It is widely believed that changes in exchange rates have important implications for financial decision-making and for the profitability of firms. One of the central motivations for the creation of the euro was to eliminate exchange rate risk to enable European firms to operate free from the uncertainties of changes in relative prices
resulting from exchange rate movements. At the macro level, there is evidence that the creation of such currency unions results in a dramatic increase in bilateral trade (Frankel and Rose, 2002)....
TWO ESSAYS IN INTERNATIONAL ECONOMICS: AN EMPIRICAL APPROACH TO PURCHASING POWER PARITY AND THE MONETARY MODEL OF EXCHANGE RATE DETERMINATION I adopt a different strategy: I compare housing markets that differ in the strength of
the residential location-school assignment link, and I develop simple reduced-form
implications of parental valuations for the across-school distribution of student
characteristics and educational outcomes as a function of the strength of this link.
On Fiscal Discipline and the Choice of Exchange Rate Regine This result conflicts with a well-known recent result from Hoxby (2000a), who
argues that metropolitan areas with less centralized educational governance, and therefore
more competition among local school districts, produce better student outcomes at lower
cost. In Chapter Two, I attempt to get to the bottom of the discrepancy. I reanalyze a
portion of Hoxbys data, and find reason to suspect the validity of her conclusions.
ESSAYS ON THE RELATIONSHIPS BETWEEN FOREIGN DIRECT IN VESTMENT, INTERNATIONAL TRADE, AND EXCHANGE RATE VOLATILITY My analysis of parental choices focuses on the possibility that parents may choose
schools partly on the basis of the peer group offered. Although existing research does not
conclusively establish the causal contribution of peer group characteristics to student
outcomes (see, e.g., Coleman et al.
Chapter 6 describe the exchange rate system used by various governments, describe the development and implications of a single European currency, explain how governments can use direct intervention to influence exchange rates, explain how government intervention in the foreign exchange market can affect economic conditions.
In this chapter: Explain how exchange rate movements are measured, explain how the equilibrium exchange rate is determined, examine factors that determine the equilibrium exchange rate, explain the movement in cross exchange rates, explain how financial institutions attempt to capitalize on anticipated exchange rate movements.
This chapter explain the purchasing power parity (PPP) theory and its implications for exchange rate changes, explain the International Fisher effect (IFE) theory and its implications for exchange rate changes, compare the PPP theory, the IFE theory, and the theory of interest rate parity (IRP), which was introduced in the previous chapter.
In this chapter you will learn: What determines the supply of and demand for a nation’s currency, about a nation’s balance of payments, what a flexible exchange rates system is and its effects on the domestic economy, what a fixed exchange rates system is and its effects on the domestic economy, about the history of the world’s international exchange-rate systems.
This version includes amendments resulting from IFRSs issued up to 31 December 2008. IAS 21 The Effects of Changes in Foreign Exchange Rates was issued by the International Accounting Standards Committee in December 1993. It replaced IAS 21 Accounting for the Effects of Changes in Foreign Exchange Rates (issued in July 1983).
this paper analyzes the panel data of bi-weekly surveys, conducted by the japan center for international finance, on the yen dollar exchange rate expectations of forty—four institutions for two years. there are three major findings in this paper. first, market participants are found to be heterogeneous. there are significant "individual effects" in their expectation institutions are found to violate the formation.
Chapter 21 - The balance of payments, exchange rates, and trade deficits. After reading this chapter, you should be able to: Explain how currencies of different nations are exchanged when international transactions take place, analyze the balance sheet the United States uses to account for the international payments it makes and receives, discuss how exchange rates are determined in currency markets,...
Stabilization Programs, Monetary Policy and Exchange Rate Movements in Emerging Markets Economies I use a unique data set consisting of observations on more than 300,000
metropolitan SAT takers from the 1994 cohort, matched to the high schools that students
attended. The size of this sample permits accurate estimation of both peer quality and
average performance for the great majority of high schools in each of 177 metropolitan
housing markets. I find no evidence that the association between peer group and student
performance is stronger in high-choice than in low-choice markets....
ABSTRACT Vietnam’s foreign exchange (forex) market has remained relatively poorly developed despite more than two decades of general reform throughout the economy. This paper adopts a microstructure approach to the analysis of the root-causes underlying the operational deficiencies of this market. The analysis suggests that the authorities have tended to follow a de facto adjustable peg exchange rate regime which, in turn, has acted as a retardant to the development of the country’s forex market. Consequently, market signals have become increasingly non-transparent.
After completing this chapter, students will be able to: Explain how currencies of different nations are exchanged when international transactions take place, analyze the balance sheet the United States uses to account for the international payments it makes and receives,...
Tiểu luận: Exchange rate pass - through in emerging markets nhằm nghiên cứu này là xem xét mức độ tác động của sự chuyển dịch tỷ giá (ERPT) tới g iá cả tại 12 thị trường mới nổi ở châu Á, Mỹ Latinh, Trung và Đông Âu.
Thuyết trình: Structural breaks in the real exchange rate and real interest rate relationship nhằm nghiên cứu đưa ra các bằng chứng chắc chắn hơn về mối quan hệ giữa tỷ giá hối đoái thực và sự chênh lệch lãi suất thực trong dài hạn so với các nghiên cứu trước đây bằng cách xem xét điểm gãy cấu trúc.
The various forms of obligation between the bankers and merchants of one country and the bankers and merchants of another, which result in the drawing of bills of exchange. Chapter II. The Demand for Bills of Exchange 15
A discussion of the six sources from which spring the demand for the various kinds of bills of exchange. Chapter III. The Rise and Fall of Exchange Rates 25
Operation of the five main influences tending to make exchange rise as opposed to the five main influences tending to make Chapter IV. ...
The topic of policy formulation among interdependent economies has
received much attention in the literature. China and Hong Kong are economically
closely linked. Policy initiatives in one economy may influence the evolution of
economics variables in the other. In the first essay a two-country model is used to
illustrate the interdependence of these two economies. Not surprisingly, we found
that the policy effects are asymmetric, due to differences in size. China’s
economic policies have a big effect on Hong Kong, but the reverse is not true.
Empirical evidence suggests that movements in international relative prices (such
as the real exchange rate) are large and persistent. Nontraded goods, both in
the form of ¯nal consumption goods and as an input into the production of ¯-
nal tradable goods, are an important aspect behind international relative price
movements. In this paper we show that nontraded goods have important impli-
cations for exchange rate behavior, even though °uctuations in the relative price
of nontraded goods account for a relatively small fraction of real exchange rate