Exchange Rates, Capital Flows and Policy

Rebbeca Driver, Peter Sinclair, Christophe Thoenissen - Collection Routledge International Studies in Money and Banking

426 pages, parution le 01/01/2005

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Résumé

As globalization progresses, exchange rates have become increasingly wedded to internal and external economic policies. This edited collection tackles four key questions in this important and growing area:

How much emphasis should be placed on the exchange rate when setting policy?
What is the success or otherwise, of different approaches to modeling exchange rates?
What determines capital flows and their impact?
What should policy makers do about monetary policy and capital flows?

It is well understood that within open economies the choice of exchange rate, capital mobility and monetary policies cannot be fully independent. Given the strong connections between the themes in this volume, it is no surprise that many of the chapters address multiple and interlocking ideas. Several contributions consider the links between exchange rate policy and monetary policy, including the costs and benefits of fixing the exchange rate. The factors that determine exchange rate movements and their impact is discussed in several of the essays, as are capital mobility, external assets and their policy implications. The success of intervention in the foreign exchange market, which has implications for portfolio choices and capital flows, is also a key area of exploration.

Combining thorough scholarship with illuminating real-world examples, the contributors and editors have produced a volume of use to academics and economists. This volume provides insights on the causes and consequences of movements in both exchange rates and external assets and has a strong focus on the policy implications of operating in an open economy, particularly the choice of exchange rate and monetary policy, exchange rate intervention and policies on capital mobility.

Sommaire

List of contributors
Foreword
Introduction
Can emerging markets float? Should they inflation target?
Exchange rates, inflation and monetary policy objectives in open economies: the experience of Chile
The expenditure switching effect and the choice between fixed and floating exchange rates
Economic shocks and the choice of currency area: the case of Argentina, 1991-2002
Concepts of equilibrium exchange rates
Fundamental equilibrium exchange rates and currency boards: evidence from Argentina and Estonia in the 1990s
Revisiting the border: an assessment of the law of one price using very disaggregated consumer price data
An asset market integration test based on observable macroeconomic stochastic discount factors
Real exchange rates, current accounts and the net foreign asset position
The macroeconomics of international financial trade
External adjustment and debt sustainability
What type of country restricts international capital movements?
An empirical analysis of the "impossible trinity": an East Asian perspective
Sterilized intervention and monetary control: the case of Korea
Intervention in the foreign exchange market in a model with noise traders
Exchange rates, capital flows and policy: some concluding observations
Index

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Caractéristiques techniques

	PAPIER
Éditeur(s)	Routledge
Auteur(s)	Rebbeca Driver, Peter Sinclair, Christophe Thoenissen
Collection	Routledge International Studies in Money and Banking
Parution	01/01/2005
Nb. de pages	426
Format	16 x 24
Couverture	Relié
Poids	778g
Intérieur	Noir et Blanc
EAN13	9780415352635
ISBN13	978-0-415-35263-5