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In the early 1870s, the global monetary system transitioned from bimetallism-a regime in which gold and silver … currencies were tied at quasi-fixed exhange ratios-to the gold standard that was characterized by the use of (only) gold as the …) analyzing the transition from bimetallism to gold as a multi-stage currency game played by France and Germany; and (iii …
Persistent link: https://www.econbiz.de/10015060354
After moving slowly downward for the better part of four decades, central bank gold holdings have risen since the … Global Financial Crisis. We identify 14 "active diversifiers," defined as countries that purchased gold and raised its share … diversifiers into gold are exclusively emerging markets. We document two sets of factors contributing to this trend. First, gold …
Persistent link: https://www.econbiz.de/10015059812
Intro -- Contents -- I. INTRODUCTION -- II. BACKGROUND -- III. IDENTIFYING CAPITAL ACCOUNT CRISES EPISODES -- IV. ESTIMATION AND RESULTS -- V. IMF SUPPORT AND CRISIS PREVENTION -- VI. CONCLUDING REMARKS -- References.
Persistent link: https://www.econbiz.de/10012691048
The Global Credit Crisis of 2008-09 has underscored the urgency of reforming the international financial architecture. While a number of short-term reforms are already in train, this paper contemplates more ambitious reforms of the international financial architecture that might be implemented...
Persistent link: https://www.econbiz.de/10012677780
This paper develops a theory of international currency portfolios that holds in general equilibrium, and that is therefore not subject to the criticisms directed at the portfolio balance literature of the 1980s. It shows that, under plausible assumptions about fiscal policy, the relationship...
Persistent link: https://www.econbiz.de/10012677715
results based on a dynamic general equilibrium model of the world economy, and using the EU KLEMS database, indicate that TFP …
Persistent link: https://www.econbiz.de/10012677719
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/10005264089
Two economists designed the main features of the charter of the IMF during World War II: John Maynard Keynes and Harry …
Persistent link: https://www.econbiz.de/10005768807
This paper develops a structural macroeconometric model of the world economy, disaggregated into thirty five national …
Persistent link: https://www.econbiz.de/10009618572
Intro -- Content -- I. INTRODUCTION -- II. OIL PRICE VOLATILITY -- III. THE DEMAND AND SUPPLY OF CRUDE OIL -- IV. ROLE OF MONETARY POLICY IN THE OIL MARKETS -- V. SOLUTION OF THE SEM -- VI. CONCLUSIONS -- APPENDIX -- REFERENCES.
Persistent link: https://www.econbiz.de/10012690972