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Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 34 |
Release | : 1988-04-05 |
Genre | : Business & Economics |
ISBN | : 1451979975 |
Download Stock Prices, Real Exchange Rates, and Optimal Capital Accumulation Book in PDF, ePub and Kindle
This paper analyzes the dynamics of the real exchange rate and the price of equity for a small open economy using an optimizing model in which the process of capital accumulation entails adjustment costs. The analysis demonstrates that along an adjustment path toward long-run equilibrium, appreciation of the real exchange rate will accompany a decline in the market price of equity, whereas depreciation of the real exchange rate will accompany a rise in the price of equity. This relationship results from the requirement that non-traded inputs are used in the investment process. In the short-run, though, the effects on these variables depend critically on whether disturbances originate in the non-traded sector and on whether disturbances are perceived as temporary or permanent. The disturbances considered include changes in fiscal policies as well as changes in the world interest rate.
Author | : Robert G. Murphy |
Publisher | : |
Total Pages | : 42 |
Release | : 1988 |
Genre | : Capital stock |
ISBN | : |
Download Stock Prices, Real Exchange Rates, and Optimal Capital Accumulation Book in PDF, ePub and Kindle
Author | : International Monetary Fund. Research Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 288 |
Release | : 1989-01-01 |
Genre | : Business & Economics |
ISBN | : 1451956827 |
Download IMF Staff papers Book in PDF, ePub and Kindle
The determinants of current account imbalances under floating exchange rates are analyzed. The analysis provides a framework within which the sources of. and the remedies for, the current account imbalances between the United States, Japan, and the Federal Republic of Germany can be discussed. The effects of various government policies are emphasized, in particular the differences between expenditure-changing and expenditure-switching policies. Short-run and long-run considerations are investigated, as well as the role played by expectations and price-level dynamics.
Author | : Luis Serven |
Publisher | : World Bank Publications |
Total Pages | : 33 |
Release | : 1994 |
Genre | : Bienes de capital |
ISBN | : |
Download Capital Goods Imports Book in PDF, ePub and Kindle
Author | : Ernst Baltensperger |
Publisher | : Springer |
Total Pages | : 308 |
Release | : 2016-07-27 |
Genre | : Business & Economics |
ISBN | : 1349220396 |
Download Exchange-Rate Regimes and Currency Unions Book in PDF, ePub and Kindle
The contributions are concerned with the theoretical and empirical analyses of fixed and flexible exchange rate systems, the role of central bank and other government policies in such systems, the prospects, workings and effects of a European Monetary System, and capital mobility and economic integration.
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 52 |
Release | : 1989-05-12 |
Genre | : Business & Economics |
ISBN | : 1451974493 |
Download Exchange Rate Movements and International Interdependence of Stock Markets Book in PDF, ePub and Kindle
This paper investigates linkages between stock markets in seven industrialized countries since 1974. Empirical evidence shows that both nominal and real stock prices (and returns) are strongly positively correlated across countries, and that nominal exchange rate changes do not have systematic effects on nominal stock prices. A two-country theoretical model is developed and an attempt is made to reconcile the empirical findings with the properties of this model. Independent evidence on the main sources of shocks is used to argue that the time-varying correlation in the data can be reconciled with the predictions of the theory.
Author | : Stephen J. Turnovsky |
Publisher | : MIT Press |
Total Pages | : 514 |
Release | : 1997 |
Genre | : Business & Economics |
ISBN | : 9780262201117 |
Download International Macroeconomic Dynamics Book in PDF, ePub and Kindle
International Macroeconomic Dynamics provides extensive applications of important macroeconomic dynamic models to the international economy. For a long time, the study of macroeconomics has focused almost exclusively on a closed economy and downplayed the role of international transactions. Today, however, researchers recognize that one cannot fully understand domestic macroeconomic relationships without considering the global economy within which each country operates. Increasingly, economists are treating international transactions as an integral part of the macroeconomic system, and international macroeconomics has become an area of intensive research activity. International Macroeconomic Dynamics provides extensive applications of important macroeconomic dynamic models to the international economy. It adopts the main contemporary macroeconomic framework, the representative agent model, and develops a series of models of increasing complexity. The author considers both small and large economies and analyzes them in both deterministic and stochastic contexts. The emphasis is very much on the development of the analytical models; a novel feature is the extensive use of continuous-time stochastic methods. While the author applies the models to a range of important policy issues, particularly issues of fiscal policy, the reader is invited to view the analyses as blueprints for other applications.
Author | : Helmut Frisch |
Publisher | : Springer |
Total Pages | : 437 |
Release | : 2016-07-27 |
Genre | : Business & Economics |
ISBN | : 1349128848 |
Download Open-Economy Macroeconomics Book in PDF, ePub and Kindle
The integration of market economies is one of the most remarkable features of international economics, which has important implications for macroeconomic performance in open economies. Equally important is the declining relevance of the real versus the monetary theory dichotomy. These papers focus on those aspects of monetary policy which relate to credibility and non-neutrality; the domestic adjustment to foreign shocks; the interdependence of open economies and their strategic interactions. An important section is also devoted to the innovative modelling of exchange rate dynamics.
Author | : Luis Serven |
Publisher | : World Bank Publications |
Total Pages | : 304 |
Release | : 1993 |
Genre | : Business & Economics |
ISBN | : 9780821324844 |
Download Striving for Growth After Adjustment Book in PDF, ePub and Kindle
This book presents the results of about three years of work finished in early 1992 in the area of private investment and macroeconomic adjustment. Its purpose is to explore the macroeconomic determinants of investment and the causes and cures for the gap between maroeconomic adjustment and stabilization and the resumption of economic growth in developing countries, a gap that even today - 10 years after the debt crisis and the subsequent adjustment of the eighties - remains wide. This volume highlights the central role of capital formation (public and private) in the restoration of sustainable growth.
Author | : Barry Eichengreen |
Publisher | : Brookings Institution Press |
Total Pages | : 212 |
Release | : 2000-08-21 |
Genre | : Business & Economics |
ISBN | : 9780815791423 |
Download International Monetary Arrangements for the 21st Century Book in PDF, ePub and Kindle
Recent events have reignited the debate over the future of the international monetary system. This book, part of the Integrating National Economic series, examines international monetary options of the twenty-first century. Barry Eichengreen argues that it will not be possible for governments to prevent exchange rates from exceeding prespecified limits. Changes in technology, market structure, and politics will force countries that have traditionally pegged their exchange rates to choose between floating rates and monetary unification. Eichengreen describes the various international monetary arrangements with which policymakers have experimented in the past. He introduces the requirements that an international monetary system must satisfy and illustrates how these requirements have been met over time. He analyzes which preconditions for the smooth operation of international monetary systems in the past will be impossible to achieve in the next century and creates a list of feasible options for future policymakers. These feasible options, he concludes, will be limited to some form of floating exchange rates and monetary unions. In which direction countries should move is not obvious. The choice between floating and monetary unification depends on a host of economic and political factors. The book provides an in-depth analysis of Western Europe's experience and the dramatic international monetary initiatives currently under way, and compares options for Asia, Africa, the former Soviet Union, and the Western Hemisphere. A volume of Brookings' Integrating National Economies Series