Dollar And Yen
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Author |
: Ronald I. McKinnon |
Publisher |
: MIT Press |
Total Pages |
: 288 |
Release |
: 1997 |
ISBN-10 |
: 0262133350 |
ISBN-13 |
: 9780262133357 |
Rating |
: 4/5 (50 Downloads) |
Synopsis Dollar and Yen by : Ronald I. McKinnon
Dollar and Yen analyzes the friction between the United States and Japan from the viewpoint of exchange rate economics. From the mid-1950s to the early 1990s, Japan grew faster than any other major industrial economy, displacing the United States in dominance of worldwide manufacturing markets. In the 1970s and 1980s, many books appeared linking the apparent decline of the United States in the world economy to unfair Japanese practices that closed the Japanese market to a wide range of foreign goods. Dollar and Yen analyzes the friction between the United States and Japan from the viewpoint of exchange rate economics. The authors argue against the prevailing view that the trade imbalance should be corrected by dollar depreciation, saying that adjustment through the exchange rate is both ineffective and costly. Stepping outside the traditional dichotomy between international trade and international finance, they link the yen's tremendous appreciation from 1971 to mid-1995 to mercantile pressure from the United States arising from trade tensions between the two countries. Although sometimes resisted by the Bank of Japan, this yen appreciation nevertheless forced unwanted deflation on the Japanese economy after 1985--resulting in two major recessions (endaka fukyos). The authors argue for relaxing commercial tensions between the two countries, and for limiting future economic downturns, by combining a commercial compact for mutual trade liberalization with a monetary accord for stabilizing the yen-dollar exchange rate.
Author |
: Paul A. Nitkowski |
Publisher |
: |
Total Pages |
: 66 |
Release |
: 1986 |
ISBN-10 |
: OCLC:15465774 |
ISBN-13 |
: |
Rating |
: 4/5 (74 Downloads) |
Synopsis Determinants of the United States Dollar and the Japanese Yen Exchange Rate by : Paul A. Nitkowski
Author |
: Philipp Hartmann |
Publisher |
: Cambridge University Press |
Total Pages |
: 212 |
Release |
: 1998-12-10 |
ISBN-10 |
: 9780521632737 |
ISBN-13 |
: 0521632730 |
Rating |
: 4/5 (37 Downloads) |
Synopsis Currency Competition and Foreign Exchange Markets by : Philipp Hartmann
Currency Competition and Foreign Exchange Markets by Philipp Hartmann of the European Central Bank is a major theoretical and empirical study of international currencies, which focuses on the role which the Euro will play in the international monetary and financial system along with the US dollar and the Japanese yen. In contrast to much of the existing literature which approaches the subject from a macroeconomic perspective, Philipp Hartmann develops a theoretical model which uses game theory, time series and panel econometrics, and links financial markets analysis with transaction cost economics. The results of Currency Competition and Foreign Exchange Markets are presented with reference to political, historical and institutional considerations, and provide accessible answers to policy-makers, business people and scholars worldwide. The sections on Spread Estimation and Multiple Vehicles with Inter-Dealer Price and Entry Competition will be of particular use for finance professionals.
Author |
: United States. Congress. House. Committee on Ways and Means. Subcommittee on Trade |
Publisher |
: |
Total Pages |
: 204 |
Release |
: 1983 |
ISBN-10 |
: LOC:00023545743 |
ISBN-13 |
: |
Rating |
: 4/5 (43 Downloads) |
Synopsis Current Exchange Rate Relationship of the U.S. Dollar and the Japanese Yen by : United States. Congress. House. Committee on Ways and Means. Subcommittee on Trade
Author |
: Japanese Ministry of Finance-U.S. Dept. of the Treasury Working Group |
Publisher |
: |
Total Pages |
: 60 |
Release |
: 1984 |
ISBN-10 |
: MINN:31951D008233727 |
ISBN-13 |
: |
Rating |
: 4/5 (27 Downloads) |
Synopsis Report on Yen/dollar Exchange Rate Issues by : Japanese Ministry of Finance-U.S. Dept. of the Treasury Working Group
Author |
: Takatoshi Itō |
Publisher |
: |
Total Pages |
: 106 |
Release |
: 1986 |
ISBN-10 |
: UCSD:31822036708006 |
ISBN-13 |
: |
Rating |
: 4/5 (06 Downloads) |
Synopsis News from the U.S. and Japan by : Takatoshi Itō
Intra-daily movements in the yen/dollar exchange rate were examined in four non-overlapping segments within each business day from January1980 to September 1985. The empirical results yielded several conclusions. First, most depreciation of the yen (appreciation of the dollar) from late 1982 to early 1984 occurred in the New York market. The direction of the yen was mostly neutral in the Tokyo market. Also, the volatility of the exchange rate decreased considerably in the Tokyo market. The volatility in the New York market, on the other hand, did not decrease untilvery recently. Second, market efficiency was examined in terms of the random-walk behavior of short-run movements in the yen/dollar rate. Information on the preceding segments within a day was sometimes significant in predicting the exchange rate movement in a market. Third, there is evidence of the "profit-taking" behavior, or overshooting, in that a large jump (more than 3 absolute yen) in any market tends to be reversed by a fifth of the jump during the same day in the next market. Finally,the relative effects of news from the U.S. and Japan were examined explicitly both with respect to possible major events behind large jumps andthe response of the yen/dollar rate to particular economic announcements in both countries. Over the entire sample period, news concerning the U.S. money stock had the only significant effects.
Author |
: Japanese Ministry of Finance and the United States Department of the Treasury Working Group on Yen/Dollar Exchange Rate Issues |
Publisher |
: |
Total Pages |
: |
Release |
: 1984 |
ISBN-10 |
: OCLC:981768516 |
ISBN-13 |
: |
Rating |
: 4/5 (16 Downloads) |
Synopsis Report on Yen/dollar Exchange Rate Issues by : Japanese Ministry of Finance and the United States Department of the Treasury Working Group on Yen/Dollar Exchange Rate Issues
Author |
: Jeffrey A. Frankel |
Publisher |
: |
Total Pages |
: 50 |
Release |
: 1987 |
ISBN-10 |
: IND:30000113755296 |
ISBN-13 |
: |
Rating |
: 4/5 (96 Downloads) |
Synopsis Short-term and Long-term Expectations of the Yen/dollar Exchange Rate by : Jeffrey A. Frankel
Three surveys of exchange rate expectations allow us to measure directly the expected rates of return on yen versus dollars. Expectations of yen appreciation against the dollar have been (1) consistently large, (2) variable, and (3) greater than the forward premium, implying that investors were willing to accept a lower expected return on dollar assets. At short-term horizons expectations exhibit bandwagon effects, while at longer-term horizons they show the reverse. A 10 percent yen appreciation generates the expectation of a further appreciation of 2.4 percent over the following week, for example, but a depreciation of 3.4 percent over the following year. At any horizon, investors would do better to reduce the absolute magnitude of expected depreciation. The true spot rate process behaves more like a random walk.
Author |
: Takatoshi Itō |
Publisher |
: |
Total Pages |
: 56 |
Release |
: 1988 |
ISBN-10 |
: UCSD:31822004973145 |
ISBN-13 |
: |
Rating |
: 4/5 (45 Downloads) |
Synopsis News and the Dollar/yen Exchange Rate, 1931-1933 by : Takatoshi Itō
According to the efficient market hypothesis, news in Tokyo is responsible for the exchange rate changes during the Tokyo market hours, while the U.S. news is responsible for changes in the New York hours. The intra-daily dynamics of the $/yen exchange rate from December 1931 to November 1933 is analyzed. Japan's decision to go off gold in December 1931 depreciated yen by 30% in a month, mostly in the Tokyo market. During 1932, the yen depreciated another 30%, mainly due to Japan's aggression in China and resulting diplomatic isolation. In 1933, the yen appreciated against the dollar, mainly in the New York market, due to the U.S. decision to go off gold. However, exchange rate volatility and its sensitivity to news declined over the two year period, because of increasing capital controls. Changes in the interest rate differential was found insignificant for the changes in the exchange rate. Political regime changes, such as a decision to go off gold, most influenced the exchange rate for the period considered. There were no policy decisions by Japan to cause yen depreciation to promote export and limit import in 1931-33.
Author |
: Ronald I. McKinnon |
Publisher |
: |
Total Pages |
: 64 |
Release |
: 1994 |
ISBN-10 |
: UCSD:31822021412622 |
ISBN-13 |
: |
Rating |
: 4/5 (22 Downloads) |
Synopsis Dollar and Yen by : Ronald I. McKinnon