An Error Was Encountered

Error Number: 1054

Unknown column 'cache_on' in 'field list'

UPDATE `aff_pdf_cache` SET `cache` = 'a:10:{i:0;O:8:\"stdClass\":13:{s:2:\"id\";s:4:\"6955\";s:6:\"status\";s:8:\"verified\";s:11:\"author_name\";s:6:\"shinta\";s:9:\"author_id\";s:3:\"377\";s:14:\"author_website\";s:0:\"\";s:5:\"title\";s:72:\"Exchange rate depreciation and exports: The case of Singapore revisited\";s:11:\"description\";s:486:\"This paper revisits the weak relationship between exchange rate depreciation and exports for
\nSingapore, using a bivariate GARCH-M model that simultaneously estimates time-varying risk.
\nThe evidence shows that depreciation does not significantly improve exports, but that exchange
\nrate risk significantly impedes exports. In sum, Singaporean policy makers can better promote
\nexport growth by stabilizing the exchange rate rather than generating its depreciation. \";s:5:\"thumb\";s:86:\"images/t/70/exchange-rate-depreciation-and-exports-the-case-of-singapore-revisited.jpg\";s:6:\"thumb2\";s:87:\"images/t2/70/exchange-rate-depreciation-and-exports-the-case-of-singapore-revisited.jpg\";s:9:\"permalink\";s:70:\"exchange-rate-depreciation-and-exports-the-case-of-singapore-revisited\";s:5:\"pages\";s:2:\"12\";s:6:\"rating\";s:1:\"0\";s:5:\"voter\";s:1:\"0\";}i:1;O:8:\"stdClass\":13:{s:2:\"id\";s:4:\"9025\";s:6:\"status\";s:8:\"verified\";s:11:\"author_name\";s:6:\"shinta\";s:9:\"author_id\";s:3:\"377\";s:14:\"author_website\";s:0:\"\";s:5:\"title\";s:52:\"Flexible exchange rate regime and forex intervention\";s:11:\"description\";s:557:\"This paper reviews the recent experience with a flexible exchange rate regime and forex interventions
\nin Chile. It discusses the state of the economy and the policy implications that arise in the new regime;
\nin particular, the reaction of the authorities to unexpected movements in the exchange rate, through
\nmonetary policy and sterilised interventions. The low risks associated with financial and price instability
\nprevailing in Chile justify limiting policy reaction to exceptional circumstances in the exchange rate
\nmarket.\";s:5:\"thumb\";s:68:\"images/t/91/flexible-exchange-rate-regime-and-forex-intervention.jpg\";s:6:\"thumb2\";s:69:\"images/t2/91/flexible-exchange-rate-regime-and-forex-intervention.jpg\";s:9:\"permalink\";s:52:\"flexible-exchange-rate-regime-and-forex-intervention\";s:5:\"pages\";s:2:\"12\";s:6:\"rating\";s:3:\"4.5\";s:5:\"voter\";s:1:\"2\";}i:2;O:8:\"stdClass\":13:{s:2:\"id\";s:5:\"38781\";s:6:\"status\";s:8:\"verified\";s:11:\"author_name\";s:5:\"emily\";s:9:\"author_id\";s:1:\"0\";s:14:\"author_website\";s:0:\"\";s:5:\"title\";s:65:\"Exchange Rate Regime Durability and Performance in Developing ...\";s:11:\"description\";s:1021:\"Using new data and recent advances in the classification of exchange rate regimes, this paper finds pegged regimes confer important advantages to developing countries with little exposure to international capital. In these countries, pegs are associated with lower inflation and more durable regimes, without increased risk of crisis. Among emerging markets— developing countries that are more integrated in global financial markets—and advanced economies, our findings generally support the earlier Baxter-Stockman result pointing to the absence of a robust relationship between economic performance and exchange rate regime. Emerging markets, however, tend to have less durable exchange rate regimes, and encounter crises more frequently under pegs. Absent major political shifts toward currency unions in the future, the number of pegs in the developing world will diminish over the next two decades, especially as poorer countries gain access to global capital and, consequently, see the durability of pegs erode.\";s:5:\"thumb\";s:78:\"images/t/388/exchange-rate-regime-durability-and-performance-in-developing.jpg\";s:6:\"thumb2\";s:79:\"images/t2/388/exchange-rate-regime-durability-and-performance-in-developing.jpg\";s:9:\"permalink\";s:61:\"exchange-rate-regime-durability-and-performance-in-developing\";s:5:\"pages\";s:2:\"47\";s:6:\"rating\";s:1:\"0\";s:5:\"voter\";s:1:\"0\";}i:3;O:8:\"stdClass\":13:{s:2:\"id\";s:4:\"8826\";s:6:\"status\";s:8:\"verified\";s:11:\"author_name\";s:6:\"shinta\";s:9:\"author_id\";s:3:\"377\";s:14:\"author_website\";s:0:\"\";s:5:\"title\";s:63:\"EFFECT OF EXCHANGE RATE VOLATILITY ON THE GHANA STOCK EXCHANGE\";s:11:\"description\";s:1375:\"The study looked at the relationship between Stock Markets and Foreign
\nExchange market, and determined whether movements in exchange rates have an
\neffect on stock market in Ghana. The Exponential Generalised Autoregressive
\nConditional Heteroskedascity (EGARCH) model was used in establishing the
\nrelationship between exchange rate volatility and stock market volatility. It was
\nfound that there is negative relationship between exchange rate volatility and
\nstock market returns – a depreciation in the local currency leads to an increase in
\nstock market returns in the long run. Where as in the short run it reduces stock
\nmarket returns. Additionally, there is volatility persistence in most of the
\nmacroeconomic variables; current period’s rate has an effect on forecast variance
\nof future rate. It was also revealed that an increase (decrease) in trade deficit and
\nexpectation in future rise in trade deficit will decrease (increase) stock market
\nvolatility. In addition, the consumer price index has a strong relationship with
\nstock market volatility. This means that an increase in consumer price will lead to
\na rise in stock market volatility. Finally, there is the presence of leverage effect and
\nvolatility shocks in stock returns on the Ghana Stock Exchange.
\n\";s:5:\"thumb\";s:78:\"images/t/89/effect-of-exchange-rate-volatility-on-the-ghana-stock-exchange.jpg\";s:6:\"thumb2\";s:79:\"images/t2/89/effect-of-exchange-rate-volatility-on-the-ghana-stock-exchange.jpg\";s:9:\"permalink\";s:62:\"effect-of-exchange-rate-volatility-on-the-ghana-stock-exchange\";s:5:\"pages\";s:2:\"20\";s:6:\"rating\";s:7:\"1.85714\";s:5:\"voter\";s:1:\"7\";}i:4;O:8:\"stdClass\":13:{s:2:\"id\";s:4:\"8827\";s:6:\"status\";s:8:\"verified\";s:11:\"author_name\";s:6:\"shinta\";s:9:\"author_id\";s:3:\"377\";s:14:\"author_website\";s:0:\"\";s:5:\"title\";s:68:\"Exchange Rate, Money, And Wages: What Is Driving Prices In Armenia?\";s:11:\"description\";s:741:\"This paper is the first attempt to look at inflation dynamics and monetary transmission
\nmechanisms in Armenia in the context of a full information model containing three
\ninterrelated markets: foreign exchange, money, and labor. Using the vector error correction
\nmodel (VECM) approach, we find that the exchange rate pass-through to prices is very
\nstrong relative to credit, wage, and interest rate channels. The analysis suggests a relatively
\nfast adjustment of prices to long-run disequilibria in the exchange rate market, albeit with
\ninitial overshooting of the price level. In addition, we find no evidence of prices responding
\nto changes in money and wages in a statistically significant manner.\";s:5:\"thumb\";s:79:\"images/t/89/exchange-rate-money-and-wages-what-is-driving-prices-in-armenia.jpg\";s:6:\"thumb2\";s:80:\"images/t2/89/exchange-rate-money-and-wages-what-is-driving-prices-in-armenia.jpg\";s:9:\"permalink\";s:63:\"exchange-rate-money-and-wages-what-is-driving-prices-in-armenia\";s:5:\"pages\";s:2:\"30\";s:6:\"rating\";s:1:\"0\";s:5:\"voter\";s:1:\"0\";}i:5;O:8:\"stdClass\":13:{s:2:\"id\";s:5:\"10942\";s:6:\"status\";s:8:\"verified\";s:11:\"author_name\";s:7:\"samanta\";s:9:\"author_id\";s:4:\"1916\";s:14:\"author_website\";s:0:\"\";s:5:\"title\";s:73:\"Financial Integration and the Wealth Effect of Exchange Rate Fluctuations\";s:11:\"description\";s:1232:\"Agrowing body of research emphasizes the direct impact of exchange rate movements on the value of U.S. foreign assets. Because a substantial amount of U.S. assets are denominated in foreign currencies, a depreciation of the dollar leads to large capital gains. First, we present a detailed decomposition of the U.S. balance sheet, which exhibits substantial leverage in terms of currencies and across asset categories. The United States holds 50 percent of GDPin foreign-currency assets and is long in FDI (foreign direct investment) and equity positions and short in debt and banking positions. Then, we incorporate these features of international financial integration in a simple general equilibrium model and analyze how they affect the international transmission of monetary shocks. We find that financial integration is a central component of the model, with the valuation gains from an exchange rate depreciation leading to a welfare effect that is at least as large as that stemming from nominal rigidities alone but possibly much larger. We characterize how interdependence is affected by the composition of the portfolio across asset categories and how structural features of the model interact with financial integration.\";s:5:\"thumb\";s:90:\"images/t/110/financial-integration-and-the-wealth-effect-of-exchange-rate-fluctuations.jpg\";s:6:\"thumb2\";s:91:\"images/t2/110/financial-integration-and-the-wealth-effect-of-exchange-rate-fluctuations.jpg\";s:9:\"permalink\";s:73:\"financial-integration-and-the-wealth-effect-of-exchange-rate-fluctuations\";s:5:\"pages\";s:2:\"93\";s:6:\"rating\";s:1:\"0\";s:5:\"voter\";s:1:\"0\";}i:6;O:8:\"stdClass\":13:{s:2:\"id\";s:5:\"14852\";s:6:\"status\";s:8:\"verified\";s:11:\"author_name\";s:7:\"samanta\";s:9:\"author_id\";s:4:\"1916\";s:14:\"author_website\";s:0:\"\";s:5:\"title\";s:120:\"ON DISCRETION VERSUS COMMITMENT AND THE ROLE OF THE DIRECT EXCHANGE RATE CHANNEL IN A FORWARD-LOOKING OPEN ECONOMY MODEL\";s:11:\"description\";s:1385:\"Irrespective of whether discretion or commitment to a binding rule guides the conduct of monetary policy, the existence of a direct exchange rate channel in the Phillips Curve causes the behavior of the key economic variables in the open economy to be dramatically different from that in the closed economy. In the open economy, the policymaker can no longer perfectly stabilize real output and the rate of inflation in the face of IS and UIP shocks as well as shocks to foreign inflation. If the exchange rate channel in the Phillips Curve is operative, then in the open economy the policymaker faces an output-inflation tradeoff that differs substantially from its counterpart in the closed economy. Our analysis of the conduct of monetary policy reveals that the stabilization bias under discretion is weaker in the open economy relative to the closed economy. In the open economy, a \"less conservative central banker\", one that attaches a smaller weight to the variance of inflation in the loss function, can be appointed to replicate the behavior of real output that eventuates under optimal policy. Evaluating the social loss function under discretion and commitment, we find that the existence of a direct exchange rate channel in the Phillips Curve mitigates the pronounced differences between the two strategies that exist in case of high persistence in the stochastic shocks.\";s:5:\"thumb\";s:117:\"images/t/149/on-discretion-versus-commitment-and-the-role-of-the-direct-exchange-rate-channel-in-a-forward-lookin.jpg\";s:6:\"thumb2\";s:118:\"images/t2/149/on-discretion-versus-commitment-and-the-role-of-the-direct-exchange-rate-channel-in-a-forward-lookin.jpg\";s:9:\"permalink\";s:100:\"on-discretion-versus-commitment-and-the-role-of-the-direct-exchange-rate-channel-in-a-forward-lookin\";s:5:\"pages\";s:2:\"35\";s:6:\"rating\";s:1:\"0\";s:5:\"voter\";s:1:\"0\";}i:7;O:8:\"stdClass\":13:{s:2:\"id\";s:4:\"6954\";s:6:\"status\";s:8:\"verified\";s:11:\"author_name\";s:6:\"shinta\";s:9:\"author_id\";s:3:\"377\";s:14:\"author_website\";s:0:\"\";s:5:\"title\";s:68:\"Exchange rate depreciation, interest rate cut and tighter liquidity\";s:11:\"description\";s:1026:\"On March 27 it was announced that the fluctuation band of the exchange rate would be abolished, and
\nthe reform took effect the following day. Over the days prior to that, the króna came under serious pres-
\nsure. The exchange rate slid even further after the reform and has now weakened by 7.3% since the
\nbeginning of the year. Of this figure, 5.2% occurred in the period after the March reform. At the same
\ntime as the new exchange rate framework was adopted, the Central Bank lowered interest rates on its
\nrepo agreements by half a percentage point. The interest rate cut was based on the assessment that infla-
\ntion would decelerate next year and that the overheating targeted by the Bank with its measures over the
\npast few years would ease. The interest rate differential with abroad changed little, however, and has
\nremained relatively stable since mid-January. Bond yields have fallen somewhat and share prices have
\nlost more than 14% since the New Year.
\n\";s:5:\"thumb\";s:82:\"images/t/70/exchange-rate-depreciation-interest-rate-cut-and-tighter-liquidity.jpg\";s:6:\"thumb2\";s:83:\"images/t2/70/exchange-rate-depreciation-interest-rate-cut-and-tighter-liquidity.jpg\";s:9:\"permalink\";s:66:\"exchange-rate-depreciation-interest-rate-cut-and-tighter-liquidity\";s:5:\"pages\";s:1:\"5\";s:6:\"rating\";s:1:\"0\";s:5:\"voter\";s:1:\"0\";}i:8;O:8:\"stdClass\":13:{s:2:\"id\";s:5:\"10868\";s:6:\"status\";s:8:\"verified\";s:11:\"author_name\";s:7:\"samanta\";s:9:\"author_id\";s:4:\"1916\";s:14:\"author_website\";s:0:\"\";s:5:\"title\";s:58:\"Asset Prices and Exchange Rate Risk: A Measurement Problem\";s:11:\"description\";s:832:\"In this paper we extend the CAPM to the real world problem of valuation of assets using random local currency values. Our theoretical framework is similar in spirit to previous work extending the CAPM to uncertain inflation, except that here we focus on exchange rate risk rather than inflation risk. In this respect we derive a CAPM with uncertain exchange rates, or CAPMX, and show that the marketwide systematic risk of an asset is affected by exchange rate risk. With no exchange risk the CAPMX reduces to the original CAPM. An empirical version of the CAPMX is specified and evidence reported, which shows that exchange rate risk significantly affects the marketwide systematic risk of a considerable proportion of U.S. stocks. Further analyses suggest that foreign exchange risk premia average about one percent per year.\";s:5:\"thumb\";s:74:\"images/t/109/asset-prices-and-exchange-rate-risk-a-measurement-problem.jpg\";s:6:\"thumb2\";s:75:\"images/t2/109/asset-prices-and-exchange-rate-risk-a-measurement-problem.jpg\";s:9:\"permalink\";s:57:\"asset-prices-and-exchange-rate-risk-a-measurement-problem\";s:5:\"pages\";s:2:\"63\";s:6:\"rating\";s:1:\"0\";s:5:\"voter\";s:1:\"0\";}i:9;O:8:\"stdClass\":13:{s:2:\"id\";s:5:\"11236\";s:6:\"status\";s:8:\"verified\";s:11:\"author_name\";s:7:\"samanta\";s:9:\"author_id\";s:4:\"1916\";s:14:\"author_website\";s:0:\"\";s:5:\"title\";s:138:\"Systematic jump risks in a small open economy: simultaneous equilibrium valuation of options on the market portfolio and the exchange rate\";s:11:\"description\";s:1252:\"The valuation of stock options and currency options has witnessed an explosion of new development in the past 20 years. These models, setup either in a partial equilibrium ora general equilibrium framework, have certainly enriched our understanding of option valuation in one way or the other. However, the main drawback of these models is that stock options and currency options are analyzed in separate contexts. Theco-movement of the stock market and the currency market is absent from the option valuation analysis. Suchco-movement is extremely important and is best illustrated by the Southeast Asian financial crisis. To overcome this drawback, this paper uses an equilibrium model to investigate the joint dynamics of the exchange rate and the market portfolio in a small open monetary economy with jump-diffusion money supplies and aggregate dividends. It is shown that the exchange rate and the market portfolio are strongly correlated since both are driven by the same econ- omicfundamentals. Furthermore, options on the exchange rate and the market portfolio are evaluated in the same equilibrium context. The analysis shows that parameters describing the same economic fundamentals have very different effects on currency and stock options.\";s:5:\"thumb\";s:117:\"images/t/113/systematic-jump-risks-in-a-small-open-economy-simultaneous-equilibrium-valuation-of-options-on-the-m.jpg\";s:6:\"thumb2\";s:118:\"images/t2/113/systematic-jump-risks-in-a-small-open-economy-simultaneous-equilibrium-valuation-of-options-on-the-m.jpg\";s:9:\"permalink\";s:100:\"systematic-jump-risks-in-a-small-open-economy-simultaneous-equilibrium-valuation-of-options-on-the-m\";s:5:\"pages\";s:2:\"28\";s:6:\"rating\";s:1:\"0\";s:5:\"voter\";s:1:\"0\";}}', `cache_on` = '2015-02-27 19:32:17' WHERE `aff_id` = '974316'