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Exits from Pegged Regimes : An Empirical Analysis
Ötker, Inci; Duttagupta, Rupa - 2021
Using countries' de facto exchange rate regimes during 1985-2002, this paper analyzes the determinants of exits from pegged regimes, where exits involve shifts to more or less flexible regimes, or adjustments within the existing regime. Distinguishing episodes characterized by "exchange market...
Persistent link: https://www.econbiz.de/10013212330
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Destabilizing Stability? Exchange Rate Arrangements and Foreign Currency Debt
Csonto, Balazs - 2021
Emerging markets (EMs) often respond to shocks by intervening in foreign exchange (FX) markets and thus preventing full exchange rate adjustment. This response can serve to dampen the effect of shocks and increase monetary policy space but may also incentivize economic participants to increase...
Persistent link: https://www.econbiz.de/10013315118
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Crises, Labor Market Policy, and Unemployment
Bernal-Verdugo, Lorenzo E. - 2012
impact on unemployment in the short term, but that this effect rapidly disappears in the medium term in countries with … with more rigid labor market institutions. These effects are even larger for youth unemployment in the short term and long …-term unemployment in the medium term. Conversely, large upfront, or gradual but significant, comprehensive labor market policies have a …
Persistent link: https://www.econbiz.de/10013108620
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Rethinking the Governance of the International Monetary Fund
Mirakhor, Abbas - 2007
This paper attempts to set out the principal issues that need to be resolved in formulating a proposal for quotas and voice reform in the IMF that could command broad support. Following John Rawls, we argue that justice is the first virtue of social institutions, and we use his theory of justice...
Persistent link: https://www.econbiz.de/10012777959
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Destabilizing the Global Monetary System : Germany's Adoption of the Gold Standard in the Early 1870s
Wiegand, Johannes - 2019
In 1871-73, newly unified Germany adopted the gold standard, replacing the silver-based currencies that had been prevalent in most German states until then. The reform sparked a series of steps in other countries that ultimately ended global bimetallism, i.e., a near-universal fixed exchange...
Persistent link: https://www.econbiz.de/10012889160
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Reserve Currency Blocs : A Changing International Monetary System?
Tovar, Camilo E. - 2018
determine the extent to which nationalcurrencies across the world belong to a reserve currency bloc. We then use these estimates …
Persistent link: https://www.econbiz.de/10012927455
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Determinants of Pre-Pandemic Demand for the IMF's Concessional Financing
Hills, Timothy; Nguyen, Huy Le; Sab, Randa - 2021
This study focuses on identifying the main factors that influenced country-specific and aggregate demand for IMF concessional financing between 1986 and 2018 and makes within-period and out-of-period forecasts. We find that the external debt level, inflation, and real effective exchange rate are...
Persistent link: https://www.econbiz.de/10013243069
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The International Monetary System in the (Very) Long Run
Eichengreen, Barry; Sussman, Nathan - 2021
This paper takes stock of the evolution of the international monetary system over the last thousand years. Several points stand out from the analysis. One is the reluctance of governments to embrace radical changes in international monetary relations. Another is the conflict between external and...
Persistent link: https://www.econbiz.de/10013317910
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Uphill Capital Flows and the International Monetary System
Csonto, Balazs - 2017
Uphill capital flows constitute a key transmission channel through which reserve accumulation can distort the stability of the international monetary system. This paper examines and quantifies the importance of this transmission channel by examining how foreign official purchases of U.S....
Persistent link: https://www.econbiz.de/10012948528
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Do Old Habits Die Hard? Central Banks and the Bretton Woods Gold Puzzle
Monnet, Eric - 2019
Why did monetary authorities hold large gold reserves under Bretton Woods (1944-1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to back currency in circulation with gold reserves,...
Persistent link: https://www.econbiz.de/10012864107