Exchange Rate Fundamentals Versus Speculation PDF Download
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Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 32 |
Release | : 1988-12-20 |
Genre | : Business & Economics |
ISBN | : 1451945973 |
Download Exchange Rate "Fundamentals" versus Speculation Book in PDF, ePub and Kindle
The exchange rate for the Lebanese pound experienced a protracted period of depreciation from end-1982 to November 1987, followed by a marked appreciation over the following six months. This paper investigates the competing hypotheses that the exchange rate over these two periods was driven by a speculative bubble versus “fundamental” economic variables. Reduced-form and time series models for the exchange rate are estimated and tested for nonstationarity. The results of these test suggest that the pound’s volatility in recent years was consistent with an excessive growth in domestic versus foreign currency denominated liquidity rather than speculation.
Author | : Laurence Krause |
Publisher | : Routledge |
Total Pages | : 314 |
Release | : 2019-07-11 |
Genre | : Political Science |
ISBN | : 1000312895 |
Download Speculation And The Dollar Book in PDF, ePub and Kindle
I began serious consideration of the issues and subject matter that comprise this book as a graduate student at the University of Massachusetts at Amherst. In need of a dissertation topic and vaguely curious about international monetary economics, I decided to sit in on Leonard Rapping's undergraduate course on international finance. Needless to say, I was soon hooked. Within several months I was teaching my own course on international money and beginning to write an outline of what would become my doctoral dissertation on foreign exchange speculation. Once completed the dissertation thesis became this basis for this book.
Author | : Christopher Towe |
Publisher | : |
Total Pages | : 32 |
Release | : 2006 |
Genre | : |
ISBN | : |
Download Exchange Rate "Fundamentals" Versus Speculation Book in PDF, ePub and Kindle
The exchange rate for the Lebanese pound experienced a protracted period of depreciation from end-1982 to November 1987, followed by a marked appreciation over the following six months. This paper investigates the competing hypotheses that the exchange rate over these two periods was driven by a speculative bubble versus quot;fundamentalquot; economic variables. Reduced-form and time series models for the exchange rate are estimated and tested for nonstationarity. The results of these test suggest that the pound`s volatility in recent years was consistent with an excessive growth in domestic versus foreign currency denominated liquidity rather than speculation.
Author | : Christopher M. Towe |
Publisher | : |
Total Pages | : 31 |
Release | : 1988 |
Genre | : |
ISBN | : |
Download Exchange Rate Fundamentals Versus Speculation Book in PDF, ePub and Kindle
Author | : Nikitas Pittis |
Publisher | : |
Total Pages | : |
Release | : 1990 |
Genre | : |
ISBN | : |
Download On the Exchange Rate of the Dollar Book in PDF, ePub and Kindle
Author | : Ronald MacDonald |
Publisher | : Routledge |
Total Pages | : 465 |
Release | : 2007-03-12 |
Genre | : Business & Economics |
ISBN | : 1134801254 |
Download Exchange Rate Economics Book in PDF, ePub and Kindle
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.
Author | : Ronald MacDonald |
Publisher | : Routledge |
Total Pages | : 334 |
Release | : 2005 |
Genre | : Foreign exchange |
ISBN | : 1134838220 |
Download Exchange Rate Economics Book in PDF, ePub and Kindle
''In summary, the book is valuable as a textbook both at the advanced undergraduate level and at the graduate level. It is also very useful for the economist who wants to be brought up-to-date on theoretical and empirical research on exchange rate behaviour.'' ""Journal of International Economics""
Author | : C. Davis |
Publisher | : |
Total Pages | : 39 |
Release | : 1987 |
Genre | : Economics |
ISBN | : |
Download Exchange rate fundamentals and tests for speculative bubbles Book in PDF, ePub and Kindle
Author | : Carol L. Osler |
Publisher | : |
Total Pages | : 0 |
Release | : 2007 |
Genre | : |
ISBN | : |
Download Short-Term Speculators and the Origins of Near-Random-Walk Exchange Rate Behavior Book in PDF, ePub and Kindle
This paper suggests that normal speculative activity could be a source of random-walk exchange rate behavior. Using a noise trader model to analyze very short-term exchange rate behavior, it shows that rational, risk-averse speculators will smooth the impact of shocks to exchange rate fundamentals. With sufficient speculative activity, an exchange rate could become statistically indistinguishable from a random walk, regardless of the generating processes of its fundamental determinants. This result may help resolve the apparent inconsistency between the observed behavior of floating exchange rates and the behavior predicted by existing theoretical models given the actual behavior of exchange rate fundamentals. The result also suggests that heavy speculative activity could cause exchange rates to be forecast better via random-walk than via structural modelsᔞven when structural forces are correctly identified. Finally, the paper provides an explanation for the observed extended response of exchange rates to sterilized intervention.
Author | : Philip L. Carret |
Publisher | : Pickle Partners Publishing |
Total Pages | : 401 |
Release | : 2015-11-06 |
Genre | : Business & Economics |
ISBN | : 1786256746 |
Download The Art Of Speculation Book in PDF, ePub and Kindle
Philip L. Carret (1896-1998) was a famed investor and founder of The Pioneer Fund (Fidelity Mutual Trust), one of the first Mutual Funds in the United States. A former Barron’s reporter and WWI aviator, Carret launched the Mutual Trust in 1928 after managing money for his friends and family. The initial effort evolved into Pioneer Investments. He ran the fund for 55 years, during which an investment of $10,000 became $8 million. Warren Buffett said of him that he had “the best long term investment record of anyone I know” He is most famous for the long successful track record he achieved investing in Common Stocks and for being one of Warren Buffett’s role models. This book comprises a series of articles written for Barron’s and published in book form in 1930.—Print Ed.