By M.N. Rusydi, Sardar M.N. Islam
This ebook examines the choices for adopting normative and prescriptive types of alternate cost decision compatible for built and constructing nations and develops a brand new method of the selection of the trade price.
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Extra info for Quantitative Exchange Rate Economics in Developing Countries: A New Approach to Issues, Models and Options
Example text
However, Meese and Rogoff (1988) were unable to establish a long-run relationship between these variables, using cointegration techniques. 3 Real exchange rate and trade Two important sources of relative price changes in any economy are real exchange rate and international trade. There are many theoretical linkages between these two factors, although they are not theoretically established in all models. In addition to this there is an observed empirical regularity between changes in international trade and in real exchange rate for many small but open economies.
If realignment takes place, there will be a distinct change in the lower and upper boundary for the exchange rate band and usually a discrete change in the central parity as well. Moreover, there will be no actions taken by central bank to avert an exchange rate from jumping to its natural level as reflected by the shadow exchange rate. Hence, there will be a discrete jump in the exchange rate at a realignment date (Bhagwati and Wan, 1979). It is assumed that whenever realignment takes place, the exchange rate will not necessarily jump precisely to the shadow exchange rate.
Chapter 3 reviews the issues in exchange rate economics in developing countries with a case study of Indonesia. The characteristics of the Indonesian financial system are also discussed in order to have a better understanding of the nature of exchange rate policies in Indonesia, prior and post-1997 currency crisis. Social choice issues in determining the appropriate exchange rate regime is also discussed in this chapter. Chapter 4 overviews market models and their application in relation to the exchange rate determination in Indonesia.