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This volume examines the intersection between a new analytical approach and a real economic problem.
First published in 2007. Exchange Rate Economics: Theories and Evidence is the second edition of Floating Exchange Rates: Theories and Evidence, and builds on the successful content and structure of the previous edition, but has been comprehensively updated and expanded to include additional literature on the determination of both fixed and floating exchange rates. Core topics covered include: • the purchasing power parity hypothesis and the PPP puzzle; • the monetary and portfolio-balance approaches to exchange rates; • the new open economy macroeconomics approach to exchange rates; and • the determination of exchange rates in target zone models and speculative attack models. Exchange Rate Economics: Theories and Evidence also includes extensive discussion of recent econometric work on exchange rates with a particular focus on equilibrium exchange rates and measuring exchange rate misalignment, as well as discussion on the non-fundamentals-based approaches to exchange rate behaviour, such as the market microstructure approach. The book will appeal to academics and postgraduate students with an interest in all aspects of international finance and will also be of interest to practitioners concerned with issues relating to equilibrium exchange rates and the forecastability of currencies in terms of macroeconomic fundamentals.
In the last few decades exchange rate economics has seen a number of developments, with substantial contributions to both the theory and empirics of exchange rate determination. Important developments in econometrics and the increasingly large availability of high-quality data have also been responsible for stimulating the large amount of empirical work on exchange rates in this period. Nonetheless, while our understanding of exchange rates has significantly improved, a number of challenges and open questions remain in the exchange rate debate, enhanced by events including the launch of the Euro and the large number of recent currency crises. This volume provides a selective coverage of the literature on exchange rates, focusing on developments from within the last fifteen years. Clear explanations of theories are offered, alongside an appraisal of the literature and suggestions for further research and analysis.
A collection of articles presented at the XLVI Applied Econometrics Association conference on exchange rates held in Heigerloch Castle, Germany), in 1995. The book consists of three parts examining the experience of the exchange rate in Europe. In the first part some aspects of exchange rate determination in Europe are examined; the second part deals with the exchange rate policy within the European Monetary System; in the third part an analysis of recent intervention practices in the European exchange rate markets is presented.
Handbook of International Economics
Here are new insights into the process of European financial integration which continues to remain in the forefront of international financial developments. Based on the most recent econometric techniques and theoretical innovations, this book provides a timely core of theoretical and empirical studies on European currency movements, the European Monetary System (EMS), and developments in European banking and financial markets. European Foreign Exchange Movements and Financial Institutions offers an understanding of the current exchange rate movements within the EMS and the functioning of European financial institutions in an environment moving toward greater financial and economic integration. Contributing authors from Europe and the United States study and examine: foreign exchange risk and EMS EMS exchange rate fluctuations the effects of risk-based capital standing on European financial institutions and the rest of the world European banking acquisitions and corporate control issues interest rates and the cost structure of the French banking system European Foreign Exchange Movements and Financial Institutions is a valuable source of helpful information for students in MBA and PhD programs and for technically-oriented finance professionals with banking research interests.