Download Currency Politics: The Political Economy of Exchange Rate by Jeffry A. Frieden PDF

By Jeffry A. Frieden

The alternate price is an important rate in any financial system, because it impacts all different costs. alternate premiums are set, both at once or not directly, by way of govt coverage. alternate premiums also are important to the worldwide economic climate, for they profoundly impression all overseas monetary job. regardless of the serious position of alternate expense coverage, there are few definitive causes of why governments decide on the foreign money guidelines they do. jam-packed with in-depth circumstances and examples, Currency Politics provides a entire research of the politics surrounding alternate charges.

Identifying the motivations for forex coverage personal tastes at the a part of industries looking to impact politicians, Jeffry Frieden exhibits how each one industry's characteristics--including its publicity to forex threat and the fee results of alternate price movements--determine these personal tastes. Frieden evaluates the accuracy of his theoretical arguments in various ancient and geographical settings: he seems to be on the politics of the surest, rather within the usa, and he examines the political financial system of ecu financial integration. He additionally analyzes the politics of Latin American foreign money coverage over the last 40 years, and makes a speciality of the daunting forex crises that experience often debilitated Latin American international locations, together with Mexico, Argentina, and Brazil.

With an formidable mixture of narrative and statistical research, Currency Politics clarifies the political and monetary determinants of alternate price policies.

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Extra info for Currency Politics: The Political Economy of Exchange Rate Policy

Sample text

This prominent explanation of limited pass-­through is worth describing in more detail. An exporting firm in a perfectly competitive market has no choice about pricing its goods. Of course, the prices in question are expressed in national currencies, so that when currency values change, prices change accordingly. Take the example of Argentine wheat and a world market price of wheat set in US dollars. Argentine suppliers constitute a small enough share of the market that nothing they do can affect the world price of wheat in dollars.

Certainly the incorporation of pass-­through (and other factors that influence the price effects of exchange rate movements) is a real complication to any economic or political economy analysis. Nevertheless, it is central to a contemporary understanding of exchange rates, and I believe that it needs to be just as key to our analyses of the political economy of exchange rate policy. While it does complicate analysis, so too do considerations of factor supply and import elasticities in trade policy, asset specificity in contractual analyses, or entry barriers in regulatory policy.

Housing, restaurant meals, education, health care, and haircuts are typical examples. Tradability is relative, not absolute. Belgians buy homes in the Netherlands and commute, Southern Californians get their hair cut in Mexico, and foreigners come to the United States for medical and educational services. In addition, many nontradables use substantial tradable inputs, such as construction materials in housing, which can lead their prices to be linked. 8 In this framework, the prices of tradable goods are set in world markets, while the prices of nontradable goods and services are set domestically.

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