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- Product code: 13587
- ISBN: 0201398508,
ISBN13: 9780201398502,
493 pages, paperback
Published by Addison Wesley on 2000
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Description of Exchange Rates and International Finance |
The third edition of this successful text continues to make accessible the theories and models, causes and consequences of exchange rate fluctuations. Written in a clear and concise style Exchange Rates and International Finance will enable readers to grasp the essentials of exchange rate theory.
New to this edition:
- A new chapter on economics of currency unions, focusing on the proposed European union.
- Improved pedagogy and clearer design and layout.
- Expansion of transaction costs, coverage of EMU and EMS and financial futures.
- Addition of Target Zones and Monetary Policy.
- More information on the IMS and the IMF.
- Greater inclusion of IT.
Features:
- The orientation of the book is towards exchange rate determination, rather than policy issues, with particular emphasis given to the contributions of modern finance theory.
- Both fixed anf floating exchange rate models and empirical results are explored and discussed.
- A clear, non-technical explanation of the issues, emphasising intuitive explanations using a minimum of mathematics.
- Demonstrates the links between macroeconomics and exchange rate determination.
- Provides a thorough grounding in exchange rate issues.
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Contents of Exchange Rates and International Finance |
1. Introduction
PART I. The International Setting
2. Prices in the open economy: purchasing power parity
3. The financial markets in the open economy
4. Open economy macroeconomics
PART II. Exchange rates determination
5. Flexible prices: the monetary model
6. Fixed prices: the Mundell-Fleming model
7. Sticky prices: the Dornbush model
8. Portfolio balance and the current account
9. Currency substitution
10. Optimum currency areas and monetary union
PART III. A world of uncertainty
11. Market efficiency and rational expectations
12. The 'news' model and exchange rate volatility
13. The risk premium
14. A certain uncertainty: non-linearity, cycles and chaos
15. Target zones
16. Crises and credibility
PART IV. Conclusions
17. Conclusions
Appendix
Index
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