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Международная экономика является комплексной дисциплиной, изучающей взаимодействие экономических агентов разных стран. Традиционно экономическая дисциплина «Международная экономика» делится на 2 части: международная торговля и международные финансы, однако в раздел науки «Международная экономика» включают также международный бизнес, международные экономические отношения, международная политическая экономия и др. смежные дисциплины. (подробнее...)
Всего публикаций в данном разделе: 20

Книги

Авторы:
АБ ВГДЕЖЗИЙК ЛМНОПРС ТУФ ХЦЧШЩЭЮЯ
ABC D E F GH I J K LM NOPQR S TU V WXYZ
 
Названия:
АБВГ ДЕЖЗИЙКЛМНОП РСТУФХЦЧ ШЩЭЮЯ
A BC DEF G HI JKLM N O P QR ST UVW XYZ
 

Опубликовано на портале: 08-12-2006
Алексей Григорьевич Квасов
Москва: Моск. обществ. науч. фонд, 2006, cерия "Научные доклады", вып. 67, 144 с.
“Чилийские мотивы” по-прежнему весьма популярны в российской политической и экономической элите, в правительственных кругах. Именно поэтому все так же актуален внимательный и вместе с тем непредвзятый взгляд на ключевые элементы чилийских экономических преобразований. В Чили не было “генерального плана” экономического переустройства. Хотя и присутствовал “комплексный подход” к некоторым узловым проблемам экономического развития. Следуя этой логике, автор предлагает свои наблюдения по ряду наиболее интересных экономических тем: о роли государства в чилийских преобразованиях; о политике стимулирования накопления капитала; о месте иностранных инвестиций в экономическом развитии; о частнособственническом компоненте в социальной реформе и создании частных пенсионных фондов; о механизмах реализации “радикально открытой” чилийской внешнеэкономической модели; о роли этического начала в экономике и борьбе с коррупцией.
ресурс содержит прикрепленный файл

Опубликовано на портале: 25-05-2010
Эрнест Георгиевич Кочетов, Михаил Юрьевич Байдаков, Наталия Юрьевна Конина, Вячеслав Леонович Сельцовский, Наталья Сергеевна Столярова, Елена Дмитриевна Фролова, Елена Владимировна Сапир
Москва: Общественная академия наук геоэкономики, 2010, 392 с.
В настоящем докладе авторы впервые в отечественной научно-аналитической литературе предприняли попытку осознания проблемы конкурентоспособности через призму глобальной трансформации мира на основе обобщения имеющегося мирового опыта и отечественной практики. Освещается исходное, стартовое состояние экспортного потенциала России и на базе геоэкономического (воспроизводственного) подхода даются научно обоснованные и стратегически выверенные рекомендации по выходу России на мировой уровень конкурентоспособности. Показано, что успешное оперирование российских хозяйствующих структур на геоэкономическом атласе мира сопряжено с выходом на формирование кластерно-сетевых бизнес-моделей, транснациональных финансово-промышленных группировок стратегического статуса. Автором идеи доклада, составителем и научным редактором является доктор экономических наук Эрнест Георгиевич Кочетов. Для представителей научных, деловых и политических кругов и структур, формирующих стратегию развития России, а также для студентов, аспирантов и преподавателей вузов.
ресурс содержит графическое изображение (иллюстрацию) ресурс содержит прикрепленный файл

Fear of Floating [книги]
Опубликовано на портале: 13-08-2007
Guillermo A. Calvo, Carmen M. Reinhart
2003
In recent years, many countries have suffered severe financial crises, producing a staggering toll on their economies, particularly in emerging markets. One view blames fixed exchange rates-- soft pegs'--for these meltdowns. Adherents to that view advise countries to allow their currency to float. Authors analyze the behavior of exchange rates, reserves, the monetary aggregates, interest rates, and commodity prices across 154 exchange rate arrangements to assess whether official labels' provide an adequate representation of actual country practice. Authors find that, countries that say they allow their exchange rate to float mostly do not--there seems to be an epidemic case of fear of floating.' Since countries that are classified as having a free or a managed float mostly resemble noncredible pegs--the so-called demise of fixed exchange rates' is a myth--the fear of floating is pervasive, even among some of the developed countries. Paper presents an analytical framework that helps to understand why there is fear of floating.

Опубликовано на портале: 27-07-2004
Authors study financial fragility, exchange rate crises and monetary policy in an open economy model in which banks are maturity transformers as in Diamond-Dybvig. The banking system, the exchange rate regime, and central bank credit policy are seen as parts of a mechanism intended to maximize social welfare; if the mechanism fails, banking crises and speculative attacks become possible. Authors compare currency boards, fixed rate and flexible rates, with and without a lender of last resort. A currency board cannot implement a socially optimal allocation; in addition, under a currency board bank runs are possible. A fixed exchange rate system may implement the social optimum but is more prone to bank runs and exchange rate crises than a currency board. Larger capital inflows enhance welfare if the no-run equilibrium occurs, but may also render the economy more vulnerable to self-fulfilling runs. A flexible exchange rate system implements the social optimum and eliminates runs, provided the exchange rate and central bank lending policies of the central bank are appropriately designed.
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Опубликовано на портале: 30-07-2004
Existing models of contagious currency crises are summarized and surveyed, and it is argued that more weight should be put on political factors. Towards this end, the concept of political contagion introduced, whereby contagion in speculative attacks across currencies arises solely because of political objectives of countries. A specific model of membership' contagion is presented. The desire to be part of a political-economic union, where maintaining a fixed exchange rate is a condition for membership and where the value of membership depends positively on who else is a member, is shown to give rise to potential contagion. We then present evidence suggesting that political contagion may have been important in the 1992-3 EMS crisis.
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Опубликовано на портале: 11-11-2004
Sebastian Edwards
New York: Cambridge University Press, 1995
The essays collected in this volume, written by well-known academics and policy analysts, discuss the impact of increased capital mobility on macroeconomic performance. The authors highlight the most adequate ways to manage the transition from a semi-closed economy to a semi-open one. Additionally, issues related to the measurement of openness, monetary control, optimal exchange rate regimes, sequencing of reforms, and real exchange rate dynamics under different degrees of capital mobility are carefully analyzed.
The book is divided into four parts after the editor's introduction. The first part contains the general analytics of monetary policy in open economies. Parts two to four deal with diverse regional experiences, covering Europe, the Asian Pacific region, and Latin America. The papers on which the essays are based were originally presented at a conference on Monetary Policy in Semi-Open Economies, held in Seoul, Korea, in November 1992.
ресурс содержит полный текст, либо отрывок из него ресурс содержит гиперссылку на сайт, на котором можно найти дополнительную информацию ресурс содержит графическое изображение (иллюстрацию)

Опубликовано на портале: 13-08-2007
Charles M. Engel
2003
The traditional case for flexibility in nominal exchange rates assumes that there is nominal price stickiness that prevents relative prices from adjusting in response to real shocks. When prices are sticky in producers' currencies, nominal exchange rate changes can achieve the relative price change that is required between home and foreign goods. The nominal exchange rate flexibility provides the desired 'expenditure-switching' effect of relative price changes. But if prices are fixed ex ante in consumers' currencies, nominal exchange rate flexibility cannot achieve any relative price adjustment. In fact, nominal exchange rate fluctuations are undesirable because they lead to deviations from the law of one price. So, fixed exchange rates are optimal. The empirical literature appears to support the notion that prices are sticky in consumers' currencies. This paper surveys the approaches taken in the new open economy macroeconomic literature to formalize the role of optimal monetary policy. The survey explores how this literature has dealt with the empirical evidence on pass-through of exchange rate changes to consumer prices.

Опубликовано на портале: 27-07-2004
This essay considers some prescriptions that are currently popular regarding exchange rate regimes: a general movement toward floating, a general movement toward fixing, or a general movement toward either extreme and away from the middle. The whole spectrum from fixed to floating is covered (including basket pegs, crawling pegs, and bands), with special attention to currency boards and dollarization. One overall theme is that the appropriate exchange rate regime varies depending on the specific circumstances of the country in question (which includes the classic optimum currency area criteria, as well as some newer criteria related to credibility) and depending on the circumstances of the time period in question (which includes the problem of successful exit strategies). Latin American interest rates are seen to be more sensitive to US interest rates when the country has a loose dollar peg than when it has a tight peg. It is also argued that such relevant country characteristics as income correlations and openness can vary over time, and that the optimum currency area criterion is accordingly endogenous.
ресурс содержит гиперссылку на сайт, на котором можно найти дополнительную информацию

Опубликовано на портале: 11-01-2003
Jeffrey A. Frankel, Sergio L. Schmukler, Luis Serven
2003
Using a large sample of developing and industrialized economies during 1970-1999, this paper explores whether the choice of exchange rate regime affects the sensitivity of local interest rates to international interest rates. In most cases, we cannot reject full transmission of international interest rates in the long run, even for countries with floating regimes. Only large industrial countries can benefit, or choose to benefit, from independent monetary policy. However, short-run effects differ across regimes. Dynamic estimates show that interest rates of countries with more flexible regimes adjust more slowly to changes in international rates.

Опубликовано на портале: 11-01-2003
Michael M. Hutchison
2003
This paper investigates the output effects of IMF-supported stabilization programs, especially those introduced at the time of a severe balance of payments/currency crisis. Using a panel data set over the 1975-97 period and covering 67 developing and emerging-market economies (with 461 IMF stabilization programs and 160 currency crises), authors find that currency crises even after controlling for macroeconomic developments, political and regional factors significantly reduce output growth for 1-2 years. Output growth is also lower (0.7 percentage points annually) during IMF-stabilization programs, but it appears that growth generally slows prior to implementation of the program. Moreover, programs coinciding with recent balance of payments or currency crises do not appear to further damage short-run growth prospects. Countries participating in IMF programs significantly reduce domestic credit growth, but no effect is found on budget policy. Applying this model to the collapse of output in East Asia following the 1997 crisis, we find that the unexpected (forecast error) collapse of output in Malaysia where an IMF-program was not followed-- was similar in magnitude to those countries adopting IMF programs (Indonesia, Korea, Philippines and Thailand).

Опубликовано на портале: 27-04-2004
Takatoshi Ito
2002
This paper examines Japanese foreign exchanges interventions from April 1991 to March 2001 based on newly disclosed official data. All the yen-selling (dollar-purchasing) interventions were carried out when the yen/dollar rate was below 125, while all the yen-purchasing (dollar-selling) interventions were carried out when the yen/dollar was above 125. The Japanese monetary authorities, by buying the dollar low and selling it high, have produced large profits, in terms of realized capital gains, unrealized capital gains, and carrying (interest rate differential) profits, from interventions during the ten years. Profits amounted to 9 trillion yen (2% of GDP) in 10 years. Interventions are found to be effective in the second half of the 1990s, when daily yen/dollar exchange rate changes were regressed on various factors including interventions. The US interventions in the 1990s were always accompanied by the Japanese interventions. The joint interventions were found to be 20-50 times more effective than the Japanese unilateral interventions. Japanese interventions were found to be prompted by rapid changes in the yen/dollar rate and the deviation from the long-run mean (say, 125 yen). The interventions in the second half were less predictable than the first half.
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Опубликовано на портале: 27-04-2004
G. Andrew Karolyi, Rene M. Stulz
2002
Authors review the international finance literature to assess the extent to which international factors affect financial asset demands and prices. International asset pricing models with mean-variance investors predict that an asset's risk premium depends on its covariance with the world market portfolio and, possibly, with exchange rate changes. The existing empirical evidence shows that a country's risk premium depends on its covariance with the world market portfolio and that there is some evidence that exchange rate risk affects expected returns. However, the theoretical asset pricing literature relying on mean-variance optimizing investors fails in explaining the portfolio holdings of investors, equity flows, and the time-varying properties of correlations across countries. The home bias has the effect of increasing local influences on asset prices, while equity flows and cross-country correlations increase global influences on asset prices.
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Odious Debt [книги]
Опубликовано на портале: 11-01-2003
Michael Kremer, Seema Jayachandran
2003
Some argue that sovereign debt incurred without the consent of the people and not for their benefit, such as that of apartheid South Africa, should be considered odious and not transferable to successor governments. We argue that an institution that truthfully announced whether regimes are odious could create an equilibrium in which successor governments suffer no reputational loss from failure to repay odious debt and hence creditors curtail odious lending. Equilibria with odious lending could be eliminated by amending creditor country laws to prevent seizure of assets for failure to repay odious debt and restricting foreign assistance to countries not repaying odious debt. Shutting down the borrowing capacity of illegitimate regimes can be viewed as a form of economic sanction and has two advantages over most sanctions: it helps rather than hurts the population, and it does not create incentives for evasion by third parties. However, an institution empowered to assess regimes might falsely term debt odious if it favored debtors, and if creditors anticipate this, they would not make loans to legitimate governments. An institution empowered only to declare future lending to a particular government odious would have greater incentives to judge truthfully. A similar approach could be used to reduce moral hazard associated with World Bank and IMF loans.

Опубликовано на портале: 12-08-2004
Authors analyze the impact of financial globalization on asset prices, investment and the possibility of crashes driven by self-fulfilling expectations in emerging markets. In a two-country model with one emerging market (intermediate income level) and one industrialized country (high income level), they show that liberalization of capital flows increases asset prices, investment and income in the emerging market. However, for intermediate levels of international financial transaction costs, authors find that pessimistic expectations can be self-fulfilling, leading to a financial crash. The crash is accompanied by capital flight, a drop in income and investment below the financial autarky level and more market incompleteness. Authors show that emerging markets are more prone to financial crashes simply because they have a lower income level and not because of the existence of market failures (moral hazard or credit constraints), bad monetary policies or exchange rate regimes.
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Опубликовано на портале: 13-08-2007
Enrique Gabriel Estrada Mendoza
2003
Financial contagion and Sudden Stops of capital inflows experienced in emerging-markets crises may originate in an explosive mix of lack of policy credibility and world capital market imperfections that afflict emerging economies with national currencies. Hence, this paper argues that abandoning national currencies to adopt a hard currency can significantly reduce the emerging countries' vulnerability to these crises. The credibility of their financial policies would be greatly enhanced by the implicit subordination to the policy-making institutions of the hard currency issuer. Their access to international capital markets would improve as the same expertise and information that global investors gather already to evaluate the monetary policy of the hard currency issuer would apply to emerging economies. Yet, adopting a hard currency does not eliminate business cycles, rule out all forms of financial crises, or solve severe fiscal problems that plague emerging economies, and it entails giving up seigniorage and potential benefits of conducting independent monetary policy. However, these disadvantages seem dwarfed by the urgent need to enable emerging countries to access global capital markets without exposing them to the risk of recurrent Sudden Stops.