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- All HBS Web
(577)
- News (83)
- Research (420)
- Events (4)
- Multimedia (1)
- Faculty Publications (325)
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- March 2006 (Revised April 2015)
- Case
China: To Float or Not To Float? (B)- Timeline of Changes Relevant to the Chinese Renminbi
By: Laura Alfaro and Rafael M. Di Tella
On July 21, 2005 China revalued its decade-long quasi-fixed exchange rate of approximately 8.28 yuan per U.S. dollar by 2.1% to 8.11% and, at the same time, introduced a more market-based exchange rate system. Many analysts and economists were disappointed with what... View Details
Keywords: Currency; Exchange Rate; China; Macroeconomics; Trade; Currency Exchange Rate; Governance Controls; Policy; China; United States
Alfaro, Laura, and Rafael M. Di Tella. "China: To Float or Not To Float? (B)- Timeline of Changes Relevant to the Chinese Renminbi." Harvard Business School Case 706-022, March 2006. (Revised April 2015.)
- 1988
- Chapter
Explaining the Demand for Dollars: International Rates of Return, and the Expectations of Chartists and Fundamentalists
By: Jeffrey A. Frankel and Kenneth A. Froot
Keywords: Currencies; Exchange Rates; International Macroeconomics; Monetary Policy; Currency Controls; Fixed Exchange Rates; Floating Exchange Rates; Currency Bands; Currency Zones; Currency Areas; Rational Expectations; Currency Exchange Rate; Asset Pricing; Macroeconomics
Frankel, Jeffrey A., and Kenneth A. Froot. "Explaining the Demand for Dollars: International Rates of Return, and the Expectations of Chartists and Fundamentalists." Chap. 2 in Macroeconomics, Agriculture, and Exchange Rates, edited by R. Chambers and P. Paarlberg, 25–80. Boulder, CO: Westview Press, 1988.
- 1992
- Chapter
Exchange Rate Forecasting Techniques, Survey Data, and Implications for the Foreign Exchange Market
By: J. Frankel and K. A. Froot
Keywords: Currencies; Exchange Rates; International Macroeconomics; Monetary Policy; Currency Controls; Fixed Exchange Rates; Floating Exchange Rates; Currency Bands; Currency Zones; Currency Areas; Rational Expectations; International Finance; Currency Exchange Rate; Asset Pricing; Forecasting and Prediction; Policy
Frankel, J., and K. A. Froot. "Exchange Rate Forecasting Techniques, Survey Data, and Implications for the Foreign Exchange Market." In International Business Reader, edited by D. Duta. London: Oxford University Press, 1992. (Revised from IMF Working Paper No. 90/43 and NBER Working Paper No. 3470, October 1990.)
- Article
Stochastic Process Switching: Some Simple Solutions
By: K. A. Froot and M. Obstfeld
Keywords: Currencies; Exchange Rates; International Macroeconomics; Monetary Policy; Currency Controls; Fixed Exchange Rates; Floating Exchange Rates; Currency Bands; Currency Zones; Currency Areas; Rational Expectations; Asset Pricing
Froot, K. A., and M. Obstfeld. "Stochastic Process Switching: Some Simple Solutions." Econometrica 59, no. 1 (January 1991): 241–250. (Revised from NBER Working Paper No. 2998, July 1989. Reprinted in Exchange Rates and Currency Bonds, edited by P. Krugman and M. Miller. London: CEPR, 1991.)
- May 1990
- Article
Chartists, Fundamentalists, and Trading in the Foreign Exchange Market
By: J. Frankel and K. A. Froot
Keywords: Currencies; Exchange Rates; International Macroeconomics; Monetary Policy; Currency Controls; Fixed Exchange Rates; Floating Exchange Rates; Currency Bands; Currency Zones; Currency Areas; Rational Expectations; Asset Pricing
Frankel, J., and K. A. Froot. "Chartists, Fundamentalists, and Trading in the Foreign Exchange Market." American Economic Review 80, no. 2 (May 1990): 181–185. (Reprinted in New Developments in Exchange Rate Economics, edited by L. Sarno and M. Taylor. Edward Elgar, 2001; and in Speculation and Financial Markets, edited by M. Taylor and L. Gallagher. Edward Elgar, 2001.)
- Article
Forward Discount Bias: Is It an Exchange Risk Premium?
By: K. A. Froot and J. Frankel
Keywords: Currencies; Exchange Rates; International Macroeconomics; Monetary Policy; Currency Controls; Fixed Exchange Rates; Floating Exchange Rates; Currency Bands; Currency Zones; Currency Areas; Rational Expectations; Asset Pricing
Froot, K. A., and J. Frankel. "Forward Discount Bias: Is It an Exchange Risk Premium?" Quarterly Journal of Economics 104, no. 1 (February 1989): 139–161. (Revision of "Findings of Forward Discount Bias Interpreted in Light of Exchange Rate Survey Data," NBER Working Paper No. 1963 and Sloan Working Paper No. 1906-87, August 1987. Reprinted in Advances in Behavioral Finance, edited by Richard Thaler. New York: Russell Sage Foundation, 1993: 359-382 and in Speculation and Financial Markets, edited by M. Taylor and L. Gallagher. Cheltenham: Edward Elgar Publishing, 2001.)
- Article
Anomalies: Foreign Exchange
By: K. A. Froot and R. Thaler
Keywords: Currencies; Exchange Rates; International Macroeconomics; Monetary Policy; Currency Controls; Fixed Exchange Rates; Floating Exchange Rates; Currency Bands; Currency Zones; Currency Areas; Rational Expectations; Asset Pricing
Froot, K. A., and R. Thaler. "Anomalies: Foreign Exchange." Journal of Economic Perspectives 4, no. 3 (Summer 1990): 179–192. (Reprinted in Current Issues in the International Economy: A Reader, edited by L. Goldberg and M. Klein. New York: Harper Collins, 1992; Speculation and Financial Markets, edited by M. Taylor and L. Gallagher. Cheltenham: Edward Elgar, 2001; and in Open Economy Macroeconomics, Volume II, Part I, Article 4 edited by Norman Miller. Cheltenham, U.K. and Northampton, Mass., U.S.: Edward Elgar, March 2006: 74-87.)
- Article
Exchange-rate Dynamics under Stochastic Regime Shifts: A Unified Approach
By: K. A. Froot and M. Obstfeld
Keywords: Currencies; Exchange Rates; International Macroeconomics; Monetary Policy; Currency Controls; Fixed Exchange Rates; Floating Exchange Rates; Currency Bands; Currency Zones; Currency Areas; Rational Expectations; Asset Pricing
Froot, K. A., and M. Obstfeld. "Exchange-rate Dynamics under Stochastic Regime Shifts: A Unified Approach." Journal of International Economics 31, nos. 3-4 (November 1991): 203–230. (Revised from NBER Working Paper No. 2835, February 1989.)
- September 1987
- Article
Short-term and Long-term Expectations of the Yen/Dollar Exchange Rate: Evidence from Survey Data
By: J. Frankel and K. A. Froot
Keywords: Currencies; Exchange Rates; Asset Pricing; International Macroeconomics; Monetary Policy; Currency Controls; Fixed Exchange Rates; Floating Exchange Rates; Currency Bands; Currency Zones; Currency Areas; Rational Expectations; Japan; United States
Frankel, J., and K. A. Froot. "Short-term and Long-term Expectations of the Yen/Dollar Exchange Rate: Evidence from Survey Data." Journal of the Japanese and International Economies 1 (September 1987): 249–274. (Revised from NBER Working Paper No. 2216, April 1987.)
- December 1986
- Article
Understanding the U.S. Dollar in the Eighties: The Expectations of Chartists and Fundamentalists
By: J. Frankel and K. A. Froot
Keywords: Currencies; Exchange Rates; Asset Pricing; International Macroeconomics; Monetary Policy; Currency Controls; Fixed Exchange Rates; Floating Exchange Rates; Currency Bands; Currency Zones; Currency Areas; Rational Expectations; History; Performance Expectations; Economics; United States
Frankel, J., and K. A. Froot. "Understanding the U.S. Dollar in the Eighties: The Expectations of Chartists and Fundamentalists." Special Issue Economic Record (December 1986): 24–38. (Reprinted in Exchange Rate Economics, vol. I, edited by R. MacDonald and M. Taylor, International Library of Critical Writings in Economics, Edward Elgar Publishing, U.K., 1992.)
- 1992
- Other Unpublished Work
Government Consumption and the Real Exchange Rate: The Empirical Evidence
By: K. A. Froot and K. Rogoff
- September 2012 (Revised July 2013)
- Case
Can the Eurozone Survive?
By: Dante Roscini and Jonathan Schlefer
The sovereign debt crisis that took Greece by storm in 2010 began to spread to other European markets. Within a few months Ireland and Portugal had also lost access to the sovereign debt markets and had to rely on supranational loans for their financing. The risk of... View Details
Keywords: Sovereign Debt Crisis; Currency Areas; Financial Crisis; Borrowing and Debt; Currency Exchange Rate; International Relations; Banking Industry; European Union; Germany; France; Italy; Spain; Greece; Portugal
Roscini, Dante, and Jonathan Schlefer. "Can the Eurozone Survive?" Harvard Business School Case 713-034, September 2012. (Revised July 2013.)
- June 2023
- Article
Why Is Dollar Debt Cheaper? Evidence from Peru
By: Bryan Gutiérrez, Victoria Ivashina and Juliana Salomao
In emerging markets, a significant share of corporate loans are denominated in dollars. Using novel data that enables us to see currency and the cost of credit, in addition to several other transaction-level characteristics, we re-examine the reasons behind dollar... View Details
Keywords: Emerging Market Corporate Debt; Currency Mismatch; Liability Dollarization; Carry Trade; Currency; Emerging Markets; Borrowing and Debt; Interest Rates; Peru
Gutiérrez, Bryan, Victoria Ivashina, and Juliana Salomao. "Why Is Dollar Debt Cheaper? Evidence from Peru." Journal of Financial Economics 148, no. 3 (June 2023): 245–272.
- May 2016
- Supplement
2016 Update: Argentina Turns the Page
By: David E. Bell, Forest Reinhardt and Natalie Kindred
This brief case is a supplement to “Cresud and Argentina” (515-043) and “Note on Agriculture in Argentina” (515-069). Set in early 2016, it describes developments in Argentina under newly elected President Mauricio Macri, including the country’s return to international... View Details
Keywords: Argentina; ＂ Cresud; Agriculture; Economic Reform; Economic Policy; Land Investment; Macri; Currency; Agribusiness; Diversification; Economy; Emerging Markets; Credit; Currency Exchange Rate; Investment; Business and Government Relations; Government and Politics; Inflation and Deflation; Trade; Agriculture and Agribusiness Industry; Argentina; Buenos Aires; South America
Bell, David E., Forest Reinhardt, and Natalie Kindred. "2016 Update: Argentina Turns the Page." Harvard Business School Supplement 716-077, May 2016.
- Article
Analyzing Scrip Systems
By: Kris Johnson, David Simchi-Levi and Peng Sun
Scrip systems provide a nonmonetary trade economy for exchange of resources. We model a scrip system as a stochastic game and study system design issues on selection rules to match potential trade partners over time. We show the optimality of one particular rule in... View Details
Keywords: ＂Repeated Games＂; Stochastic Trust Game; Dynamic Program; P2P Lending; Scrip Systems; Artificial Currency; Non-monetary Trade Economies; Marketplace Matching; Currency; Operations; Game Theory
Johnson, Kris, David Simchi-Levi, and Peng Sun. "Analyzing Scrip Systems." Operations Research 62, no. 3 (May–June 2014): 524–534.
- May 2010
- Article
Elections and Discretionary Accruals: Evidence from 2004
By: Karthik Ramanna and Sugata Roychowdhury
We examine the accrual choices of outsourcing firms with links to U.S. congressional candidates during the 2004 elections, when corporate outsourcing was a major campaign issue. We find that politically connected firms with more extensive outsourcing activities have... View Details
Keywords: Political Economy; Accounting Information; Accruals Management; Campaign Contributions; Discretionary Accruals; Election Outcomes; Political Currency; Political Process; Social Issues; Political Elections; Job Cuts and Outsourcing; Motivation and Incentives; Earnings Management; Welfare; United States
Ramanna, Karthik, and Sugata Roychowdhury. "Elections and Discretionary Accruals: Evidence from 2004." Journal of Accounting Research 48, no. 2 (May 2010): 445–475. (Solicited for presentation at the 2009 Journal of Accounting Research Conference.)
- September 2008
- Case
Samoa Tala
By: Joshua D. Coval, Bhagwan Chowdhry and Konark Saxena
This case examines currency risks faced by Microfinance Institutions, and evaluates strategies to hedge them in countries with pegged currency regimes and no derivatives markets. An MFI based in Western Samoa borrows in different currencies like the US dollar and the... View Details
Keywords: Cash Flow; Currency Exchange Rate; Microfinance; Risk and Uncertainty; Financial Services Industry; Samoa
Coval, Joshua D., Bhagwan Chowdhry, and Konark Saxena. "Samoa Tala." Harvard Business School Case 209-053, September 2008.
- April 2015 (Revised January 2020)
- Case
Japan's Missing Arrow?
By: Laura Alfaro and Hilary White
In late December 2014, Shinzo Abe was elected to another term as the prime minister of Japan. His re-election was largely interpreted as a vote of confidence for his economics policies, collectively referred to as "Abenomics." Comprised of three "arrows," including... View Details
Keywords: Currency; Bonds; Government Bonds; Government Debt; Public Finance; Quantitative Easing; Stimulus; Fiscal Policy; Fiscal Deficits; Debt Management; Debt Reduction; Abenomics; Exchange Rate; Exports; Reform; Economics; Macroeconomics; Policy; Government Legislation; Government and Politics; Asia; Japan
Alfaro, Laura, and Hilary White. "Japan's Missing Arrow?" Harvard Business School Case 715-050, April 2015. (Revised January 2020.)
- January 2009 (Revised December 2017)
- Case
Who Broke the Bank of England?
By: Niall Ferguson and Jonathan Schlefer
In the summer of 1992, hedge fund manager George Soros was contemplating the possibility that the European Exchange Rate Mechanism (ERM) would break down. Designed to pave the way for a full-scale European Monetary Union, the ERM was a system of fixed exchange rates... View Details
Keywords: Decision Choices and Conditions; Currency Exchange Rate; Investment; Governing Rules, Regulations, and Reforms; Financial Services Industry; European Union
Ferguson, Niall, and Jonathan Schlefer. "Who Broke the Bank of England?" Harvard Business School Case 709-026, January 2009. (Revised December 2017.)
- November 2000
- Case
beenz.com: Building "The Web's Currency" Into a Global Business
Beenz.com, an incentive-based Web currency and customer management tool, is reassessing its business in August 2000, one year after launch. The original vision was to make the currency globally available and recognized. However, the company's rapid internationalization... View Details
Keywords: Globalized Firms and Management; Growth Management; Internet and the Web; Marketing; Business Startups
Arnold, David J. beenz.com: Building "The Web's Currency" Into a Global Business. Harvard Business School Case 501-014, November 2000.