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threatened Turkey and Argentina (2000 and 2001) and most recently Brazil (again). This article discusses the reform of the …
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In 1919, John Maynard Keynes wrote his famous tract The Economic Consequences of the Peace. In that work, he anticipated the collapse of the first era of globalization that began in the mid-nineteenth century. He admonished the short-sighted assumption that these years of relative peace and...
Persistent link: https://www.econbiz.de/10012599404
This paper addresses the question of reform of the international monetary system. It starts by identifying the sources … that a reform of the monetary system without a fundamental change in macroeconomic policies may be harmful. The analysis … proceeds by examining the broader issues and principles relevant for an evaluation of reform. The key questions are: what …
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This essay written for The New Palgrave dictionary of Ecnomics provides a selective and interpretive account of the development of thought on international financial questions. Attention is focused on the process of international adjustment and on the proper definition of external balance. Since...
Persistent link: https://www.econbiz.de/10012476993
On the twentieth anniversary of its inception, the euro has yet to expand its role as an international currency. We document this fact with a wide range of indicators including its role as an anchor or reference in exchange rate arrangements--which we argue is a portmanteau measure--and as a...
Persistent link: https://www.econbiz.de/10012479284
International currencies fulfill different roles in the world economy with important synergies across those roles. We explore the implications of currency hegemony for the external balance sheet of the United States, the process of international adjustment, and the predictability of the US...
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