Politics And Exchange Rates
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Author | : Jeffry A. Frieden |
Publisher | : Princeton University Press |
Total Pages | : 318 |
Release | : 2014-12-28 |
Genre | : Business & Economics |
ISBN | : 1400865344 |
Download Currency Politics Book in PDF, Epub and Kindle
The politics surrounding exchange rate policies in the global economy The exchange rate is the most important price in any economy, since it affects all other prices. Exchange rates are set, either directly or indirectly, by government policy. Exchange rates are also central to the global economy, for they profoundly influence all international economic activity. Despite the critical role of exchange rate policy, there are few definitive explanations of why governments choose the currency policies they do. Filled with in-depth cases and examples, Currency Politics presents a comprehensive analysis of the politics surrounding exchange rates. Identifying the motivations for currency policy preferences on the part of industries seeking to influence politicians, Jeffry Frieden shows how each industry's characteristics—including its exposure to currency risk and the price effects of exchange rate movements—determine those preferences. Frieden evaluates the accuracy of his theoretical arguments in a variety of historical and geographical settings: he looks at the politics of the gold standard, particularly in the United States, and he examines the political economy of European monetary integration. He also analyzes the politics of Latin American currency policy over the past forty years, and focuses on the daunting currency crises that have frequently debilitated Latin American nations, including Mexico, Argentina, and Brazil. With an ambitious mix of narrative and statistical investigation, Currency Politics clarifies the political and economic determinants of exchange rate policies.
Author | : Jeffry A. Frieden |
Publisher | : Princeton University Press |
Total Pages | : 316 |
Release | : 2016-09-06 |
Genre | : Business & Economics |
ISBN | : 0691173842 |
Download Currency Politics Book in PDF, Epub and Kindle
The politics surrounding exchange rate policies in the global economy The exchange rate is the most important price in any economy, since it affects all other prices. Exchange rates are set, either directly or indirectly, by government policy. Exchange rates are also central to the global economy, for they profoundly influence all international economic activity. Despite the critical role of exchange rate policy, there are few definitive explanations of why governments choose the currency policies they do. Filled with in-depth cases and examples, Currency Politics presents a comprehensive analysis of the politics surrounding exchange rates. Identifying the motivations for currency policy preferences on the part of industries seeking to influence politicians, Jeffry Frieden shows how each industry's characteristics—including its exposure to currency risk and the price effects of exchange rate movements—determine those preferences. Frieden evaluates the accuracy of his theoretical arguments in a variety of historical and geographical settings: he looks at the politics of the gold standard, particularly in the United States, and he examines the political economy of European monetary integration. He also analyzes the politics of Latin American currency policy over the past forty years, and focuses on the daunting currency crises that have frequently debilitated Latin American nations, including Mexico, Argentina, and Brazil. With an ambitious mix of narrative and statistical investigation, Currency Politics clarifies the political and economic determinants of exchange rate policies.
Author | : Ralph Setzer |
Publisher | : Springer Science & Business Media |
Total Pages | : 265 |
Release | : 2006-09-21 |
Genre | : Business & Economics |
ISBN | : 3790817163 |
Download The Politics of Exchange Rates in Developing Countries Book in PDF, Epub and Kindle
This book considers the issue of exchange rate policymaking from a political economy perspective. It illustrates both theoretically and empirically how domestic political and institutional incentives shape exchange rate policies in developing countries. Empirical analysis is based on a panel survey of 47 countries and thereby provides insights on how political and institutional conditions typically affect exchange rate policy.
Author | : Thomas H. Oatley |
Publisher | : University of Michigan Press |
Total Pages | : 246 |
Release | : 1997 |
Genre | : Business & Economics |
ISBN | : 9780472108244 |
Download Monetary Politics Book in PDF, Epub and Kindle
Examines the domestic politics of European monetary integration
Author | : David Steinberg |
Publisher | : Cornell University Press |
Total Pages | : 288 |
Release | : 2015-06-05 |
Genre | : Business & Economics |
ISBN | : 0801454255 |
Download Demanding Devaluation Book in PDF, Epub and Kindle
Exchange rate policy has profound consequences for economic development, financial crises, and international political conflict. Some governments in the developing world maintain excessively weak and "undervalued" exchange rates, a policy that promotes export-led development but often heightens tensions with foreign governments. Many other developing countries "overvalue" their exchange rates, which increases consumers’ purchasing power but often reduces economic growth. In Demanding Devaluation, David Steinberg argues that the demands of powerful interest groups often dictate government decisions about the level of the exchange rate. Combining rich qualitative case studies of China, Argentina, South Korea, Mexico, and Iran with cross-national statistical analyses, Steinberg reveals that exchange rate policy is heavily influenced by a country’s domestic political arrangements. Interest group demands influence exchange rate policy, and national institutional structures shape whether interest groups lobby for an undervalued or an overvalued rate. A country’s domestic political system helps determine whether it undervalues its exchange rate and experiences explosive economic growth or if it overvalues its exchange rate and sees its economy stagnate as a result.
Author | : João Tovar Jalles |
Publisher | : International Monetary Fund |
Total Pages | : 30 |
Release | : 2016-11-17 |
Genre | : Business & Economics |
ISBN | : 1475555768 |
Download Fiscal Discipline and Exchange Rates Book in PDF, Epub and Kindle
We look at the effect of exchange rate regimes on fiscal discipline, taking into account the effect of underlying political conditions. We present a model where strong politics (defined as policymakers facing longer political horizon and higher cohesion) are associated with better fiscal performance, but fixed exchange rates may revert this result and lead to less fiscal discipline. We confirm these hypotheses through regression analysis performed on a panel sample covering 79 countries from 1975 to 2012. Our empirical results also show that the positive effect of strong politics on fiscal discipline is not enough to counter the negative impact of being at/moving to fixed exchange rates. Finally, we use the synthetic control method to illustrate how the transition from flexible to fully fixed exchange rate under the Euro impacted negatively fiscal discipline in European countries. Our results are robust to a number of important sensitivity checks, including different estimators, alternative proxies for fiscal discipline, and sub-sample analysis.
Author | : Joseph E. Gagnon |
Publisher | : Peterson Institute |
Total Pages | : 301 |
Release | : 2011 |
Genre | : Business & Economics |
ISBN | : 0881326356 |
Download Flexible Exchange Rates for a Stable World Economy Book in PDF, Epub and Kindle
Volatile exchange rates and how to manage them are a contentious topic whenever economic policymakers gather in international meetings. This book examines the broad parameters of exchange rate policy in light of both high-powered theory and real-world experience. What are the costs and benefits of flexible versus fixed exchange rates? How much of a role should the exchange rate play in monetary policy? Why don't volatile exchange rates destabilize inflation and output? The principal finding of this book is that using monetary policy to fight exchange rate volatility, including through the adoption of a fixed exchange rate regime, leads to greater volatility of employment, output, and inflation. In other words, the "cure" for exchange rate volatility is worse than the disease. This finding is demonstrated in economic models, in historical case studies, and in statistical analysis of the data. The book devotes considerable attention to understanding the reasons why volatile exchange rates do not destabilize inflation and output. The book concludes that many countries would benefit from allowing greater flexibility of their exchange rates in order to target monetary policy at stabilization of their domestic economies. Few, if any, countries would benefit from a move in the opposite direction.
Author | : Laurence Krause |
Publisher | : Routledge |
Total Pages | : 313 |
Release | : 2019-07-11 |
Genre | : Political Science |
ISBN | : 1000241017 |
Download Speculation And The Dollar Book in PDF, Epub and Kindle
I began serious consideration of the issues and subject matter that comprise this book as a graduate student at the University of Massachusetts at Amherst. In need of a dissertation topic and vaguely curious about international monetary economics, I decided to sit in on Leonard Rapping's undergraduate course on international finance. Needless to say, I was soon hooked. Within several months I was teaching my own course on international money and beginning to write an outline of what would become my doctoral dissertation on foreign exchange speculation. Once completed the dissertation thesis became this basis for this book.
Author | : Francis J. Gavin |
Publisher | : UNC Press Books |
Total Pages | : 294 |
Release | : 2004 |
Genre | : Political Science |
ISBN | : 9780807828236 |
Download Gold, Dollars, and Power Book in PDF, Epub and Kindle
"Gavin demonstrates that Bretton Woods was in fact a highly politicized system that was prone to crisis and required constant intervention and controls to continue functioning. More important, postwar monetary relations were not a salve to political tensions, as is often contended.
Author | : Michael W. Klein |
Publisher | : MIT Press |
Total Pages | : 267 |
Release | : 2012-08-24 |
Genre | : Business & Economics |
ISBN | : 0262258331 |
Download Exchange Rate Regimes in the Modern Era Book in PDF, Epub and Kindle
An analysis of the operation and consequences of exchange rate regimes in an era of increasing international interdependence. The exchange rate is sometimes called the most important price in a highly globalized world. A country's choice of its exchange rate regime, between government-managed fixed rates and market-determined floating rates has significant implications for monetary policy, trade, and macroeconomic outcomes, and is the subject of both academic and policy debate. In this book, two leading economists examine the operation and consequences of exchange rate regimes in an era of increasing international interdependence. Michael Klein and Jay Shambaugh focus on the evolution of exchange rate regimes in the modern era, the period since 1973, which followed the Bretton Woods era of 1945–72 and the pre-World War I gold standard era. Klein and Shambaugh offer a comprehensive, integrated treatment of the characteristics of exchange rate regimes and their effects. The book draws on and synthesizes data from the recent wave of empirical research on this topic, and includes new findings that challenge preconceived notions.