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In May 2007, an extraordinary meeting took place in London ? The Exchange Forum. Chief executives from many of the world's most important financial exchanges came together with senior executives from a wide array of global banking, trading, and investing firms, index providers, regulators, system suppliers, and key academics to discuss the rapidly changing business and technological environment in which exchanges function. The forum was an exclusive event, open only to the most senior-level individuals in the global exchanges community: those who run exchanges, who are clients of exchanges, wh

Foreign exchange --- Foreign exchange market --- Forecasting. --- Exchange market --- Foreign exchange markets --- FX market --- Markets --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- International finance --- Currency crises

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This book presents all major subjects in international monetary theory, foreign exchange markets, international financial management and investment analysis. The book is relevant to real world problems in the sense that it provides guidance on how to solve policy issues as well as practical management tasks. This in turn helps the reader to gain an understanding of the theory and refines the framework. This second edition of the book incorporates two new chapters, together with updating most chapters in the first edition, integrating new materials, data, and/or the recent developments in the areas. The book can be used in graduate and advanced undergraduate programmes in international or global finance, international monetary economics, and international financial management. Subjects covered include: - foreign exchange markets and foreign exchange rates - exchange rate regimes and international monetary systems - international parity conditions - balance of payments and international investment positions - open economy macroeconomics - balance of payments issues and exchange rate movements: the elasticity approach, the absorption approach, the monetary approach, and analysis of FDI and trade balance interactions - models of exchange rate determination: the Mundell-Fleming model, the flexible price monetary model, the Dornbusch model, the real interest rate differential model, and the portfolio balance model - global derivatives markets - derivative financial instruments for foreign exchange risk management: currency futures, currency options, and currency swaps - measurement and management of transaction exposure, economic exposure and accounting exposure - country risk analysis and sovereign risk analysis - foreign direct investment and international portfolio investment.

International finance. --- International finance --- Finance --- Business & Economics --- International Finance --- Foreign exchange. --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- International monetary system --- International money --- Macroeconomics. --- International economics. --- Economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- International Economics. --- Currency crises --- International economic relations --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Economic policy --- International relations --- Economic sanctions --- Economics

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Are the current account fluctuations in oil-exporting countries "excessive"? How should their real exchange rate respond to the evolution of external (and domestic) fundamentals? This paper proposes methodologies tailored to the specific features of oil-exporting countries that help address these questions. Price-based methodologies (based on the time series of real effective exchange rates) identify a strong link between the real exchange rate and the terms of trade, but have relatively limited explanatory power. On the other hand, an empirical model of the current account, which fits oil exporting countries' data well, and an intertemporal model that takes into account the stock of oil reserves provide useful benchmarks for oil exporters' external balances.

Foreign exchange administration --- Foreign exchange --- Fiscal policy --- Petroleum industry and trade --- Accounting --- Africa, Sub-Saharan --- Economic policy. --- Tax policy --- Taxation --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- Government policy --- Energy industries --- Oil industries --- Economic policy --- Finance, Public --- International finance --- Currency crises --- Investments: Energy --- Exports and Imports --- Foreign Exchange --- Macroeconomics --- Personal Income, Wealth, and Their Distributions --- Current Account Adjustment --- Short-term Capital Movements --- Energy: General --- International economics --- Investment & securities --- Currency --- Personal income --- Oil --- Real exchange rates --- Current account balance --- Current account --- Income --- Balance of payments --- Russian Federation

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Several emerging economies have, until recently, experienced large government surpluses and accelerating foreign exchange reserve accumulation. This has been accompanied by economic booms, exchange rate appreciations and in some cases increases in domestic inflation. We show that one way to understand these episodes is as manifestations of balance of payments anti-crises, as reflecting the perception that the government intends to discontinue its accumulation of reserves in the near future. The end-phase of such crises is characterized by nominal interest rates approaching their zero lower bound in accelerating fashion and, if the government targets CPI inflation, by fast increasing domestic inflation.

Finance --- Business & Economics --- International Finance --- Balance of payments. --- Foreign exchange. --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- Current account balance (International trade) --- International payments, Balance of --- International finance --- Currency crises --- Foreign exchange --- Terms of trade --- Balance of trade --- International liquidity --- Banks and Banking --- Foreign Exchange --- Inflation --- Money and Monetary Policy --- Open Economy Macroeconomics --- Monetary Policy --- Central Banks and Their Policies --- Comparative or Joint Analysis of Fiscal and Monetary Policy --- Stabilization --- Treasury Policy --- Price Level --- Deflation --- Interest Rates: Determination, Term Structure, and Effects --- Monetary economics --- Currency --- Macroeconomics --- Banking --- Inflation targeting --- Exchange rates --- International reserves --- Zero lower bound --- Monetary policy --- Prices --- Central banks --- Reserves accumulation --- Foreign exchange reserves --- Interest rates --- China, People's Republic of