International finance and open economy macroeconomics. 2nd. ed.
This text integrates modern international finance and open economy macroeconomics to provide students with a thorough, accessible, and up-to-date treatment of international finance and economics. The authors offer a dynamic presentation of the concepts that are shaping international economic policy today. The text's policy-orientation makes theory pertinent. By presenting actual examples of the effects of various policies, students see economic theory in practice.
Integrating modern international finance and open economy macroeconomics, this text provides students with a thorough treatment of international finance and economics. It presents the concepts that are shaping international economic policy today. Topics covered include: deregulation and internationalization of banking and finance in the 1980s and 1990s, the economics of European integration, and exchange rate regimes in developing countries. Instruments in international finance and banking including currency futures, options, swaps and Eurobonds are examined, and developments in open economy macroeconomics such as a dioscussion of rational expectations, "hysterisis" and the J-curve behaviour of the trade balance are also included.
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- The Foreign Exchange Market.
- Central Banks, Exchange Rate Regimes and the International Monetary System.
- Currency Regimes in Developing Countries.
II. THE INTERNATIONAL FINANCIAL SYSTEM.
- International Money and Capital Markets.
- Exchange Rate Risk and Uncovered International Investments.
- Exchange Rate Forecasting, Risk Premia and Forward Market Efficiency.
- Onshore Banking in International Perspective.
- Eurocurrencies and Euromarkets: The Offshore Banking System.
III. INTRODUCTION TO INTERNATIONAL MACROECONOMICS.
- A Broad Picture of the Open Economy: International Transactions and the Balance
of Payments Accounts.
- Measuring Interdependence: The International Investment Position of a Country
and Exchange Rate Concepts.
- National Income Accounting and the Open Economy.
- The External Debt Crisis of Developing Countries.
IV. INCOME, TRADE AND CAPITAL FLOWS: FIXED AND FLEXIBLE EXCHANGE RATES.
- The Determination of Output, Exchange Rates and the Trade Balance.
- Balance of Payments Adjustments and the Macroeconomics of Fixed Exchange Rate
- Expectations, Exchange Rate Dynamics and Economic Policy.
V. INFLATION, UNEMPLOYMENT AND ECONOMIC POLICY IN THE OPEN ECONOMY.
- Production, Prices and Unemployment in the Open Economy.
- Prices, Output and Macroeconomic Adjustment Under Flexible Exchange Rates.
- Expectations, Inflation and Business Cycles.
VI. ASSET MARKETS, THE BALANCE OF PAYMENTS AND THE EXCHANGE RATE.
- Asset Markets and Exchange Rate Determination.
- The Monetary and Asset Market Approach to the Balance of Payments.
VII. INTERDEPENDENCE IN THE WORLD ECONOMY.
- The International Monetary System: History and Controversies.
- Economic Policy, Monetary Regimes, and the Current State of the World Economy.
I. THE FOREIGN EXCHANGE MARKET AND EXCHANGE RATE REGIMES.