The Aftermath of Appreciations

The Aftermath of Appreciations
Author: Ilan Goldfajn
Publisher:
Total Pages: 66
Release: 1996
Genre: Devaluation of currency
ISBN:

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This paper empirically analyzes a broad range of real exchange rate appreciation episodes. The cases are identified after compiling a large sample of monthly multilateral real exchange rates from 1960 to 1994. The objective is twofold. First, the paper studies the dynamics of appreciations, avoiding the sample selection of analyzing exclusively the crisis (or devaluation) cases. Second, the paper analyzes the mechanism by which overvaluations are corrected. In particular, we are interested in the proportion of the reversions that occur through nominal devaluations, rather than cumulative inflation differentials. We calculate the probability of undoing appreciations without nominal depreciations for various degrees of misalignment. The overall conclusion is that it is very unlikely to undo large and medium appreciations without nominal devaluations.

Monetary Policy in the Aftermath of Currency Crises

Monetary Policy in the Aftermath of Currency Crises
Author: Mr.Taimur Baig
Publisher: International Monetary Fund
Total Pages: 32
Release: 1998-12-01
Genre: Business & Economics
ISBN: 1451858396

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This paper evaluates monetary policy and its relationship with the exchange rate in five Asian crisis countries. The findings are compared with previous currency crises in recent history. The paper finds no evidence of overly tight monetary policy in the Asian crisis countries in 1997 and early 1998, nor evidence that high interest rates led to weaker exchange rates. The usual trade-off between inflation and output when raising interest rates suggested the need for a softer monetary policy in the crisis countries to combat recession. However, in some countries, corporate balance sheet considerations called for the reversal of overly depreciated currencies through firmer monetary policy.

Currency Crises

Currency Crises
Author: Paul Krugman
Publisher: University of Chicago Press
Total Pages: 367
Release: 2007-12-01
Genre: Business & Economics
ISBN: 0226454649

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There is no universally accepted definition of a currency crisis, but most would agree that they all involve one key element: investors fleeing a currency en masse out of fear that it might be devalued, in turn fueling the very devaluation they anticipated. Although such crises—the Latin American debt crisis of the 1980s, the speculations on European currencies in the early 1990s, and the ensuing Mexican, South American, and Asian crises—have played a central role in world affairs and continue to occur at an alarming rate, many questions about their causes and effects remain to be answered. In this wide-ranging volume, some of the best minds in economics focus on the historical and theoretical aspects of currency crises to investigate three fundamental issues: What drives currency crises? How should government behavior be modeled? And what are the actual consequences to the real economy? Reflecting the latest thinking on the subject, this offering from the NBER will serve as a useful basis for further debate on the theory and practice of speculative attacks, as well as a valuable resource as new crises loom.

The Gratitude Factor

The Gratitude Factor
Author: Charles M. Shelton
Publisher: Paulist Press
Total Pages: 165
Release: 2010
Genre: Psychology
ISBN: 1587680637

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Helps readers to reflect on the role of gratitude in their lives and to cultivate this virtue for their own benefit. The first author to offer a critique of gratitude through an explanation of various types of gratitude, Charles Shelton uses his skills as a clinical psychologist to present insights into the human experience of gratitude based on his own research. The exercises, strategies, and reflection questions threaded throughout the book give it a practical dimension that facilitates the reader's growth. Shelton's highly original reflection on Jesus as a grateful person lends a spiritual dimension to his work. This book will benefit individual readers as well as serve as a resource for spiritual direction workshops, spiritual formation courses, or ministry formation programs.--From publisher description.

Proceedings of the International Conference Theory and Applications in the Knowledge Economy TAKE 2017

Proceedings of the International Conference Theory and Applications in the Knowledge Economy TAKE 2017
Author: Blazenka Knezevic
Publisher: Eduardo Tomé
Total Pages: 739
Release: 2017-07-08
Genre: Business & Economics
ISBN: 9892077148

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Foreword A famous Portuguese Poet once said around one hundred years ago; “before I was born all the words that should save the Humanity had already been written.., the only thing that was missing was to save Humanity.” Fast forward to the 21st century services led and knowledge based economy, and we have myriads of theoretical study about the decisive assets – namely intangibles. Those analysis are made in several perspectives, namely Human Resources, Knowledge Management, Intellectual Capital, and also many sectorial perspectiveslike Trade, Economics, Logistics, Social Policy etc. However, today the question about the applicability of all these studies remains unsolved. So, it like, many of the words that will save the Knowledge Economy have already been written, all we need is to save the Knowledge Economy…Or is it not? The idea behind TAKE Conference was to provide a multidisciplinary forum in which those multiple perspectives will come together. We believe it is a fruitful operation and we intend to continue the exercise in the future. The problem of the relation between theory and practice in the knowledge economy is getting more important and not lessimportant with the development of the BRICS and other nations. TAKE main question will be one of the problems of the 21st century. Following the promising start of TAKE 2016 in Aveiro, Portugal, TAKE 2017 was organized by the Faculty of Economics of Zagreb University, around Prof. Blazenka Knezevic. I would like to thank her and her team for the massive effort in putting TAKE 2017 together. It will be a very nice and memorable conference. I would like also to thank the 5 keynotes, the special sessions and workshop organizes, the authors of the 60 papers and 5 posters, the stream leaders, the reviewers and the sponsors for the efforts. And to the 90 participants from 20 countries: Austria, Bosnia‐Herzegovina, Canada, Croatia, Germany, Hong Kong, Hungary, Netherlands, Mexico, Portugal, Poland, Romania, Russia, South Africa, Serbia, Slovakia, Spain, Thailand, United Kingdom, United States. A special word to Prof. Gaby Neumann from Wildau who organized the Proceedings. Let us make TAKE 2017 a great occasion and help save the knowledge economy a bit. Eduardo Tomé, Conference Chair Zagreb, July 2017

IMF Staff papers, Volume 45 No. 1

IMF Staff papers, Volume 45 No. 1
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Total Pages: 216
Release: 1998-01-01
Genre: Business & Economics
ISBN: 1451974515

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This paper analyzes some leading indicators of currency crises, and proposes a specific early warning system. This system involves monitoring the evolution of several indicators that tend to exhibit an unusual behavior in the periods preceding a crisis. When an indicator exceeds a certain threshold value, this is interpreted as a warning “signal” that a currency crisis may take place. The variables that have the best track record within this approach include exports, deviations of the real exchange rate from trend, and the ratio of broad money to gross international reserves, output, and equity prices.

Exchange Rates and Macroeconomic Dynamics

Exchange Rates and Macroeconomic Dynamics
Author: P. Karadeloglou
Publisher: Springer
Total Pages: 255
Release: 2008-02-13
Genre: Business & Economics
ISBN: 0230582699

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This book looks at the PPP persistence puzzle, and econometric aspects of exchange rate dynamics and their implications. It also explores the importance of exchange rate dynamics in the pass-through effects (PTE) and the econometric aspects of the exchange rates dynamics linked to structural shocks on different economies.

Macroeconomics in Emerging Markets

Macroeconomics in Emerging Markets
Author: Peter J. Montiel
Publisher: Cambridge University Press
Total Pages: 457
Release: 2003-04-10
Genre: Business & Economics
ISBN: 0521780608

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Table of contents

The Aftermath of the 1992 ERM Breakup

The Aftermath of the 1992 ERM Breakup
Author: Robert J. Gordon
Publisher:
Total Pages: 86
Release: 1999
Genre: Economic development
ISBN:

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This paper examines the macroeconomic aftermath of the 1992 breakdown of the European Exchange Rate Mechanism (ERM). The economic performance of six leaver' nations is compared with five stayer' nations that maintained a roughly fixed parity with the Deutsche Mark. Recent writing about post-1992, which I call the conventional wisdom,' reports that a surprising miracle occurred the leaver nations are alleged to have enjoyed a burst of real growth and a decline in unemployment, all without any evidence of extra inflation. The results in this paper turn the conventional wisdom on its head. While the leaver nations experienced an acceleration of nominal GDP growth relative to the stayers, fully 80 percent of this spilled over into extra inflation, leaving only 20 percent remaining for extra real GDP growth. Virtually 100 percent of the nominal exchange rate depreciation passed through into higher import prices, and extra inflation would have been even more pronounced if it were not for quiescent wage rates, which the paper attributes to high unemployment. The absence of any significant stimulus to real output growth is attributed to fiscal tightening under pressure from the Maastricht criteria, which offset nearly all of the stimulus coming from the improved current account of the leaver nations.

The Currency Game

The Currency Game
Author: Jeffry A. Frieden
Publisher: IDB
Total Pages: 292
Release: 2001
Genre: Business & Economics
ISBN: 9781886938878

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"Written by a distinguished group of economists and political scientists from around the hemisphere, the essays in this book include analytical perspectives, a cross-national statistical study, and a series of detailed country studies ... [and bring an] important new theoretical insights and epmpirical evidence to that debate in order to best address a policy issue critical to the future of Latin American development"--Preface.