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The Financial Crisis and the Geography of Wealth Transfers
Gourinchas, Pierre-Olivier; Rey, Hélène; Truempler, … - C.E.P.R. Discussion Papers - 2011
This paper studies the geography of wealth transfers during the 2008 global financial crisis. We construct valuation changes on bilateral external positions in equity, direct investment and portfolio debt at the height of the crisis to map who benefited and who lost on their external exposure....
Persistent link: https://www.econbiz.de/10009293659
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The International Monetary System: Living with Asymmetry
Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2011
system: international liquidity and exchange rate management. Despite radical changes since World War II in the market …
Persistent link: https://www.econbiz.de/10009385766
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An Essay on the Emergence of the International Gold Standard, 1870-80
Flandreau, Marc - C.E.P.R. Discussion Papers - 1995
This paper is an exploration of the theory of endogenous regime changes which takes as an illustration the making of the classical gold standard. The international gold-based fixed exchange rate regime that surfaced during the 1870s has traditionally been interpreted as resulting from a mix of...
Persistent link: https://www.econbiz.de/10005662237
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The Ties that Divide. A Network Analysis of the International Monetary System
Flandreau, Marc; Jobst, Clemens - C.E.P.R. Discussion Papers - 2005
This paper provides a new methodology to map international monetary relations in the 19th century. We identify an index of international liquidity and, applying techniques borrowed from formal network analysis (in particular, blockmodelling) we produce a formal ranking of currencies according to...
Persistent link: https://www.econbiz.de/10005662382
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Technical Progress, Global Imbalances and World Economic Recovery Without Inflation
Vines, David - C.E.P.R. Discussion Papers - 1988
This paper reviews three problems of the world economy since the collapse of the Bretton Woods system; an unreliable … Dollar Problem', is deployed to examine this question. We consider a world of two regions -- 'Asia' and the 'North' -- in … not work very well in the present world". This fact is used to suggest an explanation of present instabilities in world …
Persistent link: https://www.econbiz.de/10005791847
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The Stability of the Gold Standard and the Evolution of the International Monetary System
Bayoumi, Tamim; Eichengreen, Barry - C.E.P.R. Discussion Papers - 1995
This paper examines some popular explanations for the smooth operation of the pre-1914 gold standard. We find that the rapid adjustment of economies to underlying disturbances played an important role in stabilizing output and employment under the gold standard system, but no evidence that this...
Persistent link: https://www.econbiz.de/10005792008
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Lenders of Last Resort in a Globalized World
Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2009
The recent financial crisis teaches important lessons regarding the lender-of-last resort function. Large swap lines extended in 2007-08 from the Federal Reserve to other central banks show that the classic concept of a national last-resort lender fails to address key vulnerabilities in a...
Persistent link: https://www.econbiz.de/10004969129
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The Euro and International Capital Markets
Detken, Carsten; Hartmann, Philipp - C.E.P.R. Discussion Papers - 2000
This paper provides a broad empirical examination of the major currencies' roles in international capital markets, with a special emphasis on the first year of the Euro. A contribution is made as to how to measure these roles, both for international financing as well as for international...
Persistent link: https://www.econbiz.de/10005123910
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Monetary Geography Before the Industrial Revolution
Flandreau, Marc; Galimard, Christophe; Jobst, Clemens; … - C.E.P.R. Discussion Papers - 2009
In this article, we study Europe's monetary geography on the eve of the Industrial Revolution. Our unit of analysis is the city and we explore inter-city linkages. Important findings include a considerable degree of integration and multilateralism with monetary centers having already emerged as...
Persistent link: https://www.econbiz.de/10005136423
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The Geography of the Gold Standard
Eichengreen, Barry; Flandreau, Marc - C.E.P.R. Discussion Papers - 1994
development, the magnitude of reserves relative to world specie markets, whether reserves were concentrated at the central bank …
Persistent link: https://www.econbiz.de/10005114362