Do Fixed Exchange Rates Cause Greater Integration?
نویسندگان
چکیده
منابع مشابه
Do Fixed Exchange Rates Fetter Monetary Policy ? A Credit
The Bernanke-Blinder credit-view model is expanded to encompass a small, open economy with fixed exchange rates. In contrast to conventional wisdom and traditional models, monetary policy is resurrected as a stabilization tool. Further, various financial sector shocks are shown to have real aggregate demand effects. We show that independent monetary policy actions can ha ve substantive impacts ...
متن کاملTesting for Monetary Integration and Contagion in ASEAN Exchange Rates
The Asian financial crisis in 1997 brought to the attention of member countries of the Association of South East Asian Countries (ASEAN-5) (comprising Indonesia, Malaysia, the Philippines, Singapore and Thailand) the need for closer monetary co-operation. Central to the OCA literature is the nature and symmetry of underlying economic disturbances. If the economic disturbances are similar across...
متن کاملExchange Rate Uncertainty and Labour Market Adjustment under Fixed and Flexible Exchange Rates
The standard literature on working time has modelled the decisions of firms in a deterministic framework in which firms can choose between employment and overtime (given mandated standard hours). Contrary to this approach, we follow the real options approach, which allows us to investigate the value to a firm of waiting to adjust labour when the firm ́s revenues in domestic currency are stochast...
متن کاملHow Well Do Monetary Fundamentals Forecast Exchange Rates?
For many years after the seminal work of the Meese and Rogoff (1983a), conventional wisdom held that exchange rates could not be forecast from monetary fundamentals. Monetary models of exchange rate determination were generally unable to beat even a naïve no-change model in out-of-sample forecasting. More recently, the use of sophisticated econometric techniques, panel data, and long spans of d...
متن کاملDo Female Enrolment Rates Cause Economic Growth in Pakistan?
There has been much discussion on the relationship between education and economic growth. A few studies have examined the increasing trend of female enrolment in educational institutions and economic growth. The objective of this paper is to empirically investigate four alternatives but equally plausible hypotheses. These are: i) GDP cause female enrolment proxies (the conventional view), ii) F...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Economic Integration
سال: 2013
ISSN: 1225-651X,1976-5525
DOI: 10.11130/jei.2013.28.4.533