Exchange Rate Misalignment - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Exchange Rate Misalignment write by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on International Finance and Monetary Policy. This book was released on 1986. Exchange Rate Misalignment available in PDF, EPUB and Kindle.
Misalignment of Exchange Rates
Misalignment of Exchange Rates - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Misalignment of Exchange Rates write by Richard C. Marston. This book was released on 2008-04-15. Misalignment of Exchange Rates available in PDF, EPUB and Kindle. Economists writing on flexible exchange rates in the 1960s foresaw neither the magnitude nor the persistence of the changes in real exchange rates that have occurred in the last fifteen years. Unexpectedly large movements in relative prices have lead to sharp changes in exports and imports, disrupting normal trading relations and causing shifts in employment and output. Many of the largest changes are not equilibrium adjustments to real disturbances but represent instead sustained departures from long-run equilibrium levels, with real exchange rates remaining "misaligned" for years at a time. Contributors to Misalignment of Exchange Rates address a series of questions about misalignment. Several papers investigate the causes of misalignment and the extent to which observed movements in real exchange rates can be attributed to misalignment. These studies are conducted both empirically, through the experiences of the United States, Great Britain, Japan, and the countries of the European Monetary System, and theoretically, through models of imperfect competition. Attention is then turned to the effects of misalignment, especially on employment and production, and to detailed estimates of the effects of changes in exchange rates on several industries, including the U.S. auto industry. In response to the contention that there is significant "hysteresis" in the adjustment of employment and production to changes in exchange rates, contributors also attempt to determine whether the effects of misalignment can be reversed once exchange rates return to earlier levels. Finally, the issue of how to avoid—or at least control—misalignment through macroeconomic policy is confronted.
Measuring Misalignment
Measuring Misalignment - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Measuring Misalignment write by Menzie David Chinn. This book was released on 1999-09-01. Measuring Misalignment available in PDF, EPUB and Kindle. The concept of purchasing power parity (PPP) is used to evaluate whether eight East Asian currencies were overvalued on the eve of the 1997 crises. The Johansen and Horvath-Watson cointegration test procedures are applied to bilateral and multilateral exchange rates, deflated using CPIs, producer price indices (PPIs), and price indices of export goods. The second deflator yields the greatest evidence of “stationarity.” The study find’s that the Malaysian, Philippines, and Thai currencies were overvalued, while the Korean and Indonesian were substantially undervalued. Mixed results were obtained for the others. Measures of the equilibrium rate based on time trends in CPI-deflated rates typically suggest larger overvaluations.
Exchange Rate Misalignment and Growth: A Myth?
Exchange Rate Misalignment and Growth: A Myth? - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Exchange Rate Misalignment and Growth: A Myth? write by Carlos Goncalves. This book was released on 2017-12-21. Exchange Rate Misalignment and Growth: A Myth? available in PDF, EPUB and Kindle. The impact of real exchange rate movements on GDP growth is a hotly debated issue both in policy and academic circles. In this paper, we provide evidence suggesting that the association between exchange rate misalignment and growth for a broad panel of countries is very weak. Controlling for country fixed effects, time effects and initial GDP, a more depreciated currency is associated with higher growth if one does not exclude outliers. However, this positive association always vanishes after controling for the savings rate. Importantly, this applies for both a large panel of countries and for the emerging economies subsample.
Misalignment
Misalignment - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Misalignment write by Joel Seligman. This book was released on 2020-07-22. Misalignment available in PDF, EPUB and Kindle. In Misalignment: The New Financial Order and the Failure of Financial Regulation, Joel Seligman provides a broad account of banking, insurance, and securities regulation from the beginning of the United States through the 2007-2009 financial crisis and concludes with a plan for a fundamentally different approach to financial regulation that is more likely to avoid financial meltdowns in the future and minimize financial perturbations. The history of financial regulation in the United States is a history of crisis reaction. Before the New Deal, uncoordinated regulatory systems were established in banking and insurance. In the New Deal period, the U.S. achieved a long-stable model of financial regulation that atomized financial firms and substantially increased investor and depositor protection. After World War II, the New Deal financial regulatory model deteriorated and vast areas of finance evolved outside of regulation. No event better crystalized this deterioration than the financial debacle of 2007-2009. How was such a debacle possible in a nation whose financial regulatory system was long considered the finest in the world? More than any other cause, the misalignment of the Treasury, Federal Reserve System, and regulatory systems designed in earlier crises to address specific industries was overwhelmed by a New Financial Order, financial supermarkets that operated in several financial fields simultaneously. The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was at best a partial response to the greatest financial calamity in our history since the 1929-1932 stock market crash. The failure of Dodd-Frank to address the structure of financial regulation was its most conspicuous weakness. Misalignment proposes a plan for a different approach to financial regulation designed to avoid economic failures in the future and minimize financial disorder.
