scholarly journals THE STRUCTURE OF GLOBAL MONEY and World Tables of Unequal Exchange

1998 ◽  
pp. 145-168 ◽  
Author(s):  
Gernot Kohler
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
High Wage ◽  
Rate System ◽  
Literature Reference ◽  
Unequal Exchange ◽  
Global View ◽  
The World ◽  
Exchange Rate System ◽  
Value Of Money

This study takes a global view of money. The term "global money" is appearing in recent discussions (Bellofiore 1997) and there is the occasional literature reference to "world money" (Marx 1992: 190). My thesis in this article is that money has a global structure. Stated more precisely, I am contending that (1) the value of money is non-homogeneous throughout the world system (even after exchange rates have been taken into account); that (2) the currencies of low-incomc countries tend to be undervalued, not overvalued as many economists claim; that (3) the exchange rate system is one of the mechanisms by which high-wage countries extract value from low-wage countries; and that ( 4) this situation contributes significantly to unequal exchange between periphery and center countries.

Introducing Exchange-Rate Equations Into a World Econometric Model

1987 ◽  
Vol 119 ◽  
pp. 57-67 ◽  
Author(s):  
Simon Wren-Lewis
Keyword(s):  
Exchange Rate ◽  
World Economy ◽  
Econometric Model ◽  
Rate Equations ◽  
Rate System ◽  
The World ◽  
Exchange Rate System ◽  
World Economic ◽  
First Time ◽  
Economic Forecasts

In this Review the Institute's world economic forecasts are for the first time produced with the aid of a large quarterly econometric model. The general features of this model are described in an Appendix to the World Economy chapter in this Review. The model is based on the WEP (World Economic Prospects) model which has been operated and developed by economists in HM Treasury for more than a decade. However, exchange rates in WEP are exogenous, and this article discusses the estimation of an exchange-rate system for the model, and its implications in terms of overall model properties.

scholarly journals Macroeconomic Fundamentals and the Exchange Rate Volatility: Empirical Evidence From Somalia

SAGE Open ◽  
2020 ◽  
Vol 10 (1) ◽  
pp. 215824401989884
Author(s):  
Mohamed Ibrahim Nor ◽  
Tajul Ariffin Masron ◽  
Tariq Tawfeeq Yousif Alabdullah
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Regulatory Authority ◽  
Exchange Rate Volatility ◽  
Rate System ◽  
Macroeconomic Factors ◽  
Post Conflict ◽  
Macroeconomic Fundamentals ◽  
Exchange Rate System ◽  
The Exchange Rate

The purpose of this research is to investigate the effect of macroeconomic factors on the volatility of Somalia’s unregulated exchange rates. While utilizing the EGARCH (exponential generalized autoregressive conditional heteroskedastic) model, this study found that the unregulated exchange rate volatility of Somalia is influenced by its own shocks and the macroeconomic factors. This study implies that although Somali shilling circulated without regulatory authority for the period of the statelessness, this circulation has been accompanied by volatile exchange rates. This phenomenon makes this study an appealing work that should be pursued further. Hence, this study contributes notably to the process of reforming the exchange rate system and the monetary policy of the post-conflict economy of Somalia. In addition, the results of this study imply that even in times of war and lawlessness the laws of economics do not change completely.

scholarly journals HUBUNGAN KAUSAL DINAMIS ANTARA VARIABEL-VARIABEL MONETER UTAMA DAN OUTPUT: KASUS INDONESIA DI BAWAH SISTEM NILAI TUKAR MENGAMBANG DAN MENGAMBANG TERKENDALI

2007 ◽  
Vol 9 (1) ◽  
Author(s):  
Latif Kharie
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Real Interest Rate ◽  
Impulse Response Function ◽  
Real Output ◽  
Rate System ◽  
Floating Exchange Rate ◽  
Exchange Rate System ◽  
Managed Floating ◽  
Floating Exchange Rates

The objective of the study is to analyze the dynamic causal relationship pattern and the characteristic among the primary monetary variables and output under a different exchange rate systems, i.e the floating and managed floating exchange rate system. The model formulated on this study is based on Taylor rule, state contingent rule, and some theories such as monetary transmission mechanism, exchange rate determination, and Keynes’s demand for money and its augmented models.The type of the study is explanatory research. Variables analyzed consists of real interest rates of Sertifikat Bank Indonesia, real money supply, real exchange rates of rupiah to American dollar, prices and real output. The data used was monthly time series. Sources of data are Bank Indonesia, Badan Pusat Statistik and International Monetary Fund reports, and analyzed for two different periods of observation. The vector error correction model is used as a quantitative model, focuses on the impulse response function analysis.The results of impulse response function indicate that: (i) the response of monetary policy to changes of real output and price under the floating exchange rate system is positive, and to changes of real exchange rate and price under the managed floating exchange system is also positive; (ii) the response of price to changes of real interest rate, real money supply, real exchange rate and real output under the floating exchange rate system are negative, negative, positive and negative respectively, whereas under the managed floating exchange rates system are negative, positive, negative and positive respectively; and (iii) the response of real output to change of real interest rate under the floating exchange rates system is positive but it is negative under the managed floating exchange rates system.Keywords: dynamic causal relation, primary monetary variables, output, floating rates system, managed floating exchange rates systemJEL Classification: C32, E52, O24

The International Monetary Fund in the 1990s

1992 ◽  
Vol 27 (3) ◽  
pp. 267-282 ◽  
Author(s):  
A. D. Crockett
Keyword(s):  
Exchange Rates ◽  
International Monetary Fund ◽  
World Economy ◽  
Economic Management ◽  
Rate System ◽  
The World ◽  
Exchange Rate System ◽  
National Economies ◽  
The International Monetary Fund ◽  
Trade And Investment

WHEN ITS ARTICLES OF AGREEMENT WERE DRAWN UP IN 1944, the International Monetary Fund was seen as having two main functions: to oversee the operation of a system of fixed, but adjustable, exchange rates; and to promote the removal of payments restrictions on international trade. Over the years since then, despite the demise of the fixed exchange rate system and a steady decline in payments restrictions, the scope of the Fund's influence has grown. Why should this be?In broad terms, the answer is to be found in the increasing integration of the world economy. As trade and investment flows have grown, so too have the concerns of the international community for good economic management in individual national economies. ‘Spill-over’ effects have grown in size and importance, and with them the need for a framework to regulate their consequences.

scholarly journals Causality in Vietnam’s Parallel Exchange Rate System during 2005–2011: Policy Implications for Macroeconomic Stability

Economies ◽  
2018 ◽  
Vol 6 (4) ◽  
pp. 68 ◽  
Author(s):  
Minh Bui
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Black Market ◽  
Policy Implications ◽  
Market Exchange ◽  
Rate System ◽  
Long Run ◽  
Short Run ◽  
Exchange Rate System ◽  
Macroeconomic Stability

As in many transition economies, Vietnam has experienced a multiple exchange rate system with three exchange rates having co-existed. This paper uses the Vector-Error-Correction model and the Granger tests to investigate the relationship between the official and black market exchange rates from January 2005 to April 2011. The results confirm a long-run relationship between the official and parallel market rates of the Vietnam dong against the U.S. dollar. The short-run dynamics of two exchange rates suggest that the official exchange rate causes the black exchange rate, but not vice versa. This conclusion is valid for both a sub-period of stability and a sub-period of vibrant fluctuations, with February 2008 as the cut-off. The findings also reject the efficiency hypothesis of the black market for foreign exchange and support the policy choice of the State Bank of Vietnam not to follow black market signals in managing official exchange rates for macroeconomic stability.

Sino-Soviet Exchange Rates

1971 ◽  
Vol 47 ◽  
pp. 546-552 ◽  
Author(s):  
Kang Chao
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Rate System ◽  
National Currencies ◽  
Exchange Rate System

In one of my articles published in this journal several years ago, I promised to clarify the mystery of the Sino-Soviet exchange rate system. However, some puzzling points remained unanswerable until the publication of an article by Iu. V. Vladimirov. Now, there seems to be a clearer picture about the most complex exchange rate system that has ever existed between any two national currencies.

scholarly journals Capital Flows and Money Supply: The Degree of Sterilisation in Pakistan

2003 ◽  
Vol 42 (4II) ◽  
pp. 975-985 ◽  
Author(s):  
Abdul Qayyum ◽  
Muhammad Arshad Khan
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Money Supply ◽  
West Germany ◽  
Exchange Market ◽  
Rate System ◽  
Monetary Policies ◽  
Policy Makers ◽  
Policy Tool ◽  
Exchange Rate System

Under the current managed float exchange rate system; the central bank may respond to an exchange market disequilibria by changing either the international reserves or the exchange rates. Under such a regime, a major policy difficulty is the interaction between exchange rate policies and monetary policies. The monetary authorities intervene in the exchange market in response to undesired fluctuations in exchange rates,1 could adversely affect monetary control and move the economy away from internal target such as price stability. Under such a policy dilemma, fully sterilised intervention2 involves a pure swap of foreign and domestic assets, which have not effect on the money supply, received greater attention by the policy-makers in early 1980s, particularly, through the experience of West Germany [Obstfeld (1983)]. Ideally, it provides an independent policy tool to deal with the exchange rate without affecting the internal policy targets.

scholarly journals Measuring the relationship between the balance of payments and the exchange rate - A case study of a group of Arab countries during the period 2000/2016-

2018 ◽  
Vol 2 (2) ◽  
pp. 44-66
Author(s):  
Abd Elouahid SERARMA ◽  
Newfel BAALOUL
Keyword(s):  
Exchange Rate ◽  
Empirical Studies ◽  
Arab Countries ◽  
Balance Of Payments ◽  
Rate System ◽  
Exchange Rate System ◽  
Independent Variable ◽  
The Exchange Rate ◽  
The Relationship

The Objective of this study is to examine the effect of exchange rate system on the balance of payments, with a case study of a group of Arab countries. First we shed light on the most important theoretical and empirical studies of exchange rate systems and their macroeconomics effects in one hand. In the other hand we study a case of six oil exporting Arab countries. To achieve this purpose we adopted a panel data and run an econometric model to examine the relationships between the variables during the period 2000 to 2016. The study concluded that there is a significant positive correlation between the exchange rate as an independent variable and the balance of payments as a dependent variable, and there is no deference in the effects of the exchange system in the study of six Arab economies.

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