Competitive exchange rates and macroeconomic theory

Resumo

Mainstream economic theories still suggest that financial markets, including the markets for currencies, smoothly and automatically solve the most complex and enduring economic problem, namely the transformation of today’s savings into tomorrow’s investment or the savings of one country into the investment of another country. It assumes that with efficient financial markets the decision of some people or countries not to spend their revenues but to put part of them aside does not create a major problem. This view faces two major objections. The first one concerns the mechanism of interregional allocation of savings, the second one the functioning of capital markets in general.

Ficha do documento

Tipo

Outro

Ano

2012

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Inglês

Acesso

Não informado

Identificador

oai:repositorio.fgv.br:10438/16266

Temas

Economia

Palavras-chave

EconomiaMacroeconomia