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Stochastic Optimal Control, International Finance, and Debt Crises

Jerome L. Stein

Published in print:
2006
Published Online:
May 2006
ISBN:
9780199280575
eISBN:
9780191603501
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0199280576.001.0001
Subject:
Economics and Finance, Financial Economics

This book focuses on the interaction between equilibrium real exchange rates, optimal external debt, endogenous optimal growth, and current account balances in a world of uncertainty. The theoretical ... More


The NATREX model of the equilibrium real exchange rate

Jerome L. Stein

in Stochastic Optimal Control, International Finance, and Debt Crises

Published in print:
2006
Published Online:
May 2006
ISBN:
9780199280575
eISBN:
9780191603501
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199280576.003.0004
Subject:
Economics and Finance, Financial Economics

The NATREX is a model of the equilibrium real exchange rate, which is where the real exchange rate is heading. The NATREX model has two components: the long-run equilibrium real exchange rate and the ... More


Optimal debt and equilibrium exchange rates in a stochastic environment: an overview

Jerome L. Stein

in Stochastic Optimal Control, International Finance, and Debt Crises

Published in print:
2006
Published Online:
May 2006
ISBN:
9780199280575
eISBN:
9780191603501
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199280576.003.0001
Subject:
Economics and Finance, Financial Economics

This overview chapter explains the relevance and the contributions of this book to economic theory and policy. The economic theory and mathematics developed in chapters 2 and 3 derive benchmarks for ... More


The transition economies: A NATREX evaluation of research 1

Jerome L. Stein

in Stochastic Optimal Control, International Finance, and Debt Crises

Published in print:
2006
Published Online:
May 2006
ISBN:
9780199280575
eISBN:
9780191603501
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199280576.003.0006
Subject:
Economics and Finance, Financial Economics

On the basis of the NATREX model, several key studies are evaluated to answer the questions: How can the trends in the real exchange rates of the transition economies of Eastern Europe be explained? ... More


Exchange Rate Management and Micro Tools for Macro-Management

Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar

in Stability with Growth: Macroeconomics, Liberalization and Development

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199288144
eISBN:
9780191603884
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199288143.003.0007
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter looks at exchange rate management and other policy options for an open economy. It begins with an introductory discussion of overall macroeconomic management for open economies, ... More


The equilibrium real value of the euro: An evaluation of research 1

Jerome L. Stein

in Stochastic Optimal Control, International Finance, and Debt Crises

Published in print:
2006
Published Online:
May 2006
ISBN:
9780199280575
eISBN:
9780191603501
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199280576.003.0005
Subject:
Economics and Finance, Financial Economics

Based on the NATREX model in chapter 4, this chapter answers the question: How can one explain the medium to longer run movements in the Synthetic-Euro, which is a basket of currencies of the member ... More


Open Economy Complications

Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar

in Stability with Growth: Macroeconomics, Liberalization and Development

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199288144
eISBN:
9780191603884
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199288143.003.0006
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter extends the analysis of the previous chapter to an open economy by introducing exchange rate policy; analyzing the complex relationships between exchange rate, fiscal, and monetary ... More


Fundamental Determinants of Exchange Rates

Jerome L. Stein and Polly Reynolds Allen

Published in print:
1998
Published Online:
November 2003
ISBN:
9780198293064
eISBN:
9780191596940
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0198293062.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics, International

The NATREX approach offers an alternative paradigm to the Purchasing Power Parity for equilibrium real exchange rates. NATREX is the acronym for NATural Real EXchange, referring to a medium‐run, ... More


Asian crises: Theory, evidence, warning Signals 1

Jerome L. Stein

in Stochastic Optimal Control, International Finance, and Debt Crises

Published in print:
2006
Published Online:
May 2006
ISBN:
9780199280575
eISBN:
9780191603501
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199280576.003.0008
Subject:
Economics and Finance, Financial Economics

The Asian financial crises were unexpected by the market and many countries in the region experienced it at about the same time. Drawing upon the theoretical analyses in chapters 2-4, an operational ... More


United States current account deficits: A stochastic optimal control analysis 1

Jerome L. Stein

in Stochastic Optimal Control, International Finance, and Debt Crises

Published in print:
2006
Published Online:
May 2006
ISBN:
9780199280575
eISBN:
9780191603501
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199280576.003.0009
Subject:
Economics and Finance, Financial Economics

For nearly a quarter of a century, the US has persistently run significant current account deficits that transformed it from the world’s largest net creditor to its largest debtor. The stochastic ... More


Creating Supranational Authority in Monetary and Exchange‐Rate Policy: The Sources and Effects of EMU

David R. Cameron

in European Integration and Supranational Governance

Published in print:
1998
Published Online:
April 2004
ISBN:
9780198294641
eISBN:
9780191601071
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198294646.003.0007
Subject:
Political Science, European Union

Seeks to understand why some member‐states of the European Community attempted, with eventual success, to extend supranational authority in the domain of monetary and exchange‐rate policy and to ... More


Crises and Policy Imbalances

Giovanni Piersanti

in The Macroeconomic Theory of Exchange Rate Crises

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199653126
eISBN:
9780191741210
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199653126.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter discusses the basic analytical framework of “first-generation” models of currency crises and their extensions to deal with important features of balance-of-payments crises such as ... More


The Third Generation Approach to Currency Crises

Phillippe Aghion and Abhijit Banerjee

in Volatility and Growth

Published in print:
2005
Published Online:
January 2007
ISBN:
9780199248612
eISBN:
9780191714719
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199248612.003.0007
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter presents a highly stylized model, based on limited access to credit that can explain why an economy that is carrying a large amount of foreign currency debt might be vulnerable to ... More


The Dollarization Debate

Dominick Salvatore, James W. Dean, and Thomas D. Willett (eds)

Published in print:
2003
Published Online:
November 2003
ISBN:
9780195155358
eISBN:
9780199832989
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0195155351.001.0001
Subject:
Economics and Finance, International

This book presents a compilation of papers that explore the dollarization debate. The prevailing view is that all exchange rate regimes have benefits and costs, which will vary across countries. The ... More


A Critique of Monetary Policy: Theory and British Experience

J. C. R. Dow and I. D. Saville

Published in print:
1990
Published Online:
November 2003
ISBN:
9780198283195
eISBN:
9780191596186
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0198283199.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

This book has been written to work on two levels. On the one hand, it provides a theory of monetary policy, focusing on the role of the central bank in determining and effecting policy. It also ... More


Dynamics of Crises

Giovanni Piersanti

in The Macroeconomic Theory of Exchange Rate Crises

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199653126
eISBN:
9780191741210
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199653126.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

In order to describe the path followed by major macroeconomic variable around the time of crises, this chapter examines some dynamic models. It thus shows how the dynamic adjustment path of the ... More


The Behaviour of Exchange Rates

J. C. R. Dow and I. D. Saville

in A Critique of Monetary Policy: Theory and British Experience

Published in print:
1990
Published Online:
November 2003
ISBN:
9780198283195
eISBN:
9780191596186
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198283199.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

The focus shifts from a closed economic environment to the effects of exogenous factors such as overseas trading, with exchange rates being key. To this end, the chapter is split into two main ... More


The Economic and Policy Implications of the NATREX Approach

Polly Reynolds Allen

in Fundamental Determinants of Exchange Rates

Published in print:
1998
Published Online:
November 2003
ISBN:
9780198293064
eISBN:
9780191596940
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198293062.003.0001
Subject:
Economics and Finance, Macro- and Monetary Economics, International

An outline is given of the NATREX approach to determining equilibrium real exchange rates as presented in the book. The underlying framework, implications, supporting empirical evidence, and relation ... More


Preparing for a Comprehensive Stabilization Programme 1981–1985: Doctrinal Debates, Politics, and Trial by Error

Michael Bruno

in Crisis, Stabilization, and Economic Reform: Therapy by Consensus

Published in print:
1993
Published Online:
September 2006
ISBN:
9780198286639
eISBN:
9780191603839
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198286635.003.0004
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines the political economy of failed partial attempts to stabilize, and the reasons for delays in the implementation of a heterodox programme, which was proposed in different ... More


The Natural Real Exchange Rate of the United States Dollar, and Determinants of Capital Flows

Jerome L. Stein

in Fundamental Determinants of Exchange Rates

Published in print:
1998
Published Online:
November 2003
ISBN:
9780198293064
eISBN:
9780191596940
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198293062.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics, International

To what extent has the real exchange rate of the US dollar been as stable as is justified by the ”fundamentals” – fiscal policy, private saving ratio, productivity, rate of return on investment, real ... More


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