LEADER 06413 am 22006613u 450 001 9910297038203321 005 20230621141058.0 010 $a3-631-75699-2 024 7 $a10.3726/b14167 035 $a(CKB)4100000007277022 035 $a(OAPEN)1003350 035 $a(oapen)https://directory.doabooks.org/handle/20.500.12854/28980 035 $a(MiAaPQ)EBC30685961 035 $a(Au-PeEL)EBL30685961 035 $a(EXLCZ)994100000007277022 100 $a20200115h20042004 fy 0 101 0 $aeng 135 $aurmu#---auuuu 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 14$aThe stability of currency boards /$fKai Stukenbrock 205 $a1st ed. 210 $aBern$cPeter Lang International Academic Publishing Group$d2018 210 1$aFrankfurt am Main, Germany:$cPeter Lang,$d[2004] 210 31$aFrankfurt am Main, Germany:$cPeter Lang,$d[2018] 210 4$d©2004 215 $a1 online resource (237 pages) $cillustrations, charts; digital, PDF file(s) 225 1 $aCeGE-Schriften,$x1617-741X ;$v8 300 $aOriginally presented as the author?s doctoral thesis: Gottingen, 2003. 311 08$aPrint version: 9783631520314 320 $aIncludes bibliographical references. 327 $aCover -- List of Figures -- List of Tables -- List of Abbreviations -- List of Variables -- 1 Introduction -- 2 Currency Boards-An Overview -- 2.1 Basic Features of a Currency Board -- 2.1.1 Definition of a Currency Board -- 2.1.2 Currency Boards vs Central Banks -- 2.1.3 Flexibility in Design -- 2.2 Currency Board Characteristics -- 2.2.1 Credibility and Macroeconomic Stability -- 2.2.2 The Adjustment Process and Market Flexibility -- 2.2.3 Anchor Currency Selection-A Theory of Optimum Currency Areas Perspective -- 2.2.4 Monetary Policy, Lender of Last Resort Support, and Financial Fragility -- 2.2.5 Fiscal Policy -- 2.3 Conclusion -- 3 Past and Present Currency Boards -- 3.1 History of Currency Boards -- 3.1.1 General Overview -- 3.1.2 Foundations -- 3.1.3 The First Currency Boards (1849-1912) -- 3.1.4 The West African Currency Board (1913) -- 3.1.5 The Peak and Decline of the Currency Board System (1913-1974) -- 3.2 Hong Kong (1983) -- 3.2.1 Lead-Up to the Currency Board -- 3.2.2 Currency Board Design -- 3.2.3 Currency Board Performance -- 3.3 Argentina (1991-2002) -- 3.3.1 Lead-Up to the Currency Board -- 3.3.2 Currency Board Design -- 3.3.3 The Early Years of the Currency Board and the Tequila Crisis -- 3.3.4 The Late Years and Currency Board Exit -- 3.4 Estonia (1992) and Lithuania (1994) -- 3.4.1 Lead-Up to the Currency Boards -- 3.4.2 Currency Boards Design -- 3.4.3 Currency Boards Performance -- 3.4.4 Accession to the European Union and the European Monetary Union -- 3.5 Bulgaria (1997) -- 3.5.1 Lead-Up to the Currency Board -- 3.5.2 Currency Board Design -- 3.5.3 Currency Board Performance -- 3.6 Summary -- 4 Stability and Instability of Currency Boards-a Theoretical Analysis -- 4.1 Models of Currency Crises -- 4.1.1 First and Second Generation Currency Crises Models -- 4.1.2 Critique of Second Generation Crises Models. 327 $a4.1.3 Classification of the Currency Board Crises Model -- 4.2 The Standard Model -- 4.2.1 Model Outline -- 4.2.2 Discretionary Exchange Rate Policy -- 4.2.3 Fixed Exchange Rate and Time-Inconsistency -- 4.2.4 Political Cost of Devaluation and Incomplete Information -- 4.2.5 Possible Equilibria -- 4.2.5.1 FC equilibrium -- 4.2.5.2 ZC equilibrium -- 4.2.5.3 PC equilibria -- 4.2.5.4 Graphical Representation and Multiple Equilibria -- 4.2.5.5 Model Parameters and Types of Equilibria -- 4.2.6 Inter-temporal Linkages and Dynamic Effects -- 4.2.7 Stability of the Currency Board -- 4.2.7.1 Gains from Increased Credibility -- 4.2.7.2 Destabilization through Unemployment -- 4.2.7.3 Destabilization through a Sequence of PC Equilibria -- 4.2.7.4 Employment-Decreasing Shocks -- 4.2.7.5 Conclusion -- 4.2.8 Loss from Exit -- 4.3 The Model with Debt -- 4.3.1 Possible Effects of Foreign-Currency Debt on the Model Economy -- 4.3.2 Unemployment -- 4.3.3 Discretionary and Fixed Exchange Rate Policy -- 4.3.4 Model Equilibria -- 4.3.5 Graphical Representation and Interpretation of the Modified Model -- 4.3.6 Model Dynamics and Resilience to Shocks -- 4.3.7 Loss from Exit and Conclusion -- 5 Conclusion -- 5.1 Currency Board Selection -- 5.2 Currency Board Stability -- 5.3 The Risks -- 5.4 Outlook -- Appendices -- A Currency Boards 1849-2002 Overview -- B Currency Board Design Features -- C Derivation of Equations -- C.1 The Standard Model -- C.1.1 Derivation of Devaluation and Loss Equations (4.6) and (4.7) -- C.1.2 Proof that (4.9) Greater than (4.11) -- C.1.3 Difference Loss Fixed and Loss Discretionary Exchange Rate -- C.1.4 Derivation of Equation (4.19), Expected Devaluation -- C.1.5 Derivation of Unemployment Equation (4.24) -- C.1.6 Derivation of Unemployment Equation (4.28) -- C.1.7 Derivation of critical value for c (4.30). 330 $aThe 1990s saw a revival of the currency board system, and proponents have advocated it as an easy-to-set-up exchange rate arrangement providing effective stabilization of the economy. However, the experience of Argentina has highlighted the risks of having a currency board. This study presents both the potential benefits, as well as the risks, of having a currency board by examining the stability of the currency board arrangement and identifying factors affecting the stability. The analysis is based on second-generation currency crisis models, extended to incorporate currency-board specific features and to account for particular aspects often found in currency-board economies. 410 0$aCeGE-Schriften,$x1617-741X ;$v8. 606 $aCurrency boards$vCase studies 610 $aArgentina 610 $aBoards 610 $aCurrency 610 $aCurrency Board 610 $aCurrency Crisis 610 $aEstonia 610 $aExchange Rate 610 $aForeign-Currency Debt 610 $aHong Kong 610 $aLithuania 610 $aStabilitätspolitik 610 $aStability 610 $aStukenbrock 615 0$aCurrency boards 676 $a332.46 700 $aStukenbrock$b Kai$0902814 801 2$bUkMaJRU 906 $aBOOK 912 $a9910297038203321 996 $aThe stability of currency boards$92018170 997 $aUNINA LEADER 03397nam 2200457z- 450 001 9910261145103321 005 20210211 035 $a(CKB)4100000002484641 035 $a(oapen)https://directory.doabooks.org/handle/20.500.12854/50179 035 $a(oapen)doab50179 035 $a(EXLCZ)994100000002484641 100 $a20202102d2017 |y 0 101 0 $aeng 135 $aurmn|---annan 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 00$aInfants' Understanding and Production of Goal-Directed Actions in the Context of Social and Object-Related Interactions 210 $cFrontiers Media SA$d2017 215 $a1 online resource (121 p.) 225 1 $aFrontiers Research Topics 311 08$a2-88945-255-7 330 $aSince the discovery of mirror neurons, the study of human infant goal-directed actions and object manipulation has burgeoned into new and exciting research directions. A number of infant studies have begun emphasizing the social context of action to understand what infants can infer when looking at others performing goal-directed actions or manipulating objects. Others have begun addressing how looking at actions in a social context, or even simply looking at objects in the immediate environment influence the way infants learn to direct their own actions on objects. Researchers have even begun investigating what aspects of goal-directed actions and object manipulation infants imitate when such actions are being modeled by a social partner, or they have been asking which cues infants use to predict others' actions. A growing understanding of how infants learn to reach, perceive information for reaching, and attend social cues for action has become central to many recent studies. These new lines of investigation and others have benefited from the use of a broad range of new investigative techniques. Eye-tracking, brains imaging techniques and new methodologies have been used to scrutinize how infants look, process, and use information to act themselves on objects and/or the social world, and to infer, predict, and recognize goal-directed actions outcomes from others. This Frontiers Research topic brings together empirical reports, literature reviews, and theory and hypothesis papers that tap into some of these exciting developmental questions about how infants perceive, understand, and perform goal-directed actions broadly defined. The papers included either stress the neural, motor, or perceptual aspects of infants' behavior, or any combination of those dimensions as related to the development of early cognitive understanding and performance of goal-directed actions. 606 $aPsychology$2bicssc 610 $aaction anticipation 610 $aaction consequences 610 $aaction understanding 610 $agoal-directed actions 610 $aInfancy 610 $amotor development 610 $amotor experience 610 $amotor learning 610 $areaching 610 $asocial cognition 615 7$aPsychology 700 $aCorbetta$b Daniela$c(Professor of psychology)$4auth$01279572 702 $aFagard$b Jacqueline$4auth 906 $aBOOK 912 $a9910261145103321 996 $aInfants? Understanding and Production of Goal-Directed Actions in the Context of Social and Object-Related Interactions$93015631 997 $aUNINA