- Paperback: 186 pages
- Publisher: Palgrave Macmillan (Oct 15 1997)
- Language: English
- ISBN-10: 0312159005
- ISBN-13: 978-0312159009
- Product Dimensions: 20.9 x 14 x 1.4 cm
- Shipping Weight: 204 g
- Amazon Bestsellers Rank: #1,292,080 in Books (See Top 100 in Books)
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Product Details |
Product Description
Product Description
In recent years, the value of the U.S. dollar has fluctuated wildly. Japanese investors have lost billions in U.S. markets, causing an almost unprecedented run on the dollar. The leaders of the world currency markets were forced to band together to push up the value of the U.S. dollar. Tug of War: Why You Should Care About the Global Currency Crisis is the riveting story of this flow of money around the globe and what it means for us today.In 1991, the Mexican government tied the value of the peso to the dollar. As the peso slid and almost vanished, the fortunes of the dollar waned. Investors around the world, especially the Japanese, lost confidence in the dollar, creating a soaring yen and dragging down the value of the dollar even more. Subsequent events in the world currency markets pulled the dollar in even more directions: rogue traders lost billions on bad deals; the European Union began determining the value of its own currency; Japanese banks admitted enormous, previously concealed, losses. The tug of war continued. Paul Erdman, as well-known for his ability to predict financial markets as for his ability to write a suspenseful story, clearly explains the tangled basis and continuing strength of the currency crisis, gives his predictions about the future, and offers advice to market masters on the direction they should pursue. Significantly updated for this paperback edition, Tug of War, as compelling as any novel, is certain to be one of the most important financial books of this or any other year. Readers will not want to be left out when Erdman predicts the winner in this economic battle.
Book Description
In recent years, the value of the U.S. dollar has fluctuated wildly. Japanese investors have lost billions in U.S. markets, causing an almost unprecedented run on the dollar. The leaders of the world currency markets were forced to band together to push up the value of the U.S. dollar. Tug of War: Why You Should Care About the Global Currency Crisis is the riveting story of this flow of money around the globe and what it means for us today.In 1991, the Mexican government tied the value of the peso to the dollar. As the peso slid and almost vanished, the fortunes of the dollar waned. Investors around the world, especially the Japanese, lost confidence in the dollar, creating a soaring yen and dragging down the value of the dollar even more. Subsequent events in the world currency markets pulled the dollar in even more directions: rogue traders lost billions on bad deals; the European Union began determining the value of its own currency; Japanese banks admitted enormous, previously concealed, losses. The tug of war continued. Paul Erdman, as well-known for his ability to predict financial markets as for his ability to write a suspenseful story, clearly explains the tangled basis and continuing strength of the currency crisis, gives his predictions about the future, and offers advice to market masters on the direction they should pursue. Significantly updated for this paperback edition, Tug of War, as compelling as any novel, is certain to be one of the most important financial books of this or any other year. Readers will not want to be left out when Erdman predicts the winner in this economic battle.
Inside This Book
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First Sentence
MEXICO WAS AN UNLIKELY PLACE for the currency crisis to begin because in recent years the peso had been a remarkably stable currency. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
MEXICO WAS AN UNLIKELY PLACE for the currency crisis to begin because in recent years the peso had been a remarkably stable currency. Read the first page
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Concordance
Browse Sample PagesConcordance
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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3.5 out of 5 stars (2 customer reviews)
8 of 8 people found the following review helpful
4.0 out of 5 stars
The "Asian Contagion" Reviewed., Aug 20 2004
By Brian Ault - Published on Amazon.com
Amazon Verified Purchase(What's this?)
This review is from: Tug of War: Why You Should Care About the Global Currency Crisis (Paperback)
A simple yet far reaching book about the "Asian Contagion" and currency crisis of the late '90's. You should first read "The Vandals Crown", then this book, followed by "The Chastening". You'll then have a complete and chronological history of numerous currency crises involving the IMF, World Bank, and the major geopolitical figures. Fascinating foundation of fundamentals in action for anyone interested in trading the FOREX markets.
2 of 2 people found the following review helpful
3.0 out of 5 stars
Excellent book with 5 star content. However, a terrible edition. BEWARE!, Feb 20 2009
By Nicholas Warren - Published on Amazon.com
Amazon Verified Purchase(What's this?)
This review is from: Tug of War: Why You Should Care About the Global Currency Crisis (Paperback)
This is a fascinating book for anyone interested in Foreign Exchange (FX) markets. Although not up-to-date, in discussing the currency crisis of the late '90s, it provides very valuable information about how the international FX markets work in practice and the competing considerations that central banks have to address. In terms of content, I would give the book 5 stars and highly recommend it to finance/banking/macro economics undergraduates, as well as to MBA students interested in markets.However, this paperback edition (supposedly updated, though it doesn't say in what respects) is an appalling piece of publishing. There are many numbers indicating footnotes in this edition, yet the footnotes have not been reprinted (I can only assume they were there in the original hard-cover edition)! Footnotes are there for a purpose and provide valuable further details of points discussed, as well as references. It is inexcusable that these should have been omitted from this paperback edition. I felt as if I had ben cheated and only received a part of the book. Additionally, this edition was digitally reprinted in 2008, which leaves charts and diagrams somewhat fuzzy. Because of the publishing, I feel I have to reduce the overall star rating to 3 from 5.
If you want to read this book (which I hope you do), I strongly recommend buying a used copy of the hardcover edition, which is likely to be much cheaper too.
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