Financial Market Integration and Exchange Rate Policy PDF Download
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Author: Mr.Donald J. Mathieson
Publisher: International Monetary Fund
ISBN: 1451930976
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
This paper examines how a country’s exchange rate policy should be adjusted when the degree of integration between domestic and external financial markets increases as a result of both domestic financial liberalization and the relaxation of capital controls. As the financial structure is opened and liberalized, the optimal scale of exchange market intervention changes as the relative importance of different domestic and foreign shocks for output and price stability is altered. Nonetheless, the response of the optimal degree of intervention to increases in the variances of the various domestic and foreign shocks is similar across all financial structures.
Author: Mr.Donald J. Mathieson
Publisher: International Monetary Fund
ISBN: 1451930976
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
This paper examines how a country’s exchange rate policy should be adjusted when the degree of integration between domestic and external financial markets increases as a result of both domestic financial liberalization and the relaxation of capital controls. As the financial structure is opened and liberalized, the optimal scale of exchange market intervention changes as the relative importance of different domestic and foreign shocks for output and price stability is altered. Nonetheless, the response of the optimal degree of intervention to increases in the variances of the various domestic and foreign shocks is similar across all financial structures.
Author: Donald J. Mathieson
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: Alan Sutherland
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 42
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Book Description
Author: Paul J.J. Welfens
Publisher: Springer Science & Business Media
ISBN: 3642162746
Category : Business & Economics
Languages : en
Pages : 411
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Book Description
Financial capital, whether mediated through the financial market or Foreign Direct Investment has been a key factor in European economic growth. This book examines the interaction between European and global financial integration and analyses the dynamics of the monetary sector and the real economy in Europe. The key analytical focus is on the theoretical and empirical dynamics of financial markets in Europe, however, it also provides regional case studies of key institutional developments and lessons from foreign direct investment. There is a broad range of findings for Central, Eastern and Western Europe as well as EU Partner Countries. Crucially the analysis includes new approaches and options for solving the transatlantic banking crisis and suggests policy innovations for a world with unstable financial markets.
Author: A. Blundell-Wignall
Publisher: OECD
ISBN:
Category : Banks and banking, International
Languages : en
Pages : 74
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Book Description
This paper is one of four in this Working Paper Series, focusing on financial liberalisation, along with those of Kupiec, Miller and Weller, and Driscoll. It examines the extent to which international financial markets have become more integrated over the past decade. The finding that financial markets are almost fully integrated, in contrast to goods markets which are not, has important implications for real interest rate differentials, real exchange rate behaviour and external adjustment. In particular, the reduced importance of external imbalance and the increased role of real interest rates in real exchange rate determination can be associated with more prolonged misalignments ...
Author: Maurice Obstfeld
Publisher: Cambridge University Press
ISBN: 9780521671798
Category : Business & Economics
Languages : en
Pages : 386
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Book Description
This book is an economic survey of international capital mobility from the late nineteenth century to the present.
Author: William H. Branson
Publisher:
ISBN:
Category : European Economic Community countries
Languages : en
Pages : 58
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Book Description
Estudia las consecuencias que el Sistema Monetario Europeo (SME) y la integracion de los mercados financieros en 1992, pueden tener en la politica monetaria y fiscal de los paises de la CE. Comienza advirtiendo que la integracion se esta llevando a cabo cuando los estados miembros tienen desequilibrios en sus balanzas de pagos por cuenta corriente. A continuacion analiza el ajuste que tendra lugar en la politica monetaria y el papel que jugaran los intermediarios financieros locales en 1992. Termina planteando la reforma de los sistemas financieros y la necesidad de una autoridad fiscal en la CE. Contiene cuadros estadisticos y bibliografia.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 9781557751331
Category : Business & Economics
Languages : en
Pages : 394
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Book Description
This collection of papers, edited by Victor Argy and Paul De Grauwe, examines issues surrounding the choice of exchange rate regime in smaller industrial countries. It contains a comprehensive summary by Jacques J. Polak.
Author: Mr.Michael Mussa
Publisher: International Monetary Fund
ISBN: 145195039X
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
This paper discusses the extent to which national capital markets have become linked, and identifies several of the more important consequences of that increased degree of integration. Alternative approaches to the measurement of capital market integration are reviewed, including deviations from the law of one price, differences between actual and optimally diversified portfolios, correlations between domestic investment and domestic saving, and cross-country links in consumption behavior. Two recent episodes of large-scale international capital flows—namely, the turmoil in the European Monetary System in the fall of 1992, and the surge of capital inflows into Latin America during the last three years—are examined for insights into the workings of today’s global capital market. Finally, the paper offers some concluding remarks on the future development of international capital markets, on exchange rate management, on alternative approaches to living with larger and more influential financial markets, and on the financing of investment in the formerly centrally planned economies.
Author: Takatoshi Ito
Publisher: University of Chicago Press
ISBN: 0226386953
Category : Business & Economics
Languages : en
Pages : 416
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Book Description
The increased mobility and volume of international capital flows is a striking trend in international finance. While countries worldwide have engaged in financial deregulation, nowhere is this pattern more pronounced than in East Asia, where it has affected in unanticipated ways the behavior of exchange rates, interest rates, and capital flows. In these thirteen essays, American and Asian scholars analyze the effects of financial deregulation and integration on East Asian markets. Topics covered include the roles of the United States and Japan in trading with Asian countries, macroeconomic policy implications of export-led growth in Korea and Taiwan, the effects of foreign direct investment in China, and the impact of financial liberalization in Japan, Korea, and Singapore. Demonstrating the complexity of financial deregulation and the challenges it poses for policy makers, this volume provides an excellent picture of the overall status of East Asian financial markets for scholars in international finance and Asian economic development.
