Handbook of Exchange Rates
Publication Date: 2012-07-03
Praise for Handbook of Exchange Rates "This book is remarkable. I expect it to become the anchor reference for people working in the foreign exchange field." --Richard K. Lyons, Dean and Professor of Finance, Haas School of Business, University of California Berkeley "It is quite easily the most wide ranging treaty of expertise on the forex market I have ever come across. I will be keeping a copy close to my fingertips." --Jim O'Neill, Chairman, Goldman Sachs Asset Management How should we evaluate the forecasting power of models? What are appropriate loss functions for major market participants? Is the exchange rate the only means of adjustment? Handbook of Exchange Rates answers these questions and many more, equipping readers with the relevant concepts and policies for working in today's international economic climate. Featuring contributions written by leading specialists from the global financial arena, this handbook provides a collection of original ideas on foreign exchange (FX) rates in four succinct sections: * Overview introduces the history of the FX market and exchange rate regimes, discussing key instruments in the trading environment as well as macro and micro approaches to FX determination. * Exchange Rate Models and Methods focuses on forecasting exchange rates, featuring methodological contributions on the statistical methods for evaluating forecast performance, parity relationships, fair value models, and flow-based models. * FX Markets and Products outlines active currency management, currency hedging, hedge accounting; high frequency and algorithmic trading in FX; and FX strategy-based products. * FX Markets and Policy explores the current policies in place in global markets and presents a framework for analyzing financial crises. Throughout the book, topics are explored in-depth alongside their founding principles. Each chapter uses real-world examples from the financial industry and concludes with a summary that outlines key points and concepts. Handbook of Exchange Rates is an essential reference for fund managers and investors as well as practitioners and researchers working in finance, banking, business, and econometrics. The book also serves as a valuable supplement for courses on economics, business, and international finance at the upper-undergraduate and graduate levels.
Exchange Rates and International Financial Economics
Call Number: HG3851 .K25 2013
Publication Date: 2013-10-03
The recent financial crisis has troubled the US, Europe, and beyond, and is indicative of the integrated world in which we live. Today, transactions take place with the use of foreign currencies, and their values affect the nations' economies and their citizens' welfare. Exchange Rates and International Financial Economics provides readers with the historic, theoretical, and practical knowledge of these relative prices among currencies. While much of the previous work on the topic has been simply descriptive or theoretical, Kallianiotis gives a unique and intimate understanding of international exchange rates and their place in an increasingly globalized world.
Exchange Rates and Global Financial Policies
Publication Date: 2014-01-01
The book covers problems relating to international macroeconomics and international finance. The first part develops new approaches to exchange rate modeling. The second part is a collection of papers on the theory and empirical analysis of monetary unions. The third part contains criticism of the mainstream macroeconomic models and proposes alternative modeling approaches. Book jacket.
Call Number: HG3851 .E77 2011
Publication Date: 2011-04-03
Variations in the foreign exchange market influence all aspects of the world economy, and understanding these dynamics is one of the great challenges of international economics. This book provides a new, comprehensive, and in-depth examination of the standard theories and latest research in exchange-rate economics. Covering a vast swath of theoretical and empirical work, the book explores established theories of exchange-rate determination using macroeconomic fundamentals, and presents unique microbased approaches that combine the insights of microstructure models with the macroeconomic forces driving currency trading. Macroeconomic models have long assumed that agents--households, firms, financial institutions, and central banks--all have the same information about the structure of the economy and therefore hold the same expectations and uncertainties regarding foreign currency returns. Microbased models, however, look at how heterogeneous information influences the trading decisions of agents and becomes embedded in exchange rates. Replicating key features of actual currency markets, these microbased models generate a rich array of empirical predictions concerning trading patterns and exchange-rate dynamics that are strongly supported by data. The models also show how changing macroeconomic conditions exert an influence on short-term exchange-rate dynamics via their impact on currency trading. Designed for graduate courses in international macroeconomics, international finance, and finance, and as a go-to reference for researchers in international economics, Exchange-Rate Dynamics guides readers through a range of literature on exchange-rate determination, offering fresh insights for further reading and research. Comprehensive and in-depth examination of the latest research in exchange-rate economics Outlines theoretical and empirical research across the spectrum of modeling approaches Presents new results on the importance of currency trading in exchange-rate determination Provides new perspectives on long-standing puzzles in exchange-rate economics End-of-chapter questions cement key ideas
Economics of International Financial System
Call Number: HG3881 .N294 2014
Publication Date: 2014-02-18
Economics of the International Financial System offers an illuminating, engaging and lucid account of the working of 21st-century global political economy. From a macroeconomic perspective, it explores how major capitalist economies are closely integrated with each other in that none can remain unaffected by economic events around the globe. The book is one of the first in its genre to examine: the origin and relevance of international money as a concept and phenomenon; the structure of various money markets; the nature and functioning of major international financial institutions such as the World Bank, International Monetary Fund (IMF) and International Bank for Reconstruction and Development (IBRD); and the dynamics of the new world financial system that emerged after the demise of Bretton Woods system. This will form an essential reading for students and scholars of international monetary economics, international corporate finance, researchers, policymakers, bankers and financial executives.
Currencies, Capital Flows and Crises
Call Number: HG3851 .H376 2009
Publication Date: 2010-07-06
Breaking from conventional wisdom, this book provides an explanation of exchange rates based on the premise that it is financial capital flows and not international trade that represents the driving force behind currency movements. John T. Harvey combines analyses rooted in the scholarly traditions of John Maynard Keynes and Thorstein Veblen with that of modern psychology to produce a set of new theories to explain international monetary economics, including not only exchange rates but also world financial crises. In the book, the traditional approach is reviewed and critiqued and the alternative is then built by studying the psychology of the market and balance of payments questions. The central model has at its core Keynes' analysis of the macroeconomy and it assumes neither full employment nor balanced trade over the short or long run. Market participants' mental model, which they use to forecast future exchange rate movements, is specified and integrated into the explanation. A separate but related discussion of currency crises shows that three distinct tension points emerge in booming economies, any one of which can break and signal the collapse. Each of the models is compared to post-Bretton Woods history and the reader is shown exactly how various shifts and adjustments on the graphs can explain the dollar's ups and downs and the Mexican (1994) and Asian (1997) crises.
Devaluing to Prosperity
Publication Date: 2011-10-15
Surjit S. Bhalla is chairman of Oxus Investments, a New Delhi-based "hedge fund" and emerging markets advisory firm. He was a research economist at Rand Corporation, the Brookings Institution, the World Bank, and the Policy Group and an economist/strategist at the World Bank, Goldman Sachs, Deutsche Bank, and Oxus Investments. He has served on several committees of the government of India (the capital account convertibility committees of 1997 and 2006 and the advisory committee on secondary markets for the Securities and Exchange Board of India, among others). He was an appointed member of the National Statistical Commission of India (2007-10). He is on the governing board of the National Council of Applied Economic Research, and since 2002, has been a regular invitee to the Aspen Institute Program on the World Economy. Book jacket.
Exchange Rate Regimes in the Modern Era
Call Number: HG3851 .K57 2010
Publication Date: 2012-08-17
The exchange rate is sometimes called the most important price in a highly globalizedworld. A country's choice of its exchange rate regime, between government-managed fixed rates andmarket-determined floating rates has significant implications for monetary policy, trade, andmacroeconomic outcomes, and is the subject of both academic and policy debate. In this book, twoleading economists examine the operation and consequences of exchange rate regimes in an era ofincreasing international interdependence. Michael Klein and Jay Shambaugh focus onthe evolution of exchange rate regimes in the modern era, the period since 1973, which followed theBretton Woods era of 1945--72 and the pre-World War I gold standard era. Klein and Shambaugh offer acomprehensive, integrated treatment of the characteristics of exchange rate regimes and theireffects. The book draws on and synthesizes data from the recent wave of empirical research on thistopic, and includes new findings that challenge preconceived notions.
Call Number: HG3851 .E939 2011
Publication Date: 2011-09-01
In finance, the exchange rates between two currencies specifies how much one currency is worth in terms of the other. This new book presents topical research on the policies, effects and fluctuations of exchange rates. Topics discussed include the effects of exchange rate fluctuations on real output, the price level, and the real value of components of aggregate demand in Egypt and Turkey; the role of CEECs exchange rates in monetary policy rules; the competitiveness of exchange rate fluctuations in Middle Eastern countries; foreign exchange rate exposure of Chinese firms in the new exchange rate regime and exchange rate flexibility and real adjustments in emerging market economies.
Flexible Exchange Rates and the World Economy
Publication Date: 2011-09-15
Volatile exchange rates and how to manage them are a contentious topic whenever economic policymakers gather in international meetings. This book examines the broad parameters of exchange rate policy in light of both high-powered theory and real-world experience. What are the costs and benefits of flexible versus fixed exchange rates? How much of a role should the exchange rate play in monetary policy? Why don't volatile exchange rates destabilize inflation and output? (description via amazon.com)