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Marston, Richard C.

Works: 60 works in 367 publications in 1 language and 8,328 library holdings
Genres: Conference papers and proceedings 
Roles: Author, Editor, Other
Classifications: HG203, 332.45
Publication Timeline
Publications about Richard C Marston
Publications by Richard C Marston
Most widely held works by Richard C Marston
Exchange rate theory and practice by John F Bilson( Book )
20 editions published between 1984 and 2007 in English and held by 690 libraries worldwide
This volume grew out of a National Bureau of Economic Research conference on exchange rates held in Bellagio, Italy, in 1982. In it, the world's most respected international monetary economists discuss three significant new views on the economics of exchange rates - Rudiger Dornbusch's overshooting model, Jacob Frenkel's and Michael Mussa's asset market variants, and Pentti Kouri's current account/portfolio approach. Their papers test these views with evidence from empirical studies and analyze a number of exchange rate policies in use today, including those of the European Monetary System
Misalignment of exchange rates : effects on trade and industry by Richard C Marston( Book )
22 editions published between 1988 and 2008 in English and held by 522 libraries worldwide
Economists writing on flexible exchange rates in the 1960s foresaw neither the magnitude nor the persistence of the changes in real exchange rates that have occurred in the last fifteen years. Unexpectedly large movements in relative prices have lead to sharp changes in exports and imports, disrupting normal trading relations and causing shifts in employment and output. Many of the largest changes are not equilibrium adjustments to real disturbances but represent instead sustained departures from long-run equilibrium levels, with real exchange rates remaining "misaligned" for years a
International economic policy coordination by Willem H Buiter( Book )
17 editions published between 1984 and 1986 in English and held by 510 libraries worldwide
International financial markets and capital movements : a symposium in honor of Arthur I. Bloomfield by Princeton University( Book )
13 editions published in 1985 in English and held by 433 libraries worldwide
National monetary policies and international financial markets by Richard Herring( Book )
18 editions published between 1976 and 1978 in English and held by 431 libraries worldwide
International financial integration : a study of interest differentials between the major industrial countries by Richard C Marston( Book )
18 editions published between 1992 and 1997 in English and held by 419 libraries worldwide
In the past two decades, national financial markets in the major industrial countries have undergone a revolutionary change. Market pricing has replaced price-setting by government regulation or market conventions, and the removal of capital controls has opened national markets to international competition. Along with changes in markets has come improved understanding of how interest rates across different currencies are related. This study examines the progress in integrating the financial markets of the Group of Five (G-5) industrial countries: Britain, France, Germany, Japan and the United States. Professor Marston shows that deregulation and liberalization have succeeded to such an extent that interest rates in any single currency are nearly the same regardless of whether they are offered in national or Eurocurrency markets. Currency denomination remains a barrier to full financial integration, however, since both nominal and real returns on financial instruments vary widely by currency, even between currencies tied together by the European Monetary System. This study examines relative returns in the money and bond markets of these countries, investigating whether there are systematic variations in relative returns across currencies
American monetary policy and the structure of the Eurodollar market by Richard C Marston( Book )
19 editions published between 1972 and 1978 in English and held by 354 libraries worldwide
International aspects of stabilization policies : proceedings of a conference held at Williamstown, Massachusetts, June 1974 by Federal Reserve Bank of Boston( Book )
13 editions published between 1974 and 1975 in English and Undetermined and held by 293 libraries worldwide
Investing for a lifetime : managing wealth for the "new normal" by Richard C Marston( Book )
8 editions published in 2014 in English and held by 127 libraries worldwide
Provides information for investors who want to understand more about the savings and investment process, particularly those who worry about whether their retirement savings will last a lifetime
Portfolio design : a modern approach to asset allocation by Richard C Marston( Book )
11 editions published between 2011 and 2013 in English and held by 99 libraries worldwide
"An in-depth look at the role of asset allocation in today's investment environment In Modern Asset Allocation author Richard Marston shows you how to jump back into the market with the reminder that the key to investing is to do it for the long-run. And in looking at investing for the long-term, what matters most is asset allocation. This reliable resource offers a fresh look at asset allocation, and discusses its importance in today's investment environment. Along the way, it examines how returns on stocks, bonds, international equities, hedge funds, real estate, commodities, and the like all increase and are of added value to a portfolio when they are strategically allocated. Examines all of the major asset classes that go into modern portfolios and asks how much they add to portfolio diversification Addresses the issues financial professionals face when attempting to provide diversified portfolios for their clients Based on sessions that Richard Marston has developed for the CIMA program Asset allocation is still thriving as a method to achieve long-term profitability. This book contains the insights that you need to excel at this endeavor."--
Tests of three parity conditions : distinguishing risk premia and systematic forecast errors by Richard C Marston( Book )
15 editions published in 1994 in English and held by 70 libraries worldwide
Two explanations are given for why nominal or real returns differ across currencies: foreign exchange risk premia and systematic (rational) forecast errors. This study reexamines three parity conditions in international finance, uncovered interest parity, purchasing power parity, and real interest parity, to determine the relative importance of these two factors. The study develops joint tests of the three parity conditions by relating nominal and real interest differentials and inflation differentials to the same set of variables currently known to investors. The study tests parameter restrictions based on knowing that risk premiums only affect nominal and real interest differentials, but not inflation differentials, while systematic errors in forecasting exchange rates only affect nominal interest differentials and inflation differentials, but not real interest differentials
The effects of industry structure on economic exposure by Richard C Marston( Book )
14 editions published in 1996 in English and held by 66 libraries worldwide
A firm is subject to èconomic exposure' if changes in exchange rates affect the firm's value, as measured by the present value of its future cash flows. This paper shows that in many forms of competition, including the most commonly studied case of monopoly, the economic exposure of an exporting firm is simply proportional to the firm's net revenues based in foreign currency. So the firm's hedging strategy is simple: sell foreign currency futures equal to the value of its net revenues in foreign currency. This simple result breaks down under some, but not all, forms of competition between the exporting firm and local firms. In that case, the exporting firm needs to know about the price elasticity of its product demand and its marginal cost in order to assess its exposure to exchange rates. So its hedging strategy also requires detailed knowledge of demand and cost conditions. The key determinant of economic exposure, therefore, is the competitive structure of the industry in which a firm operates
Cross-border valuation : the international cost of equity capital by Gordon M Bodnar( Book )
11 editions published in 2003 in English and held by 47 libraries worldwide
How does a firm in one country evaluate an investment in a firm in another country, or how does it evaluate a foreign project that the firm itself is undertaking? The firm must estimate future free cash flows just as in a domestic project, but choosing an appropriate discount rate is a particular challenge. This study examines the determinants of the discount rate for an international acquisition or project by examining the sources of risk in an international setting. These risks include stock-market price risk measured with various versions of the capital asset pricing model, as well as exchange rate risk and political risk. To measure stock market risk, both segmented and integrated models of the world equity markets are considered. The emphasis of the study is on some of the practical aspects of estimation, particular for markets where no comparable investments exist on which to base estimates of risk premiums. To show how each of these risks might be measured, the study reports estimates for a representative French firm, Thals. The estimates range widely depending on whether or not the equity market is globally integrated
Interest differentials under fixed and flexible exchange rates : the effects of capital controls and exchange risk by Richard C Marston( Book )
12 editions published in 1992 in English and held by 45 libraries worldwide
This paper examines evidence on interest differentials under the Bretton Woods system of fixed exchange rates and under the flexible rate system which succeeded it. Under the Bretton Woods system, many countries resorted to capital controls in an attempt to pursue independent monetary policies. In the three major countries studied in this paper, Britain, Germany and the United States, these capital controls resulted in large differentials between national interest rates covered for exchange risk. The capital controls and resulting interest differentials distorted many cross-border investment and borrowing decisions. The paper compares these covered interest differentials with uncovered interest differentials in the Eurocurrency markets which are free of capital controls. In both fixed and flexible periods, average uncovered differentials between Eurodollar interest rates and four other Eurocurrency rates are in most cases close to zero. So these average uncovered interest differentials, whether attributable to exchange risk premiums or forecast errors, are much smaller than average covered interest differentials between national markets due to capital controls. If exchange risk premiums have significant effects on uncovered interest differentials in some periods, these premiums must be time-varying with a mean close to zero over the long sample periods studied. Similarly, if forecast errors have systematic components in some periods, in the long sample periods studied these errors have a mean close to zero as well
Determinants of short-term real interest differentials between Japan and the United States by Richard C Marston( Book )
13 editions published between 1992 and 1993 in English and held by 42 libraries worldwide
Many past studies of relative financing costs in the United States and Japan have relied on interest rates from the 1970s and earlier when Japanese financial markets were subject to numerous regulations and controls and were shielded by capital controls from financial markets abroad. Interest rates on bank loans, the most important source of financing in Japan, in fact, systematically underestimated the true costs of borrowing. In the United States, capital controls were being dismantled by the early 1970s, but the prime loan rate used in past studies had by then become an unreliable measure of the true cost of borrowing in the United States. This study shows that most of the reported gap in short term financing costs between the two countries can be traced to past features of the national markets which have largely disappeared Now that markets have been deregulated and international capital flows liberalized, national interest rates are closely related to those in the unregulated Eurocurrency markets. And, as this study shows, average real interest differentials in the Eurocurrency markets have been close to zero over the last twenty years
Price behavior in Japanese and U.S. manufacturing by Richard C Marston( Book )
8 editions published in 1990 in English and held by 36 libraries worldwide
Abstract: Relative price changes in Japanese and U.S. manufacturing are driven by two forces, productiviry growth which leads to secular changes in costs and exchange rate fluctuations which change relative prices between the two countries. In sectors where productivity growth is high, reductions in costs can neutralize exchange rate appreciations to keep prices competitive with those abroad, at least in the long run, But even in these sectors, exchange rate fluctuations are the dominant influence on relative competitiveness in the short run. Faced with swings in exchange rates, firms adopt defensive measures to defend their export markets. The paper presents estimates of "pricing to market" elasticities which suggest that firms lower their export prices in domestic currency relative to their domestic prices in order to limit the effects of currency appreciations. There is evidence that firms in both countries pursue such pricing strategies, but pricing to market is more extensive in Japan. In response to a appreciation of the yen, Japanese firms reduce their export prices in yen sharply so as to limit the pass-through of the appreciation into the dollar prices of their exports
Pricing to market in Japanese manufacturing by Richard C Marston( Book )
10 editions published between 1989 and 1991 in English and held by 33 libraries worldwide
This paper investigates pricing by Japanese manufacturing firms in export and domestic markets. The paper reports equations explaining the margin between export prices in yen and domestic prices for a wide range of final goods including many of the electronic and transport products which have figured so prominently in recent trade discussions. Evidence is presented showing that Japanese firms respond to changes in real exchange rates by "pricing to market", varying their export prices in yen relative to their domestic prices. The empirical specification makes it possible to disentangle planned changes in the margin between export and domestic prices from inadvertent changes in this margin due to unanticipated changes in exchange rates. The degree of pricing to market varies widely across products, but there is strong evidence that pricing to market occurs. The paper also investigates whether pricing to market has increased in scale in the period since 1985 when the yen began a sustained appreciation, but finds that only five of seventeen products experienced a shift in price behavior over that period
Price and output adjustment in Japanese manufacturing by William H Branson( Book )
7 editions published in 1989 in English and held by 31 libraries worldwide
This paper investigates the importance of markup behavior in Japanese manufacturing. According to the evidence presented, Japanese firms have varied the markups of prices over marginal costs in order to limit the effects of exchange rate changes on output. This behavior is quite different from that found in U.S. manufacturing where output and employment have borne the main impact of recent exchange rate changes. The paper examines markups in nine sectors of manufacturing which are major producers of exports. In all nine sectors, Japanese prices prove to be highly sensitive to foreign prices and exchange rates as well as to more traditional demand and supply variables. The paper shows that variable markups rather than high price elasticities account for this price behavior, since output is relatively insensitive to prices or exchange rates
Systematic movements in real exchange rates in the G-5 : evidence on the integration of internal and external markets by Richard C Marston( Book )
8 editions published in 1990 in English and held by 29 libraries worldwide
Abstract: explained almost entirely by productivity differentials, at least
Real exchange rates and productivity growth in the United States and Japan by Richard C Marston( Book )
9 editions published between 1986 and 1989 in English and held by 26 libraries worldwide
Real exchange rates between the yen and dollar based on general price indexes overestimate the competitiveness of the United States relative to Japan. High productivity growth in the traded sector of the Japanese economy results in a continuous fall in the prices of traded goods relative to nontraded goods in Japan. In order to keep U.S. traded goods competitive, the real exchange rate based on general price series like the GDP deflator or the CPI index must continually fall resulting in a real appreciation of the yen. This paper provides estimates of how far real exchange rates based on general price series would have had to fall over the 1973-83 period in order to keep U.S. traded goods competitive. The real exchange rate based on GDP deflators, for example, would have had to fall by 38% relative to the real exchange rate based on unit labor costs in the traded sector. The GDP series remained roughly constant over the period, thus giving the misleading impression that U.S. goods were still competitive despite a sharp rise in the relative price of U.S. traded goods. The paper also provides estimates of the relative wage changes which would have to occur to restore the competitiveness of U.S. traded goods
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Alternative Names
Marston, R. C.
Marston, Richard Charles
English (265)
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