Showing 1 - 10 of 20
Specialists in international relations have argued that international regimes operate smoothly and exhibit stability only when dominated by a single, exceptionally powerful national economy. In particular, this "theory of hegemonic stability" has been applied to the international monetary...
Persistent link: https://www.econbiz.de/10012476877
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
The modern notion of an international currency involves use in areas of international finance and trade that extend well beyond central banks' coffers. In addition to their important roles as foreign exchange reserves, international currencies are most frequently used to denominate corporate and...
Persistent link: https://www.econbiz.de/10012481057
The last decade has seen an outpouring of scholarship on the economics of the Great Depression. If there is anything approaching a consensus, it is a synthetic view which admits a role both for monetary policy mistakes and for the international monetary and financial system in transmitting those...
Persistent link: https://www.econbiz.de/10012469433
In this paper we analyze the changing role of gold in the international monetary system, in particular the persistence of gold holdings by monetary authorities for 20 years following the breakdown of the Brettone Woods system system and the Second Amendment to the Articles of Agreement of the...
Persistent link: https://www.econbiz.de/10012472369
The European Union will enter Stage Three of Economic and Monetary Union (EMU) in 1999. The development of euro financial markets and thickness externalities in the use of the euro as a means of payment will be the major factors determining the importance of the euro as an international...
Persistent link: https://www.econbiz.de/10012472384
In this paper we speculate about the evolution of the international monetary system in the last 2/3 of the 20th century absent the Great Depression but present the major post-Depression political and economic upheavals: WWII and II and the Cold War. We argue that without the Depression the...
Persistent link: https://www.econbiz.de/10012472945
This paper provides answers to two questions. The first question is which international monetary regime is best for economic performance? One based on fixed exchange rates: including the gold standard and its variants? Adjustable peg regimes such as the Bretton Woods system and the European...
Persistent link: https://www.econbiz.de/10012474648
In recent years, the theory of rules and discretion in monetary policy has fascinated scores of academic economists and policymakers alike. This paper asks whether it can be applied to understand the history of the world monetary system, by focusing on the setup and the experience of the Bretton...
Persistent link: https://www.econbiz.de/10012474979
This paper defines two competing hypotheses on the working of fixed exchange rates. The "symmetry" hypothesis states that every country is concerned with the good functioning of the system, and cannot afford to deviate from world averages. Every country is just left to follow the rules of the...
Persistent link: https://www.econbiz.de/10012476294