About this title The second edition of this highly successful text begins by explaining exchange rate and balance of payments theory from basics through to the most recent state of the art theoretical developments. The book also covers key areas such as rational expectations, speculative bubbles, technical analysis, the news and chartism in foreign exchange markets; and the internationalization of national financial systems. There are new chapters on international policy co-ordination, the gold standard, changes in post-war international monetary institutions, the EMS, the Eurocurrency markets and the integration of formerly centrally planned economies and developing countries into the international financial system. Hallwood and MacDonald emphasize the econometrics of international finance in separate starred sections.
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Empirical evidence on the monetary model. More empirical evidence. Empirical tests for the existence of speculative bubbles. Concluding comments. The general equilibrium monetary model. The monetary model and exchange regime volatility.
Empirical evidence on the general equilibrium approach. The portfolio balance model. Open market purchase of bonds: monetary policy. An increase in the supply of domestic bonds: fiscal policy. Asset preference shift. Econometric evidence on the portfolio balance approach. Summary and concluding comments. Spot and forward exchange rates. The efficient markets hypothesis and the forward market for foreign exchange.
Econometric estimation of the efficient markets hypothesis. Empirically implementing equation. Peso effects, rational speculative bubbles and econometric inference. Technical analysis and chartism. Survey data, expectations and risk. Market microstructure. The news approach to exchange rate modeling. Empirical studies of the news approach.
The noise—trader paradigm. Recent international financial crises. First generation speculative attack models. Second generation models.
Econometric estimates of speculative attack models. Microeconomic indicators. Interest rate, foreign exchange and credit risk. Possible policy responses. Target zones. Credibility and exchange rate regimes.
The gold standard during the inter—war period. The Bretton Woods system to The dollar standard. Reserve creation and the US and world price levels. The East Asian dollar standard. Benefits and costs of a monetary area: seminal ideas.
Melitz and the covariance of equilibrium real exchange rates approach. Ad hoc benefits of a pegged exchange rate or common currency.
Estimating shocks. International money and capital flows. Regulation: the Basle capital accord. Measuring international capital mobility. Developing country exchange rate arrangements: to peg or not to peg?. Liberalization, the equilibrium real exchange rate and economic policy.
The IMF: its role. New structuralist arguments against IMF adjustment policies. Distortions and Economic Performance. Unhappy experience with financial liberalization. The order of liberalization. Economic reforms. Shocks to the equilibrium real exchange rate.
The real exchange rate in asset market equilibrium. On knowing the correct real exchange rate. Choice of an exchange rate regime by a TE.
International Money and Finance
Kajik Malvin marked it as to-read Apr 26, The equilibrium real exchange rate. Survey data, expectations and risk. Some Basic Concepts in International Finance: Empirical tests for the existence of speculative bubbles. International Money and Finance : C. Paul Hallwood : The two-country Mundell-Fleming model and macroeconomic interdependence. Prior to World War II the main problem was a shortage of monetary gold that we argue is implicated as a cause of the Great Depression.
INTERNATIONAL MONEY AND FINANCE HALLWOOD PDF
International Money and Finance by Hallwood
ISBN 13: 9781405125420