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Financial Stability, the Trilemma, and International Reserves

Obstfeld, Maurice; Shambaugh, Jay C; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2008

The rapid growth of international reserves|a development concentrated in the emerging markets|remains a puzzle. In this paper we suggest that a model based on financial stability and financial openness goes far toward explaining reserve holdings in the modern era of globalized capital markets....

Persistent link: https://www.econbiz.de/10005661901

Wage Inflation, Electoral Uncertainty and the Exchange Rate Regime: Theory and UK Evidence

Alogoskoufis, George; Lockwood, Ben; Philippopoulos, … - C.E.P.R. Discussion Papers - 1992

We extend the `rational-partisan' model of inflation to allow for the effects of unemployment persistence on the … dynamics of inflation. We combine this model with the `exchange-rate-regime' model of inflation and examine the experience of … the United Kingdom. Outside the fixed exchange rate regime of Bretton Woods, persistently high inflation can be attributed …

Persistent link: https://www.econbiz.de/10005067418

On the Distribution of Exchange Rate Regime Treatment Effects on International Trade

Dorn, Sabrina; Egger, Peter - C.E.P.R. Discussion Papers - 2011

This paper provides evidence of heterogeneous treatment effects on trade from switching among three types of de-facto exchange rate regimes: freely floating, currency bands, and pegs or currency unions. A cottage literature at the interface of macroeconomics and international economics focuses...

Persistent link: https://www.econbiz.de/10009365643

How to Exit from Fixed Exchange Rate Regimes

Asici, Ahmet Atil; Ivanova, Nadezhda; Wyplosz, Charles - C.E.P.R. Discussion Papers - 2005

This paper improves upon the recently developed literature on exits from fixed exchange rate regimes in three ways: 1) It allows for two indicators for post-exit macroeconomic conditions, the change in the exchange rate and the change in the output gap; 2) it tests whether the distinction...

Persistent link: https://www.econbiz.de/10005791275

Core, Periphery, Exchange Rate Regimes and Globalization

Bordo, Michael D; Flandreau, Marc - C.E.P.R. Discussion Papers - 2001

In this Paper we focus on the different historical regime experiences of the core and the periphery. Using conventional Feldstein-Horioka tests, but taking a more careful look at the panel properties of our sample, this Paper reports results which are consistent with the ‘Folk’ wisdom that...

Persistent link: https://www.econbiz.de/10005123652

The Choice of Exchange Rate Regimes: An Empirical Analysis for Transition Economies

von Hagen, Jürgen; Zhou, Jizhong - C.E.P.R. Discussion Papers - 2002

regime choices in these countries. Moreover, inflation rates, cumulative inflation differentials and the availability of …

Persistent link: https://www.econbiz.de/10005136488

Bretton Woods and its Precursors: Rules versus Discretion in the History of International Monetary Regimes

Giovannini, Alberto - C.E.P.R. Discussion Papers - 1992

In recent years the theory of rules and discretion in monetary policy has fascinated academic economists and policy-makers alike. This paper asks whether it can be applied to an understanding of the history of the world monetary system, by focusing on the establishment and the operation of the...

Persistent link: https://www.econbiz.de/10005136770

Exchange Rate Regimes and Trade Prices: Does the EMS Matter?

Sapir, André; Sekkat, Khalid - C.E.P.R. Discussion Papers - 1993

This paper investigates the role of the exchange rate regime in the process of trade adjustment, by examining the relationship between trade prices and exchange rate regimes. The theoretical framework is a dynamic one à la Froot-Klemperer (1989). The empirical investigation takes advantage of...

Persistent link: https://www.econbiz.de/10005497720

Exchange Rate Regimes and Capital Mobility: How Much of the Swoboda Thesis Survives?

Eichengreen, Barry - C.E.P.R. Discussion Papers - 2008

have been able to abandon soft peg because of their success in substituting inflation targeting for exchange rate targeting …

Persistent link: https://www.econbiz.de/10005498132

Fiscal Discipline and Exchange Rate Regimes

Canzoneri, Matthew B; Cumby, Robert; Diba, Behzad - C.E.P.R. Discussion Papers - 1998

This paper explores the implications of a new theory of price determination (due to Leeper, Woodford and Sims) for the maintenance of various exchange rate systems – crawling pegs, fixed pegs, and common currency areas. It shows that deeper monetary integration requires more fiscal discipline,...

Persistent link: https://www.econbiz.de/10005788891

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