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Japanese Effective Exchange Rates and Determinants

1998-06-01 Business & Economics
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Release : 1998-06-01
Genre : Business & Economics
Kind : eBook
Book Rating : 859/5 ( reviews)

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Book Synopsis Japanese Effective Exchange Rates and Determinants by : Mr.Jun Nagayasu

Download or read book Japanese Effective Exchange Rates and Determinants written by Mr.Jun Nagayasu. This book was released on 1998-06-01. Available in PDF, EPUB and Kindle. Book excerpt: This paper empirically analyzes Japanese long-run exchange rates from several perspectives. Several exchange rate models are considered, including the purchasing power parity, the real interest differential model, and the hybrid models à la Hooper and Morton (1982). A notable feature of the latter models is that the current accounts are introduced as determinants of the exchange rates; one type of hybrid model uses the actual current account, and the other the optimal current account, which is calculated using the present value model suggested by Campbell and Shiller (1988). The paper finds that the long-run specification is sensitive to the specification of the model.

Real Exchange Rate Fluctuations and the Business Cycle

1996-11-01 Business & Economics
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Release : 1996-11-01
Genre : Business & Economics
Kind : eBook
Book Rating : 338/5 ( reviews)

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Book Synopsis Real Exchange Rate Fluctuations and the Business Cycle by : Mr.Bankim Chadha

Download or read book Real Exchange Rate Fluctuations and the Business Cycle written by Mr.Bankim Chadha. This book was released on 1996-11-01. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the relationship between the real exchange rate and the business cycle in Japan during the floating rate period. A structural vector autoregression is used to identify different types of macroeconomic shocks that determine fluctuations in aggregate output and the real exchange rate. Relative nominal and real demand shocks are found to be the main determinants of variation in real exchange rate changes, while relative output growth is driven primarily by supply shocks. Historical decompositions suggest that the sharp appreciations of the yen in 1993 and 1995 and its subsequent depreciation can be attributed primarily to relative nominal shocks.

Asset Market and Balance of Payments Characteristics

1995-06-01 Business & Economics
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Release : 1995-06-01
Genre : Business & Economics
Kind : eBook
Book Rating : 580/5 ( reviews)

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Book Synopsis Asset Market and Balance of Payments Characteristics by : Mr.Ronald MacDonald

Download or read book Asset Market and Balance of Payments Characteristics written by Mr.Ronald MacDonald. This book was released on 1995-06-01. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we use an exchange rate model that combines asset market characteristics with balance of payments interactions to examine the nominal effective exchange rates of the German mark, Japanese yen, and U.S. dollar for the recent experience with floating exchange rates. Our approach may be interpreted as one which attempts to flesh out the missing links that arise in conditioning an exchange rate solely on relative prices, as occurs in a standard PPP analysis. In contrast to much other empirical exchange rate modeling, our approach explicitly involves the use of a current account sustainability term. Amongst the findings reported in this paper are: significant, and sensible, long-run relationships for all of the currencies studied; appealing short-run dynamics for two of the currencies; and a finding that the Japanese effective exchange rate closely tracks the long-run exchange rate defined in this paper.

Long-Run Determinants of the Real Exchange Rate

1994-08-01 Business & Economics
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Release : 1994-08-01
Genre : Business & Economics
Kind : eBook
Book Rating : 359/5 ( reviews)

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Book Synopsis Long-Run Determinants of the Real Exchange Rate by : Mr.Hamid Faruqee

Download or read book Long-Run Determinants of the Real Exchange Rate written by Mr.Hamid Faruqee. This book was released on 1994-08-01. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the long-run determinants of the real exchange rate from a stock-flow perspective. The empirical analysis estimates a long-run relationship between the real exchange rate, net foreign assets and other factors affecting trade flows. Using postwar data for the United States and Japan, cointegration analysis supports the finding that the structural factors underlying each country’s net trade and net foreign asset positions determine the long-run path for the real value of the dollar and the yen. The empirical analysis also provides estimates for the underlying stochastic trend in each real exchange rate series.

Determinants of the United States Dollar and the Japanese Yen Exchange Rate

1986
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Release : 1986
Genre :
Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis Determinants of the United States Dollar and the Japanese Yen Exchange Rate by : Paul A. Nitkowski

Download or read book Determinants of the United States Dollar and the Japanese Yen Exchange Rate written by Paul A. Nitkowski. This book was released on 1986. Available in PDF, EPUB and Kindle. Book excerpt:

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