International Finance and Open-Economy Macroeconomics: Study Edition

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Springer Science & Business Media, 26 giu 2002 - 613 pagine
3 Recensioni

"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)

 

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Indice

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
O4 References
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
R4 References
600
Index
601
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