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International Money and Finance, Third Edition, is an invaluable resource for advanced undergraduates and postgraduates studying International Economy and Finance.

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CONTENTS

List of Figures = ⅹ

List of Tables = xiv

Preface = xvi

1 Introduction = 1

 The chapters = 2

2 Some Basic Concepts in International Finance = 10

 2.1 The exchange rate = 10

 2.2 The balance of payments accounts = 14

 2.3 Purchasing power parity = 18

 2.4 Floating exchange rates: prospect and retrospect = 19

 2.5 Exchange rate volatility = 22

3 Spot and Forward Exchange Rates: Some More Basic Ideas = 24

 3.1 The elasticities view of the exchange rate = 24

 3.2 The forward exchange rate, arbitrage, and pure speculation = 32

 3.3 Covered interest rate parity-empirical evidence = 38

 3.4 Uncovered interest rate parity-empirical evidence = 40

 3.5 Real interest rate parity-empirical evidence = 41

4 Income and the Balance of Payments = 44

 4.1 The foreign trade multiplier = 45

 4.2 The equilibrium real exchange rate = 46

 4.3 An early view of economic management = 49

 4.4 The assignment problem = 50

 4.5 The absorption approach = 52

 4.6 Intertemporal utility maximization and the current account = 56

 4.7 Twin deficits = 58

 4.8 Foreign repercussions with no capital mobility = 59

5 Macroeconomics in an Open Economy: The Mundell-Fleming Model and Some Extensions = 67

 5.1 The "base-line" Mundell-Fleming model = 68

 5.2 The large country case = 75

 5.3 Insulation and the Mundell-Fleming model = 76

 5.4 Imperfect capital mobility and the Mundell-Fleming model = 77

 5.5 Regressive expectations and monetary- fiscal policy = 80

 5.6 The J curve effect and regressive expectations = 83

 5.7 Wealth effects = 84

 5.8 Aggregate supply, the real balance effect, and the exchange rate in the Mundell-Fleming model = 85

 5.9 Summary and conclusions = 91

6 International Policy Coordination = 94

 6.1 The two-country Mundell-Fleming model and macroeconomic interdependence = 95

 6.2 The potential gains from policy coordination = 106

 6.3 Dynamic games, and the sustainability and reputation credibility of international cooperation = 113

 6.4 Some evidence on the potential benefits of coordination = 115

 6.5  Potential impediments to policy coordination and the appropriate form of such coordination = 117

7 Purchasing Power Parity: Theory and Evidence = 122

 7.1 The absolute and relative purchasing power parity concepts = 123

 7.2 The efficient markets view of purchasing power parity = 125

 7.3 Further interpretation of purchasing power parity = 127

 7.4 The empirical validity of purchasing power parity = 134

 7.5 Concluding comments = 153

8 The Monetary Approach to the Balance of Payments = 155

 8.1 What is so different about the monetary approach? = 156

 8.2 The global monetarist model = 159

 8.3 Sterilization and the reserve offset coefficient = 168

 8.4 The international transmission of inflation : some evidence = 173

9 The Monetary View of Exchange Rate Determination = 176

 9.1 The asset approach to the exchange rate = 177

 9.2 The flex-price monetary approach to the exchange rate = 1

 9.3 Introducing expectations = 182

 9.4 Rational speculative bubbles = 186

 9.5 The sticky-price monetary approach = 188

 9.6 Currency substitution = 193

 9.7 Empirical evidence on the monetary model = 198

 9.8 Recent empirical evidence on the monetary model = 203

 9.9 Empirical tests for the existence of speculative bubbles = 2

 9.10 Concluding comments = 208

10 The Monetary Model: Further Applications - Real Shocks and Exchange Regime         Volatility = 212

 10.1 The general equilibrium monetary model = 213

 10.2 The monetary model and regime volatility = 215

 10.3 Empirical evidence on the general equilibrium approach = 217

 10.4 Concluding comments = 224

11 The Portfolio Balance Approach to the Determination of the Exchange Rate = 226

 11.1 The portfolio balance model = 230

 11.2 Open market purchase of bonds: monetary policy = 235

 11.3 An increase in the supply of domestic bonds: fiscal policy = 238

 11.4 Asset preference shift = 241

 11.5 Econometric evidence on the portfolio balance approach = 242

 11.6 Summary and concluding comments = 246

12 Spot and Forward Exchange Rates and the Efficient Markets Hypothesis = 249

 12.1 Spot and forward exchange rates = 250

 12.2 The efficient markets hypothesis and the forward market for foreign exchange = 255

 12.3 Econometric estimation of the efficient markets hypothesis = 259

 12.4 A risk premium story to explain why β may not be unity = 263

 12.5 Empirically implementing equation(12.20) = 268

 12.6 Concluding comments = 274

13 Expectational Explanations for the Rejection of the Efficient Markets Hypothesis and the "News" = 277

 13.1 Peso effects, rational speculative bubbles, and econometric inference = 278

 13.2 Technical analysis and chartism = 280

 13.3 Survey data, expectations, and risk = 288

 13.4 Market microstructure = 291

 13.5 The news approach to exchange rate modeling = 294

 13.6 Empirical studies of the news approach = 295

 13.7 The noise-trader paradigm = 300

14 Currency Crises and Speculative Attacks = 303

 14.1 Recent international financial crises = 303

 14.2 First-generation speculative attack models = 305

 14.3 Second-generation models = 310

 14.4 Econometric estimates of speculative attack models = 311

 14.5 Microeconomic indicators = 312

 14.6 Contagion = 314

 14.7 Interest rate, foreign exchange, and credit risk = 315

 14.8 Possible policy responses = 317

15 Exchange Rate Target Zones and "Dirty Floating" = 321

 15.1 Target zones = 321

 15.2 Target zone credibility = 327

 15.3 Calculating the devaluation probability - Mizrach's method = 330

 15.4 Dirty floating = 332

16 The International Gold Standard : Theory and Experience = 336

 16.1 Credibility and exchange rate regimes = 336

 16.2 The gold standard during the interwar period = 345

17 The Dollar Standard Today and During the Bretton Woods Era = 353

 17.1 The Bretton Woods system to 1971 = 354

 17.2 The dollar standard = 358

 17.3 Reserve creation and the US and world price levels = 363

 17.4 The East Asian dollar standard = 367

18 Monetary Unions = 371

 18.1 Benefits and costs of a monetary area : seminal ideas = 371

 18.2 Melitz and the covariance of equilibrium real exchange rates approach = 374

 18.3 Bayoumi's general equilibrium model of the optimum currency area = 379

 18.4 Ad hoc benefits of a pegged exchange rate or common currency = 380

 18.5 Estimating shocks = 383

 18.6 Fiscal federalism = 385

 18.7 More on fiscal policy in a monetary union = 386

19 International Capital Flows = 388

 19.1 International money and capital flows = 388

 19.2 Eurobanking = 390

 19.3 Regulation : the Basle capital accord = 396

 19.4 Measuring international capital mobility = 398

 19.5 International bond markets = 404

20 Developing Countries, Balance of Payments Adjustment, and the Internationl Monetary Fund = 409

 20.1 Developing country exchange rate arrangements : to peg or not to peg? = 410

 20.2 Liberalization, the equlibrium real exchange rate, and economic policy = 413

 20.3 The IMF : its role = 415

 20.4 The IMF's monetary approach to the balance of payments = 419

 20.5 The new structuralist debate = 421

21 The Order of Liberalization in Developing Countries = 430

 21.1 Distortions and economic performance = 431

 21.2 Unhappy experience with financial liberalizaton = 435

 21.3 The order of liberalizaton = 437

22 Exchange Rates and Transition Economies = 443

 22.1 Economic reforms = 443

 22.2 Microeconomic-macroeconomic equilibrium = 444

 22.3 Shocks to the equilibrium real exchange rate = 447

 22.4 The real exchange rate in asset market equilibrium = 449

 22.5 On knowing the correct real exchange rate = 453

 22.6 Choice of an exchange rate regime by a TE = 454

23 International Debt = 456

 23.1 The debt problem = 456

 23.2 Growth of international debt = 459

 23.3 Debt and economic growth = 461

 23.4 Capital flight = 463

 23.5 Governmental and national foreign indebtedness = 464

 23.6 The lenders' trap = 465

 23.7 Some debt reform proposals = 466

 23.8 An international debt facility = 469

24 International Monetary Reform = 472

 24.1 Financing or adjustment? = 473

 24.2 Designing an international monetary system = 476

 24.3 Yen and DM currency blocs = 479

 24.4 The costs and benefits of flexible exchange rates = 481

 24.5 Alternative plans for the reform of the international monetary system = 485

Bibliography = 490

Author Index = 530

Subject Index = 538