Giancarlo Gandolfo

International Finance and Open-Economy Macroeconomics

Study Edition

• Broschiertes Buch

Produktbeschreibung

"This book deals with the financial side of international economics and covers all aspects of international finance. There are many books and articles by exponents of alternative points of view. I know of no other book that provides the scope, balance, objectivity and rigor of the book." (Professor Jerome L. Stein, Brown University)

From the reviews: "In this survey of international finance and open-economy macroeconomics, Gandolfo succeeds in meeting the needs of advanced undergraduate or lower-level graduate students through a largely textual and graphical approach, while at the same time presenting in the appendices explicit mathematical analyses for more advanced graduate students." (Journal of Banking & Finance 2004)

Produktdetails

• Verlag: Springer / Springer, Berlin
• Softcover reprint of the original 1st ed. 2002
• Seitenzahl: 640
• Englisch
• Abmessung: 235mm x 155mm x 34mm
• Gewicht: 978g
• ISBN-13: 9783540434597
• ISBN-10: 3540434593
• Artikelnr.: 10912572

Autorenporträt

Since 1974 professor Giancarlo Gandolfo is full professor of International Economics, Faculty of Economics, Sapienza University of Rome. Since 2005 he is member of the scientific committee of University of Rome La Sapienza Press. His main areas of research are International monetary economics, continuous time econometrics, mathematical methods and models of economic dynamics. He is recipient of several research grants by national and international institutions.

Inhaltsangabe

1 Introduction.- 1.1 Old and New Approaches to International Finance.- 1.2 Structure of the Book.- 1.3 Small and Large Open Economies.- 1.4 References.- I The Basics.- 2 The Foreign Exchange Market.- 2.1 Introduction.- 2.2 The Spot Exchange Market.- 2.3 The Real Exchange Rate.- 2.4 The Effective Exchange Rate.- 2.5 The Forward Exchange Market.- 2.5.1 Introduction.- 2.5.2 Various Covering Alternatives; Forward Premium and Discount.- 2.6 The Transactors in the Foreign Exchange Market.- 2.6.1 Speculators.- 2.6.2 Non-Speculators.- 2.6.3 Monetary Authorities.- 2.7 Currency Derivatives.- 2.7.1 Futures.- 2.7.2 Options.- 2.7.3 Swap Transactions.- 2.8 Eurodollars and Xeno-Currencies.- 2.9 References.- 3 Exchange-Rate Regimes.- 3.1 The Two Extremes.- 3.2 The Bretton Woods System.- 3.2.1 The Monetary Authorities' Intervention.- 3.3 Other Limited-Flexibility Systems.- 3.4 The Current Nonsystem.- 3.5 International Organisations.- 3.5.1 The IMF.- 3.5.2 The World Bank.- 3.6 References.- 4 International Interest-Rate Parity Conditions.- 4.1 Covered Interest Arbitrage, and Covered Interest Parity (CIP).- 4.2 Uncovered Interest Parity (UIP).- 4.3 Uncovered Interest Parity with Risk Premium.- 4.4 Real Interest Parity.- 4.5 Efficiency of the Foreign Exchange Market.- 4.6 Perfect Capital Mobility, Perfect Asset Substitutability, and Interest Parity Conditions.- 4.7 References.- 5 The Balance of Payments.- 5.1 Balance-of-Payments Accounting and Presentation.- 5.1.1 Introduction.- 5.1.2 Accounting Principles.- 5.1.3 Standard Components.- 5.1.3.1 Current Account.- 5.1.3.2 Capital Account.- 5.2 The Meaning of Surplus, Deficit, and Equilibrium in the Bal-ance of Payments.- 5.3 References.- 6 Real and Financial Flows in an Open Economy.- 6.1 Introduction.- 6.2 The Row Identities.- 6.3 The Column Identities.- 6.4 Derived Identities.- 6.5 Identities Are Only Identities.- II Flow Approaches.- 7 The Elasticity Approach.- 7.1 Introduction.- 7.2 Critical Elasticities and the So-Called Marshall-Lerner Condi-tion.- 7.2.1 The Balance of Payments in Domestic Currency....- 7.2.2 The Balance of Payments in Foreign Currency.- 7.2.3 Elasticity Optimism vs Pessimism.- 7.3 Foreign Exchange Market Equilibrium and Stability.- 7.3.1 Derivation of the Demand and Supply Schedules; Multiple Equilibria and Stability.- 7.4 Interrelations between the Spot and Forward Exchange Rate.- 7.4.1 The Various Excess Demand Schedules.- 7.4.2 Forward Market Equilibrium and the Spot Rate.- 7.4.3 The Monetary Authorities' Intervention.- 7.5 References.- 8 The Multiplier Approach.- 8.1 The Basic Model.- 8.2 Balance-of-Payments Adjustment in the Case of an Exogenous Increase in Exports.- 8.3 Balance-of-Payments Adjustment in the Case of an Exogenous Increase in Imports.- 8.4 Intermediate Goods and the Multiplier.- 8.5 The Empirical Relevance of the Multiplier.- 8.6 The Transfer Problem.- 8.6.1 The Classical Theory.- 8.6.2 The Multiplier Theory.- 8.6.3 Observations and Qualifications.- 8.7 References.- 9 An Integrated Approach.- 9.1 Interaction between Exchange Rate and Income in the Adjustment Process.- 9.1.1 A Graphic Representation.- 9.1.2 Stability.- 9.1.3 Comparative Statics and the Transfer Problem.- 9.2 The J-Curve.- 9.3 The S-Curve.- 9.4 The Alleged Insulating Power of Flexible Exchange Rates, and the International Propagation of Disturbances.- 9.5 References.- 10 The Mundell-Fleming Model.- 10.1 Introductory Remarks.- 10.2 Fixed Exchange Rates.- 10.2.1 Graphic Representation of the Equilibrium Conditions.- 10.2.2 Simultaneous Real, Monetary and External Equilibrium. Stability.- 10.2.2.1 Observations and Qualifications.- 10.2.3 Comparative Statics.- 10.2.3.1 The Transfer Problem.- 10.2.3.2 Exchange-Rate Devaluation.- 10.3 Flexible Exchange Rates.- 10.4 References.- 11 Policy Implications of the Mundell-Fleming Model, and the Assignment Problem.- 11.1 Introduction.- 11.2 Internal and External Balance, and the Assignment Problem.- 11.2.1 The Assignment Problem.- 11.2.2 Observations a