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Author: Takatoshi Ito
Publisher: University of Chicago Press
ISBN: 0226386937
Category : Business & Economics
Languages : en
Pages : 466
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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: Takatoshi Ito
Publisher: University of Chicago Press
ISBN: 0226386937
Category : Business & Economics
Languages : en
Pages : 466
Get Book Here
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: Michael P. Dooley
Publisher: University of Chicago Press
ISBN: 0226155420
Category : Business & Economics
Languages : en
Pages : 456
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Book Description
The management of financial crises in emerging markets is a vital and high-stakes challenge in an increasingly global economy. For this reason, it's also a highly contentious issue in today's public policy circles. In this book, leading economists-many of whom have also participated in policy debates on these issues-consider how best to reduce the frequency and cost of such crises. The contributions here explore the management process from the beginning of a crisis to the long-term effects of the techniques used to minimize it. The first three chapters focus on the earliest responses and the immediate defense of a currency under attack, exploring whether unnecessary damage to economies can be avoided by adopting the right response within the first few days of a financial crisis. Next, contributors examine the adjustment programs that follow, considering how to design these programs so that they shorten the recovery phase, encourage economic growth, and minimize the probability of future difficulties. Finally, the last four papers analyze the actual effects of adjustment programs, asking whether they accomplish what they are designed to do-and whether, as many critics assert, they impose disproportionate costs on the poorest members of society. Recent high-profile currency crises have proven not only how harmful they can be to neighboring economies and trading partners, but also how important policy responses can be in determining their duration and severity. Economists and policymakers will welcome the insightful evaluations in this important volume, and those of its companion, Sebastian Edwards and Jeffrey A. Frankel's Preventing Currency Crises in Emerging Markets.
Author: Menzie David Chinn
Publisher:
ISBN:
Category :
Languages : en
Pages : 3
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Book Description
Author: Robert C. Feenstra
Publisher: University of Chicago Press
ISBN: 0226239721
Category : Business & Economics
Languages : en
Pages : 603
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Book Description
In less than three decades, China has grown from playing a negligible role in international trade to being one of the world's largest exporters, a substantial importer of raw materials, intermediate outputs, and other goods, and both a recipient and source of foreign investment. Not surprisingly, China's economic dynamism has generated considerable attention and concern in the United States and beyond. While some analysts have warned of the potential pitfalls of China's rise—the loss of jobs, for example—others have highlighted the benefits of new market and investment opportunities for US firms. Bringing together an expert group of contributors, China's Growing Role in World Trade undertakes an empirical investigation of the effects of China's new status. The essays collected here provide detailed analyses of the microstructure of trade, the macroeconomic implications, sector-level issues, and foreign direct investment. This volume's careful examination of micro data in light of established economic theories clarifies a number of misconceptions, disproves some conventional wisdom, and documents data patterns that enhance our understanding of China's trade and what it may mean to the rest of the world.
Author: Lawrence E. Hinkle
Publisher: World Bank Publications
ISBN: 019521126X
Category : Business & Economics
Languages : en
Pages : 638
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Book Description
The study cautiously identifies exchange rate misalignment as an important element in most of the exchange rate crises that plagued the developing world during the last decade. Given that the increasing integration of world capital markets, has escalated the costs of such crises, a broad consensus emerged in recent years, that the overriding objective of exchange rate policy in developing countries, should be to avoid episodes of prolonged, and substantial misalignment, i.e., situations in which the actual real exchange rate differs significantly from its long-run equilibrium value. It was the Bank's involvement in one such misalignment episode, that eventually led to this book. Following an overview on the concepts and measurement of exchange rate misalignment, its impact on the purchasing power parity, and the relationship between the external real exchange rate (RER), and the two-good internal RER for tradables non-tradables, the study presents methodologies - empirical applications - for estimating the RER equilibrium. The study reaches an optimistic conclusion - that enough is known to identify cases of misalignment, and be able to sound clear warning signals. The implication for exchange rate policy is that ignorance about the empirical value of the equilibrium exchange rate, cannot be used to clinch arguments for extreme exchange arrangements, such as clean floats, currency boards, and "dollarization."
Author: Jon D. Kendall
Publisher: World Scientific
ISBN: 9789810237561
Category : Business & Economics
Languages : en
Pages : 298
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Book Description
This book is a compilation of joint papers written by the staff and students of the Nanyang Business School in Singapore. It encompasses a broad range of interesting microeconomic and macroeconomic topics. The four sections of the book cover Singaporean microeconomic and macroeconomic issues, interdependence among Asia-Pacific economies, and other Asia-Pacific economic issues. The book embodies the highest level of technical rigor and commitment to excellence. The general public should find this book a handy, useful and informative tool for understanding the economics of East Asia. In particular, analysts and researchers in banks, securities houses, multinational corporations, government ministries and agencies, and universities will find the book indispensable for enhancing their understanding of the region's economies.
Author: Juthathip Jongwanich
Publisher:
ISBN:
Category : Exports
Languages : en
Pages : 72
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Book Description
Author: Jagdish Handa
Publisher: World Scientific
ISBN: 981433894X
Category : Business & Economics
Languages : en
Pages : 284
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Book Description
"This book presents five theoretical and empirical studies on growth, capital flows, exchange rates and monetary policy. The empirical parts of three of the studies use data from the ASEAN-4 countries of Indonesia, Malaysia, Philippines, Thailand, with the remaining two studies using data on China."--Preface.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 389
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Book Description
Author: Mr.Michael Sarel
Publisher: International Monetary Fund
ISBN: 1451852088
Category : Business & Economics
Languages : en
Pages : 38
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Book Description
This paper examines the different arguments raised by the studies that addressed the East Asian growth experience. The original arguments presented in this paper are all on the negative side, highlighting problems associated with some of the possible explanations for the East Asian miracle. The paper concentrates mainly on four dimensions of the debate about the East Asian growth experience: (i) The nature of economic growth intensive or extensive?; (ii) The role of public policy and of selective interventions; (iii) The role of high investment rates and a strong export orientation as possible engines of growth; and (iv) The importance of the initial conditions and their relevance for policy.
