PPT-1 Currency Wars Jeffrey Frankel

Harpel Professor of Capital Formation amp Growth Harvard University American Enterprise Institute March 18 2013 Is currency wars just a catchy phrase It is another way of saying competitive devaluation. CRISES IN EMERGING MARKETS. L21: Speculative Attack Models. . • Generation I. • Generation II. • Generation III. . L22: Sudden Stops. . • Boom & bust in EMs. • Contagion. LECTURE . 9: . SEIGNIORAGE . & HYPERINFLATION. Key Question:. . Government . attempts . to . stimulate . the . economy . may . explain . moderate . levels . of . money growth . & inflation….. Lecture 18: Crises in Emerging . Markets. Continuing from Lecture 12. Boom-bust . cycle . of . inflows & outflows. Sudden stops. Managing . capital . outflows. Speculative attacks. Contagion. IMF . Internet Banking – Additi onal Currency Options * Currency Code Currency Currency Code Currency Currency Code Currency ALL ALBANIA LEK IDR INDONESIAN RUPIAH PKR PAKISTANI RUPEE ANG NETH.ANTILLI Aggregate Demand . (AD). . & . Aggregate Supply . (AS). Ultra-Keynesian A.S.. Neoclassical . A.S. . Intermediate A.S. curve. Expectations-augmented A.S. .. Rational . expectations . A.S.. Real Business Cycles . “Systematic Managed Floating”. Andrew K. Rose. Berkeley-Haas, ABFER, CEPR and NBER. Paper carefully written, full of good ideas and nuance. In fact, I agree with most everything that’s written. Lecture 3. : . Country Risk. The portfolio-balance model . with default risk.. When countries default.. What determines sovereign spreads?. Debt Sustainability Analysis (DSA).. API-119 - Prof.J.Frankel. By: Shannon Byrne. Background:. Known as Milwaukee Cannibal.. Was a sex offender who committed rape, murder, and dismemberment. Born on May 21. st. , 1960 . Died on November 28. th. , 1994. Went to Ohio State University. If you’re the type of person who has an annual vacation that you look forward to every year, do you ever find that you put yourself under intense pressure to ensure that the vacation is as perfect as it can be? With just one opportunity a year to have some time away from work or other constraints with friends or family, do you feel that if your vacation is not perfect in every way, then somehow you have failed and wasted your chance? Markets. Continuing from Lecture 12. Boom-bust . cycle . of . inflows & outflows. Sudden stops. Managing . capital . outflows. Speculative attacks. Contagion. IMF . Programs. Appendices: . Car . crash analogy. (I) . Boom . & bust in EM capital . flows. (II) . Currency . crashes. (iii) The statistical record of . . Early . Warning . Indicators. Crises in Emerging Markets: Part I Outline. (I) Boom & bust in EM capital flows. . Breaching the central bank’s defenses. . LECTURE 25: . Speculative Attack Models. . • Generation . I. . • . Generation II. . . • Generation III. Exchange Rate Regimes. ITF220 Prof.J.Frankel. What exchange rate regimes do . countries . choos. e. ?. Classification of exchange rate regimes. What regimes . should. countries . choose?. 2. Advantages . Economics of International Financial Policy: ITF 220 Staff -- Professor: Jeffrey Frankel , Littauer 217 Office hours: Mon.& Tues., 3:00-4:00. Faculty Asst.: Minoo Ghoreishi,