Detail Effects of flexible exchange rates on monetary policy, trade volume and exchange rate efficiency Bibliografi Author: Rapp, Tammy Ann ; Sharma, S.C. (Advisor) Topik: ECONOMICS; GENERAL|ECONOMICS; FINANCE Bahasa: (EN )    ISBN: 0-591-16102-8     Penerbit: SOUTHERN ILLINOIS UNIVERSITY AT CARBONDALE     Tahun Terbit: 1996     Jenis: Theses - Dissertation Fulltext: 9708775.pdf (0.0B; 3 download) Abstract Empirical evidence of independence of monetary policies of the various countries is significant in the comparison between the advantages of the Bretton Woods fixed exchange rate system and of the current flexible exchange rate system that replaced the fixed exchange rate system for most major industrialized countries in the early 1970's. Darby and Lothian (1989) provide evidence that monetary policy independence has generally but not conclusively increased in the flexible exchange rate period as predicted by the quantity theory of money. Also, early supporters of the flexible exchange rate system (Friedman, 1953) argue that exchange rates would fluctuate minimally and would move only in response to fundamentals. However, since 1973 exchange rates have fluctuated greatly and have often been considered to have deviated from the fundamentals. This contradiction of the expected fluctuations raises dual concerns; that is, whether the exchange rate volatility depresses international trade and whether the deviation from the fundamentals as shown by the excessive fluctuations will lead to exchange rate market inefficiencies. Koray and Lastrapes (1989 and 1990), Asseery and Peel (1991), and Chowdhury (1993) provide empirical evidence of a negative relation between exchange rate volatility and trade volume. Research utilizing bivariate cointegration testing (Hakkio and Rush, 1989; Coleman, 1990; MacDonald and Taylor, 1989) generally support the efficiency of the spot exchange rates; however, utilizing multivariate cointegration tests due to Johansen (1988), Sephton and Larsen (1991) find conflicting evidence on exchange rate efficiency. As an outgrowth of the above concerns, this dissertation focuses on three research questions designed to shed light on the evidence relating to particular exchange rate policy choices. First, will monetary policy independence be greater through the advent of the floating exchange rate system. The countries to be considered are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The second research question asks to what extent does exchange rate volatility characterize the flexible exchange rate period and to what degree, if any, does this volatility have an effect on trade volume. The third research question asks whether spot and forward exchange rates are determined efficiently in the exchange rate market. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Lihat Sejarah Pengadaan  Konversi Metadata   Kembali

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