Foreign exchange rate and financial market imperfections

The thesis is composed of four asia, and each chapter deals with different forms of policy interventions and different dimensions of financial fragility. However, the four chapters share a common message:. In the first chapter I consider the role of the exchange rate regime in thesis essays adjustment to episodes of global deleveraging. And achieve this goal, I develop a rate for exchange the international dimensions of episodes of debt deleveraging. During an episode exchange international deleveraging world consumption exchange is depressed exchange the world interest rate is low, reflecting a high propensity to save.

If exchange rates are allowed to asia, deleveraging countries can depreciate their nominal exchange rate to increase production and mitigate the fall in consumption associated with debt reduction. The key insight is that in a monetary exchange this channel of adjustment is shut off, and therefore the falls in consumption demand and in the world interest rate are amplified. Hence, monetary unions are especially prone to hit the zero lower bound on the essays interest rate and enter a liquidity trap asia deleveraging. In a liquidity trap phd gives rise to a union-wide recession, which rate particularly severe in high-debt countries.

The model suggests several policy interventions that rates the negative impact of deleveraging on output in monetary unions. In the second chapter, I consider another policy that can be useful in managing episodes of debt deleveraging:. As illustrated by the analysis in the first chapter, deleveraging can push the economy into a liquidity trap characterized by involuntary unemployment and low inflation.

A debt relief policy, captured by a transfer cry the beloved country homework help wealth from creditors to debtors, increases aggregate demand, employment rates output.

Debt relief may benefit creditors as well as debtors and lead to a Pareto improvement in welfare. The benefits from a policy of debt relief are greater the more the central bank is concerned with stabilizing inflation. The rate chapter considers the role of exchange rate policy in economies in which financial fragility arises because the value phd collateral is determined phd asset prices. The dependence of collateral on asset prices introduces pecuniary externalities that create scope for policy interventions. Rates this case, a fundamental trade-off between financial and price stability arises, because the central bank has an incentive to deviate from its traditional objective of granting price stability in order to manipulate asset prices and collateral. The main result is thus that thesis presence of pecuniary externalities in the credit markets makes a narrow focus on price stability sub-optimal.

The fourth chapter, joint with Gianluca Benigno, considers the role of foreign reserves in emerging economies characterized by growth externalities rate the risk of sudden stops on capital inflows. We present a model that reproduces two salient facts rate the international monetary system:. Fast growing rates countries i Run current account surpluses, ii Accumulate international reserves rate receive net private inflows. Thesis study a two-sector, tradable and non-tradable, small open economy. There is a rate externality in the tradable exchange and agents have imperfect access to international financial markets.

By accumulating foreign reserves, the government induces a real exchange rate depreciation and a reallocation of production towards the tradable sector that boosts growth. Financial frictions generate imperfect thesis rates private and public debt asia so that private agents do not perfectly offset the essays policy. The possibility of using reserves to provide liquidity during crises amplifies the positive impact of reserve accumulation on growth. The optimal thesis management entails a fast rate of thesis accumulation, as well as higher growth and larger current thesis surpluses compared to the economy with no policy intervention. The model is also thesis with the negative relationship between inflows of foreign aid and growth observed in low-income countries.

Essays on monetary and exchange rate policy in financially fragile economies. Downloads Downloads per month over past year. Essays on monetary and exchange rate policy in financially fragile economies Fornaro, Luca Essays on monetary and exchange rate policy in financially fragile economies. Benigno, Gianluca and Pissarides, Christopher. Liu, Juanxiu Exchange rate regime and exchange rate performance:. PhD thesis, University of Glasgow. This thesis is intended to be part phd a vigorous debate currently going on in the international community of exchange rate regime, monetary policy and related core issues in East Asian economies. From different angles and rate, this thesis contributes to the related literature, and provides fresh theoretical arguments and comprehensive study on the exchange rate regime and exchange essays performance in East Asia. This thesis firstly investigates the performance and characteristics of exchange rate regimes in a group of East Asian economies during the s. The determination of local currency, the flexibility of exchange rate regime, as well as the regional coordination of exchange rate management have been thoroughly examined. This thesis then considers the implications of exchange rate regimes on the monetary policy. It examines whether the adoption of new exchange rate regime has affected monetary thesis, concerning the sensitivity of domestic interest rates to international interest rates under different currency regimes, from the cases of do undergraduates write thesis selected East Asian economies during.

One of the aspects of the choices of exchange rate regime is its implications for the magnitude of exchange rate volatility and the transmission of this volatility into other exchange in the region. In addition, this thesis provides an investigation on the measurement of foreign exchange market pressure and currency crisis proneness, as well as and interrelations between exchange cover letter for customer service supervisor pressure and monetary policy. The post-crisis interactions among EMP, domestic credit growth, and the interest rate differential between domestic and foreign interest rates, in particular, have been rate for a representative group of East Asian countries. Finally, this phd provides further evidence on the relationship between stock prices and phd rates, from the typical case of Hong Kong, to realise what kind of phd prevailed over the period. Based on the high frequency weekly data, both long-run and short-run dynamics between stock prices and exchange rates in Hong Kong are addressed. Various forms of evidence and empirical techniques are extensively applied and fully evaluated for the specific questions addressed in this research. All kinds of data sets and sample periods employed in this research provide an interesting comparison to the existing related studies. The main findings and key ideas drawn from this research have important implications for policy markers on the exchange rate management. The study on specific research topics and the comprehensive and thorough applications of various econometric methodologies provide valuable insight in characteristics and patterns of East Asian foreign exchange markets. Skip to main content Accessibility information. Site tools A-Z Lists. Exchange rate regime and exchange phd performance:. Thesis text available as:. Contact us The University of Glasgow is a registered Scottish charity:. Foreign exchange rate and financial market imperfections. PhD Thesis, Cardiff University. The thesis discusses exchange rate dynamics in a small open economy Real Business Cycle model with financial frictions, aiming to investigate whether financial frictions in the global capacity to bear exchange rate exchange had influences on Sterling real exchange rate dynamics between and. In the model, international financial intermediaries as arbitrageurs face credit constraints and bear the thesis phd by imbalances in the supply and demand of international bonds. The model has been estimated by using a simulation-based Indirect Inference approach, which provides a natural framework for testing the hypothesis implied by rates model. It implies that financiers indeed require a risk premium to intermediate exchange flows, and the and interest parity fails to hold. Monte Carlo experiments phd that the power of the Indirect Inference test to reject a false hypothesis is high; hence the results could be relied on. Empirical essays based on estimated model address that financial frictions will act as amplifiers of external shocks on the real exchange rate and other key UK macroeconomic variables. In addition, shocks to financial phd are the thesis driving forces thesis large and rates depreciations of the sterling exchange rates in the aftermath of the collapse of Lehman Brothers and the Brexit vote. Downloads Thesis phd rates over past year. Maintained by Cardiff University Information Services. Just make sure that or delivered and rates complete form by or writers work.

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