Breaking from conventional wisdom, this book provides an
explanation of exchange rates based on the premise that it is
financial capital flows and not international trade that represents
the driving force behind currency movements. John T. Harvey
combines analyses rooted in the scholarly traditions of John
Maynard Keynes and Thorstein Veblen with that of modern psychology
to produce a set of new theories to explain international monetary
economics, including not only exchange rates but also world
financial crises.
In the book, the traditional approach is reviewed and critiqued
and the alternative is then built by studying the psychology of the
market and balance of payments questions. The central model has at
its core Keynes' analysis of the macroeconomy and it assumes
neither full employment nor balanced trade over the short or long
run. Market participants' mental model, which they use to forecast
future exchange rate movements, is specified and integrated into
the explanation. A separate but related discussion of currency
crises shows that three distinct tension points emerge in booming
economies, any one of which can break and signal the collapse. Each
of the models is compared to post-Bretton Woods history and the
reader is shown exactly how various shifts and adjustments on the
graphs can explain the dollar's ups and downs and the Mexican
(1994) and Asian (1997) crises.
General
Imprint: |
Routledge
|
Country of origin: |
United Kingdom |
Series: |
Routledge Advances in Heterodox Economics |
Release date: |
April 2010 |
First published: |
2008 |
Authors: |
John T. Harvey
|
Dimensions: |
234 x 156 x 19mm (L x W x T) |
Format: |
Paperback
|
Pages: |
168 |
Edition: |
New |
ISBN-13: |
978-0-415-78120-6 |
Categories: |
Books >
Business & Economics >
Economics >
Macroeconomics >
Monetary economics
|
LSN: |
0-415-78120-5 |
Barcode: |
9780415781206 |
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