Handbook of International Economics

1st Edition - April 7, 2022

Editors: Gita Gopinath, Elhanan Helpman, Kenneth Rogoff

Hardback ISBN:

9 7 8 - 0 - 3 2 3 - 9 5 7 7 2 - 4

eBook ISBN:

9 7 8 - 0 - 3 2 3 - 9 5 7 7 3 - 1

Handbook of International Economics, Sixth Edition provides a definitive reference for researchers and advanced graduate students. The book includes self-contained surveys of the… Read more

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Handbook of International Economics, Sixth Edition provides a definitive reference for researchers and advanced graduate students. The book includes self-contained surveys of the current state of a branch of economics in the form of chapters prepared by leading specialists. These surveys summarize not only received results but also newer developments from journal articles and discussion papers. Chapters cover The Global Financial Cycle, Dominant Currency Paradigm: a review, Rethinking exchange rate regimes, CIP deviations, the dollar, and frictions in international capital markets, International macroeconomics with imperfect financial markets, The prudential use of capital controls and foreign currency reserves, and Financial crises: a survey.

Cover image
Title page
Table of Contents
Copyright
Contributors
Introduction to the series
Preface
Chapter 1: The Global Financial Cycle
Abstract
1. Introduction
2. Empirical evidence on global factors
3. What is behind the Global Financial Cycle?
4. Has the Global Financial Cycle changed after Lehman?
5. Models of the Global Financial Cycle
6. Global Financial Cycle, monetary and macroprudential policies: a research agenda
References
Chapter 2: Dominant Currency Paradigm: a review
Abstract
1. Introduction
2. Empirical evidence
3. Asymmetry in the transmission of shocks
4. Optimal monetary policy
5. Currency choice
6. Conclusions and directions for future research
Appendix A. Additional figures
References
Chapter 3: Rethinking exchange rate regimes
Abstract
1. Introduction
2. A brief history of the dominant currency
3. Rethinking exchange rate regimes
4. Dollar dominance in the 21st century
5. Exchange rate practices in extended Bretton Woods II
6. Striking stability at the center of the system
7. Capital flows and capital controls
8. The impossible trinity and the new Triffin dilemma
9. Conclusions
References
Chapter 4: CIP deviations, the dollar, and frictions in international capital markets
Abstract
1. Introduction
2. CIP: background, definition and measurement
3. CIP deviations for benchmark bank rates
4. CIP deviations and bank balance sheet constraints
5. Demand for dollar funding and hedging services
6. CIP deviations for government bond yields
7. Exchange rates and CIP deviations
8. Takeaways and open research questions
9. Conclusion
Appendix A. Calculating the annualized forward premium
References
Chapter 5: International macroeconomics with imperfect financial markets
Abstract
1. A simple theoretical framework
2. The financial frictions view of international macroeconomics
3. Conclusions
References
Chapter 6: The prudential use of capital controls and foreign currency reserves
Abstract
1. Introduction
2. Historical and empirical perspective
3. Model
4. A capital flight shock and the optimal response
5. Prudential policies
6. Extensions and connections
7. Empirical findings on effectiveness
8. Conclusions
Appendix A. Proofs
Appendix B. Data appendix
References
Chapter 7: Financial crises: a survey
Abstract
1. Introduction
2. Measurement: defining a financial crisis
3. Financial crisis predictability and causality
4. Explaining the painful consequences of a crisis
5. Open economy considerations
6. Open questions and future research
References
Index