the portfolio and bring it to the value ...
... Min portfolio value = V1+n($m)(K- I1) This is the lowest level that the portfolio value can attain. If the index falls below the exercise price and the portfolio value declines too, the protective puts will be exercised and the money gained may be invested in the portfolio and bring it to the value ...
Factors that help to predict INR to USD exchange rate
... (Exhibit 18). Much of the currency trading activity in India occurs between 9:00 to 9:35 am IST, and also between 4:30 to 5:00 pm IST (Exhibit 18). Furthermore, 9:00 to 9:35 am IST is the time when foreign exchange markets open in India and 4:30 to 5:00 pm IST marks the opening of the RBI fixing & E ...
... (Exhibit 18). Much of the currency trading activity in India occurs between 9:00 to 9:35 am IST, and also between 4:30 to 5:00 pm IST (Exhibit 18). Furthermore, 9:00 to 9:35 am IST is the time when foreign exchange markets open in India and 4:30 to 5:00 pm IST marks the opening of the RBI fixing & E ...
Consumption and real exchange rates with incomplete
... marginal utilities of consumption in di¤erent countries. In his study, he rules out non-separabilities in the utility function as possible candidates in testing for risk-sharing. In another related study, Kollmann (1995) also rejects the complete market assumption. Starting from these premises, rece ...
... marginal utilities of consumption in di¤erent countries. In his study, he rules out non-separabilities in the utility function as possible candidates in testing for risk-sharing. In another related study, Kollmann (1995) also rejects the complete market assumption. Starting from these premises, rece ...
A Survey of Singapore`s Monetary Policy
... integrity of the financial system. The MAS adopted a number of key guiding principles over the years, which included: (i) adopting a medium to long term perspective when making policies; (ii) ensuring an ethos of fiscal prudence within the government, which helped the MAS in its task of preserving t ...
... integrity of the financial system. The MAS adopted a number of key guiding principles over the years, which included: (i) adopting a medium to long term perspective when making policies; (ii) ensuring an ethos of fiscal prudence within the government, which helped the MAS in its task of preserving t ...
Extending the Reserve Bank’s macroeconomic balance model of the exchange rate
... Short-run notions of equilibrium tend to relate the exchange rate to the current values of the factors that influence it over that horizon (see, for example, McDonald (2012)). Over the medium term, equilibrium values tend to be based on the value of the exchange rate that would be consistent with an ...
... Short-run notions of equilibrium tend to relate the exchange rate to the current values of the factors that influence it over that horizon (see, for example, McDonald (2012)). Over the medium term, equilibrium values tend to be based on the value of the exchange rate that would be consistent with an ...
Inflation, Exchange Rates and Interest Rates
... economies and as at the time one of the first low income countries to do so. A 5 percent inflation rate was set as the medium target by the Bank of Ghana. This objective was however affected by negative shocks which made it difficult to achieve the target. Problems of this nature are common in the inflati ...
... economies and as at the time one of the first low income countries to do so. A 5 percent inflation rate was set as the medium target by the Bank of Ghana. This objective was however affected by negative shocks which made it difficult to achieve the target. Problems of this nature are common in the inflati ...