CiNii 図書 - Exchange rates in developed and emerging markets : practices, challenges and economic implications

Exchange rate is perhaps one of the most important macroeconomic variables that link the economy of one country with the rest of the world. When it changes, it affects almost all other sectors and many other macro variables. For example, when a country's currency depreciates, its exports become cheaper in terms of foreign currency and imports more expensive in terms of domestic currency. By exporting more and importing less, the trade balance is improved. Or when domestic currency depreciates (foreign currency appreciates), domestic currency value of foreign assets held by domestic residents increases. If this increase is perceived as an increase in wealth, domestic residents could increase their consumption at home. This leads to an increase in demand for money. However, if there are expectations of further appreciation of foreign currency, they may hold more foreign currency and less domestic currency. Other channels through which currency depreciation affects domestic consumption is through the redistribution effect. Depreciation is inflationary. Since wages do not adjust to inflation instantaneously, profit will be realised at the cost of workers. This amounts to transferring income from workers to producers. Since workers have a high propensity to consumers than producers, eventually domestic consumption declines. Other variables that are said to be affected by exchange rate changes include domestic investment, income distribution, the stock market, etc. This book deals with economic implications of exchange rate changes in emerging economies pertaining to some of the issues mentioned above.

Preface
Exchange Rate Volatility & the Demand for Money in China
Exchange Rate Dynamics, Speculation & Localization of Monetary Policy
Which Korean Industry will Benefit from the Weakening Won
A Microstructural Effect of Japanese Official Intervention in the Yen/Dollar Foreign Exchange Market
Dual-Currency System as a Way to Relieve the Crisis of Some Euro Zone Countries
Do Nominal Devaluations Lead to Real Devaluations? Evidence from Emerging Economies
Foreign Exchange Rates & Stock Prices: Evidence from Major African Markets
On the Optimal Exchange Rate Policy for the GCC Countries
The Effects of Central Banks Independence on Inflation Outcomes in Emerging Countries: Does the Choice of Exchange Regime Matter
Is There a Scope to Capitalize on Exchange Rate Fluctuations? Evidence for Iran
Remittances & Equilibrium Real Exchange Rates in Emerging & Small Open Countries
The Rial-Dollar Rate: Does it Revert to Its Mean
Index.

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Exchange rates in developed and emerging markets : practices, challenges and economic implications

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