International Finance and Open-Economy Macroeconomics: Study EditionSpringer Science & Business Media, 26 giu 2002 - 613 pagine "This book deals with the financial side of international economics and covers all aspects of international finance. There are many books and articles by exponents of alternative points of view. I know of no other book that provides the scope, balance, objectivity and rigor of the book." (Professor Jerome L. Stein, Brown University) From the reviews: "In this survey of international finance and open-economy macroeconomics, Gandolfo succeeds in meeting the needs of advanced undergraduate or lower-level graduate students through a largely textual and graphical approach, while at the same time presenting in the appendices explicit mathematical analyses for more advanced graduate students." (Journal of Banking & Finance 2004) |
Sommario
Introduction | 1 |
12 Structure of the Book | 2 |
13 Small and Large Open Economies | 4 |
The Basics | 5 |
The Foreign Exchange Market | 7 |
22 The Spot Exchange Market | 9 |
23 The Real Exchange Rate | 12 |
24 The Effective Exchange Rate | 15 |
183412 The Long Run | 313 |
184 References | 314 |
Chapter 19 Recent Advances | 317 |
1921 The Net Borrower Economy | 320 |
193 Nominal Rigidities | 322 |
1931 Extensions | 326 |
194 References | 327 |
International Monetary Integration | 329 |
25 The Forward Exchange Market | 16 |
252 Various Covering Alternatives Forward Premium and Discount | 17 |
26 The Transactors in the Foreign Exchange Market | 21 |
261 Speculators | 22 |
262 NonSpeculators | 23 |
271 Futures | 24 |
272 Options | 25 |
273 Swap Transactions | 26 |
28 Eurodollars and XenoCurrencies | 28 |
29 References | 30 |
ExchangeRate Regimes | 31 |
32 The Bretton Woods System | 33 |
33 Other LimitedFlexibility Systems | 35 |
34 The Current Nonsystem | 37 |
35 International Organisations | 38 |
351 The IMF | 39 |
352 The World Bank | 40 |
36 References | 41 |
International InterestRate Parity Conditions | 43 |
42 Uncovered Interest Parity UIP | 46 |
43 Uncovered Interest Parity with Risk Premium | 47 |
45 Efficiency of the Foreign Exchange Market | 48 |
46 Perfect Capital Mobility Perfect Asset Substitutability and Interest Parity Conditions | 49 |
47 References | 51 |
The Balance of Payments | 53 |
512 Accounting Principles | 55 |
513 Standard Components | 58 |
5131 Current Account | 59 |
5132 Capital Account | 61 |
52 The Meaning of Surplus Deficit and Equilibrium in the Balance of Payments | 65 |
53 References | 68 |
Real and Financial Flows in an Open Economy | 69 |
62 The Row Identities | 72 |
63 The Column Identities | 73 |
64 Derived Identities | 75 |
65 Identities Are Only Identities | 77 |
Flow Approaches | 79 |
The Elasticity Approach | 81 |
72 Critical Elasticities and the SoCalled Mar shallLerner Condition | 82 |
721 The Balance of Payments in Domestic Currency | 83 |
722 The Balance of Payments in Foreign Currency | 85 |
723 Elasticity Optimism vs Pessimism | 86 |
731 Derivation of the Demand and Supply Schedules Multiple Equilibria and Stability | 88 |
74 Interrelations between the Spot and Forward Exchange Rate | 91 |
742 Forward Market Equilibrium and the Spot Rate | 95 |
743 The Monetary Authorities Intervention | 96 |
75 References | 97 |
The Multiplier Approach | 99 |
81 The Basic Model | 100 |
82 Balanceof Payments Adjustment in the Case of an Exogenous Increase in Exports | 103 |
83 BalanceofPayments Adjustment in the Case of an Exogenous Increase in Imports | 106 |
84 Intermediate Goods and the Multiplier | 107 |
85 The Empirical Relevance of the Multiplier | 109 |
86 The Transfer Problem | 110 |
861 The Classical Theory | 112 |
862 The Multiplier Theory | 113 |
863 Observations and Qualifications | 114 |
87 References | 115 |
An Integrated Approach | 117 |
911 A Graphic Representation | 119 |
912 Stability | 122 |
913 Comparative Statics and the Transfer Problem | 124 |
92 The JCurve | 126 |
93 The SCurve | 128 |
94 The Alleged Insulating Power of Flexible Exchange Rates and the International Propagation of Disturbances | 129 |
95 References | 131 |
The MundellFleming Model | 133 |
102 Fixed Exchange Rates | 134 |
1021 Graphic Representation of the Equilibrium Conditions | 135 |
1022 Simultaneous Real Monetary and External Equilibrium Stability | 140 |
10221 Observations and Qualifications | 144 |
1023 Comparative Statics | 147 |
10232 ExchangeRate Devaluation | 149 |
103 Flexible Exchange Rates | 151 |
104 References | 154 |
Policy Implications of the MundellFleming Model and the Assignment Problem | 155 |
112 Internal and External Balance and the Assignment Problem | 157 |
1121 The Assignment Problem | 158 |
1122 Observations and Qualifications | 161 |
113 Flexible Exchange Rates | 163 |
114 Perfect Capital Mobility | 166 |
115 References | 168 |
Stock and StockFlow Approaches | 169 |
The Monetary Approach to the Balance of Payments and Related Approaches | 171 |
123 The Monetary Approach to the Balance of Payments | 174 |
1232 A Simple Model | 177 |
1233 Does a Devaluation Help? | 179 |
1234 Concluding Remarks | 180 |
125 References | 184 |
Portfolio and Macroeconomic Equilibrium in an Open Economy | 185 |
132 Asset Stock Adjustment in a Partial Equilibrium Framework | 186 |
133 Portfolio and Macroeconomic Equilibrium under Fixed Exchange Rates | 191 |
1333 Momentary and LongRun Equilibrium | 195 |
134 Portfolio and Macroeconomic Equilibrium under Flexible Exchange Rates | 197 |
1342 The Basic Model | 199 |
1343 Static Expectations | 203 |
1344 Rational Expectations and Overshooting | 206 |
135 References | 209 |
Growth in an Open Economy | 211 |
141 ExportLed Growth | 212 |
1412 The Beckerman Model | 213 |
142 Growth and the Balance of Payments | 215 |
143 GrowthOriented Adjustment Programs | 217 |
144 References | 219 |
The Exchange Rate | 221 |
ExchangeRate Determination | 223 |
1511 The HarrodBalassaSamuelson Model | 225 |
152 The Traditional Flow Approach | 226 |
1531 The Monetary Approach | 227 |
1532 Sticky Prices Rational Expectations and Overshooting of the ExchangeRate | 229 |
1533 The Portfolio Approach | 233 |
15331 Interaction Between Current and Capital Accounts | 234 |
154 The Exchange Rate in Macroeconometric Models | 237 |
Empirical Studies | 240 |
1552 The Reactions to Meese and Rogoff and the Way Out | 241 |
1553 An EconomyWide Model Beats the Random Walk | 243 |
1554 The Exchange Rate in Experimental Economics | 244 |
157 References | 246 |
Capital Movements Speculation and Currency Crises | 249 |
162 ShortTerm Capital Movements and Foreign Exchange Speculation | 252 |
1621 Flexible Exchange Rates and Speculation | 254 |
163 Speculative Attacks Currency Crises and Contagion | 256 |
1631 A First Generation Model | 258 |
1632 A Second Generation Model | 260 |
1633 Third Generation Models | 264 |
16331 A Third Generation Model | 265 |
163311 The Crisis | 267 |
163312 The Stabilization Dilemma | 269 |
1634 The Indicators Approach Can Crises Be Forecast? | 270 |
1635 Contagion | 271 |
164 References | 274 |
Fixed Vs Flexible Exchange Rates | 277 |
172 The Modern View | 280 |
1722 Aggregate Demand Shock | 281 |
1724 Conclusion | 282 |
173 The Experience of the Managed Float | 283 |
1732 New Light on an Old Debate? | 284 |
174 The Vicious Circle DepreciationInflation | 287 |
1742 The DepreciationInflation Circle | 288 |
1743 Is the Circle Really Vicious? | 290 |
175 References | 291 |
The Intertemporal Approach | 293 |
The Intertemporal Approach to the Balance of Payments and the Real Exchange Rate | 295 |
182 Intertemporal Decisions the Current Account and Capital Flows | 298 |
1821 The FeldsteinHorioka Puzzle | 302 |
1822 The HarbergerLaursenMetzler Effect Again | 303 |
1832 The RAIOM Approach | 304 |
An Overview | 306 |
1834 A More Technical Presentation | 308 |
18341 Solution of the Model | 311 |
183411 The Medium Run | 312 |
International Monetary Integration Optimum Currency Areas and Monetary Unions | 331 |
202 The Theory of Optimum Currency Areas | 332 |
2021 The Traditional Approach | 333 |
2022 The CostBenefit Approach | 335 |
2023 The New Theory | 339 |
2024 Optimum for Whom? | 340 |
204 The Common Monetary Policy Prerequisite the Inconsistent Triad and Fiscal Policy | 342 |
2041 Fiscal Policy Coordination | 344 |
205 The SingleCurrency Problem | 346 |
206 References | 349 |
The European Monetary Union | 351 |
2111 The EMS and the Theory of Optimum Currency Areas | 353 |
212 The Maastricht Treaty and the Gradual Approach to EMU | 355 |
213 The Institutional Aspects | 358 |
214 The Maastricht Criteria | 360 |
215 The New Theory of Optimum Currency Areas and EMU | 363 |
216 The Euro and the Dollar | 365 |
217 References | 367 |
Problems of the International Monetary Non System | 371 |
Key Events in the Postwar International Monetary System | 373 |
222 Convertibility | 375 |
223 Eurodollars | 376 |
224 Special Drawing Rights | 377 |
225 Collapse of Bretton Woods | 379 |
226 Petrodollars | 382 |
227 Demonetization of Gold | 383 |
228 EMS and EMU | 385 |
2210 The Asian Crisis | 386 |
2211 References | 387 |
International Liquidity the Demand for International Reserves and XenoMarkets | 389 |
232 The Descriptive Approach | 390 |
233 The Optimizing Approach | 392 |
234 Is International Liquidity Still A Problem? | 394 |
235 The Composition of International Reserves | 395 |
236 The Analysis of EuroMarkets | 397 |
2362 The Portfolio Approach to EuroMarkets | 398 |
237 An Evaluation of the Costs and Benefits of XenoMarkets | 400 |
238 References | 402 |
Current Problems | 405 |
2422 The Problem of the Reference Model and the Obstacles to Coordination | 410 |
243 The Debt Problem | 413 |
245 Proposals for the International Management of Exchange Rates | 414 |
2453 John Williamsons Target Zones | 415 |
2454 The Tobin Tax | 416 |
246 References | 418 |
Appendices | 421 |
Appendix to Chapter 2 | 423 |
A2 References | 424 |
Appendix to Chapter 4 | 425 |
B2 The Peso Problem | 426 |
B3 The Siegel Paradox | 427 |
Appendix to Chapter 7 | 429 |
C12 The General Case | 431 |
C13 Effects on the Terms of Trade | 435 |
C2 The Stability of the Foreign Exchange Market | 436 |
C3 A Model for the Simultaneous Determination of the Spot and Forward Exchange Rate | 437 |
C4 References | 439 |
Appendix to Chapter 8 | 441 |
D12 The Balance of Payments | 443 |
D2 Foreign Repercussions in a nCountry Model | 444 |
D22 Stability Analysis | 445 |
D23 Comparative Statics A Comparison between the Various Multipliers | 447 |
D24 The Balance of Payments | 449 |
D3 Intermediate Goods and the Multiplier | 450 |
D32 Identical Requirements of Intermediate Goods | 451 |
D4 The Transfer Problem | 452 |
D5 References | 454 |
Appendix to Chapter 9 | 455 |
E12 The Dynamics of the System | 456 |
The Transfer Problem | 457 |
E2 The Jcurve | 459 |
E3 The Original TwoCountry Version of the Laursen and Metzler Model | 461 |
E32 Stability | 463 |
E33 Comparative Statics | 464 |
E332 The Transfer Problem | 467 |
E4 References | 468 |
Appendix to Chapter 10 | 469 |
F12 The Study of Dynamic Stability | 470 |
F13 Comparative Statics | 472 |
F132 An ExchangeRate Devaluation | 473 |
F2 The Mundell Fleming Model under Flexible Exchange Rates | 474 |
F3 References | 476 |
Appendix to Chapter 11 | 477 |
G12 The Assignment Problem | 478 |
G13 A Generalization of the Assignment Problem | 480 |
G2 Monetary and Fiscal Policy Under Flexible Exchange Rates | 481 |
G3 Perfect Capital Mobility | 483 |
G4 References | 484 |
Appendix to Chapter 12 | 485 |
H2 The Monetary Approach to the Balance of Payments | 486 |
H21 The Effects of a Devaluation | 489 |
H3 References | 490 |
Appendix to Chapter 13 | 491 |
12 Portfolio and Macroeconomic Equilibrium under Fixed Exchange Rates | 493 |
121 The Dynamics of the LongRun Equilibrium | 494 |
122 The Stability Conditions | 495 |
13 Portfolio and Macroeconomic Equilibrium under Flexible Exchange Rates | 498 |
132 Static Expectations | 500 |
1322 LongRun Equilibrium | 502 |
133 Rational Expectations | 507 |
14 References | 508 |
Appendix to Chapter 14 | 509 |
J2 GrowthOriented Adjustment Programs | 511 |
J23 The Integrated Model | 512 |
J3 References | 514 |
Appendix to Chapter 15 | 515 |
K2 The Dornbusch Overshooting Model | 516 |
K3 The Modern Approach to ExchangeRate Determination | 517 |
K32 The Portfolio Approach | 519 |
K33 Empirical Studies | 520 |
K34 Currency Substitution | 524 |
K5 References | 528 |
Appendix to Chapter 16 | 531 |
L2 A SecondGeneration Model | 532 |
L3 References | 533 |
Appendix to Chapter 17 | 535 |
M2 The Effects of Various Shocks | 536 |
M22 Aggregate Demand Shock | 538 |
M23 Aggregate Supply Shock | 539 |
M24 Conclusion | 541 |
Appendix to Chapter 18 | 543 |
N2 An Infinite Horizon Model | 545 |
N3 The RAIOM Approach to the Real Exchange Rate | 547 |
N4 The NATREX Approach | 550 |
N412 The SubOptimal Feedback Control SOFC Rule | 553 |
N42 Analysis of the NATREX Equilibrium | 554 |
N422 The Long Run | 555 |
N5 References | 556 |
Appendix to Chapter 19 | 557 |
O2 The Net Borrower Nation | 560 |
O21 SteadyState Stability and Comparative Dynamics | 561 |
O3 Nominal Rigidities | 563 |
O32 The Composite Nontraded Good and Its Demand Function | 564 |
O33 The Intertemporal Optimization Problem | 567 |
O331 SteadyState Equilibrium | 570 |
572 | |
Appendix to Chapter 20 | 573 |
P2 Fiscal Coordination | 577 |
P3 References | 578 |
Appendix to Chapter 23 | 579 |
Q2 Intertemporal Maximization and the Nor mative Theory of Economic Policy | 581 |
Q3 The Composition of International Reserves | 586 |
Q4 A Portfolio Model of the EuroMarket | 587 |
Q5 References | 591 |
Appendix to Chapter 24 | 593 |
R2 Target Zones | 595 |
R3 The Tobin Tax | 597 |
R31 A Simple Model | 599 |
600 | |
601 | |
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International Finance and Open-Economy Macroeconomics: Study Edition Giancarlo Gandolfo Anteprima limitata - 2002 |