Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper provides a general equilibrium analysis of the trade effects of the formation of a currency union, and of its subsequent enlargement to include an economically dissimilar country. Furthermore, it investigates how economic dissimilarities among countries affect the magnitude of the trade effects fostered by a common currency. We show that sharing a common currency enhances the volume of bilateral trade among countries. However, the more economically dissimilar is an accession country, compared to the original members of a currency union, the smaller are the gains in trade that would follow the enlargement of a currency union.

Monetary unions --- Currency question --- Commerce --- Equilibrium (Economics) --- Econometric models. --- Trade --- Fiat money --- Free coinage --- Monetary question --- Scrip --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Economics --- Business --- Transportation --- Currency crises --- Finance --- Finance, Public --- Legal tender --- Money --- Traffic (Commerce) --- Merchants --- Exports and Imports --- Labor --- Financial Aspects of Economic Integration --- Trade Policy --- International Trade Organizations --- Empirical Studies of Trade --- Wages, Compensation, and Labor Costs: General --- Trade: General --- International economics --- Labour --- income economics --- Plurilateral trade --- Trade balance --- Wages --- Imports --- International trade --- Balance of trade

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Don´t Fix, Don´t Float is a book about credibility, or lack thereof. It deals with questions pertaining to international financial architecture from the perspective of developing countries, emerging markets and transition economies. Should the monetary authority fix the exchange rate of the national currency? Should it instead let the currency float in foreign exchange markets? What about bands, baskets and crawls between the fix and the float corners? Answering these questions is of significance to the national economy involved and, with regard to global finance, often beyond. In the same way that there may never be a pure float, even among key currencies, an instant fix does not provide a fast lane to credibility. Credibility is earned abroad as the development process reinforces institution building in monetary, financial and budgetary matters. Indeed, rules for budgetary adjustment (such as the zero deficit in Argentina or the EU Stability and Growth Pact) are necessary for any exchange-rate regime to deliver economic growth and development. In Don´t Fix, Don´t Float, the case for intermediate regimes is made for five country groups in Africa, Asia and Latin America. Developing countries, emerging markets and transition economies, together with the OECD area, are facing the consequences of a worsening global economic outlook. In this environment, the development perspective underlying Don’t Fix, Don’t Float is clearly essential.

Currency question -- Developing countries -- Congresses. --- Foreign exchange administration -- Developing countries. --- Foreign exchange rates -- Developing countries -- Congresses. --- Foreign exchange rates -- Developing countries. --- Foreign exchange rates -- Europe, Eastern -- Congresses. --- Foreign exchange rates. --- Foreign exchange rates --- Currency question --- International Finance --- Finance --- Business & Economics --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Fiat money --- Free coinage --- Monetary question --- Scrip --- Rates --- Currency crises --- Finance, Public --- Legal tender --- Money --- International finance --- International monetary system --- International money --- International economic relations

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The answer seems affirmative. We compare currency carry trades with an investment strategy based on currency fundamentals: taking a long (short) position in undervalued (overvalued) currencies. Carry trades have high risk-adjusted returns, but are subject to "crash risk." In contrast, the fundamental strategy has lower risk-adjusted returns, but is less prone to crash risk, because the realization of crash risk coincides with corrections towards fundamentals. In particular, the fundamental strategy outperformed carry trades during the recent global financial crisis. Building on these results, we present early warning indicators for potential turbulence in the currency market.

Foreign exchange. --- Currency question. --- Investments --- Speculation. --- Psychological aspects. --- Bucket-shops --- Commercial corners --- Corners, Commercial --- Finance --- Gambling --- Commodity exchanges --- Contracts, Aleatory --- Stock exchanges --- Fiat money --- Free coinage --- Monetary question --- Scrip --- Currency crises --- Finance, Public --- Legal tender --- Money --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- International finance --- Foreign Exchange --- Money and Monetary Policy --- Portfolio Choice --- Investment Decisions --- International Financial Markets --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Monetary economics --- Currency --- Foreign exchange --- Currencies --- Real effective exchange rates --- Exchange rates --- Exchange rate adjustments --- Purchasing power parity --- New Zealand

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Recent years have witnessed an increase in the frequency of currency and balance of payments crises in developing countries. More important, the crises have become more virulent, have caused widespread disruption to other developing countries, and have even had repercussions on advanced economies. To predict crises, their causes must be clearly understood. Two competing strands of theories are reviewed in this paper. The first focuses on the consequences of such policies as excessive credit growth in provoking depletion of foreign exchange reserves and making a devaluation enevitable. The second emphasizes the trade-offs between internal and external balance that the policymaker faces in defending a peg.

Balance of payments --- Currency question --- Financial crises --- Fiat money --- Free coinage --- Monetary question --- Scrip --- Currency crises --- Finance --- Finance, Public --- Legal tender --- Money --- Banks and Banking --- Financial Risk Management --- Foreign Exchange --- Macroeconomics --- Money and Monetary Policy --- Exports and Imports --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Financial Crises --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- International Lending and Debt Problems --- Economic & financial crises & disasters --- Currency --- Foreign exchange --- Monetary economics --- International economics --- Banking --- Crisis management --- Mexico

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

International finance --- International Monetary Fund --- Foreign exchange --- Commerce --- Currency question --- Economic history --- Change --- Question monétaire --- Histoire économique --- Periodicals --- Periodicals. --- Périodiques --- MONETARY ANALYSIS. --- FOREIGN EXCHANGE. --- FINANCE. --- E-journals --- Business, Economy and Management --- Economics --- Finance --- General and Others --- Insurance and Investment --- -Foreign exchange --- -Commerce --- -Currency question --- -332.05 --- Fiat money --- Free coinage --- Monetary question --- Scrip --- Currency crises --- Finance, Public --- Legal tender --- Money --- Trade --- Business --- Transportation --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- Electronic information resources --- Question monétaire --- Histoire économique --- Périodiques --- EBSCOASP-E EJECONO EPUB-ALPHA-I EPUB-PER-FT FONMONINT-E JSTOR-E PROQUEST-E --- Commerce. --- Currency question. --- Foreign exchange. --- Volkswirtschaftslehre --- Zeitschrift --- Wirtschaftswissenschaften --- Ökonomie --- Wirtschaftswissenschaft --- Periodikum --- Zeitschriften --- Presse --- Fortlaufendes Sammelwerk --- Nationalökonomie --- Sozialökonomie --- Sozialökonomik --- Sozioökonomie --- Wirtschaftstheorie --- Industries --- Wymienialność waluty --- Wymienialność waluty. --- Banking --- Ökonomie --- Nationalökonomie --- Sozialökonomie --- Sozialökonomik --- Sozioökonomie --- Traffic (Commerce) --- Merchants --- Commerce - Periodicals. --- Currency question - Periodicals. --- Foreign exchange - Periodicals. --- Monnaie --- Commerce international