Buch, Englisch, 364 Seiten, Format (B × H): 158 mm x 235 mm, Gewicht: 660 g
Exchange Rates, Parity and Market Behavior
Buch, Englisch, 364 Seiten, Format (B × H): 158 mm x 235 mm, Gewicht: 660 g
Reihe: Studies in Macroeconomic History
ISBN: 978-0-521-45462-9
Verlag: Cambridge University Press
Officer begins this book with a historical perspective of the monetary standards of the United States and Britain. He then develops data on exchange rates, mint parity and gold points, with which he investigates three important features of Anglo-American monetary history. First, the integration of the American foreign-exchange market over time. Second, it is proved that gold-point arbitrage is markedly more efficient than either interest arbitrage or forward speculation. Third, regime efficiency is explored from standpoints of both private agents and policy-makers; the 1925–1931 gold standard, though less durable than the pre-war standard, is nevertheless shown to be surprisingly stable. The book will serve as a Dollar-Sterling handbook for those interested in this important aspect of international monetary history.
Autoren/Hrsg.
Weitere Infos & Material
List of figures; List of tables; Preface; List of symbols; 1. Introduction; Part I. Monetary Standards: 2. The various monetary standards; 3. American monetary standard; 4. British monetary standard; Part II. Exchange Rate: 5. Parity; 6. Exchange-rate data; 7. Exchange-market integration; Part III. Gold Points: 8. Gold points: theory and practice; 9. Gold-point estimates; Part IV. External and Internal Integration: 10. External integration; 11. Internal integration; Part V. Market Efficiency: 12. Theory of market efficiency; 13. Empirical testing of market efficiency; Part VI. Regime Efficiency; 14. Market forces; 15. Policy variables; 16. Net outcome; Part VII. Conclusions: 17. Summary and conclusions; Notes; References; Index.
