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Money in international exchange : the convertible currency system / Ronald I. McKinnon.

New York : Oxford University Press, 1979.
ISBN 0195024087, 0195024095

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HG3881 .M2737 1979
Subjects Change.
Finances internationales.
Foreign exchange rates.
International finance.
Internationale financiën.
Internationales Währungssystem.
Monetaire samenwerking.
Monetary unions.
Système monétaire international.
Unions monétaires.
Description xii, 294 pages ; 24 cm
Copyright Date 1979.
Notes Includes bibliographical references and index.
Contents pt. 1. In Search of International Money: The Convertible Currency System -- Convertibility and Commercial Trading: Official Restraints on Asset Choice -- The Interbank Market for Convertible Currencies -- The Monetary Conditions for Long-Run Exchange Stability -- Technical Note: Foreign Exchange Quotations -- part 2. Invention by Central Banks In A World of N Currencies -- N Currencies and N-1 Exchange Rates -- Official Parities and Triangular Arbitrage -- The Choice of the Nth Currency -- The United States as a Vehicle Currency for Commercial Banks -- Inconvertibility, Less Developed Countries, and Pegged Exchanged Rates -- Fixed versus Floating Exchange Rates -- P.3. Currency Inconvertibility and the Foreign Trade of Centrally Planned Economies -- Central Planning and Commodity Inconvertibility -- Multilateral Exchange with the West -- Bilateralism within the Council for Mutual Economic Assistance (CMEA) -- The Determination of Foreign Trade Prices in the CMEA -- Barter, Command Planning, and Economic Sovereignty -- A Gold Ruble? -- Full Liberalization and the Monetary Conditions for Exchange-Rate Stability -- part 4. Hedging by Exporters and Importers -- the Currency of Invoice: Tradables I and II -- Currency Risk and the Structure of Trade Credit -- Inventory Valuation Adjustment versus Forward Covering -- Financial Predominance, Tradables II, and the Optimum Double Hedge -- Technical Note: Optimum Forward Cover -- part 5. Forward Covering and Interest Arbitrage in Imperfect Capital Markets -- The Trader's Liquidity and Spot versus Forward Covering -- The Empirical Magnitude of Forward Transacting -- Heading Pressure and Bias in the Forward Exchange Rate -- The Importance of Covered Interest Arbitrage -- Forward Market Equilibrium and Interest-Rate Parity -- Imperfections in the Supply of Arbitrage Founds -- Short-Term Capital Flows and the Public Interest -- Technical Note: Covered Interest Arbitrage -- part 6. Purchasing Power Parity -- The Law of One Prince and the Absolute Version of Purchasing Power Parity -- Relative Purchasing Power Parity and the "Real" Exchange Rate -- Some Bilateral Statistical Comparisons -- Multilateral Comparisons of Effective Exchange Rates and Prices -- Deviations from the Law of One Price under Fluctuating Exhange Rates -- Implications for Trader Hedging -- Per Capita Income Comparisons and Exchange-Rate Conversions -- pt. 7. Speculation --Ch.1. Floating Exchange Rates among Convertible Currencies -- On Aggregating Open Positions over All Maturities -- The Demand for Stabilizing Speculation and the "J" Curve -- The Supply of Stabilizing Speculation -- Banking Risk versus Currency Risk -- Multinational Corporations and Other Nonspeculators -- Speculating without International Money -- Ch.2. Pegged Exchange Rates and Speculation against Central Banks -- Leads and Lags -- Changing the Currency of Invoice -- Official Speculation and Exchange Controls -- part 8. Fluctuating Exchange Rates, 1973-1978: A Qualified Monetary Interpretation -- Keynesian Liquidity Preference and the Rate of Interest In an Open Economy -- Foreign Exchange Dealers and the Domestic Money Market -- The Interest Elasticity of the Liquidity-Preference Function -- Exchange-Rate Fluctuations under Full Information -- Uncertain Expectations -- Optimum Currency Areas -- Intervention by Central Banks: A Concluding Note -- part 9. The Eurocurrency Market -- Regulatory Asymmetry: A Potted History -- The Mechanics of Transacting and the Scope of the Market -- Problems of Statistical Measurment: Some Conceptual Difficulties -- The Foreign Exchange Aspect: Covering and Interest Arbitrage -- Liquidity Creation and Domestic Financial Intermediation -- International Capital Transfers -- A Concluding Note on Regulation -- part 10. Monetary Unions and Fixed Exchange Rates -- Secular Growth in the Money Supply and the Prices of Tradable Goods -- Official Intervention and Nonsterilization -- The Symmetry Rule and the Aggregate Monetary Base -- On Flexing the System: Discounting and Short-Term -- Capital Flows -- Concluding Note -- part 11. America's Role in Stabilizing the World's Monetary System -- The Marshall Plan and the Remonetization of Western European Trade (1948-1959) -- Realization of the Bretton Woods Agreement and the Dollar-Gold Exchange Standard (1959-1968) -- Uncertainly Pegged Exchange Rates and the International Transmission of Inflation (1968-1973) -- Freely Floating Exchange Rates (1973-Present).
Network Numbers (OCoLC)3627633
WorldCat Search OCLC WorldCat
WorldCat Identities McKinnon, Ronald I.
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