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External Debt, Budget Deficits and Disequilibrium Exchange Rates
Dornbusch, Rudiger - 1984
The paper investigates the sources of debt and debt difficulties for a group of Latin American countries. It is argued that external shocks -- oil, interest rates, world recession and the fall in real commodity prices -- cannot account by themselves for the problems. Budget deficits that...
Persistent link: https://www.econbiz.de/10012477758
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Inflation Surge and Sovereign Borrowing : The Role of Policy Practices in Strengthening Sovereign Resilience
Aizenman, Joshua; Zheng, Huanhuan - National Bureau of Economic Research - 2023
Sovereign borrowing during inflation surges is a litmus test of a government's ability to withstand and navigate macroeconomic shocks. Based on transaction-level bond issuance data, we explore how sovereign financing strategies respond to inflation surges and how policy practices affect their...
Persistent link: https://www.econbiz.de/10014250190
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The Gold Standard, Bretton Woods and other Monetary Regimes : An Historical Appraisal
Bordo, Michael - 1993
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
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Monetary Theory from a Chinese Historical Perspective
Xueyi, Zheng - 2010
Europe (and later North America). Imperial China was a politically integrated structure with regional segmentation of … thought, such as later in Europe. Basic concepts such as monetary function, the velocity of circulation, inflation, interest … and deflation and monetary control much like Europe to follow. Monetary thought thus seemingly preceded Western thought …
Persistent link: https://www.econbiz.de/10012462563
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International Trade, Indebtedness, and Welfare Repercussions among Supply-Constrained Economies under Floating Exchange Rates
Hool, Bryce - 1980
Almost all developed economies at some time during the 1970s seemed supply-constrained. Even much of measured excess capacity was arguably redundant due to energy price shocks, environmental policy, and other structural flux of the 1970s. Little analytical work has been carried out on the...
Persistent link: https://www.econbiz.de/10012478562
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Two Notes on Exchange Rate Rules and on the Real Value of External Debt
Dornbusch, Rudiger - 1980
This report presents two unrelated, short papers on exchange rate rules and on the real value of the external debt. The paper on exchange rate policy uses the Taylor model of overlapping, long term wage contracts to ask whether accommodating or PPP oriented exchange rate policies tend to...
Persistent link: https://www.econbiz.de/10012478566
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From World Banker to World Venture Capitalist : US External Adjustment and the Exorbitant Privilege
Gourinchas, Pierre-Olivier - 2005
Does the center country of the International Monetary System enjoy an "exorbitant privilege" that significantly weakens its external constraint as has been asserted in some European quarters? Using a newly constructed dataset, we perform a detailed analysis of the historical evolution of US...
Persistent link: https://www.econbiz.de/10012467115
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International Borrowing, Capital Controls and the Exchange Rate : Lessons from Chile
Cowan, Kevin - 2005
This paper analyzes the Chilean experience with capital flows. We discuss the role played by capital controls, financial regulations and the exchange rate regime. The focus is on the period after 1990, the period when Chile returned to international capital markets. We also discuss the early...
Persistent link: https://www.econbiz.de/10012467301
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International Financial Adjustment
Gourinchas, Pierre-Olivier - 2005
The paper proposes a unified framework to study the dynamics of net foreign assets and exchange rate movements. We show that deteriorations in a country's net exports or net foreign asset position have to be matched either by future net export growth (trade adjustment channel) or by future...
Persistent link: https://www.econbiz.de/10012467530
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Fetters of Debt, Deposit, or Gold during the Great Depression? The International Propagation of the Banking Crisis of 1931
Richardson, Gary - 2007
A banking crisis began in Austria in May 1931 and intensified in July, when runs struck banks throughout Germany. In September, the crisis compelled Britain to quit the gold standard. Newly discovered data shows that failure rates rose for banks in New York City, at the center of the United...
Persistent link: https://www.econbiz.de/10012465673