The Desirability of a Currency Given a Contrationary Appreciation, Monetary Policy and Concave Supply Relationships

Frankel, Jeffrey A. 세종대학교 국제경제연구소 1988 Journal of Economic Integration Vol.3 No.1

The paper offers an argument why, given a monetary contraction, a currency appreciation is desirable in that it allows a more favorable tradeoff between aggregate output and inflation. assume in each of two sectors, traded and nontraded, a concave supply relationship. It follows that to maximize aggregate output for any given inflation rate, contraction or expansion should be shared equally by the two sectors. If a country contracts without currency appreciation, the burden in the domestic country will be borne disproportionately by the nontraded sector, and in the foreign country by the traded sector. Some appreciation is desirable for a balanced economy.

A Proposal to Anchor Monetary Policy by the Price of the Export Commodity

Frankel, Jeffrey,Saiki, Ayako 세종대학교 국제경제연구소 2002 Journal of Economic Integration Vol.17 No.3

The debate over monetary standards and exchange rate regimes for develpoing countries is as wide open as ever. On the one hand, the big selling points of floating exchange rates-monetary independence and accommodation of terms of trade shocks-have not lived up to their promise. On the other hand, proposals for credible institutional monetary commitments to nominal anchors have each run aground on their own peculiar shoals. Rigid pegs to the dollar,for example,are dangerous when the dollar appreciates relative to other export markets. This study explores a new proposal that countries specialized in the export of a particular commodity should peg their currency to that commodity. When the dollar price of the commodity on world markers falls, the dollar exchange rate of the local currency would fall in tandem. The country would reap the best of both worlds: the advantage of a nominal anchor for monetary policy, together with the automatic accommodation to terms of trade shocks that floating rates claim to deliver. We conduct a set of counter-factual experiments. For each of a list of countries specialized in particular mineral or agricultural commodities, what would have happened, over the last 30 years, if it had pegged its currency to that commodity, as compared to pegging to the dollar, yen, or mark, or as compared to whatever exchange rate policy it actually followed historically? We compute under these scenarios the price of the commodity in local terms, and we then simulate the implications for exports Illustrative of the results is that some victims of financial difficulties in the late 1990s might have achieved a stimulus to exports precisely when it was most needed, without having to go through wrenching currency collapses, if they had been on regimes of pegging to their export commodity: South Africa to gold or platinum, Nigeria and Indonesia to oil, Chile to copper, Argentina to wheat, Colombia to coffee,and so on.

信認關係法

Frankel, Tamar 東國大學校 大學院 法學科 商事法 2000 商事法 세미나 Vol.9 No.-

Studies of Corrosion using Scanning Kelvin Probe Force Microscopy and AFM Scratching

Frankel, G. S.,Leblanc, P. 한국부식방식학회 2002 Corrosion Science and Technology Vol.31 No.6

The development of techniques linked to the atomic force microscope (AFM) has enabled the evaluation of physical and chemical properties of sub-micron structures. Scanning Kelvin Probe Microscopy (SKPFM) and in-situ AFM scratching have been particularly useful for studying corrosion phenomena. SKPFM generates a map of the potential distribution across a sample with a resolution of 100 nm. Furthermore, the open circuit potential of various pure metals in solution is linearly related to the Volta potential value measured in air immediately after exposure. SKPFM is a useful tool to assess the practical nobility of a surface. This technique has been successfully applied to the heterogeneous microstructure of AA2024-T3 and provided clear evidence regarding the shape, position, compositional inhomogeneities and local practical nobility of copper-rich intermetallic particles. The reactivity of these particles has been studied in detail. AFM scratching is an extremely controlled method to locally disturb the protective oxide film on a metal surface in solution. As with other approaches that utilize in situ scratching, the stability of the passive film and the tendency for stabilization of localized corrosion can be monitored. However, the lateral imaging capabilities of the AFM provides an approach to study the role of different microstructural features in the process of localized corrosion stabilization. Finally, AFM scratching can be used to open up small windows in a protective organic coating to reveal selected microstructural features. This allows the study of the corrosion behavior of these features in isolation from the rest of the microstructure or to study the interaction of different selected microstructural features. This approach is useful for understanding the interaction between different types of intermetallic particles in AA2024-T3.

Something seems fishy: mainstream consumer response to drag queen imagery

Sarah Frankel,Sejin Ha 한국의류학회 2020 Fashion and Textiles Vol.7 No.1

This study investigates how drag queen imagery in advertising and mainstream consumers’ tolerance towards homosexuality (i.e., drag queens) affect their attitudes towards the advertisement and brand in the context of beauty brand advertising. Based on the social identity theory, this study posits that implicit (vs. explicit) drag queen-themed imagery and consumers holding high tolerance as an in-group of LGBTQ+ cultures (vs. out-group of lower tolerance individuals) would have greater impact on ad attitude and brand attitude independently and together. A web-based experiment reveals that while different imagery types (implicit vs. explicit) in ads do not differentiate attitudes toward ad and brand, consumers’ individual tolerance of the drag queen culture positively affects such responses. Additionally, the ad imagery and consumer tolerance toward drag queens have an interaction effect on brand attitude via ad attitude in the explicit drag queen-themed imagery condition but not in implicit imagery. The results add insight to a growing body of literature on the LGBTQ+ and social identity theory research and benefit marketers with a better understanding of how to manage drag queen-themed advertisements within mainstream media.

The Problems of Securitizing Sub-Prime Loans

( Tamar Frankel ) 고려대학교 법학연구원 2008 The Asian Business Lawyer Vol.1 No.0

A Proposal to Anchor Monetary Policy by the Price of the Export Commodity

( Jeffrey Frankel ),( Ayako Saiki ) 세종대학교 경제통합연구소 2002 Journal of Economic Integration Vol.17 No.3

The debate over monetary standards and exchange rate regimes for developing countries is as wide open as ever. On the one hand, the big selling points of floating exchange rates-monetary independence and accommodation of terms of trade shocks-have not lived up to their promise. On the other hand, proposals for credible institutional monetary commitments to nominal anchors have each run aground on their own peculiar shoals. Rigid pegs to the dollar, for example, are dangerous when the dollar appreciates relative to other export markets. This study explores a new proposal that countries specialized in the export of a particular commodity should peg their currency to that commodity. When the dollar price of the commodity on world markets falls, the dollar exchange rate of the local currency would fall in tandem. The country would reap the best of both worlds: the advantage of a nominal anchor for monetary policy, together with the automatic accommodation to terms of trade shocks that floating rates claim to deliver. We conduct a set of counter-factual experiments. For each of a list of countries specialized in particular mineral or agricultural commodities, what would have happened, over the last 30 years, if it had pegged its currency to that commodity, as compared to pegging to the dollar, yen, or mark, or as compared to whatever exchange rate policy it actually followed historically? We compute under these scenarios the price of the commodity in local terms, and we then simulate the implications for exports. Illustrative of the results is that some victims of financial difficulties in the late 1990s might have achieved a stimulus to exports precisely when it was most needed, without having to go through wrenching currency collapses, if they had been on regimes of pegging to their export commodity: South Africa to gold or platinum, Nigeria and Indonesia to oil, Chile to copper, Argentina to wheat, Colombia to coffee, and so on.

Internationalization of the RMB and Historical Precedents

( Jeffrey Frankel ) 세종대학교 경제통합연구소 2012 Journal of Economic Integration Vol.27 No.3

The Recent Liberalization of Korea's Foreign Exchange Markets, and Tests of U.S. versus Japanese Influence

Jeffrey A. Frankel 서울대학교 경제연구소 1992 Seoul journal of economics Vol.5 No.1

Financial liberalization is a good thing for Korea, so long as proper SEC-type regulation is maintained. However, the beneficial implications for U.S. "competitiveness" of Asian liberalization in the area of exchange rate policy are less clear than one would infer from observing the amount of U.S. pressure applied. It is misguided for Americans to appeal to free-market principles to justify pressure on Asian countries to allow their currencies to appreciate against the doll oar. American negotiators would perhaps be better advised to concentrate on negotiating the liberalization of trade in goods and services, the liberalization of which could benefit both countries. It is ironic, that U.S. government pressure on Korea to liberalize its financial markets and loosen its link with the dollar has resulted in a greater role for the yen and Japanese interest rates in Korea.

해외 시각 : AIIB와 TPP는 제로섬이 아니다미, 리더십 실패 시 세계는 새로운 리더 찾을 것

제프리프랭클 ( Jeffrey Frankel ) 포스코경영연구소 2015 CHINDIA Plus Vol.106 No.-