Asset Markets and Exchange Rates
Modeling an Open Economy
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Asset Markets and Exchange Rates by Polly Reynolds Allen
Book DescriptionThis paperback edition consists of the first three parts of Allen and Kenen's major book, Asset Markets, Exchange Rates, and Economic Integration. These three parts stand alone, as the authors intended and as reviewers have commented. In parts four and five of that volume they extend their model to two countries trading with the outside world and analyze questions of economic integration. The authors synthesize and extend recent developments in international monetary theory using a general model of an open economy that trades goods and assets with the outside world. The model embodies the asset market or portfolio approach to analyzing balance-of-payments adjustment. Exchange rates are determined in the short run by conditions in the asset markets and in the long run by conditions in the goods markets. The goods markets include an export good, and import good, and a nontradeable good. Allen and Kenen show that different assumptions about the substitutability between goods or between assets can generate several popular models as special cases of their own.
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Book DetailsISBN: 9780521274067
(228mm x 152mm x 19mm)
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 30-Jun-1983
Country of Publication: United Kingdom
Books By Author Polly Reynolds Allen
Fundamental Determinants of Exchange Rates, Paperback (April 1998)» View all books by Polly Reynolds Allen
The Natural Real Exchange Rate model (NATREX) taken in this book explains the medium- to longer-term evolution of the real exchange rate and current account in terms of economic fundamentals. This book applies it to the US, the G10 countries, Australia, Latin America, France and Germany.
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