International Policy Coordination And Exchange Rate Fluctuations

Author : William H. Branson,Jacob A. Frenkel,Morris Goldstein
Publisher : University of Chicago Press
Page : 396 pages
File Size : 44,9 Mb
Release : 2007-12-01
Category : Reference
ISBN : 9780226071381

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International Policy Coordination and Exchange Rate Fluctuations by William H. Branson,Jacob A. Frenkel,Morris Goldstein Pdf

Since the five largest industrial democracies concluded the Plaza Agreement in 1985, the theory and practice of international economic policy coordination has become the subject of spirited academic and public-policy debate. While some view policy coordination as crucial for the construction of an improved international monetary system, others fear that it risks delaying or weakening the implementation of macroeconomic and structural policies. In these papers and comments, prominent international economists consider past and present interpretations of the meaning of international policy coordination; conditions necessary for coordination to be beneficial both to the direct participants and the global economy; influential factors for the quantitative impact of coordination; obstacles to coordination; the most—and least—effective methods of coordination; and future directions of the coordination process, including processes associated with greater fixity of exchange rates. These studies will be readily accessible to policymakers, while offering sophisticated analyses to interested scholars of the global economy.

Author : Peter B. Kenen
Publisher : Manchester University Press
Page : 136 pages
File Size : 55,8 Mb
Release : 1989
Category : Business & Economics
ISBN : 0719030390

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Exchange Rates and Policy Coordination by Peter B. Kenen Pdf

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 59 pages
File Size : 46,8 Mb
Release : 1988-06-29
Category : Business & Economics
ISBN : 9781451969825

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International Coordination of Economic Policies by International Monetary Fund Pdf

This paper discusses the scope, methods, and effects of international coordination of economic policies. In analyzing the scope for and of coordination, the paper addresses the rationale for coordination, barriers to coordination, the range and specificivity of policies to be coordinated, and the frequency of coordination. In evaluating the methods of coordination, the emphasis is on the broad issues of rules versus discretion, single-indicator versus multi-Indicator systems, and hegemonic versus symmetric systems. Finally, using the MULTIMOD global macroeconomic model, some simulations are presented of several rule-based proposals for coordination.

Author : Paul R. Masson
Publisher : World Scientific
Page : 355 pages
File Size : 52,9 Mb
Release : 2011
Category : Business & Economics
ISBN : 9789814350150

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Currencies, Crises, Fiscal Policy, and Coordination by Paul R. Masson Pdf

This volume provides an integrated compilation of selected major articles published by the author in several fields of international finance. These include contributions to the understanding of currency crises and financial contagion, the evolution of exchange rate regimes, the interaction between national fiscal policies and regional monetary unions, and the effect of uncertainty on the gains from international economic policy coordination. The author spent most of his career doing research at established institutions (the Bank of Canada, OECD, and IMF), and these articles emerged from the need to understand the major economic policy issues of the day. In the book's introduction, the author discusses the motivation for these contributions and the unifying themes that emerged, while a concluding chapter provides his personal reflections and suggestions about promising avenues for further research.

Author : Michael C. Webb
Publisher : Cornell University Press
Page : 291 pages
File Size : 51,7 Mb
Release : 2019-05-15
Category : Political Science
ISBN : 9781501745348

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The Political Economy of Policy Coordination by Michael C. Webb Pdf

Michael C. Webb explores a central question about postwar economic history: how has the growth of international markets affected the coordination of economic policy among nations? His analysis overturns the popular assumption that policy coordination has eroded as American hegemony has receded. Instead, he argues that the growing mobility of capital forced governments to abandon the strategies they had used in the 1950s and 60s to insulate monetary and fiscal policies from international influences, and to move toward more direct coordination of central economic strategies. Webb shows that since 1945 there has been a crucial shift in the pattern of international collaboration. He focuses on three types of adjustment policy: trade and capital controls, balance-of-payment lending and intervention in foreign-exchange markets, and monetary and fiscal policies. Noting that the first two types are no longer effective, he demonstrates that governments now rely more on monetary and fiscal policy coordination to regulate the global economy. As the expansion of international finance created greater turbulence in the global economy in the 1980s, the liberal system of international trade threatened to collapse. Webb examines in particular how the United States, Japan, and Germany took unprecedented steps to coordinate monetary and fiscal policies in the late 1980s and early 1990s, although domestic political obstacles—not any decline in U.S. power—limited the impact of this policy coordination. He concludes by assessing the effectiveness of these attempts to reconcile the goal of a stronger liberal system of economic exchange with the desire to maintain national autonomy.

Author : Mr.Jacob A. Frenkel,Mr.Morris Goldstein
Publisher : International Monetary Fund
Page : 508 pages
File Size : 48,6 Mb
Release : 1996-04-24
Category : Business & Economics
ISBN : 155775554X

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Functioning of the International Monetary System by Mr.Jacob A. Frenkel,Mr.Morris Goldstein Pdf

The fiftieth anniversary of the Bretton Woods Conference served as an opportunity to reappraise the desirability of strengthening the IMF's oversight of the functioning of the international monetary system. Whatever the design of an exchange rate system and the arrangements for the provision of international liquidity, it is widely accepted that to be effective such oversight must rest on a strong analytic foundation. These two volumes, edited by Jacob A. Frenkel and Morris Goldstein, present 30 analytic papers on the system as it functioned during 1987-91 and aim at conveying the flavor of those issues that commanded close attention in the Fund's research program.

Author : Daniel Cohen,Charles Wyplosz
Publisher : Unknown
Page : 38 pages
File Size : 45,9 Mb
Release : 1990
Category : Commerce
ISBN : UVA:X002046444

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Price and Trade Effects of Exchange Rate Fluctuations and the Design of Policy Coordination by Daniel Cohen,Charles Wyplosz Pdf

Author : William S. Haraf,Thomas D. Willett
Publisher : American Enterprise Institute
Page : 230 pages
File Size : 41,5 Mb
Release : 1990
Category : Business & Economics
ISBN : 0844737135

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Monetary Policy for a Volatile Global Economy by William S. Haraf,Thomas D. Willett Pdf

This volume focuses on the crucial relationships between domestic and international economic developments and on their implications for monetary, fiscal, and exchange rate policies. The volume includes Richard N.Cooper on challenges to the international monetary system, Hali Edison and Michael Melvin on the choice of an exchange rate system, Gottfried Haberler on international and European monetary systems, Alan C.Stockman on exchange rates and the current account, Guido Tabellini on export of an inflation tax; and Thomas D.Willett and Clas Wihlborg on international capital flows and the dollar. It is a companion volume to Monetary Policy for a Changing Financial Environment.

Author : C. Randall Henning
Publisher : Peterson Institute
Page : 141 pages
File Size : 49,7 Mb
Release : 2008
Category : Foreign exchange rates
ISBN : 9780881325775

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Accountability and Oversight of US Exchange Rate Policy by C. Randall Henning Pdf

Author : Rakesh Mohan,Muneesh Kapur
Publisher : International Monetary Fund
Page : 34 pages
File Size : 47,8 Mb
Release : 2014-04-29
Category : Business & Economics
ISBN : 9781484362518

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Monetary Policy Coordination and the Role of Central Banks by Rakesh Mohan,Muneesh Kapur Pdf

The unconventional monetary policies (UMPs) pursued by the advanced economies (AEs) have posed macroeconomic challenges for the emerging market economies (EMEs) through volatile capital flows and exchange rates. AE central banks need to acknowledge and appreciate the spillovers resulting from such UMPs. Central banks of the AEs, who have set up standing mutual swap facilities, should explore similar arrangements with other significant EMEs with appropriate risk mitigation measures. These initiatives could do much to actually curb volatility in global financial markets and hence in capital flows to EMEs, thus obviating the need for defensive policy actions on the part of EMEs.

Author : David T. Llewellyn,Chris Milner
Publisher : Unknown
Page : 296 pages
File Size : 53,6 Mb
Release : 1990
Category : Foreign exchange
ISBN : UCSD:31822005232376

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Current Issues in International Monetary Economics by David T. Llewellyn,Chris Milner Pdf

This book provides discussion of recent developments in international monetary economics. The chapters are specially written by well known international authors who are specialists in this field and cover current theoretical and policy issues. The topics examined include exchange rate determination and dynamics, stabilisation policy, policy coordination, debt problems and global reform issues. The book is written in an accessible style and will provide students on many relevant courses with up to date information on essential current economic issues.

Author : Mr.Paul R. Masson,Mr.Jacob A. Frenkel,Mr.Ralph C. Bryant,Mr.David P. Currie,Mr.Richard Portes
Publisher : International Monetary Fund
Page : 438 pages
File Size : 53,7 Mb
Release : 1989-06-15
Category : Business & Economics
ISBN : 1557751110

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Macroeconomic Policies in an Interdependent World by Mr.Paul R. Masson,Mr.Jacob A. Frenkel,Mr.Ralph C. Bryant,Mr.David P. Currie,Mr.Richard Portes Pdf

Copublished with the Brookings Institution, Washington D.C. and the Centre for Economic Policy Research, London, and edited by Ralph Bryant, David Currie, Jacob A. Frenkel, Paul Masson, and Richard Portes, this volume considers economic interdependence among well developed countries as well as between them and the developing regions of the world.

Author : Peter B. Kenen,Francesco Papadia,Fabrizio Saccomanni
Publisher : Cambridge University Press
Page : 370 pages
File Size : 46,8 Mb
Release : 1994-10-13
Category : Business & Economics
ISBN : 0521467292

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The International Monetary System by Peter B. Kenen,Francesco Papadia,Fabrizio Saccomanni Pdf

In the two decades prior to publication of this 1994 book, international monetary relations had been characterised by latent instability, and then by severe tensions. Yet the issue of reforming the international monetary system does not appear on the agenda of the policy makers of the major countries involved. The International Monetary System tries to analyse this apparent contradiction. It brings together contributions from some of the most authoritative academic economists and monetary officials, and examines each of the fundamental functions of the international monetary system. There is broad support for improving present monetary arrangements with the aim of ensuring more stable conditions in monetary and financial markets and of promoting the orderly adjustment of payments disequilibria. For political reasons a fully-fledged reform exercise is unlikely, but very few experts seem to like the status quo. This book provides the reader with a comprehensive account of the institutional and policy changes required to manage an increasingly integrated and interdependent global monetary and financial system.

Author : John Williamson
Publisher : Columbia University Press
Page : 104 pages
File Size : 49,9 Mb
Release : 2007-04-30
Category : Business & Economics
ISBN : 9780881324792

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Reference Rates and the International Monetary System by John Williamson Pdf

Growing global imbalances threaten to induce a collapse of the dollar, which could in turn produce a severe recession in the rest of the world. This crisis could force countries to say "never again" and search for a system to prevent similar disasters. The system that could do so is a reference rate system—where countries' authorities are forbidden from intervening in order to push the exchange rate too far from what is termed the "reference rate." It could help a country's authorities manage its exchange rate to avoid large misalignments, assist the private sector in forming more dependable expectations of future exchange rates and thus to manage their businesses more efficiently in a world of floating exchange rates, and aid the International Monetary Fund in designing and managing an effective system of multilateral surveillance. The world economy would function better as a result, with less chance of the global imbalances leading to a world recession.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 100 pages
File Size : 47,5 Mb
Release : 1988-09-15
Category : Business & Economics
ISBN : 1557750289

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Policy Coordination in the European Monetary System by International Monetary Fund Pdf

This chapter discusses various aspects of policy coordination in the European Monetary System (EMS). The purpose of the first paper in this chapter is to provide a survey of the process of European monetary integration, with focus on the EMS, its purposes, evolution, and the experience gathered since its establishment in early 1979. In its present stage of evolution, the EMS has developed a body of general institutional procedures to promote consistency among the policies and objectives of participating countries. The search for consistency inevitably gives rise to consequent constraints, such as those implicit in the specific rules on exchange rate and international reserve management that characterize the exchange rate mechanism (ERM). By drawing on an analysis of the role of monetary policy in balance of payments adjustment under different monetary systems and exchange rate arrangements, the second paper focuses on the crucial issues involved when an attempt is made to set rules for monetary policy coordination in a system of fixed but adjustable exchange rates such as the EMS.