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For the past 30 years international monetary economists have
believed that exchange rate models cannot outperform the random
walk in out-of-sample forecasting as a result of the 1983 paper
written by Richard Meese and Kenneth Rogoff. Marking the
culmination of their extensive research into the Meese-Rogoff
puzzle, Moosa and Burns challenge the orthodoxy by demonstrating
that the naive random walk model can be outperformed by exchange
rate models when forecasting accuracy is measured by metrics that
do not rely exclusively on the magnitude of forecasting error. The
authors present compelling evidence, supported by their own
measure: the 'adjusted root mean square error', to finally solve
the Meese-Rogoff puzzle and provide a new alternative. Demystifying
the Meese-Rogoff Puzzle will appeal to academics with an interest
in exchange rate economics and international monetary economics. It
will also be a useful resource for central banks and financial
institutions.
The book presents arguments against the taxpayers'-funded bailing
out of failed financial institutions, and puts forward suggestions
to circumvent the TBTF problem, including some preventive measures.
It ultimately argues that a failing financial institution should be
allowed to fail without fearing an apocalyptic outcome.
The book presents arguments against the taxpayers'-funded bailing
out of failed financial institutions, and puts forward suggestions
to circumvent the TBTF problem, including some preventive measures.
It ultimately argues that a failing financial institution should be
allowed to fail without fearing an apocalyptic outcome.
The book presents arguments that are critical of the Basel II
Accord, particularly the advanced measurement approach to
operational risk. It is argued that the advanced measurement
approach is not viable in terms of costs and benefits and is likely
to distract financial institutions from the real task of managing
operational risk.
The book presents arguments that are critical of the Basel II
Accord, particularly the advanced measurement approach to
operational risk. It is argued that the advanced measurement
approach is not viable in terms of costs and benefits and is likely
to distract financial institutions from the real task of managing
operational risk.
Operational risk management is attracting the attention of
academics and professionals worldwide. Academics are interested in
this topic because it provides opportunities for the application of
sophisticated statistical techniques, as well as lucrative
opportunities for consultancy work and challenging questions on how
to measure operational risk. For the practitioners, acquiring
knowledge of operational risk is more than mere luxury as major
banks all around the world have to be Basel 2 compliant within the
next two years. Moreover, operational losses have, since the
notorious collapse of Barings Bank, been haunting banks' top
management, prompting a strive to devise measures that can reduce
operational losses and the risk of business collapse. Indeed, it
has been demonstrated that an operational loss event could lead to
a fall in the market value of the affected firm that is greater
than the loss itself. This new book is accessible to the average
banker, while providing a general survey of the work on operational
risk that academics will find invaluable.
Written by an experienced academic and practitioner, Operational
Risk Management fills a gap in the information available on the
Basel 2 Accord and offers valuable insights into the nature of
operational risk.
This book is about exchange rate regime choice. The role played by
the exchange rate in the economy is demonstrated, then the pros and
cons of fixed and flexible rates are discussed. The classification
of exchange rate regimes is examined from theoretical, practical
and historical perspectives. Macroeconomic performance under
various exchange rate regimes is assessed, followed by a survey of
models of exchange rate regime choice. Some factual case studies
are presented and related to the theoretical foundations, including
the choice of exchange rate regime in the post-conflict case of
Iraq.
This book explores the exchange rate regime choice and the role
played by the exchange rate in the economy. Approaching the
classification of exchange rate regimes from theoretical, practical
and historical perspectives, the book discusses pertinent case
studies, including the choice of exchange rate regime in the
post-conflict case of Iraq.
Cross-border transactions involve a variety of financial operations, including arbitrage, hedging, speculation, financing, and investment. These inter-related operations give rise to foreign exchange exposure and affect the overall financial performance of multinational firms. The book aims to provide an integrated treatment of multinational financial operations, whilst taking into account some real- world complexities such as bid/offer spreads, transaction costs, capital rationing, and market imperfections.
Cross-border transactions involve a variety of financial
operations, including arbitrage, hedging, speculation, financing
and investment. These inter-related operations give rise to foreign
exchange exposure and affect the overall financial performance of
multinational firms. The book aims to provide an integrated
treatment of multinational financial operations, whilst taking into
account some real world complexities such as bid/offer spreads,
transaction costs, capital rationing, and market imperfections.
In Foreign Direct Investment, Imad A. Moosa presents a survey of the vast body of literature and ideas relating to foreign direct investment that will be invaluable as a reference work for all these groups. He provides concise definition and analysis of the theories behind foreign direct investment, and considers factors affecting its implementation. The impact of foreign direct investment on economic development, host countries and the growth of multinationals, together with methods for evaluating foreign direct investment projects are discussed.
This book deals with the models and applications of exchange rate forecasting. It is written primarily for professionals with the objective of providing a concise survey of the techniques of forecasting. The book considers the business decisions requiring exchange rate forecasting and some related issues such as market efficiency and trading rules.
Forecasting exchange rates is a variable that preoccupies
economists, businesses and governments, being more critical to more
people than any other variable. In Exchange Rate Forecasting the
author sets out to provide a concise survey of the techniques of
forecasting - bringing together the various forecasting methods and
applying them to the exchange rate in a highly accessible and
readable manner. Highly practical in approach, the book provides an
understanding of the techniques of forecasting with an emphasis on
its applications and use in business decision-making, such as
hedging, speculation, investment, financing and capital budgeting.
In addition, the author also considers recent developments in the
field, notably neural networks and chaos, again, with
easy-to-understand explanations of these "rocket science" areas.
The practical approach to forecasting is also reflected in the
number of examples that pepper the text, whilst descriptions of
some of the software packages that are used in practice to generate
forecasts are also provided.
Forecasting exchange rates is a variable that preoccupies
economists, businesses and governments, being more critical to more
people than any other variable. In Exchange Rate Forecasting the
author sets out to provide a concise survey of the techniques of
forecasting - bringing together the various forecasting methods and
applying them to the exchange rate in a highly accessible and
readable manner. Highly practical in approach, the book provides an
understanding of the techniques of forecasting with an emphasis on
its applications and use in business decision-making, such as
hedging, speculation, investment, financing and capital budgeting.
In addition, the author also considers recent developments in the
field, notably neural networks and chaos, again, with
easy-to-understand explanations of these "rocket science" areas.
The practical approach to forecasting is also reflected in the
number of examples that pepper the text, whilst descriptions of
some of the software packages that are used in practice to generate
forecasts are also provided.
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