Speculative currency crises seem to have become a common and inevitable phenomenon in the international monetary system. Against this background, various approaches have been developed by economists to cover the broad range of situations in which balance-of-payments crises occurred. Anja Zenker...

While the determinants of firms’ optimal hedging strategies on the micro level are well understood, there is rarely any literature dealing with macroeconomic consequences of microeconomic risk management. This book is concerned with the impact of diverse hedging policies on macroeconomic...

Gang der Untersuchung und methodologische Abgrenzung -- Effizienz von Devisenmarktinterventionen im makroökonomischen Kontext -- Mikrostrukturelle Erklärung der Preisbildung am Devisenmarkt -- Analyse von Devisenmarktinterventionen in Mikrostrukturmodellen -- Fazit und Ausblick.

This work examines the political economy of exchange-rate policies in the eastward expansion of the eurozone. Analysis shows that prospective members of the EMU are likely to pass on some costs of convergence to the current EMU members. The mechanism is an altered exchange-rate policy that...

The creation of a single monetary currency and a single monetary policy in the euro area has faced extraordinary challenges, among them the design of suitable monetary policy instruments. This book evaluates monetary policy instruments of the Eurosystem against a number of requirements. To do...

This book explores the exchange rate regime choice and the role played by the exchange rate in the economy. Approaching the classification of exchange rate regimes from theoretical, practical and historical perspectives, the book discusses pertinent case studies, including the choice of exchange...

The book explains the problem of insufficient capital accumulation and growth in a less developed country. In conventional analyses, such explanations are often found exogenised in terms of factors such as socio-cultural attitudes towards saving and investment, irrationality of peasant...