Exchange-Rate Instability

Exchange-Rate Instability PDF

Author: University Paul Krugman

Publisher: MIT Press (MA)

Published: 2014-05-13

Total Pages: 132

ISBN-13: 9780262277693

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In an intriguing synthesis of current theories of international finance, trade, and industrial organization, Paul Krugman presents a provocative analysis of the extraordinary volatility of exchange rates in the 1980s.Krugman focuses on imperfect integration of the world economy, showing how this has become both a cause and effect of exchange rate instability. He outlines the costs and benefits of recent flexible-exchange rate policies and offers fresh insight into why the models that worked in the first half of the 1980s don't work in the growing uncertainty of the latter half. Krugman's analysis is succinct and accessible, with technical appendixes that offer powerful backing to his ideas."Exchange Rate Instability "contains a surprising reevaluation of the author's own work on exchange rates. Krugman questions the need for further devaluation of the dollar, arguing that uncertainty - rather than the lack of cost-competitiveness explains the failure of current policies to reduce the United States trade deficit. He proposes an eventual return to fixed exchange rates.Paul R. Krugman is Professor of Economics at MIT "Exchange Rate Instability "inaugurates the Lionel Robbins Lectures series.

Dollars Deficits & Trade

Dollars Deficits & Trade PDF

Author: James A. Dorn

Publisher: Springer Science & Business Media

Published: 2013-11-11

Total Pages: 436

ISBN-13: 9401712883

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The essays in this volume are timelyand provocative. They address the key issues of the changing world economy and consider the implications ofthe erosion ofthe rule oflaw that has occurred both domestically and internationally to an increasing degree over the past halfcentury. The debates over the role of the dollar in the international econ omy, the future shape ofthe international monetary system and the exchange rate regime, the significance ofthe U.S. twin deficits, and the rise of nontariffbarriers to world trade deserve serious attention. Atthe bottom ofthese debates lie differing conceptions ofeconomic policy and the role of government in a free society. Adam Smith's vision ofa limited democracy operating to protect persons and prop erty has been increasinglyreplaced by a vision ofapaternalistic state that is designed to protect special interests at the expense of the larger society. Many of the contributors to this volume point to the lack oflong-run rules designed to promote sound money, fiscal integ rity, and open markets asthe fundamental flawofmodern democratic governments. Although the authors disagree on the specific rules to adopt, the consensus is that a constitutional perspective is needed to ensure astable worldorder. Moreover, since such aperspective must bedeveloped at home before it can spread among nations, the search for optimal international policy coordination is generally seen as misguided. Many ofthe essays in this volume were initially presented at the Cato Institute's Sixth Annual Monetary Conference held in Wash ington, D.C., February 25-26, 1988.

From Trade Surplus to the Dispute over the Exchange Rate

From Trade Surplus to the Dispute over the Exchange Rate PDF

Author: Xin Li

Publisher: World Scientific

Published: 2016-02-29

Total Pages: 472

ISBN-13: 9814723975

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' Since 2005, China has been accused of causing the trade deficit and manipulating the exchange rate. At the same time, there have been arguments against the RMB appreciation. The reason for this conflict is the lack of quantitative research or elaboration on many extremely important indicators. To correctly describe the industrial chain and value-added process around the world, it is necessary to identify data by using new methods and separating the processing trade from the non-processing trade based on the Global Trade Analysis Project (GTAP) data. This book establishes a Global Multi-department Computable General Equilibrium (GMCGE) model based on the continuous global input-output database. It focuses on the Computable General Equilibrium (CGE) model that constructs a consistent interaction mechanism within the economic system and fully reflects the general equilibrium characteristics and thus tries to avoid the limitations of the partial equilibrium model. It shows how the GMCGE framework can distinguish the processing trade from non-processing trade in the input-output data, and at the same time ensure the endogenous equilibrium of the social accounting matrix (SAM) after distinction. Contents:Overestimated Trade SurplusOn Trade Surplus From Property RightsInterpreting the Economic Scale of ChinaForeign Trade Dependence and Trade Weighted MethodThe Standard in Judging the Exchange RateStabilizing the Currency and Manipulating the Exchange RateOrigin and Development of the High Saving RateComputable General Equilibrium Model for Exchange Rate ResearchEffect of the Exchange Rate on EmploymentThe Impact of the Exchange Rate Adjustment on Import and ExportRange and Path of RMB AppreciationEconomic Sanctions and Free TradeThe Debate is Far From Over Readership: Academics, undergraduate and graduate students, professionals interested in China''s economic development, trade surplus and RMB appreciation. Keywords:Trade Surplus;Exchange Rate;Value-Added Trade;CGE Model'

Do Exchange Rates Work? Another View

Do Exchange Rates Work? Another View PDF

Author: Mr.Robert A. Mundell

Publisher: International Monetary Fund

Published: 1991-04-01

Total Pages: 58

ISBN-13: 145197776X

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This paper investigates the role of exchange rates in balance of payments theories. It explores the sixteen approaches to the balance of payments, the concept of an “equilibrium” trade balance and sequential “stages” of the current account. It examines fiscal and demographic influences on the U.S. deficit. The final section considers the breakdown of the international monetary system after World Wars I and II; an evaluation of alternative proposals to correct the defects of the system; and an examination of the extent to which deficits of reserve countries have their origins in systemic problems.

The U.S. Trade Deficit

The U.S. Trade Deficit PDF

Author: U.S. Trade Deficit Review Commission

Publisher:

Published: 2000

Total Pages: 342

ISBN-13:

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"Report of the U.S. Trade Deficit Review Commission, November 14, 2000"--Cover p. [2].

Exchange Rates and Trade

Exchange Rates and Trade PDF

Author: Mr.Daniel Leigh

Publisher: International Monetary Fund

Published: 2017-03-15

Total Pages: 52

ISBN-13: 147558749X

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We examine the stability and strength of the relationship between exchange rates and trade over time using three alternative approaches, mitigating the endogeneity of the relation. We find that both exchange rate pass-through and the price elasticity of trade volumes are largely stable over time. Economic slack and financial conditions affect the relationship, but there is limited evidence that participation in global value chains has significantly changed the exchange rate–trade relationship over time.

The Trade Deficit, the Dollar, and the U.S. National Interest

The Trade Deficit, the Dollar, and the U.S. National Interest PDF

Author: Ernest H. Preeg

Publisher:

Published: 2000

Total Pages: 192

ISBN-13:

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"Dr. Preeg answers these questions with a clear presentation of the relationship between U.S. trade and financial interests. He argues that the chronic trade deficit and the related buildup of foreign debt can have substantial adverse consequences for the United States, and that early actions are needed to increase the U.S. savings rate and to curtail mercantilist exchange rate polices by some trading partners. Many observers believe we do not need to worry about the trade deficit in this era of high growth and full employment. The Trade Deficit, the Dollar, and the U.S. National Interest is essential reading for anyone interested in a more concerned assessment of the prospects for America's economic future and geopolitical position."--BOOK JACKET.

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