Keywords: Stochastic optimal control; Debt; International finance; Vulnerability to external Several noteworthy debt crises have occurred in recent years.
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- Stochastic Optimal Control, International Finance, and Debt Crises - Oxford Scholarship
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A Stochastic Optimal Control Analysis. Oxford University Press is a department of the University of Oxford.
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Stochastic Optimal Control, International Finance, and Debt Crises - Oxford Scholarship
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- Jerome L. Stein;
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Stein Cutting edge interdisciplinary research in the areas of economics and applied mathematics Provides analytical tools to explain and evaluate trends in real exchange rates, and provides theoretically based warning signals of currency and debt crises Explanation of exchange rate crises and debt crises in Asia and Emerging market countries Provides an evaluation of the sustainability of US current account deficits and their effects upon the vulnerability of the economy to external shocks Each chapter is self-contained, allowing the reader to read the book as a whole or according to their interest.
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Social Dynamics Brian Skyrms. Oxford University Press is a department of the University of Oxford. It furthers the University's objective of excellence in research, scholarship, and education by publishing worldwide. Numerous tables and figures, mm x mm. This book focuses on the interaction between equilibrium real exchange rates, optimal external debt, endogenous optimal growth and current account balances, in a world of uncertainty.
The theoretical parts result from interdisciplinary research between economics and applied mathematics. From the economic theory and the mathematics of stochastic optimal control the author derives benchmarks for the optimal debt and equilibrium real exchange rate in an environment where both the return on capital and the real rate of interest are stochastic variables. The theoretically derived equilibrium real exchange rate - the "natural real exchange rate" NATREX - is where the real exchange rate is heading. These benchmarks are applied to answer the following questions.
Stochastic Optimal Control, International Finance, and Debt Crises
The theory is applied to evaluate the Euro exchange rate, the exchange rates of the transition economies, the sustainability of U. Academic economists, policy makers at Central Banks, graduate students, mathematicians concerned with applications of stochastic optimal control and economists in the financial sectors, banks and brokerage houses. Optimal debt and Equilibrium Exchange Rates: An Overview Theoretical Framework 2.