Exchange Rate Environment

Simon Brooks, Keith Cuthbertson, David G. Mayes

• Foreword 1. Introduction Part 1: Exchange Rate Determination: Theory and Evidence 2. The Spot Market, the Forward Market and the Capital Account 3. Theories of the Determination of the Forward Rate and Spot Capital Flows 4. International Monetary Models 5. Asset Markets, the Efficient Markets Hypothesis and ‘News’ Part 2: Alternative Exchange Rate Regimes 6. The Evolution of the Exchange Rate System Since the Second World War 7. The European Monetary System 8. Other Exchange Rate Regimes Part 3: The Exchange Rate and Economic Policy 9. The Exchange Rate and the Real Economy 10. Exchange Rate Policy and the Rate of Inflation 11. The Interactions of Exchange Rate Policy with other Policies 12. The Impact of Natural Resource Discovery on Exchange Rates: The Case of North Sea Oil Part 4: Forecasting 13. Forecasting the Exchange Rate – A Sceptical View

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