A Model of Market Clearing Exchange Rates
AbstractThis paper formulates a model of exchange rate determination that describes the market processes by which the foreign exchange markets are cleared and international receipts of countries are brought into equality with their international payments. The model is capable of being explicitly solved for the actual world economy provided the balance of payments data which are routinely collected by central banks and reported to the IMF are arranged by their countrywise origins and destinations.
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Bibliographic InfoPaper provided by eSocialSciences in its series Working Papers with number id:2153.
Date of creation: Aug 2009
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foreign exchange markets; data; national currency; currency; exchange rates; homogenous equations; Forward Exchange Rates; markets; foreign exchange rate; world economy; international receipts; payments; balance of payments; central banks; IMF;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-08-16 (All new papers)
- NEP-IFN-2009-08-16 (International Finance)
- NEP-MON-2009-08-16 (Monetary Economics)
- NEP-OPM-2009-08-16 (Open Economy Macroeconomics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Krugman, Paul, 1980.
"Vehicle Currencies and the Structure of International Exchange,"
Journal of Money, Credit and Banking,
Blackwell Publishing, vol. 12(3), pages 513-26, August.
- Paul R. Krugman, 1979. "Vehicle Currencies And the Structure Of International Exchange," NBER Working Papers 0333, National Bureau of Economic Research, Inc.
- Kenen,Peter B., 2000. "The International Economy," Cambridge Books, Cambridge University Press, number 9780521644358, October.
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