Foreign Exchange Crisis Research Articles

Foreign Exchange Crises.

Foreign Exchange Crises.

Foreign Exchange Crises.

Foreign Exchange Crises.

BOOK REVIEWS

The Journal of FinanceVolume 24, Issue 1 p. 123-171 Book Reviews BOOK REVIEWS First published: March 1969 https://doi.org/10.1111/j.1540-6261.1969.tb00361.xRead the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinkedInRedditWechat Abstract Book reviewed in this article: Aggregate Theory and Policy Economics on a New Frontier. By E. Ray Canterbery. Financial Policies in Transition: A Critique of Selected Issues, 1967. Edited by Thomas O. Depperschmidt. Forecasting and Recognizing Business Cycle Turning Points. By Rendigs Fels and C. Elton Hinshaw. The Demand for Money. By William J. Frazer, Jr. Public Policies and Private Investments. By John F. Helliwell. Macroeconomic Readings. Edited by John Lindauer. Monetary Policy in the United States. By Thomas Mayer. Prices: Issues in Theory, Practice, and Public Policy. Edited by Almarin Phillips and Oliver E. Williamson. Business Finance and Investments Accounting for Extraordinary Gains and Losses. By Leopold A. Bernstein. Investment and the Return to Equity Capital in the South African Gold Mining Industry, 1887–1965: An International Comparison. By S. Herbert Frankel. Dividend Policy and Enterprise Evaluation. By James E. Walter. Theory of Business Finance—Advanced Readings. Edited by J. Fred Weston and Donald H. Woods. Financial Institutions. By Raymond W. Goldsmith. Capital Markets and Institutions. By Herbert E. Dougall. Nine Leading Stock Exchanges. By Wilford J. and Sylvia C. Eiteman. The Regulation of Deposit Interest Rates. By Charles F. Haywood and Charles M. Linke. The Theory and Practice of Nonpar Banking. By Paul F. Jessup. The Impact of Computers on Banking. By James A. O'Brien. Prospects for the Savings and Loan Industry to 1975. By Edward E. Williams, Jr. International Finance Foreign Exchange Crises. By Paul Einzig. Imports of Manufactures from Less Developed Countries. By Hal B. Lary. An Econometric Model of Canada Under Fluctuating Exchange Rates. By Lawrence H. Officer. Public Finance The Demand and Supply of Public Goods. By James Buchanan. Financing Latin American Housing. By Sean M. Elliott. Federal Programs for the Development of Human Resources, A Compendium of Papers (2 volumes). Joint Economic Committee, Congress of the United States. Financial Institutions and Markets Costs in Commercial Banking: A Quantitative Analysis of Bank Behavior and Its Relation to Bank Regulation. By Frederick W. Bell and Neil B. Murphy. Volume24, Issue1March 1969Pages 123-171 RelatedInformation

What are leads and lags

The article considers the all important and grossly neglected subject of leads and lags, whose immense influence on trends in the foreign exchange market and on official gold and foreign exchange reserves is not recognized nearly sufficiently. In order to understand the origin, development and abatement of foreign exchange crises the workings of leads and lags must first be understood. Before analysing their effects, however, a more precise and clear definition of lead and lags is required. Here, the author reviews the various definitions, broad and narrow, of leads and lags and highlights the most controversial aspect - whether to include changes in forward exchange covering arrangements. The author argues that in most cases forward operations constitute the most important method of leads and lags and therefore their exclusion is not justified.

The Longer-Run Prospects for the U.S. Balance of Payments

, Everyone knows that we have been having trouble with our balance of international payments for a number of years. The press is full of the question, and administration officials comment on it frequently. Yet the situation continues to be serious, has at times had an adverse effect on the implementation of our internal economic policies, and in my view is unlikely to cure itself automatically in the near-by future. On the contrary, I think that unless drastic new control measures are taken, the probabilities are that our payments position will deteriorate still further, and that ultimately we may even be thrown into a major foreign-exchange crisis. Except for unemployment, this is probably the most urgent economic problem that confronts us today. The purpose of this paper is to present the main facts and apparent prospects that lead to these disquieting conclusions, and to appraise the possible solutions.

The Role of Speculation in French Foreign-Exchange Crises

Previous articleNext article No AccessThe Role of Speculation in French Foreign-Exchange CrisesHarry C. EastmanHarry C. Eastman Search for more articles by this author PDFPDF PLUS Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinkedInRedditEmail SectionsMoreDetailsFiguresReferencesCited by Journal of Political Economy Volume 61, Number 3Jun., 1953 Article DOIhttps://doi.org/10.1086/257372 Views: 4Total views on this site Copyright 1953 The University of Chicago PressPDF download Crossref reports no articles citing this article.

The Sterling Area Crisis

T HE sterling area crisis threatens the existence of the institution of the sterling area. But the crisis is not the same for all members of the area. In fact this is a very particular crisis-a sterling crisis-it is not a crisis of Australian pounds or South African pounds, or rupees, or any of the other sterling area currencies. There have from time to time been crises in those currencies, but this is a strictly sterling crisis and it is therefore something with which the United Kingdom is even more directly concerned than the other members of the sterling area. An economic crisis, in modern jargon, has come to have a particular technical meaning. It does not mean a shortage. A shortage can mean poverty, and it can mean hardship, but not a crisis. By an economic crisis we have come to mean a condition of affairs in which the supply of something is out of balance with the means of payment for it, where the means of payment are in excess of the supply at the price, and where, therefore, the stocks run down, shelves go bare, the resources disappear, and there comes a stage where even if you are prepared to pay any price you cannot get it. We have had meat crises of that kind, we have had coal crises, we have had housing crises-one crisis after another. But it does not mean merely that the commodity is short. We have always had shortages; every commodity is always short unless everybody has all they want of it. It means that the supply of the means of payment for that commodity is in excess of the supply of the commodity at that price. That is what is true of the sterling crisis, or sterling's foreign exchange crisis. From one point of view it means that there are not enough dollars, and by dollars nowadays we mean all currencies in general-the time when we could separate other currencies into hard and soft has very largely gone, particularly now when any further deficit with the European Payments Union would mean payment almost pound for pound in gold. But if we say that there are not enough dollars, it is exactly the same as saying that there is too much sterling. There is too much sterling, to use the old catch phrase, pursuing too few dollars. That enables us to see how the two halves of the crisis fall into relation with each other. There are two sorts of owners of sterlingthere are the inhabitants of the United Kingdom and there are the overseas owners of the sterling balances, about three quarters of the total of which is now held by other members of the sterling area; therefore the crisis falls into two parts according to whether the excess demand comes from those people in the United Kingdom who hold too much sterling or from those people outside the United Kingdom who hold too much sterling.