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International Monetary Economics

Опубликовано на портале: 12-08-2007
Oxford: Oxford University Press, 1996
This is an introduction to the major topics in international monetary economics. It concentrates on the concepts and relationships involving exchange rates and balance of payment magnitudes, the construction and manipulation of exchange rates, and a description of multi-country co-operation arrangements.

International monetary economics presents a brief introduction to the major topics of the area together with an analytical framework that is designed to facilitate a better understanding of international monetary economics. The text concentrates on concepts and relationships involving exchange rates and balance-of-payments magnitudes; the constructions and manipulation of a small but versatile model of exchange rate and balance-of-payments behavior; and the description of current and prospective arrangements for multicountry cooperation in Europe and elsewhere. These broad topics are arranged in three main parts.
In Part I the author presents basic concepts and a historical perspective on the US and global economy, with emphasis on the evolution of international monetary institutions since 1800.
Part II introduces the basic analytical model - usable with fixed and floating exchange rates, in which capital mobility is complete, real exchange rates are variable, and investment spending is endogenous. Variants of model are used for short- and long-run comparative static and steady-state analyses. In addition, there is a relatively long chapter devoted to dynamic analysis with rational expectations.
Part III contains three chapters on policy, including a full chapter on the European Monetary System.

Readership: Advanced courses in economics.

1. Exchange Rate Concepts
2. Balance of Payments Accounts
3. Historical Perspective
4. A Basic Model: Building Blocks
5. Long Run and Short Run Analysis
6. Analysis With Fixed Exchange Rates
7. Expectations and Dynamic Analysis
8. Empirical Evidence
9. Fixed vs. Floating Exchange Rates
10. The European Monetary System
11. International Policy Co-operation