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International Costs and Benefits from EMU
Alogoskoufis, George - 1990
In this paper we examine the international implications of monetary union in the European Community (EMU), and the associated international costs and benefits. We consider prospective changes in international institutions, the potential role of the ecu as an international currency, and the...
Persistent link: https://www.econbiz.de/10012475649
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How Do Fixed-Exchange-Rates Regimes Work : The Evidence From The Gold Standard, Bretton Woods and The EMS
Giovannini, Alberto - 1988
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
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A New Financial Order in Asia : Will a RMB bloc emerge?
Ito, Takatoshi - 2016
The objective of this paper is three-fold. First, the monetary and exchange rate regimes of the Asian countries are described and analyzed. The degrees of flexibility in exchange rates and capital controls vary across countries. Some countries have adopted a flexible inflation targeting...
Persistent link: https://www.econbiz.de/10012455925
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Hegemonic Stability Theories of the International Monetary System
Eichengreen, Barry - 1987
only when dominated by a single, exceptionally powerful national economy. In particular, this "theory of hegemonic … applicability of hegemonic stability theory to international monetary relations, approaching the question from both theoretical and … empirical vantage points. While that theory is of some help for understanding the relatively smooth operation of the classical …
Persistent link: https://www.econbiz.de/10012476877
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Do We Really Need a New International Monetary Compact?
Obstfeld, Maurice - 2000
In recent years, many countries have instituted monetary reforms aimed at improving anti-inflation credibility. Is it a problem, however, that international welfare spillover effects seldom receive much consideration in the design of monetary reforms? Surprisingly, the answer may be no. Under...
Persistent link: https://www.econbiz.de/10012470879
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The Emergence of the Euro as an International Currency
Portes, Richard - 1998
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
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Implications of the Great Depression for the Development of the International Monetary System
Bordo, Michael D. - 1997
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
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Macroeconomic Adjustment Under Bretton Woods and the Post-Bretton Woods Float : An Impulse-Response Analysis
Bayoumi, Tamim - 1992
We use time-series methods to estimate a simple aggregate-supply aggregate-demand model in order to analyze the comparative performance of fixed- and flexible-exchange-rate systems and test competing hypotheses designed to explain shifts between exchange-rate regimes. The paper provides a...
Persistent link: https://www.econbiz.de/10012474799
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A Note on Internationally Coordinated Policy Packages Intended to be Robust Under Model Uncertainty
Frankel, Jeffrey - 1991
Holtham and Hughes Hallett, and a number of other authors, have suggested that a printout of all 1,000 cases of coordination considered in Frankel and Rockett (1988) should be made available. They wish to check whether, if coordination is restricted to policy packages that they call 'strong'...
Persistent link: https://www.econbiz.de/10012475258
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Learning About Intervention Target Zones
Klein, Michael W. - 1991
This paper provides a framework for evaluating how market participants' beliefs about foreign exchange target zones change as they learn about central bank intervention policy. In order to examine this behavior, we first generalize the standard target zone model to allow for intra-marginal...
Persistent link: https://www.econbiz.de/10012475337