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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... specific country characteristics . Since many of these characteristics are quantifiable it is possible to estimate a reduced form equation in which each nation's chosen exchange - rate regime depends upon the features identified in the ...
... specific country characteristics . Since many of these characteristics are quantifiable it is possible to estimate a reduced form equation in which each nation's chosen exchange - rate regime depends upon the features identified in the ...
Page 13
... specific about the use of financial correctives . Hence under most regimes several differ- ent adjustment mixes could be used to deal with a given imbalance . 12 The reason an adjustment mix is more specific is precisely because it is ...
... specific about the use of financial correctives . Hence under most regimes several differ- ent adjustment mixes could be used to deal with a given imbalance . 12 The reason an adjustment mix is more specific is precisely because it is ...
Page 48
... specific buying and selling rates for the dollar ( its intervention currency ) , and these rates have remained fairly stable . Heller's ( 1977 ) study produces the same error , and he argues that in actual practice Nigeria's policy more ...
... specific buying and selling rates for the dollar ( its intervention currency ) , and these rates have remained fairly stable . Heller's ( 1977 ) study produces the same error , and he argues that in actual practice Nigeria's policy more ...
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