Author: Franz Gehrels
Publisher: Springer Science & Business Media
ISBN: 3642841988
Category : Business & Economics
Languages : en
Pages : 308
Book Description
Helmut Schneider 1. The Formulation of the Research Programme 1. In the late sixties the acceleration of US inflation revived the discussion of the fifties about the superiority of flexible exchange rates: The US balance of payments deteriorated since 1965, the dollar shortage after World War II changed to a dollar surplus. The import of US inflation by their main trading partners intensified political pressures so that at the beginning of the seventies most leading countries decided, contrary to the rules of the Bretton Woods agreement, to stop their intervention in the market for foreign exchange and to let the exchange rates be determined by market forces. It is worthwhile recalling that at that time one had only very limited experience with the regime of flexible exchange rates: The most important case, the floating of Canadian against the US dollar, could not be generalized to a world where nearly all important countries adhered to the regime of flexible exchange rates. ! - But one really had rich experience with destabilizing capital flows (or "hot money") that forced monetary authorities to adjust exchange rates in a system of managed flexibility to the expecta tions of "speculators".
Real Adjustment Processes under Floating Exchange Rates
Author: Franz Gehrels
Publisher: Springer Science & Business Media
ISBN: 3642841988
Category : Business & Economics
Languages : en
Pages : 308
Book Description
Helmut Schneider 1. The Formulation of the Research Programme 1. In the late sixties the acceleration of US inflation revived the discussion of the fifties about the superiority of flexible exchange rates: The US balance of payments deteriorated since 1965, the dollar shortage after World War II changed to a dollar surplus. The import of US inflation by their main trading partners intensified political pressures so that at the beginning of the seventies most leading countries decided, contrary to the rules of the Bretton Woods agreement, to stop their intervention in the market for foreign exchange and to let the exchange rates be determined by market forces. It is worthwhile recalling that at that time one had only very limited experience with the regime of flexible exchange rates: The most important case, the floating of Canadian against the US dollar, could not be generalized to a world where nearly all important countries adhered to the regime of flexible exchange rates. ! - But one really had rich experience with destabilizing capital flows (or "hot money") that forced monetary authorities to adjust exchange rates in a system of managed flexibility to the expecta tions of "speculators".
Publisher: Springer Science & Business Media
ISBN: 3642841988
Category : Business & Economics
Languages : en
Pages : 308
Book Description
Helmut Schneider 1. The Formulation of the Research Programme 1. In the late sixties the acceleration of US inflation revived the discussion of the fifties about the superiority of flexible exchange rates: The US balance of payments deteriorated since 1965, the dollar shortage after World War II changed to a dollar surplus. The import of US inflation by their main trading partners intensified political pressures so that at the beginning of the seventies most leading countries decided, contrary to the rules of the Bretton Woods agreement, to stop their intervention in the market for foreign exchange and to let the exchange rates be determined by market forces. It is worthwhile recalling that at that time one had only very limited experience with the regime of flexible exchange rates: The most important case, the floating of Canadian against the US dollar, could not be generalized to a world where nearly all important countries adhered to the regime of flexible exchange rates. ! - But one really had rich experience with destabilizing capital flows (or "hot money") that forced monetary authorities to adjust exchange rates in a system of managed flexibility to the expecta tions of "speculators".
Real Adjustment Processes Under Floating Exchange Rates
Author: Franz Gehrels
Publisher: Springer Verlag
ISBN: 9780387525914
Category : Business & Economics
Languages : en
Pages : 302
Book Description
Publisher: Springer Verlag
ISBN: 9780387525914
Category : Business & Economics
Languages : en
Pages : 302
Book Description
The Functioning of Floating Exchange Rates
Author: David Bigman
Publisher: Cambridge, Mass. : Ballinger
ISBN:
Category : Business & Economics
Languages : en
Pages : 460
Book Description
Publisher: Cambridge, Mass. : Ballinger
ISBN:
Category : Business & Economics
Languages : en
Pages : 460
Book Description
No Pain, All Gain? Exchange Rate Flexibility and the Expenditure-Switching Effect
Author: Mr.Yan Carriere-Swallow
Publisher: International Monetary Fund
ISBN: 1484379373
Category : Business & Economics
Languages : en
Pages : 30
Book Description
Theoretical models on the relationship between prices and exchange rates predict that the magnitude of expenditure switching affects the optimal choice of exchange rate regime. Focusing on the transmission of terms-of-trade shocks to domestic real variables we document that the magnitude of the expenditure switching effect is positively associated to the degree of exchange rate flexibility. Moreover, results show that flexible exchange rates allow for significant adjustment in relative prices, which in turn lowers the burden of adjustment on demand for domestic goods and, in some cases, facilitates a faster and more durable external adjustment process. These results, which are robust to accounting for possible non-linearities due to balance sheet effects or currency mismatches, shed new light on the shock absorbing properties of flexible exchange rates.
Publisher: International Monetary Fund
ISBN: 1484379373
Category : Business & Economics
Languages : en
Pages : 30
Book Description
Theoretical models on the relationship between prices and exchange rates predict that the magnitude of expenditure switching affects the optimal choice of exchange rate regime. Focusing on the transmission of terms-of-trade shocks to domestic real variables we document that the magnitude of the expenditure switching effect is positively associated to the degree of exchange rate flexibility. Moreover, results show that flexible exchange rates allow for significant adjustment in relative prices, which in turn lowers the burden of adjustment on demand for domestic goods and, in some cases, facilitates a faster and more durable external adjustment process. These results, which are robust to accounting for possible non-linearities due to balance sheet effects or currency mismatches, shed new light on the shock absorbing properties of flexible exchange rates.
Floating Exchange Rates and the Need for Surveillance
Author: Jacques R. Artus
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 52
Book Description
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 52
Book Description
The International Adjustment Mechanism
Author: L. Gomes
Publisher: Springer
ISBN: 0230375421
Category : Business & Economics
Languages : en
Pages : 362
Book Description
This book is about the history of thought and policy on the international adjustment mechanism. Economics emerged as a discipline in its own right largely out of the accumulated reflections, analyses and judgements of a group of writers from the sixteenth to the early nineteenth century who shared a common perspective on matters relating to the adjustment of the balance of payments. The present survey starts with the development of the doctrine at that time and continues the story up to the present debate on economic and monetary union in Europe.
Publisher: Springer
ISBN: 0230375421
Category : Business & Economics
Languages : en
Pages : 362
Book Description
This book is about the history of thought and policy on the international adjustment mechanism. Economics emerged as a discipline in its own right largely out of the accumulated reflections, analyses and judgements of a group of writers from the sixteenth to the early nineteenth century who shared a common perspective on matters relating to the adjustment of the balance of payments. The present survey starts with the development of the doctrine at that time and continues the story up to the present debate on economic and monetary union in Europe.
Exchange Rates, Domestic Prices, and the Adjustment Process
Author: Peter B. Kenen
Publisher:
ISBN:
Category : Balance of payments
Languages : en
Pages : 58
Book Description
Publisher:
ISBN:
Category : Balance of payments
Languages : en
Pages : 58
Book Description
Exchange Rates in the International Adjustment Process
Author: Niels Thygesen
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 38
Book Description
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 38
Book Description
The Alignment of Foreign Exchange Rates
Author: Fritz Machlup
Publisher: Irvington Publishers
ISBN:
Category : Business & Economics
Languages : en
Pages : 122
Book Description
Publisher: Irvington Publishers
ISBN:
Category : Business & Economics
Languages : en
Pages : 122
Book Description
Optimum Adjustment Processes and Currency Areas
Author: Delbert A. Snider
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 36
Book Description
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 36
Book Description