The implications of exchange rate regimes on economic growth have received renewed attention in the aftermath of the recent global financial crisis. Creating both bivariate and tripartite regime classifications the present study examines their impact on growth for 156 nations spanning the period...

The lack of cooperation between central banks is the most widely accepted interpretation of the collapse of the gold-exchange standard. This explanation does not take account of the evolution of systems of payment: national commodity moneys were progressively replaced by fiduciary money. These...

The paper critically considers the endogenous Optimum Currency Areas (or e-OCAs) theory, focussing initially on early studies having identified a relevant link between the creation of a monetary union and an upgrading of trade intensity between member countries, on the one hand, and the increase...

The Bretton Woods Agreement once again enabled states to use an international money. The traditional interpretations of this Agreement emphasize the extreme discontinuity between the period after the Second World War and the interwar period. Some interpretations insist on the fact that after the...

In this paper we investigate the skirmishes that the US dollar and the euro had from 2007 to 2011 and, in particular, the two distinct sharp falls that the single currency had in 2008 and 2010. We basically consider how impulses coming from domestic money markets impact on the USD/EUR exchange...

This paper provides a selective survey of some recent literature assessing exchange rate credibility through bayesian or nonhinear econometrjc frameworks. The empirical evidence from this literature suggests two main conclusions: one in retrospect, concerning the past experience of France in the...

The cross-country examination of monetary policy transparency scores, economic size and supply slopes produces no clear patterns for the empirical relations in question. This evidence prompts us to formulate a general setup for the study of currency union stabilization when there is monetary...

This paper addresses an interesting theoretical intuition, originally put forward in De Grauwe (1989), according to which market efficiency should find stronger support in a pegged exchange rate regime rather than in a purely floating context. To this purpose, we extend to a selected group of...

The recent financial crises in several emerging market economies only confirm that a satisfactory explanation of financial and currency crises remain elusive. The first-generation crisis model pioneered by Krugman is no longer compelling as many of the actual crises seem to lack the crucial...

A mixture of political and economic reasons in support of what eventually came to be known as European Union (EU) were also evident in its recent expansion. Under the politico-military umbrella of NATO , the principles of capitalism were strengthened in Europe, and by extension the interests of...