Exchange Rate Volatility, Trade, and Capital Flows Under Alternative Exchange Rate Regimes
Book Details
Format
Paperback / Softback
ISBN-10
052103423X
ISBN-13
9780521034234
Publisher
Cambridge University Press
Imprint
Cambridge University Press
Country of Manufacture
GB
Country of Publication
GB
Publication Date
Dec 14th, 2006
Print length
176 Pages
Weight
306 grams
Dimensions
23.00 x 15.50 x 1.20 cms
Product Classification:
Monetary economics
Ksh 5,950.00
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Sercu and Uppal examine volatility of exchange rates in the context of dynamic general equilibrium models.
Recent years have seen a substantial increase in the volatility of exchange rates. This trend has prompted economists and finance analysts to question if the observed behaviour of exchange rates is consistent with a rational model. Does that volatility hinder trade? What are financial markets' effects on countries' investment decisions, and how would changes in fixed exchange rates affect growth and welfare? What are the requirements to make such changes feasible? Professors Sercu and Uppal examine these issues in the context of dynamic general equilibrium models, explicitly considering the role of financial markets while allowing for commodity markets to be segmented across countries. They show that the theoretical models for exchange rates in this context are quite different from those put forth by monetary theorists and proponents of purchasing power parity arguments.
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