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Exchange Rate Volatility, Trade, and Capital Flows under Alternative Exchange Rate Regimes (Japan-US Center UFJ Bank Monographs on International Financial Markets) Hardcover – 19 Jun 2000

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Product details

  • Hardcover: 174 pages
  • Publisher: Cambridge University Press (19 Jun. 2000)
  • Language: English
  • ISBN-10: 0521562945
  • ISBN-13: 978-0521562942
  • Product Dimensions: 16 x 1.8 x 23.8 cm
  • Average Customer Review: Be the first to review this item
  • Amazon Bestsellers Rank: 9,133,395 in Books (See Top 100 in Books)
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Product description


'Sercu and Uppal understand that goods markets and financial markets are not yet truly globalized. This book is a nice synthesis of research on the effects of barriers to trade on exchange rates, trade volume and financial flows. It is technically solid, but the style is lucid and the authors provide a great deal of intuition.' Charles M. Engel, University of Washington

'In this book Piet Sercu and Raman Uppal provide us with a deep and rigorous analysis of the workings of the international financial system. For the reader willing to make the intellectual journey with the authors, reading this book is a rewarding experience.' Paul de Grauwe, University of Leuven, Belgium

'This important book makes significant contributions that extend the frontier of research on international macroeconomics and finance. It foreshadows future progress in the economics of exchange rates, and will be required reading for my graduate students, as it should for all researchers in the field. This book contains a rare combination of literature survey, theory, evidence, policy implications, and (most importantly) perspective and judgement, which truly deserves the appellation of the 'new open-economy macroeconomics'.' Alan Stockman, University of Rochester

'Explaining the volatility of nominal and real exchange rates is at the heart of international macroeconomics. Sercu and Uppal have done a great job of expositing some of the frontier work in this area. They build intuition with simple models and then deftly analyze the empirical implications. This book is a must read for all economists interested in exchange rates.' Patrick Kehoe, Federal Reserve Bank of Minneapolis

Book Description

Professors Sercu and Uppal examine exchange rate volatility in the context of dynamic general equilibrium models, explicitly considering the role of financial markets while allowing for commodity markets to be segmented across countries. They show that the theoretical models for exchange rates in this context are quite different from those put forth by monetary theorists and proponents of purchasing power parity arguments.

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Most helpful customer reviews on 3.0 out of 5 stars 1 reviews
Kun Li (Lincoln)
3.0 out of 5 stars... the FX pricing and suggests using such model is better than PPP and UIP
27 December 2016 - Published on
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