Exchange Rate Determination and Control

ISBN-13: 9780415111034 / Angielski / Twarda / 1995 / 132 str.

Giorgio Radaelli; G. Radaelli; Giorgio Nfa Dr

Opis

This text investigates the determinants of exchange rates and evaluates the main options for policy-makers in limiting exchange rate fluctuations. It draws on the empirical evidence of the experiences of the G7 countries over the last two decades to conclude that co-ordination of monetary policies is the best way to manage exchange rates. Foreign exchange intervention in markets appears to be effective within currency blocs like the European Monetary System but not on the major exchange rates. It argues that capital/foreign exchange controls become ineffective in the long term and are not critical to the stability of exchange rate systems. The book provides empirical evidence supporting a unified theory of determination for the two main exchange rates.

Spis treści

INTRODUCTION 1 ERM STABILITY, CAPITAL CONTROLS AND FOREIGN EXCHANGE MARKET INTERVENTION 2 THE EFFECTIVENESS OF CAPITAL CONTROLS: AN EMPIRICAL ANALYSIS OF THE ERM 3 EXCHANGE RATE DETERMINATION: MONETARY OR PORTFOLIO-BALANCE EFFECTS? 4 ON THE EFFECTIVENESS OF FOREIGN EXCHANGE MARKET INTERVENTION, CONCLUSIONS

O autorze

Giorgio Radaelli, who has for many years worked in the City of London as a specialist on interest and exchange rate forecasting, is currently Director and Senior Economist with Lehman Brothers.