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Author : Peter Bernholz
Publisher : Unknown
Page : 60 pages
File Size : 42,9 Mb
Release : 1982
Category : Business & Economics
ISBN : UOM:39076006427848
Author : Michael D. Bordo
Publisher : International Monetary Fund
Page : 29 pages
File Size : 46,6 Mb
Release : 2003-08-01
Category : Business & Economics
ISBN : 9781451857764
In this paper, I survey the issue of exchange rate regime choice from the perspective of both the industrial and emerging economies taking an historical perspective. I first survey the theoretical issues beginning with a taxonomy of regimes. I then examine the empirical evidence on the delineation of regimes and their macroeconomic performance. The penultimate section provides a brief history of monetary regimes in industrial and emerging economies. The conclusion considers the case for a managed float regime for today's emerging economies.
Author : Marin Muzhani
Publisher : Vernon Press
Page : 368 pages
File Size : 51,6 Mb
Release : 2018-03-31
Category : Business & Economics
ISBN : 9781622731770
This book compares and contrasts flexible versus fixed exchange rate regimes. Beginning with their theoretical justifications, it showcases their observed advantages and disadvantages as they played out in the currency crises of the 1990s and early 2000s across Asia, Europe and Latin America. An analysis of the drivers and implications of these crises singles out fast-paced liberalization and globalization as having played central roles. Moreover it sheds light on some of the factors contributing to the 2008 financial crisis and the key monetary events in its aftermath. An accessible, yet rigorous discussion, supported by extensive evidence, helps readers reach their own conclusions regarding the respective merits of alternative exchange rate systems.
Author : Anna J. Schwartz
Publisher : University of Chicago Press
Page : 461 pages
File Size : 49,6 Mb
Release : 2009-02-15
Category : Business & Economics
ISBN : 9780226742298
Modern monetary economics has been significantly influenced by the knowledge and insight brought to the field by the work of Anna J. Schwartz, an economist whose career has spanned almost half a century. Her contributions evidence a broad expertise in international history and policy, and an ability to apply the results of her careful historical research to current issues and debates. Money in Historical Perspective is a collection of sixteen of her papers selected by Michael D. Bordo and Milton Friedman. Grouped into three sections, the essays constitute a number of Dr. Schwartz's most cited articles on the subject of monetary economics, many of which are no longer readily accessible. In the papers in part I, dating from 1947 to the present, Dr. Schwartz examines money and banking in the United States and the United Kingdom from a historical perspective. Her investigation of the historical evidence linking economic instability to erratic monetary behavior—this behavior itself a product of discretionary monetary policy—has led her to argue for the importance of stable money, and her writings on these issues over the last two decades form part II. The volume concludes with four recent articles on international monetary arrangements, including Dr. Schwartz's well-known work on the gold standard. This volume of classic essays by Anna Schwartz will be a useful addition to the libraries of scholars and students for its exemplary historical research and commentary on monetary systems.
Author : Joseph E. Gagnon,Marc Hinterschweiger
Publisher : Peterson Institute
Page : 301 pages
File Size : 52,9 Mb
Release : 2011
Category : Business & Economics
ISBN : 9780881326352
Volatile exchange rates and how to manage them are a contentious topic whenever economic policymakers gather in international meetings. This book examines the broad parameters of exchange rate policy in light of both high-powered theory and real-world experience. What are the costs and benefits of flexible versus fixed exchange rates? How much of a role should the exchange rate play in monetary policy? Why don't volatile exchange rates destabilize inflation and output? The principal finding of this book is that using monetary policy to fight exchange rate volatility, including through the adoption of a fixed exchange rate regime, leads to greater volatility of employment, output, and inflation. In other words, the "cure" for exchange rate volatility is worse than the disease. This finding is demonstrated in economic models, in historical case studies, and in statistical analysis of the data. The book devotes considerable attention to understanding the reasons why volatile exchange rates do not destabilize inflation and output. The book concludes that many countries would benefit from allowing greater flexibility of their exchange rates in order to target monetary policy at stabilization of their domestic economies. Few, if any, countries would benefit from a move in the opposite direction.
Author : Ernst Baltensperger,Peter Kugler
Publisher : Cambridge University Press
Page : 267 pages
File Size : 55,7 Mb
Release : 2017-08-03
Category : Business & Economics
ISBN : 9781107199309
The Importance of Monetary Stability as the Main Objective of Central Bank Policy in a Paper Money System -- Fixed versus Flexible Exchange Rates -- Small Country, Independent Currency: the Value of Monetary Sovereignty -- Bibliography -- Index
Author : I. Moosa
Publisher : Springer
Page : 267 pages
File Size : 44,8 Mb
Release : 2006-03-28
Category : Business & Economics
ISBN : 9780230504424
This book explores the exchange rate regime choice and the role played by the exchange rate in the economy. Approaching the classification of exchange rate regimes from theoretical, practical and historical perspectives, the book discusses pertinent case studies, including the choice of exchange rate regime in the post-conflict case of Iraq.
Author : Robert M. Dunn
Publisher : Unknown
Page : 44 pages
File Size : 50,8 Mb
Release : 1983
Category : Business & Economics
ISBN : UOM:49015001167809
Author : Ronald MacDonald
Publisher : Routledge
Page : 334 pages
File Size : 50,9 Mb
Release : 2005
Category : Foreign exchange
ISBN : 9781134838226
''In summary, the book is valuable as a textbook both at the advanced undergraduate level and at the graduate level. It is also very useful for the economist who wants to be brought up-to-date on theoretical and empirical research on exchange rate behaviour.'' ""Journal of International Economics""
Author : Mr.Kenneth Rogoff,Mr.Ashoka Mody,Nienke Oomes,Mr.Robin Brooks,Mr.Aasim M. Husain
Publisher : International Monetary Fund
Page : 85 pages
File Size : 52,8 Mb
Release : 2003-12-01
Category : Business & Economics
ISBN : 9781451875843
Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis suggests that as economies mature, the value of exchange rate flexibility rises. For countries at a relatively early stage of financial development and integration, fixed or relatively rigid regimes appear to offer some anti-inflation credibility gain without compromising growth objectives. As countries develop economically and institutionally, there appear to be considerable benefits to more flexible regimes. For developed countries that are not in a currency union, relatively flexible exchange rate regimes appear to offer higher growth without any cost in credibility.
Author : Sohmen Egon
Publisher : Palala Press
Page : 0 pages
File Size : 42,7 Mb
Release : 2016-05-05
Category : History
ISBN : 1355482461
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Author : Rupa Duttagupta,Gilda Fernandez,Cem Karacadag
Publisher : International Monetary Fund
Page : 36 pages
File Size : 46,6 Mb
Release : 2005
Category : Business & Economics
ISBN : STANFORD:36105122193332
A growing number of countries are adopting flexible exchange rate regimes because flexibility offers more protection against external shocks and greater monetary independence. Other countries have made the transition under disorderly conditions, with the sharp depreciation of their currency during a crisis. Regardless of the reason for adopting a flexible exchange rate, a successful transition depends on the effective management of a number of institutional and operational issues. The authors of this Economic Issue describe the necessary ingredients for moving to a flexible regime, as well as the optimal pace and sequencing under different conditions.
Author : Tobias Straumann
Publisher : Cambridge University Press
Page : 0 pages
File Size : 47,9 Mb
Release : 2014-01-30
Category : Business & Economics
ISBN : 1107616379
Most European countries are rather small, yet we know little about their monetary history. This book analyses for the first time the experience of seven small states (Austria, Belgium, Denmark, the Netherlands, Norway, Sweden, and Switzerland) during the last hundred years, starting with the restoration of the gold standard after World War I and ending with Sweden's rejection of the Euro in 2003. The comparative analysis shows that for the most part of the twentieth century the options of policy makers were seriously constrained by a distinct fear of floating exchange rates. Only with the crisis of the European Monetary System (EMS) in 1992-93 did the idea that a flexible exchange rate regime was suited for a small open economy gain currency. The book also analyses the differences among small states and concludes that economic structures or foreign policy orientations were far more important for the timing of regime changes than domestic institutions and policies.
Author : James Powell,Bank of Canada
Publisher : Unknown
Page : 124 pages
File Size : 54,9 Mb
Release : 2005
Category : Business & Economics
ISBN : UIUC:30112077032222
Author : Michael D. Bordo,Alan M. Taylor,Jeffrey G. Williamson
Publisher : University of Chicago Press
Page : 598 pages
File Size : 49,7 Mb
Release : 2007-11-01
Category : Business & Economics
ISBN : 9780226065991
As awareness of the process of globalization grows and the study of its effects becomes increasingly important to governments and businesses (as well as to a sizable opposition), the need for historical understanding also increases. Despite the importance of the topic, few attempts have been made to present a long-term economic analysis of the phenomenon, one that frames the issue by examining its place in the long history of international integration. This volume collects eleven papers doing exactly that and more. The first group of essays explores how the process of globalization can be measured in terms of the long-term integration of different markets-from the markets for goods and commodities to those for labor and capital, and from the sixteenth century to the present. The second set of contributions places this knowledge in a wider context, examining some of the trends and questions that have emerged as markets converge and diverge: the roles of technology and geography are both considered, along with the controversial issues of globalization's effects on inequality and social justice and the roles of political institutions in responding to them. The final group of essays addresses the international financial systems that play such a large part in guiding the process of globalization, considering the influence of exchange rate regimes, financial development, financial crises, and the architecture of the international financial system itself. This volume reveals a much larger picture of the process of globalization, one that stretches from the establishment of a global economic system during the nineteenth century through the disruptions of two world wars and the Great Depression into the present day. The keen analysis, insight, and wisdom in this volume will have something to offer a wide range of readers interested in this important issue.