Between the Dollar-Sterling Gold Points: Exchange Rates, Parity and Market BehaviorCambridge University Press, 2007 M07 2 - 368 pages Officer begins this book with a historical perspective of the monetary standards of the United States and Britain. He then develops data on exchange rates, mint parity and gold points, with which he investigates three important features of Anglo-American monetary history. First, the integration of the American foreign-exchange market over time. Second, it is proved that gold-point arbitrage is markedly more efficient than either interest arbitrage or forward speculation. Third, regime efficiency is explored from standpoints of both private agents and policy-makers; the 1925-1931 gold standard, though less durable than the pre-war standard, is nevertheless shown to be surprisingly stable. The book will serve as a Dollar-Sterling handbook for those interested in this important aspect of international monetary history. |
Contents
Introduction | 1 |
Parity | 80 |
Exchangerate data | 89 |
43 | 93 |
theory and practice | 113 |
External integration | 179 |
Theory of market efficiency | 215 |
Empirical testing of market efficiency | 230 |
Market forces | 255 |
Summary and conclusions | 279 |
Goldpoint estimates | 303 |
References | 314 |
Other editions - View all
Between the Dollar-sterling Gold Points: Exchange Rates, Parity, and Market ... Lawrence H. Officer No preview available - 1996 |
Common terms and phrases
abrasion arbitrageurs Assay Bank of England bills of exchange bimetallism Bretton Woods system bullion Carothers 1930 chapter coinage Cole component covered interest arbitrage currency Davis and Hughes dealers decade demand bill deviation dollars per pound eagles efficiency band Einzig exchange rate exchange-market integration exchange-rate exchange-rate gain exchange-rate series export external floating exchange rate foreign foreign-exchange market forward speculation gold standard gold-export gold-import point gold-point arbitrage gold-point spread gold-point violations GPA and GTF GPA efficiency House of Brown Huntington and Mawhinney import inefficiencies interest cost internal integration July June London loss function March market efficiency mean|R minus months Morgenstern normal profit operations paper standard percentage period averages Perkins purchase ratio regime efficiency risk premium Sayers Second Bank selling Spanish dollar specie spread mid-point sterling tion transactions cost Treasury Trotter UIA and FS uncovered interest arbitrage United variables zero