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Financial Panic and Exchange Rate Overshooting during Currency Crises

2018-12-21 来源: 51due教员组 类别: Paper范文

下面为大家整理一篇优秀的paper代写范文- Financial Panic and Exchange Rate Overshooting during Currency Crises,供大家参考学习,这篇论文讨论了金融恐慌和汇率过高的问题。在现实中,如果汇率突然过高的话,那么就有可能出现金融恐慌。事实上,一些国家已经意识到金融恐慌问题的重要性。在不同的货币危机时期,存在着汇率过高的现象。纵观整个金融危机,最重要的汇率过高之一发生在亚洲,这一水平远高于欧洲危机的平均水平。

Financial Panic,Exchange Rate Overshooting,essay代写,paper代写,作业代写

In the earlier research, there are many experiments which are related to the financial panic and exchange rate overshooting. In this paper, we can find that the monetary tightening sometimes means to provide help to the exchange rate’s stabilization in the period of currency crises. The problem is that the finding is sensitive to the election of the sample.

In reality, to some extent financial panic is an important reason for the appearance of the exchange rate. It is obvious that this condition is serious in Asian countries. At the same time, the selection of the sample also takes the great role. In fact, some countries have realized the importance of the financial panic.

In this paper, we can see following parts. We make clear the ways of overshooting and write down the condition of the exchange rate at the moment of currency crises. Then we look back the theories of the financial panic so that we can form the way of finical panic and the change of the crises. At last, we conclude all of these parts and give a brief conclusion of the whole paper.

We have known the financial panic and exchange rate of overshooting; we can see that there exists the exchange rate overshooting in the different time of currency crisis. We should pay attention to the fact that the degree of the currency exchange rate overshooting is changeable with the change of the selection of sample. The character of the sample can influence the result of the research. We look thought the whole financial crisis, we find that one of the most important exchange rate overshooting happens in the Asia. The level is much more than the European average crisis.

In this paper, there are some tables and forms, which can make the result of research, become very believable. We can get some useful information from these tables. For example, we can see that in the most cases, long period of depreciation of the currency rate exists more frequently in Asian countries instead of some European countries. From the tale, we can see that the financial panic takes the great part in the change of the currency crisis situation. It is more obvious in the Asian countries. (Soyoung, p80).

That is to say that there are some herding behaviors in the period of the currency crisis. What is herding behavior? It will happen when one person intend to select a action which is similar to the former action that he has chosen before. In some cases, one tend to follow others’ actions, even though his brain tells him that he should do this thing in another way. Just like this, some investors’ action in the crisis will influence others and other aspects of things. (Soyoung, p83). In this way, it will cause a series of problems. This kind of influence is very great.

For this reason, we can find a good explain about why the currency crisis is contagious and territorial. The function of the behaviors of wild world investor in broadcasting the influence of financial crisis in the certain area is emphasized by the experts. Indeed, once a crisis appears in a country, this can cause a series of spreading of the currency crisis about other areas.

In order to make the paper become more meaningful, the concept of CID was used to help solve the problems. In reality, CID is a good way of financial panic. The reason is simple. Under the risk of the financial panic, some investors’ attitude about the invest risk has changed a lot. It is possible that the unreasonable actions of the investors can be observed easily. For this reason, we need to use CID to get the degree of the financial panic. We can compare the average value of the CID in the different period of currency crisis time. Then we use the difference of CIDs for the measure of financial panic.

In order to examine the significance of financial panic as the main reason of overshooting, we can use just one variable. That is to say, we take the regressions of the currency crisis and monetary.

At the same time, we also take the sub sample regressions. We neglect of Indonesia. In this way, the result is more correct. The result of the research shows that the former study of the topic emphasis the great function of tightens rate strategy. The purpose is to keep the steady of the currency rate. The result suggests us that we should keep a clear mind about the former studies. On the one side, such result is very sensitive with the election of sample. On the other side, the financial panic is one of the important factors for the currency rate overshooting. It can hardly change in the studies. (Soyoung, p85).We should know that it is very important in the world economy. This can easily be seen in the Asian countries.

As for CID, CID has the great connection with the action of the investors. The action of the investor is very subjective. For this reason, the improper action of investor can influence the CID in a very short time. However, this kind of influence is not single. It may cause both positive influence and the negative influence. So we can see the power of the investor’s behavior.

In conclusion, this paper shows an explanation of observation of exchange rate overshooting. Then we prove the validity of the research. The former study has shown the function of the policy of exchanged rate. We draw the conclusion that the investors’ behaviors have the great connection with the exchanged rate overshooting.

We first write down the exchange rate movements in the period of currency crises. By doing this, we find that overshooting phenomena were frequently found in the different period of currency crises and different countries. (Soyoung, p86).The degree of exchange rate overshooting is quiet important in the Asian crisis. In reality, financial panic just intends to play a essential role in the selection sample.

The findings of this paper contribute a lot to form a theoretical model, which can greatly analyze the action of exchange rates in the period of currency crises and finally give a great background to develop appropriate policies at the moment of currency crisis. Even though there are many studies show that financial panic is an important cause reason of currency crisis. Indeed, only a few former studies on this research topic exist. Our result shows that financial panic plays an important role in generating the overshooting phenomenon also implicitly show that financial panic plays an important role in currency crises in some Asian countries. (Soyoung, p85). In the future, the research on the exact cause and role of financial panic in currency crises may be fruitful. This needs the further study.

Reference

Soyoung kim&Sunghyun Henry Kim,(2007), International Economic Journal : Financial Panic and Exchange Rate overshooting during Currency Crises. Vol. 21No.1, p71-89.

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