Stock Prices Real Exchange Rates And Optimal Capital Accumulation PDF Download
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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 | : 34 |
Release | : 2006 |
Genre | : |
ISBN | : |
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 | : 22 |
Release | : 1988 |
Genre | : Capital stock |
ISBN | : |
Download Stock Prices, Real Exchange Rates, and Optimal Capital Accumulation Book in PDF, ePub and Kindle
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 | : John B. Shoven |
Publisher | : University of Chicago Press |
Total Pages | : 396 |
Release | : 2009-02-15 |
Genre | : Business & Economics |
ISBN | : 0226044351 |
Download National Saving and Economic Performance Book in PDF, ePub and Kindle
The past decade has witnessed a decline in saving throughout the developed world—the United States has the dubious distinction of leading the way. The consequences can be serious. For individuals, their own economic security and that of their families is jeopardized. For society, inadequate rates of saving have been blamed for a variety of ills—decreasing the competitive abilities of American industry, slowing capital accumulation, increasing our trade deficit, and forcing the sale of capital stock to foreign investors at bargain prices. Restoring acceptable rates of saving in the United States poses a major challenge to those who formulate national economic policy, especially since economists and policymakers alike still understand little about what motivates people to save. In National Saving and Economic Performance, edited by B. Douglas Bernheim and John B. Shoven, that task is addressed by offering the results of new research, with recommendations for policies aimed to improve saving. Leading experts in diverse fields of economics debate the need for more accurate measurement of official saving data; examine how corporate decisions to retain or distribute earnings affect household-level consumption and saving; and investigate the effects of taxation on saving behavior, correlations between national saving and international investment over time, and the influence of economic growth on saving. Presenting the most comprehensive and up-to-date research on saving, this volume will benefit both academic and government economists.
Author | : John H. Cochrane |
Publisher | : Now Publishers Inc |
Total Pages | : 117 |
Release | : 2005 |
Genre | : Business & Economics |
ISBN | : 1933019158 |
Download Financial Markets and the Real Economy Book in PDF, ePub and Kindle
Financial Markets and the Real Economy reviews the current academic literature on the macroeconomics of finance.
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 | : 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 | : Mr.Guillermo Calvo |
Publisher | : International Monetary Fund |
Total Pages | : 50 |
Release | : 1994-02-01 |
Genre | : Business & Economics |
ISBN | : 1451921217 |
Download Targeting the Real Exchange Rate Book in PDF, ePub and Kindle
This paper presents a theoretical and empirical analysis of policies aimed at setting a more depreciated level of the real exchange rate. An intertemporal optimizing model suggests that, in the absence of changes in fiscal policy, a more depreciated level of the real exchange can only be attained temporarily. This can be achieved by means of higher inflation and/or higher real interest rates, depending on the degree of capital mobility. Evidence for Brazil, Chile, and Colombia supports the model’s prediction that undervalued real exchange rates are associated with higher inflation.
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