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 39
... Hence , the dependent variable can be viewed as the revealed preference of the authorities regarding the degree of exchange - rate flexibility adopted . The flexibility embod- ied in the regimes listed in Table 3.1 increases with ...
... Hence , the dependent variable can be viewed as the revealed preference of the authorities regarding the degree of exchange - rate flexibility adopted . The flexibility embod- ied in the regimes listed in Table 3.1 increases with ...
Page 41
... hence , the less diversified countries may be expected to adopt less flexible exchange - rate regimes . The hypothesis is reinforced by considering the other aspect of diversification ; specifically the range of markets in which exports ...
... hence , the less diversified countries may be expected to adopt less flexible exchange - rate regimes . The hypothesis is reinforced by considering the other aspect of diversification ; specifically the range of markets in which exports ...
Page 43
... Hence , a nation that has an inflation rate quite different from the world rate ( be it " too " large or small ) will score a high value on this variable . The expectation is that nations which have high scores for this variable will be ...
... Hence , a nation that has an inflation rate quite different from the world rate ( be it " too " large or small ) will score a high value on this variable . The expectation is that nations which have high scores for this variable will be ...
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