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This is the 2007 Edition of the only book in print in the world about the Single Global Currency, and is the only book … currency areas to trade. That system has become far more sophisticated in the meantime and handles $3.2 trillion per day; but … it is very expensive and risky. It is now time to replace that system with a single global currency. In a 3-G world with …
Persistent link: https://www.econbiz.de/10005621973
Abstract This is the 2008 Edition of one of only two book in print in the world about the Single Global Currency, and … people of different currency areas to trade. That system has become far more sophisticated in the meantime and handles $3 ….8 trillion per day; but it is very expensive and risky. It is now time to replace that system with a single global currency. In a …
Persistent link: https://www.econbiz.de/10005835646
This is the only book in print in the world about the single global currency, and is the only book in the world priced … enable people of different currency areas to trade. That system has become far more sophisticated in the meantime and handles … currency. In a 3-G world with a single global currency managed by a global central bank within a global monetary union …
Persistent link: https://www.econbiz.de/10005787163
We re-examine the monetary approach to the exchange rate from a number of perspectives, using monthly data on the deutschemark-dollar exchange rate. Using the Campbell-Shiller technique for testing present value models, we reject the restrictions imposed upon the data by the forward-looking...
Persistent link: https://www.econbiz.de/10005263652
This paper provides a selective overview of nonlinear exchange rate models recently proposed in the literature and assesses their contribution to understanding exchange rate behavior. Two key questions are examined. The first question is whether nonlinear autoregressive models of real exchange...
Persistent link: https://www.econbiz.de/10005825647
Univariate studies of the hypothesis of unit roots in real exchange rates have yielded consensus point estimates of the half-life of deviations from purchasing power parity of between three to five years. However, least squares-based estimates of half-lives are biased downward. Accordingly, we...
Persistent link: https://www.econbiz.de/10005825679
This paper examines whether the real exchange rates of commodity-exporting countries and the real prices of their commodity exports move together over time. Using IMF data on the world prices of 44 commodities and national commodity export shares, we construct new monthly indices of national...
Persistent link: https://www.econbiz.de/10005825719
countries’ shares in real output, GDP data in national currencies should be converted into a common numeraire currency at …
Persistent link: https://www.econbiz.de/10005825834
-sample results, these largely reflect finite-sample estimation biases. Adjusting for these biases, there is little evidence of …
Persistent link: https://www.econbiz.de/10005826261
This paper introduces a time-varying threshold autoregressive model (TVTAR), which is used to examine the persistence of deviations from PPP. We find support for the stationary TVTAR against the unit root hypothesis; however, for some developing countries, we do not reject the TVTAR with a unit...
Persistent link: https://www.econbiz.de/10005604859