{"product_id":"international-money-and-finance-3rd-edition-9780631204626","title":"International Money and Finance 3rd Edition","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eInvestigates all four dimensions of international money and finance - theory, evidence, policy, and institutions.   Includes new chapters on the exchange rate regime, currency crises and speculative attack, target zones and \"dirty floating\", and the international gold standard.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\"An exemplary textbook\" \u003ci\u003eKyklos\u003c\/i\u003e (of the previous edition)  \u003cp\u003e\"The authors do an exceptional job of covering this extensive range of topics\" \u003ci\u003eSouthern Economic Journal\u003c\/i\u003e (of the previous edition)\u003c\/p\u003e \u003cp\u003e\"This book is unique in its thorough and up-to-date coverage of empirical results in the literature. The policy discussions are also well written and are nicely integrated with the presentation of the modelsaI strongly recommend it.\" \u003ci\u003ePeter Pedroni, Indiana University\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"Paul Hallwood and Ronald MacDonald have written an outstanding textbookaWith updated chapters on European monetary union, transition economies and developing countries - including discussion of the East Asian problems - the result is a handbook of encyclopedic range.\" \u003ci\u003eJan Toporowski, South Bank University\u003c\/i\u003e\u003c\/p\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003eList of Figures. \u003cp\u003eList of Tables.\u003c\/p\u003e \u003cp\u003ePreface to the Third Edition.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I: Introduction:\u003c\/b\u003e.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II: Some Basic Concepts in International Finance:\u003c\/b\u003e.\u003c\/p\u003e \u003cp\u003eThe exchange rate.\u003c\/p\u003e \u003cp\u003eThe balance of payments accounts.\u003c\/p\u003e \u003cp\u003ePurchasing power parity.\u003c\/p\u003e \u003cp\u003eFloating exchange rates: prospect and retrospect.\u003c\/p\u003e \u003cp\u003eExchange rate volatility.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III: Spot and Forward Exchange Rates: Some More Basic Ideas:\u003c\/b\u003e.\u003c\/p\u003e \u003cp\u003eThe elasticities view of the exchange rate.\u003c\/p\u003e \u003cp\u003eThe forward exchange rate, arbitrage and pure speculation.\u003c\/p\u003e \u003cp\u003eCovered interest parity - empirical evidence.\u003c\/p\u003e \u003cp\u003eUncovered interest parity - empirical evidence.\u003c\/p\u003e \u003cp\u003eReal interest rate parity - empirical evidence.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IV: Income and the Balance of Payments:\u003c\/b\u003e.\u003c\/p\u003e \u003cp\u003eThe foreign trade multiplier.\u003c\/p\u003e \u003cp\u003eThe equilibrium real exchange rate.\u003c\/p\u003e \u003cp\u003eAn early view of economic management.\u003c\/p\u003e \u003cp\u003eThe assignment problem.\u003c\/p\u003e \u003cp\u003eThe absorption approach.\u003c\/p\u003e \u003cp\u003eIntertemporal utility maximization and the current account.\u003c\/p\u003e \u003cp\u003eTwin deficits.\u003c\/p\u003e \u003cp\u003eForeign repercussions with no capital mobility.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart V: Macroeconomics in an Open Economy: The Mundell-Fleming Model and Some Extensions:\u003c\/b\u003e.\u003c\/p\u003e \u003cp\u003eThe \"base-line\" Mundell-Fleming model.\u003c\/p\u003e \u003cp\u003eThe large country case.\u003c\/p\u003e \u003cp\u003eInsulation and the MF model.\u003c\/p\u003e \u003cp\u003eImperfect capital mobility and the MF model.\u003c\/p\u003e \u003cp\u003eRegressive expectations and monetary-fiscal policy.\u003c\/p\u003e \u003cp\u003eThe J curve and regressive expectations.\u003c\/p\u003e \u003cp\u003eWealth effects.\u003c\/p\u003e \u003cp\u003eAggregate supply, the real balance effect and the exchange rate in the MF model.\u003c\/p\u003e \u003cp\u003eSummary and conclusions.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart VI: International Policy Coordination:\u003c\/b\u003e.\u003c\/p\u003e \u003cp\u003eThe two-country Mundell-Fleming model and macroeconomic interdependence.\u003c\/p\u003e \u003cp\u003eThe potential gains from policy coordination.\u003c\/p\u003e \u003cp\u003eDynamic games and the sustainability and reputation credibility of international cooperation.\u003c\/p\u003e \u003cp\u003eSome evidence on the potential benefits of coordination.\u003c\/p\u003e \u003cp\u003ePotential impediments to policy coordination and the appropriate form of such coordination.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart VII: Purchasing Power Parity: Theory and Evidence:\u003c\/b\u003e.\u003c\/p\u003e \u003cp\u003eThe absolute and relative purchasing power parity concepts.\u003c\/p\u003e \u003cp\u003eThe efficient markets view of purchasing power parity.\u003c\/p\u003e \u003cp\u003eFurther interpretation of purchasing power parity.\u003c\/p\u003e \u003cp\u003eSome further criticisms of purchasing power parity.\u003c\/p\u003e \u003cp\u003eThe empirical validity of purchasing power parity.\u003c\/p\u003e \u003cp\u003eConcluding comments.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart VIII: The Monetary Approach to the Balance of Payments:\u003c\/b\u003e.\u003c\/p\u003e \u003cp\u003eWhat is so different about the monetary approach?.\u003c\/p\u003e \u003cp\u003eThe global monetarist model.\u003c\/p\u003e \u003cp\u003eSterilization and the reserve offset coefficient.\u003c\/p\u003e \u003cp\u003eThe international transmission of inflation: some evidence.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IX: The Monetary View of Exchange Rate Determination:\u003c\/b\u003e.\u003c\/p\u003e \u003cp\u003eThe asset approach to the exchange rate.\u003c\/p\u003e \u003cp\u003eThe flex-price monetary approach to the exchange rate.\u003c\/p\u003e \u003cp\u003eIntroducing expectations.\u003c\/p\u003e \u003cp\u003eRational speculative bubbles.\u003c\/p\u003e \u003cp\u003eThe sticky-price monetary approach.\u003c\/p\u003e \u003cp\u003eCurrency substitution.\u003c\/p\u003e \u003cp\u003eEmpirical evidence on the monetary model.\u003c\/p\u003e \u003cp\u003eMore empirical evidence.\u003c\/p\u003e \u003cp\u003eEmpirical tests for the existence of speculative bubbles.\u003c\/p\u003e \u003cp\u003eConcluding comments.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart X: The Monetary Model: Further Applications - Real Shocks and Exchange Regime Volatility:\u003c\/b\u003e.\u003c\/p\u003e \u003cp\u003eIntroduction.\u003c\/p\u003e \u003cp\u003eThe general equilibrium monetary model.\u003c\/p\u003e \u003cp\u003eThe monetary model and exchange regime volatility.\u003c\/p\u003e \u003cp\u003eEmpirical evidence on the general equilibrium approach.\u003c\/p\u003e \u003cp\u003eConcluding comments.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart XI: The Portfolio Balance Approach to the Determination of the Exchange Rate:\u003c\/b\u003e.\u003c\/p\u003e \u003cp\u003eThe portfolio balance model.\u003c\/p\u003e \u003cp\u003eOpen market purchase of bonds: monetary policy.\u003c\/p\u003e \u003cp\u003eAn increase in the supply of domestic bonds: fiscal policy.\u003c\/p\u003e \u003cp\u003eAsset preference shift.\u003c\/p\u003e \u003cp\u003eEconometric evidence on the portfolio balance approach.\u003c\/p\u003e \u003cp\u003eSummary and concluding comments.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart XII: Spot and Forward Exchange Rates and the Efficient Markets Hypothesis:\u003c\/b\u003e.\u003c\/p\u003e \u003cp\u003eSpot and forward exchange rates.\u003c\/p\u003e \u003cp\u003eThe efficient markets hypothesis and the forward market for foreign exchange.\u003c\/p\u003e \u003cp\u003eEconometric estimation of the efficient markets hypothesis.\u003c\/p\u003e \u003cp\u003eA risk premium story to explain why á may not be unity.\u003c\/p\u003e \u003cp\u003eEmpirically implementing equation. 20.\u003c\/p\u003e \u003cp\u003eConcluding comments.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart XIII: Expectational Explanations for the Rejection of the Efficient Markets Hypothesis and the \"News\":\u003c\/b\u003e.\u003c\/p\u003e \u003cp\u003ePeso effects, rational speculative bubbles and econometric inference.\u003c\/p\u003e \u003cp\u003eTechnical analysis and chartism.\u003c\/p\u003e \u003cp\u003eSurvey data, expectations and risk.\u003c\/p\u003e \u003cp\u003eMarket microstructure.\u003c\/p\u003e \u003cp\u003eThe news approach to exchange rate modeling.\u003c\/p\u003e \u003cp\u003eEmpirical studies of the news approach.\u003c\/p\u003e \u003cp\u003eThe noise-trader paradigm.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart XIV: Currency Crises and Speculative Attack:\u003c\/b\u003e.\u003c\/p\u003e \u003cp\u003eRecent international financial crises.\u003c\/p\u003e \u003cp\u003eFirst generation speculative attack models.\u003c\/p\u003e \u003cp\u003eSecond generation models.\u003c\/p\u003e \u003cp\u003eEconometric estimates of speculative attack models.\u003c\/p\u003e \u003cp\u003eMicroeconomic indicators.\u003c\/p\u003e \u003cp\u003eContagion.\u003c\/p\u003e \u003cp\u003eInterest rate, foreign exchange and credit risk.\u003c\/p\u003e \u003cp\u003ePossible policy responses.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart XV: Exchange Rate Target Zones and 'Dirty Floating':\u003c\/b\u003e.\u003c\/p\u003e \u003cp\u003eTarget zones.\u003c\/p\u003e \u003cp\u003eDirty floating.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart XVI: The International Gold Standard: Theory and Experience:\u003c\/b\u003e.\u003c\/p\u003e \u003cp\u003eCredibility and exchange rate regimes.\u003c\/p\u003e \u003cp\u003eThe gold standard during the inter-war period.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart XVII: The Dollar Standard Today and During the Bretton Woods Era:\u003c\/b\u003e.\u003c\/p\u003e \u003cp\u003eThe Bretton Woods system to 1971.\u003c\/p\u003e \u003cp\u003eThe dollar standard.\u003c\/p\u003e \u003cp\u003eReserve creation and the US and world price levels.\u003c\/p\u003e \u003cp\u003eThe East Asian dollar standard.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart XVIII : Monetary Unions:\u003c\/b\u003e.\u003c\/p\u003e \u003cp\u003eBenefits and costs of a monetary area: seminal ideas.\u003c\/p\u003e \u003cp\u003eMelitz and the covariance of equilibrium real exchange rates approach.\u003c\/p\u003e \u003cp\u003eBayoumi's general equilibrium model of the optimum currency area.\u003c\/p\u003e \u003cp\u003eAd hoc benefits of a pegged exchange rate or common currency.\u003c\/p\u003e \u003cp\u003eEstimating shocks.\u003c\/p\u003e \u003cp\u003eFiscal federalism.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart XIX: International Capital Flows:\u003c\/b\u003e.\u003c\/p\u003e \u003cp\u003eInternational money and capital flows.\u003c\/p\u003e \u003cp\u003eEurobanking.\u003c\/p\u003e \u003cp\u003eRegulation: the Basle capital accord.\u003c\/p\u003e \u003cp\u003eMeasuring international capital mobility.\u003c\/p\u003e \u003cp\u003eInternational bond markets.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart XX: Developing Countries, Balance of Payments Adjustment and the IMF:\u003c\/b\u003e.\u003c\/p\u003e \u003cp\u003eDeveloping country exchange rate arrangements: to peg or not to peg?.\u003c\/p\u003e \u003cp\u003eLiberalization, the equilibrium real exchange rate and economic policy.\u003c\/p\u003e \u003cp\u003eThe IMF: its role.\u003c\/p\u003e \u003cp\u003eThe IMF's monetary approach to the balance of payments.\u003c\/p\u003e \u003cp\u003eNew structuralist arguments against IMF adjustment policies.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart XXI: The Order of Liberalization in Developing Countries:\u003c\/b\u003e.\u003c\/p\u003e \u003cp\u003eDistortions and Economic Performance.\u003c\/p\u003e \u003cp\u003eUnhappy experience with financial liberalization.\u003c\/p\u003e \u003cp\u003eThe order of liberalization.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart XXII: Exchange Rates and Transition Economies:\u003c\/b\u003e.\u003c\/p\u003e \u003cp\u003eEconomic reforms.\u003c\/p\u003e \u003cp\u003eMicroeconomic-macroeconomic equilibrium.\u003c\/p\u003e \u003cp\u003eShocks to the equilibrium real exchange rate.\u003c\/p\u003e \u003cp\u003eThe real exchange rate in asset market equilibrium.\u003c\/p\u003e \u003cp\u003eOn knowing the correct real exchange rate.\u003c\/p\u003e \u003cp\u003eChoice of an exchange rate regime by a TE.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart XXIII: International Debt:\u003c\/b\u003e.\u003c\/p\u003e \u003cp\u003eThe debt problem.\u003c\/p\u003e \u003cp\u003eGrowth of international debt.\u003c\/p\u003e \u003cp\u003eDebt and economic growth.\u003c\/p\u003e \u003cp\u003eCapital flight.\u003c\/p\u003e \u003cp\u003eGovernmental and national foreign indebtedness.\u003c\/p\u003e \u003cp\u003eThe lenders' trap.\u003c\/p\u003e \u003cp\u003eSome debt-reform proposals.\u003c\/p\u003e \u003cp\u003eAn international debt facility.\u003c\/p\u003e \u003cp\u003ePart XXIV: International Monetary Reform:.\u003c\/p\u003e \u003cp\u003eFinancing or adjustment?.\u003c\/p\u003e \u003cp\u003eDesigning an international monetary system.\u003c\/p\u003e \u003cp\u003eYen and DM currency blocs.\u003c\/p\u003e \u003cp\u003eCosts and benefits of flexible exchange rates.\u003c\/p\u003e \u003cp\u003eAlternative plans for the reform of the international monetary System.\u003c\/p\u003e \u003cp\u003eBibliography.\u003c\/p\u003e \u003cp\u003eAuthor Index.\u003c\/p\u003e \u003cp\u003eSubject Index.\u003c\/p\u003e","brand":"John Wiley and Sons Ltd","offers":[{"title":"Default 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