Exchange-rate Regime Selection in Theory and PracticeSalomon Brothers Center for the Study of Financial Institutions, Graduate School of Business Administration, New York University, 1983 - Foreign exchange - 75 pages |
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Page 5
... imbalance ( i.e. through owned or owed reserves ) , all financing is treated here as a homogeneous category . In fact , interest in financing imbalances is only tangential to this paper . Nevertheless , it is necessary to be clear on ...
... imbalance ( i.e. through owned or owed reserves ) , all financing is treated here as a homogeneous category . In fact , interest in financing imbalances is only tangential to this paper . Nevertheless , it is necessary to be clear on ...
Page 10
... imbalance appears to be the result of domestic inflationary pressures caused by excessive monetary expan- sion , domestic disinflation may be the optimal policy . This policy prescription would not necessarily hold when there are no ...
... imbalance appears to be the result of domestic inflationary pressures caused by excessive monetary expan- sion , domestic disinflation may be the optimal policy . This policy prescription would not necessarily hold when there are no ...
Page 12
... imbalance , and that each adjustment mix generates its own costs . Presumably , in accordance with this view , when faced with a series of imbalances the authorities derive an optimum adjustment mix for each disturbance in turn , thus ...
... imbalance , and that each adjustment mix generates its own costs . Presumably , in accordance with this view , when faced with a series of imbalances the authorities derive an optimum adjustment mix for each disturbance in turn , thus ...
Contents
ExchangeRate | 1 |
B The ExchangeRate Regime | 15 |
Econometric Tests Results | 36 |
Copyright | |
2 other sections not shown
Common terms and phrases
adjustment mechanism adopting a pegged allocative efficiency alternative regimes argument arise balance of payments basket pegs capital mobility coefficient commodity concentration conclusion costly costs of adjustment countries currency area theories degree of exchange-rate dependent determining disturbances economists empirical equation exchange-rate adjustment exchange-rate changes exchange-rate flexibility expenditure-changing policies explanatory variable exports financial correctives financial integration fixed exchange rates fixed rates flexible exchange rates flexible exchange-rate regimes flexible rates floaters floating rates foreign exchange market geographic concentration Heller's Hence high capital mobility hypothesis imbalance independent floaters independent variables inflationary less linear probability model logit analysis logit model long run macro policies maintain external balance marginal costs micro costs monetary narrow-margin nation Nigeria number of observations optimum adjustment mix optimum currency area peggers pegging and floating Phillips curve predictions probability of adopting proxy rate regime ratio reduce regime selection resource mobility Salomon Brothers single currency pegs specific