New PDF release: Currency Politics: The Political Economy of Exchange Rate

By Jeffry A. Frieden

ISBN-10: 0691164150

ISBN-13: 9780691164151

The alternate cost is an important rate in any economic climate, because it impacts all different costs. trade premiums are set, both at once or in some way, by way of executive coverage. trade premiums also are significant to the worldwide economic system, for they profoundly impression all overseas monetary job. regardless of the serious function of alternate price coverage, there are few definitive reasons of why governments decide on the forex guidelines they do. full of in-depth circumstances and examples, Currency Politics offers a complete research of the politics surrounding trade charges.

Identifying the motivations for forex coverage personal tastes at the a part of industries looking to impression politicians, Jeffry Frieden indicates how each one industry's characteristics--including its publicity to forex probability and the associated fee results of trade cost movements--determine these personal tastes. Frieden evaluates the accuracy of his theoretical arguments in numerous old and geographical settings: he seems on the politics of the top of the line, fairly within the usa, and he examines the political economic climate of ecu financial integration. He additionally analyzes the politics of Latin American forex coverage during the last 40 years, and makes a speciality of the daunting forex crises that experience often debilitated Latin American countries, together with Mexico, Argentina, and Brazil.

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

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Sample text

On the other hand, an exporting firm whose currency appreciates might decide not to raise foreign-­currency prices so as not to drive away business. If the dollar rose against the peso, a US software company might decide to hold steady the peso price of its software sold in Argentina—even though this would lower 15 This may seem peculiar to many, used to thinking of a depreciation as reducing the foreign price of domestic goods—“making exports more competitive”—but such a setting is inconsistent with perfectly competitive markets in which the exporter has no market power.

In a more contemporary mode, it examines the political economy of the process of European monetary integration. And it also analyzes the politics of Latin American currency policy over the past forty years. Chapter 1 sets forth a theoretical framework for the analysis of the politics of exchange rates, emphasizing the sources of special interests with regard to currency policy. It provides analytic expectations about the sorts of patterns we should observe in exchange rate politics. The book then looks in depth at various settings to see the extent to which these expectations are borne out.

19 The exchange rate could depreciate (appreciate) and then be fixed, locking in a depreciated (appreciated) rate. Yet it is likely that those who want a depreciation (appreciation) at one point in time anticipate wanting one again (especially inasmuch as the real depreciation or appreciation may eventually be eroded by domestic price increases or declines); as such, the more common pattern is linked support for a depreciated currency and opposition to a fixed one. 36 A Theory of Currency Policy Preferences Also supportive of a fixed rate will be, I expect, those with substantial net foreign-­currency debts.

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


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