Description
Book SynopsisThis book combines currency matters with competitiveness considerations, with a view to raising the understanding of exchange rate dynamics and to analysing the role of exchange rates in reinforcing economic competitiveness.
The overall focus is on highlighting the link between currency developments and the real side of the economy. From a regional perspective, the contributions centre on developments in Central, Eastern and South-eastern Europe and thus put a special emphasis on aspects of transition and convergence. More specifically, the book addresses key issues of financial globalization and global imbalances; the role of macroeconomic fundamentals in exchange rate economics; the role, objectives and challenges of regional monetary unions; exchange rate dynamics in transition economies and the competitiveness of catching-up countries. It also addresses the structural aspects of competitiveness and the significance of qualitative and quantitative aspects of competitiveness.
Offering the views of eminent academics and professionals, this book will be of great interest to economists and central bankers as well as to international organizations, universities and research institutes.
Trade Review'Competitiveness is a notoriously slippery concept. This volume, featuring a galaxy of economic stars, lends some much-needed precision to the term and the debate over its determinants.' -- Barry Eichengreen, University of California, Berkeley, US
Table of ContentsContents: Preface PART I: HOW CURRENCY AND COMPETITIVENESS CONTRIBUTE TO GROWTH AND STABILITY 1. Competitiveness Still has Currency Klaus Liebscher 2. Financial Market Turbulence and Global Imbalances John Lipsky 3. Are Global Imbalances a Problem? John Williamson 4. Financial Globalization and Exchange Rate Arrangements Graciela Laura Kaminsky 5. Exchange Rates from a Multilateral and South-East Asian Perspective Hans Genberg PART II: UNDERSTANDING EXCHANGE RATES 6. Fundamentally Lost? On the Role of Fundamentals in Exchange Rate Economics in History and Theory Peter Mooslechner 7. Macroeconomic Fundamentals and the Exchange Rate Ronald MacDonald 8. Understanding Exchange Rates: A Micro-based Perspective on the Importance of Fundamentals Martin D.D. Evans 9. Real Exchange Rate Dynamics in Transition Economies: The Role of Investment in Quality Jan Brůha and Jiří Podpiera 10. The Impact of Exchange Rate Interventions and Communication Over the Medium Term Marcel Fratzscher 11. Using the Microstructure Approach to Foreign Exchange Markets in a Central Bank Áron Gereben 12. How do Central Banks and FX Traders Interact? Antonio Scalia PART III: UNDERSTANDING ECONOMIC COMPETITIVENESS 13. Competitiveness in a Monetary Union Josef Christl 14. Real and Nominal Convergence: Policy Challenges in a Monetary Union Lorenzo Bini Smaghi 15. Product Quality and International Competitiveness in the New Member States of the EU Deniz Igan 16. Structural Aspects of Competitiveness Julia Woerz 17. Assessing the Sustainability of External Positions in New EU Member States Enrique Alberola and José María Serena PART IV: POLICY CHALLENGES ON THE ROAD TO AND WITHIN MONETARY UNION 18. Preparing for the Euro – Perspectives from the Monetary Policy Strategy in Cyprus Athanasios Orphanides 19. Economic Challenges on the Path to the Euro – The Maltese Experience Michael C. Bonello 20. Slovakia’s Road to the Euro – Lessons Learned and Challenges Ahead Ivan Šramko 21. Euro Area Enlargement: Lessons and Challenges Servaas Deroose, Paul Kutos and Massimo Suardi Index
