Exchange Rates and International Finance5th Edition
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A wonder of clarity, with the ideal balance of topic coverage for advanced undergraduate and Masters courses.
Preface to the fifth edition
PART 1: THE INTERNATIONAL SETTING
2. Prices in the open economy: purchasing power parity
3. Financial markets in the open economy
4.Open economy macroeconomics
PART 2: EXCHANGE RATE DETERMINATION
5. Flexible prices: the monetary model
6. Fixed prices: the Mundell-Fleming model
7. Sticky prices: the Dornbush model
8. Portfolio balance and the current account
9. Currency substitution
10. General equilibrium models
11. Optimum currency areas and monetary union
PART 3: A WORLD OF UNCERTAINTY
12. Market efficiency and rational expectations
13. The 'news' model and exchange rate volatility
14. Microstructure models
15. The risk premium
PART 4: FIXED EXCHANGE RATES
16. A certain uncertainty: non-linearity, cycles and chaos
17. Target zones
18. Crises and credibility
PART 5: CONCLUSIONS
Appendix: list of symbols
- A clear, non-technical explanation of the issues, emphasising intuitive understanding and interpretation of economic arguments rather than mathematical proofs.
- Provides a sound overview of empirical evidence, without going into intricate detail: a springboard for those wishing to delve deeper into the published literature.
- Early chapters explain the basics of demand and supply, and basic macroeconomics, so those without prior study in economics will find the subject accessible.
- Thoroughly updated to reflect recent events on the world monetary/financial scene.
- Expanded and up-to-date coverage of the Euro.
- New! Chapter 14 Microstructure models