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Author: Kenneth Roger Weiss
Publisher:
ISBN:
Category :
Languages : en
Pages : 746
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Author: Mine Zeynep Senses
Publisher:
ISBN:
Category :
Languages : en
Pages : 292
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Author: Andrea Bentancor
Publisher:
ISBN:
Category :
Languages : en
Pages : 156
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Author: Gaofeng Han
Publisher:
ISBN:
Category : International economic relations
Languages : en
Pages : 380
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Author: Gerald M. McIntyre
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 288
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Author: Yi David Wang
Publisher: Stanford University
ISBN:
Category :
Languages : en
Pages : 133
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This dissertation is a compilation of three essays I wrote during my investigation of China's foreign exchange markets. I list the abstract of each in the following paragraphs. Essay 1: Anomaly in China's Dollar--RMB Forward Market Newly-established data on onshore deliverable US dollar--RMB forwards and the Shanghai Interbank Offered Rate from October 2006 to April 2009 reveal significant violations of covered interest rate parity. This paper hypothesizes that these violations are caused by an increase in US dollar-to-RMB conversion restrictions. Given that Chinese monetary authorities want to prevent market participants from taking advantage of the predictable appreciation of the RMB, China's State Administration of Foreign Exchange has to tighten up the control on US dollar-to-RMB conversions. Under the tightened conversion restrictions, similar deviations will resurface in the forward market whenever hot money inflow increases. One way to avoid covered interest rate parity violations in the forward market is to decrease hot money inflow into China by maintaining a stable and credible exchange rate policy. Essay 2: Convertibility Restriction in China's Foreign Exchange Market and its Impact on Forward Pricing Different from the well established markets such as the dollar-Euro market, recent CIP deviations observed in the onshore dollar-RMB forward market were primarily caused by conversion restrictions in the spot market rather than changes in credit risk and/or liquidity constraint. This paper proposes a theoretical framework under which the Chinese authorities impose conversion restrictions in the spot market in an attempt to achieve capital flow balance, but face the tradeoff between achieving such balance and disturbing current account transactions. Consequently, the level of conversion restriction should increase with the amount of capital account transactions and decrease with the amount of current account transactions. Such conversion restriction in turn places a binding constraint on forward traders' ability to cover their forward positions, resulting in the observed CIP deviation. More particularly, the model predicts that onshore forward rate is equal to a weighted average of CIP-implied forward rate and the market's expectation of future spot rate, with the weight determined by the level of conversion restriction. As a secondary result, the model also implies that offshore non-deliverable forwards reflect the market's expectation of future spot rate. Empirical results are consistent with these predictions. Essay 3: The Global Credit Crisis and China's Exchange Rate The case for stabilizing China's exchange rate against the dollar is strong. Before 2005 when the yuan/dollar rate was credibly fixed, it helped anchor China's domestic price level. But gradual RMB appreciation from July 2005 to July 2008 created a "one-way-bet" that disordered China's financial markets in two respects: (1) no private capital outflows to finance China's huge trade surplus leading to an undue build up of official exchange reserves and erosion of monetary control, and (2) a breakdown of the forward exchange market in 2007-08 so that exporters could no longer get trade credit—probably worsening the severe slump in Chinese exports. But after July 2008, the credit crunch induced an unexpected unwinding of the dollar carry trade leading to a sharp appreciation in the dollar's effective exchange rate. The People's Bank of China (PBC) then stopped RMB appreciation against the dollar. China's forward exchange market was restored and monetary control regained. Now the PBC can better support the fiscal stimulus by promoting a parallel expansion of bank credit. But, since March 2009, the fall in the dollar (with the RMB tied to it) again threatens to undermine the yuan/dollar rate and China's monetary stability.
Author: Rodrigo Priale
Publisher:
ISBN:
Category :
Languages : en
Pages : 430
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Author: Shingo Goto
Publisher:
ISBN:
Category : Inflation
Languages : en
Pages : 506
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Author: HwaJung Choi
Publisher:
ISBN:
Category :
Languages : en
Pages : 300
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Author: Matthias Herfert
Publisher: diplom.de
ISBN: 383243190X
Category : Business & Economics
Languages : en
Pages : 143
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Inhaltsangabe:Abstract: The Internet plays an important role of today s management decision-making. Great opportunities have to be weighted against investments into knowledge, technology, and organizational restructuring. Often, great uncertainty is involved because of rapidly changing technologies and mutual dependence of transaction parties on each other s degree of technology adoption. The main advantage of electronically performed activities is its improved efficiency. In the past, business-to-business applications have been based on specific investments of individual firms that attempted to gain competitive advantages from proprietary electronic data interchange (EDI). However, investments were huge and flexibility was very limited. Nowadays, Internet technologies allow for global reach, ubiquity, and improved efficiency at reduced asset specificity. One business application of Internet technologies is the independent business-to-business Internet-based marketplace (IBMP), on which buyers and sellers can perform service, product, information, and money transactions. Due to the early stage of technology adoption, the suitability of specific IBMP-transactions is often unclear and all those actors involved have to make strategic decisions concerning the way in which future product transactions will be performed. With the help of this thesis, buyers, sellers, and marketplace providers can evaluate the transactional suitability of product categories. Such an evaluation is of particular importance to small- and medium-sized enterprises (SME). They often lack automation and economies of scale. Therefore, the potential of improved efficiency through Internet technologies is here especially high. An exploratory study with the IBMP mondus has allowed for an empirical testing of selected evaluation criteria within selected product categories. The final results of the application explain the complexity of the decision situation and the remaining uncertainty due to the early stage of technology adoption. Inhaltsverzeichnis:Table of Contents: Management SummaryI ContentsII List of Abbreviations & SymbolsIV List of FiguresVIII List of TablesVIII 1.Introduction1 1.1.The Gap between Present Knowledge and Desired Competence1 1.2.The Research Concept2 1.2.1.Specification of Objectives2 1.2.2.Approach and Procedure3 1.2.3.Empirical Evidence3 1.2.3.1.Small- and Medium-Sized Enterprises4 1.2.3.2.The Company mondus ltd.4 1.3.Structure of the [...]
Author: Sung Jin Kang
Publisher:
ISBN:
Category : Developing countries
Languages : en
Pages : 428
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