Download Advancing Regional Monetary Cooperation: The Case of Fragile by Laurissa Mühlich (auth.) PDF
By Laurissa Mühlich (auth.)
This e-book examines nearby financial cooperation as a technique to augment macroeconomic balance in constructing nations and rising markets. Interdisciplinary case reviews on Southern Africa, Southeast Asia and South the US offer a cross-regional viewpoint at the viability of such strategy.
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Extra resources for Advancing Regional Monetary Cooperation: The Case of Fragile Financial Markets
Collignon, 1999: 258) Modern exchange rate theory introduced into economic thinking a new understanding of exchange rates that considers exchange rates as asset prices of non-substitutable assets (such as currencies) instead of relative prices that reflect economic fundamentals (cf. Krugman, 1989; Rogoff, 1996; Collignon, 1999; Cooper, 1999). Asset prices are influenced not only by economic fundamentals, but primarily by market expectations and capital flows. This decisive shift in theoretical thinking has been influenced by portfolio theory, which emphasizes the intertemporal character of portfolio composition preferences, on the one hand, and the imperfect substitutability of domestic and foreign assets with different risk structures, on the other (see Branson, 1979).
On the one hand, floating exchange rates have been identified as a major source of economic instability and shocks. While flexible exchange rates were proclaimed as the new standard for exchange rate regime choice, predominantly by the IMF, from the beginning of the 2000s (cf. IMF, 2006),7 the literature shows that, for countries with large stocks of unhedged foreign currency debt that are exposed to net balance sheet effects in the event of exchange rate devaluation, flexible exchange rates are a crisis-prone exchange rate regime.
Furthermore, contemporary economic theory understands exchange rate variations in relation to market expectations under uncertainty, caused by limited rationality and imperfect markets, rather than absolute information and foresight about future payments (cf. Krugman, 1989; Collignon, 1999). “[I]n limited rationality models, exchange rates exhibit inertia, and the importance of this phenomenon is the greater, the larger the uncertainty” (Collignon, 1999: 259). Rather than reflecting relative price levels in spot markets for goods and services, exchange rates fluctuate in a certain range that expresses market participants’ expectations and their resulting portfolio preferences in future markets for assets (cf.