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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.
Wechselkurs.
Wisselkoersen.
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
(OCoLC)ocm03627633
WorldCat Search OCLC WorldCat
WorldCat Identities McKinnon, Ronald I.
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