Book Description
Global Investing is based on the authors' award-winning research on investment returns. It gives extensive treatment to the returns on all major asset categories--many found nowhere else--and relates these returns to risk, marketability, taxation, and information costs. Supplementing this wealth of information is sound financial advice on building and maintaining diversified portfolios, based on field-tested economic analysis and historical evidence of capital markets throughout the world--including the boom of 1986-1987 and the subsequent crash, as well as recent developments in Europe and on the Pacific Rim. To expand investment choices and help readers get the greatest return in investment markets, Global Investing pinpoints where money has been made in stocks, bonds, cash and cash equivalents, real estate, gold and silver, tangible assets, options, and futures. What's more, it covers the introduction of new financial instruments and opportunities, including asset allocation and derivative securities. Incisive, intelligent, and packed with charts, tables, and graphs, Global Investing helps investors and financial professionals track broad global trends, identify the risks associated with investments in various assets, and select the right investment opportunities.
Book Description
This book is a survey of exchange-rate economics. Using the latest econometric techniques, it covers the main theories that explain the determination of exchange rates and utilizes recent empirical data on exchange rate behavior.
Download Description
In the last few decades exchange rate economics has seen a number of developments, with substantial contributions to both the theory and empirics of exchange rate determination. Important developments in econometrics and the increasingly large availability of high-quality data have also been responsible for stimulating the large amount of empirical work on exchange rates in this period. Nonetheless, while our understanding of exchange rates has significantly improved, a number of challenges and open questions remain in the exchange rate debate, enhanced by events including the launch of the Euro and the large number of recent currency crises. This volume provides a selective coverage of the literature on exchange rates, focusing on developments from within the last fifteen years. Clear explanations of theories are offered, alongside an appraisal of the literature and suggestions for further research and analysis.
Customer Reviews:
The best.......2006-07-26
Sarno and Taylor placed different approachs of the Exchange Rate teory in this book.
Outstanding!.......2003-09-09
This is a well-written and comprehensive survey of the modern international finance literature. I recommend this book to PH.D students who looking for a dissertation topic. Researchers should also have a copy of this book for reference.
Average customer rating:
- A clear overview of the history of international exchange rates
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The Rules of the Game: International Money and Exchange Rates
Ronald I. McKinnon
Manufacturer: The MIT Press
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Exchange Rates under the East Asian Dollar Standard: Living with Conflicted Virtue
ASIN: 0262133180 |
Book Description
Generalized financial volatility is capitalism's Achilles' heel. And nowhere is the problem of controlling such volatility more acute than in monetary and exchange-rate relationships across countries - the central theme of this book.
The Rules of the Game brings together essays, written over the course of thirty years, by a major figure in the field that analyze and compare a wide variety of important international monetary regimes. These range from the establishment of the gold standard in the nineteenth century through Bretton Woods, the dollar standard, floating exchange rates, the European Monetary System, to current proposals for reforming world monetary arrangements.
The essays are unique in that they specify precisely the rules of the game for each international monetary regime - past, present, and future. For ease of reference, the book offers boxed summaries of each set of rules and then discusses their advantages and disadvantages from the gold standard down to the author's proposal for a common monetary standard for the twenty-first century.
Part I assesses each monetary regime's success in stabilizing prices and exchange rates, while fostering international trade. Part II addresses a central question each country faces: what are the benefits of giving up exchange-rate flexibility to join a common monetary standard? Part III focuses on overall monetary reform for limiting financial volatility and exchange-rate crises in the next century - including whether or not Western Europe should adopt a common currency. The last chapter synthesizes and updates the author's previous writings on rationalizing monetary arrangements among the major industrial countries of North America, Western Europe, and East Asia.
Customer Reviews:
A clear overview of the history of international exchange rates.......2007-07-20
This book is a fine reference for a mainstream neoclassical-Keynesian synthesis view of money and exchange rates. It's a good source for information about the arrangements that governed international trade under the various international agreements of the last 100 years or so.
I give the book three stars for some of its theoretical failures, which is first and foremost, a misunderstanding of the nature of money, and hence, of exchange rates. The book follows much of the economics field in treating money as a creature of the government. That is only the case in the last 35 years or so, which is a kind of radical experiment. Money does not exist because governments say so. If this were true, money could never have developed. Money is a medium of exchange which has everything to do with its status as a store of value. Governments cannot create an item that has value simply by a government seal. All over the world, fiat currencies have lost value rapidly, because the long-term historical value of paper money is zero. Exchange rates operate chaotically, because they depend on arbitrage in foreign exchange markets, but all fiat currencies are inexorably headed toward zero.
While this book is a good reference for how much of the economics field views money, I find it gives a misleading picture of the nature of money. I'd recommend Rothbard's "What has the government done to our money?" for a clearer picture.
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Managing Risk in the Foreign Exchange, Money and Derivative Markets
Heinz Riehl
Manufacturer: McGraw-Hill
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Binding: Hardcover
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ASIN: 0070526737 |
Book Description
A professional's guide to controlling risk when investing in the foreign exchange and money markets. Particular emphasis on the use of derivatives. The book offers a unique perspective combining coverage of all three areas.
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Real Exchange Rates, Devaluation, and Adjustment: Exchange Rate Policy in Developing Countries
Sebastian Edwards
Manufacturer: The MIT Press
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Binding: Hardcover
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ASIN: 0262050390 |
Book Description
Real Exchange Rates, Devaluation, and Adjustment provides a unified theoretical and empirical investigation of exchange rate policy and performance in scores of developing countries. It develops a theory of equilibrium and disequilibrium real exchange rates, takes up the question of why devaluations are the most controversial policy measures in poorer nations, and discusses what determines their success or failure.
In a lucid fashion, Edwards organizes vast amounts of data on exchange rates - both real and nominal - and discusses their effect on net trade balances, net asset positions, output growth, real wages, and rates of price inflation, analyzed both in time series and through cross country comparisons. Edwards's investigation singles out 39 major devaluation episodes for before and after comparative analyses while simultaneously isolating the separate effects of other important explanatory variables, such as bank credit expansion and changes in the terms of trade.
The first part of the book focuses on theoretical models of devaluation and real exchange rate behavior in less developed countries. Special attention is paid to intertemporal channels in the transmission of disturbances. The second part uses a large cross country data set to analyze the way the real exchange rate has behaved in these nations. The data are also used to test the implications of several theories of real exchange rate determination. The third part analyzes actual devaluation experiences between 1962 and 1982. These chapters examine the events leading to a balance of payments crisis and to a devaluation, exploring the relation between macroeconomic disequilibrium, and the imposition of trade and exchange controls. They also investigate the effect of nominal devaluation on key variables such as the balance of payments, the current account, the real exchange rate, real output real wages, and income distribution.
Sebastian Edwards is Professor of Economics at the University of California at Los Angeles and Research Associate at the National Bureau of Economic Research.
Book Description
Models and Strategies for Exchange Rate ForecastingMichael R. RosenbergGetting an accurate exchange rate is critical for any company doing business in today's global economy. Exchange Rate Determination--written by the number one-ranked foreign exchange team in the world--examines the methods used to accurately and profitably forecast foreign exchange rates.
This hands-on guidebook uses extensive charts and tables to examine currency option markets, productivity trends and exchange rates; technical analysis methods to improve currency forecasting accuracy; and more.
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Monetary Policy, Capital Flows and Exchange Rates: Essays in Honour of Maxwell Fry (Routledge Studies in Money and Banking)
D. Dickinson
Manufacturer: Routledge
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ASIN: 0415251354 |
Book Description
This collection has been brought together in honor of the late economist Maxwell Fry. It contains state-of-the-art articles on monetary and exchange rate policy, capital flows, currency markets, and exchange rate policies.
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On Exchange Rates
Jeffrey A. Frankel
Manufacturer: The MIT Press
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ASIN: 0262061546 |
Book Description
These seventeen essays provide an accessible and thorough reference for understanding the role of exchange rates in the international monetary system since 1973, when the rates were allowed to float. The essays analyze such issues as exchange rate movements, exchange risk premia, investor expectations of exchange rates and behavior of exchange rates in different systems. Frankel's sound empirical treatment of exchange rate questions shows that it is possible to produce work that is interesting from a purely intellectual viewpoint while contributing to practical knowledge of the real world of international economics and finance.
The essays have been organized in a way that provides an introduction to the field of empirical international finance. Part I documents the steady reduction in barriers to international capital movement and leads logically to part II, which explains how exchange rates are determined. Both monetary and portfolio-based models are surveyed in part II, providing a clear transition to the topic of part III; the possible existence of an exchange risk premium. Part IV applies the tools discussed in earlier sections to explore various policy questions related to exchange rate expectations such as whether foreign exchange intervention matters and whether the European monetary system had become credible by 1991. Each part begins with a detailed introduction explaining not only the central issues of that section but also suggesting connections with other essays in the book.
Jeffrey A. Frankel is Professor of Economics at the University of California, Berkeley.
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Financial Geography: A Banker's View (Routledge International Studies in Money and Banking)
Ris Laulajainen
Manufacturer: Routledge
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ASIN: 0415278708 |
Book Description
Previously, there a been a distinct lack of literature on the economic geography of the world's financial centers. This book is set to remedy that gap.
Financial Geography is the only geographical reader explaining the intricacies of high finance from a global perspective in the 1990s. It is a comprehensive presentation of institutional backgrounds, markets, products, actors and locations, a non-technical primer for future bankers and financial analysts, and a keystone in the basic education of future executives.
This truly internationally focused book is as enjoyable as is it informative. All students and academics involved with economic geography as well as professionals in the banking and finance industries will find this text to be an indispensible book for their bookshelves.
Book Description
East Asian exchange rates have become a global flashpoint. U.S. policymakers blame artificially low Asian currency values for global imbalances, including America's ballooning current account deficit. The solution, they argue, lies in some combination of greater exchange rate flexibility and the appreciation of Asian currencies against the dollar. Asian officials recognize the need to let their exchange rates rise, but they fear that would hamper growth and cut sharply into the value of their dollar reserves.
Toward an East Asian Exchange Rate Regime offers a timely and comprehensive analysis of the resulting debates, drawing on expertise from China, Japan, South Korea, and the United States. The introduction reviews the issues at stake, sketches a variety of proposed exchange rate regimes, and discusses comparisons between East Asia and the West. Subsequent chapters examine the connection between global financial imbalances and East Asian monetary cooperation, China's potential role in regional coordination, the relationship between monetary and trade integration, and different paths toward regional cooperation. Authoritative yet concise, this is an essential primer on East Asian monetary integration.
Contributors: Gongpil Choi (Korean Institute of Finance, Federal Reserve Bank of San Francisco), Masahiro Kawai (University of Tokyo, Asian Development Bank), Kwanho Shin (Korea University), Yunjong Wang (SK Institute), Masaru Yoshitomi (RIETI,Tokyo), and Yongding Yu (Chinese Academy of Social Sciences).
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Blanche Knott's Truly Tasteless Lawyer Jokes
Blanche Knott
Manufacturer: St Martins Mass Market Paper
ProductGroup: Book
Binding: Paperback
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ASIN: 0312922264 |
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