Currencies, Capital Flows and Crises
A Post Keynesian Analysis of Exchange Rate Determination
Seiten
2010
Routledge (Verlag)
978-0-415-78120-6 (ISBN)
Routledge (Verlag)
978-0-415-78120-6 (ISBN)
This unique book examines exchange rates and portfolio capital flows from an objective perspective and the result is a book which will be of use to financial economists all over the world.
Breaking from conventional wisdom, this book provides an explanation of exchange rates based on the premise that it is financial capital flows and not international trade that represents the driving force behind currency movements. John T. Harvey combines analyses rooted in the scholarly traditions of John Maynard Keynes and Thorstein Veblen with that of modern psychology to produce a set of new theories to explain international monetary economics, including not only exchange rates but also world financial crises.
In the book, the traditional approach is reviewed and critiqued and the alternative is then built by studying the psychology of the market and balance of payments questions. The central model has at its core Keynes’ analysis of the macroeconomy and it assumes neither full employment nor balanced trade over the short or long run. Market participants’ mental model, which they use to forecast future exchange rate movements, is specified and integrated into the explanation. A separate but related discussion of currency crises shows that three distinct tension points emerge in booming economies, any one of which can break and signal the collapse. Each of the models is compared to post-Bretton Woods history and the reader is shown exactly how various shifts and adjustments on the graphs can explain the dollar’s ups and downs and the Mexican (1994) and Asian (1997) crises.
Breaking from conventional wisdom, this book provides an explanation of exchange rates based on the premise that it is financial capital flows and not international trade that represents the driving force behind currency movements. John T. Harvey combines analyses rooted in the scholarly traditions of John Maynard Keynes and Thorstein Veblen with that of modern psychology to produce a set of new theories to explain international monetary economics, including not only exchange rates but also world financial crises.
In the book, the traditional approach is reviewed and critiqued and the alternative is then built by studying the psychology of the market and balance of payments questions. The central model has at its core Keynes’ analysis of the macroeconomy and it assumes neither full employment nor balanced trade over the short or long run. Market participants’ mental model, which they use to forecast future exchange rate movements, is specified and integrated into the explanation. A separate but related discussion of currency crises shows that three distinct tension points emerge in booming economies, any one of which can break and signal the collapse. Each of the models is compared to post-Bretton Woods history and the reader is shown exactly how various shifts and adjustments on the graphs can explain the dollar’s ups and downs and the Mexican (1994) and Asian (1997) crises.
John T. Harvey is Professor of Economics at Texas Christian University, USA.
1. Introduction, 2. Neoclassical Approaches to Exchange Rate Determination, 3. Psychology and Decision Making in the Foreign Exchange Market, 4. Leakages, Injections, Exchange Rates, and Trade (Im)Balances, 5. Post Keynesian Exchange Rate Modeling, 6. Real-World Applications, 7. Problems and Policy, 8. Conclusions
| Erscheint lt. Verlag | 15.4.2010 |
|---|---|
| Reihe/Serie | Routledge Advances in Heterodox Economics |
| Zusatzinfo | 2 Tables, black and white; 51 Line drawings, black and white; 51 Illustrations, black and white |
| Verlagsort | London |
| Sprache | englisch |
| Maße | 156 x 234 mm |
| Gewicht | 330 g |
| Themenwelt | Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung |
| Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Bankbetriebslehre | |
| Wirtschaft ► Volkswirtschaftslehre ► Finanzwissenschaft | |
| Wirtschaft ► Volkswirtschaftslehre ► Wirtschaftspolitik | |
| ISBN-10 | 0-415-78120-5 / 0415781205 |
| ISBN-13 | 978-0-415-78120-6 / 9780415781206 |
| Zustand | Neuware |
| Haben Sie eine Frage zum Produkt? |
Mehr entdecken
aus dem Bereich
aus dem Bereich
warum unser Geld stirbt und wie Sie davon profitieren
Buch | Hardcover (2024)
FinanzBuch (Verlag)
CHF 41,95
denken und handeln wie ein professioneller Trader
Buch | Softcover (2023)
Vahlen, Franz (Verlag)
CHF 51,65
