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Devisenmärkte Und Wechselkurse: Eine Theoretische Und Empirische Analyse

Devisenmärkte Und Wechselkurse: Eine Theoretische Und Empirische Analyse

          
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About the Book

Seit dem Ubergang zu einem System des "managed floating" Anfang der 70er Jahre sind eine Vielzahl von theoretischen und empirischen Arbeiten publiziert worden, die sich vor allem mit der Erkl rung des dynamischen Anpassungsverhaltens der Wechselkurse. und deren beobachtete hohe kurzfristige Variabilit t und Instabil t t besch ftigen. Als ein - aus der Sicht des Verfassers - entscheidender Fortschritt in der Wechselkurstheorie ist dabei der Sachverhalt zu werten, da die Wechselkurse nicht mehr wie in der traditionellen Theorie als Relativpreis von international gehandelten GUtern verstanden werden, sondern als Relativpreise von inl ndischen und ausl ndischen Finanzaktiva. Der Wechselkurs ist nach die- ser Auffassung - zumindest kurzfristig - nicht durch das Leistungsbilanzgleichgewicht, d. h. durch ein Strom-Gleichge- wicht determiniert, sondern durch das Bestandsgleichgewicht auf den internationalen Finanzm rkten. Die Wechselkurse passen sich demnach bei St5rungen nicht langsam und vergleichs- weise stetig wie GUterpreise an, sondern zeigen Charakteristika wie alle sich auf gut organisierten Finanzm rkten bildende Preise wie z. B. Aktienkurse, welche durch neue Informationen und die darauf basierende Erwartungsbildung dominiert werden. Die vorliegende Arbeit, die im Oktober 1981 abgeschlossen wurde, soll u. a. ein Beitrag zum Verst&ndnis und zur empi- rischen Fundierung wesentlicher Bausteine der Finanzmarkt- theorien des Wechselkurses liefern, wobei vor allem Fragen der Informations-Effizienz der Devisenm&rkte, die Erkl&rung des Verhaltensmusters der Wechselkurse, der Zusammenhang zwischen Kassakursen, Terminkursen und Zinss&tzen sowie die Prediktor-Eigenschaften der Terminkurse im Vordergrund stehen. Mein besonderer Dank gilt meinem Lehrer, Herrn Prof. Dr. Heinz K5nig, fUr seine konstruktive Kritik und seine st&ndigen Ermunterungen.


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Product Details
  • ISBN-13: 9783540126157
  • Publisher: Springer
  • Publisher Imprint: Springer
  • Height: 244 mm
  • No of Pages: 312
  • Series Title: Studies in Contemporary Economics
  • Sub Title: Eine Theoretische Und Empirische Analyse
  • Width: 170 mm
  • ISBN-10: 3540126155
  • Publisher Date: 01 Jun 1983
  • Binding: Paperback
  • Language: German
  • Returnable: Y
  • Spine Width: 17 mm
  • Weight: 521 gr

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