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Fundamental Determinants of Exchange Rates by Jerome L Stein; Polly Reynolds Allen; Oxford University Press is a nonfiction available to read on EtoBox.

What is Fundamental Determinants of Exchange Rates about?

Existing models fail to explain the large fluctuations in the real exchange rates of most currencies over the past twenty years. The Natural Real Exchange Rate approach (NATREX) taken here offers an alternative paradigm to those which focus on short-run movements of nominal eschange rates, purchasing power parity of the representative agent intertemporal optimization models. Yet it is also neo-classical in its stress upon the accepted fundamentals driving a real economy. It concentrates on the real exchange rate, and explains medium- tolong-run movements in equilibrium real exchange rates in terms of fundamental variables: the productivity of capital and social (public plus private) thrift at home and abroad. The NATREX approach is a family of growth models, each tailored to the characteristics of the countries considered. The authors explain the real international value of the US dollar relativ to the G10 countries, and the US current account. These are two large economies. The model is also applied to small economies, where it explains the real value of the Australian dollar and the Latin American currencies relative to the US dollar. The model is relevant for developing countrie

Who reads Fundamental Determinants of Exchange Rates?

Author

Jerome L Stein; Polly Reynolds Allen; Oxford University Press

Publisher

Clarendon Press ; Oxford University Press

Published

1998

Language

EN

ISBN

9780198293064

Category

nonfiction

Subjects

Business, Language Learning, Economics