Determinants of the Movements in the Euro-dollar Exchange Rate During the Sovereign Debt Crisis PDF Download
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Author: Alessio Anzuini
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
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Book Description
Author: Alessio Anzuini
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
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Book Description
Author: Anton Brender
Publisher:
ISBN: 9789461383372
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
"The Sovereign Debt Crisis," 2012 edition, looked at how governments ran up substantial deficits in order to avert a worldwide depression and their subsequent attempts to rebalance their budgets. This updated edition concentrates on the delicate balancing act the economies of the United States, Japan, and the eurozone face between the present need to boost sluggish economic growth by providing sufficiently cheap, low-risk credit and the longer-term challenges of cutting massive debt and returning to a sustainable fiscal policy. The authors argue that many of the euro area economies, having noticeable difficulty paying their international debts, are in a sovereign debt crisis, while America and Japan are, for now, holding steady but in real danger of slipping into crisis. The book shows how the process has evolved in these three major developed economies and how their policy choices impact global financial markets.
Author: John Caramichael
Publisher: International Monetary Fund
ISBN: 1513579010
Category : Business & Economics
Languages : en
Pages : 34
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Book Description
We isolate a U.S. dollar currency premium by comparing corporate bonds issued in the dollar and the euro by firms o utside t he U .S. a nd e uro a rea. We make s everal empirical observations that dissect the perceived advantage of borrowing in the dollar. First, while the dollar dominates global debt issuance, borrowing costs in the dollar are more expensive without a currency hedge and about the same with a currency hedge when compared to the euro. This observed parity in currency-hedged corporate borrowing stands in contrast to the persistent deviation from covered interest parity in risk-free rates. Second, we observe a dollar safety premium in relative hedged borrowing costs, found in the subset of bonds with high credit ratings and short maturities, attributes similar to those of safe sovereigns. Finally, we find that firms flexibly adjust the currency mix of their debt issuance depending on the relative borrowing cost between dollar and euro debt. In sum, the disproportionate demand for U.S. dollar debt is reflected in higher issuance volumes that drive up the currency hedged dollar borrowing costs such that at the margin they equate to euro borrowing costs.
Author: Michael Rosenberg
Publisher: McGraw Hill Professional
ISBN: 9780071415019
Category : Business & Economics
Languages : en
Pages : 300
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Book Description
Models and Strategies for Exchange Rate ForecastingMichael R. RosenbergGetting an accurate exchange rate is critical for any company doing business in today's global economy. Exchange Rate Determination--written by the number one-ranked foreign exchange team in the world--examines the methods used to accurately and profitably forecast foreign exchange rates. This hands-on guidebook uses extensive charts and tables to examine currency option markets, productivity trends and exchange rates; technical analysis methods to improve currency forecasting accuracy; and more.
Author: Mr.Eugenio M Cerutti
Publisher: International Monetary Fund
ISBN: 1484395212
Category : Business & Economics
Languages : en
Pages : 36
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Book Description
For about three decades until the Global Financial Crisis (GFC), Covered Interest Parity (CIP) appeared to hold quite closely—even as a broad macroeconomic relationship applying to daily or weekly data. Not only have CIP deviations significantly increased since the GFC, but potential macrofinancial drivers of the variation in CIP deviations have also become significant. The variation in CIP deviations seems to be associated with multiple factors, not only regulatory changes. Most of these do not display a uniform importance across currency pairs and time, and some are associated with possible temporary considerations (such as asynchronous monetary policy cycles).
Author: Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico
Publisher:
ISBN: 9789291319626
Category : Banks and banking, Central
Languages : es
Pages : 0
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Book Description
Author: Sławomir I. Bukowski
Publisher: Routledge
ISBN: 1000373282
Category : Business & Economics
Languages : en
Pages : 269
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Book Description
The success of an economy to adapt quickly, flexibly, and effectively to the demands of the changing international economic environment can only be investigated using the achievements of other national economies or regions as a benchmark. This book analyzes the fundamental factors of competitiveness, which will, in turn, facilitate economic development and growth, in the new post-crisis environment. In the economic, social, legal, and technological environment that has emerged in recent years, as well as in the period after the recent financial crisis, it is critical to define, assess, and implement new pathways to competitiveness and economic development. The book covers all aspects of competitiveness and economic growth, from financial intermediaries to tourism and the digital economy, and from regulation and corporate governance to exchange rate dynamics and monetary policy issues. It uses empirical findings from a variety of different countries with divergent economic structures and policies. It examines the new system of production, and the technological, commercial, financial and institutional environment, with the aim of recommending a proportional division of benefits and costs of economic growth. It offers a fresh, holistic, and flexible concept to underscore the new relationship between competitiveness and economic growth. Such an approach is needed, whereby competitiveness is no longer a zero-sum game between countries, but is achievable for all countries. The book recommends future directions and offers policy solutions, and as such, will appeal to students, researchers, and policymakers, as well as those interested in the role of competitiveness in the operation of markets, productivity, and economic development, and how it might foster innovation and growth.
Author: Mr.Giovanni Dell'Ariccia
Publisher: International Monetary Fund
ISBN: 1484359623
Category : Business & Economics
Languages : en
Pages : 54
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Book Description
This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.
Author: Go Tamakoshi
Publisher: Routledge
ISBN: 131762968X
Category : Business & Economics
Languages : en
Pages : 151
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Book Description
The global financial crisis saw many Eurozone countries bearing excessive public debt. This led the government bond yields of some peripheral countries to rise sharply, resulting in the outbreak of the European sovereign debt crisis. The debt crisis is characterized by its immediate spread from Greece, the country of origin, to its neighbouring countries and the connection between the Eurozone banking sector and the public sector debt. Addressing these interesting features, this book sheds light on the impacts of the crisis on various financial markets in Europe. This book is among the first to conduct a thorough empirical analysis of the European sovereign debt crisis. It analyses, using advanced econometric methodologies, why the crisis escalated so prominently, having significant impacts on a wide range of financial markets, and was not just limited to government bond markets. The book also allows one to understand the consequences and the overall impact of such a debt crisis, enabling investors and policymakers to formulate diversification strategies, and create suitable regulatory frameworks.
Author: Camila Casas
Publisher: International Monetary Fund
ISBN: 1484330609
Category : Business & Economics
Languages : en
Pages : 62
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Book Description
Most trade is invoiced in very few currencies. Despite this, the Mundell-Fleming benchmark and its variants focus on pricing in the producer’s currency or in local currency. We model instead a ‘dominant currency paradigm’ for small open economies characterized by three features: pricing in a dominant currency; pricing complementarities, and imported input use in production. Under this paradigm: (a) the terms-of-trade is stable; (b) dominant currency exchange rate pass-through into export and import prices is high regardless of destination or origin of goods; (c) exchange rate pass-through of non-dominant currencies is small; (d) expenditure switching occurs mostly via imports, driven by the dollar exchange rate while exports respond weakly, if at all; (e) strengthening of the dominant currency relative to non-dominant ones can negatively impact global trade; (f) optimal monetary policy targets deviations from the law of one price arising from dominant currency fluctuations, in addition to the inflation and output gap. Using data from Colombia we document strong support for the dominant currency paradigm.
