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The Portuguese Disinflation Process: Analysis of Some Costs and Benefits

Duarte, António Portugal - EconWPA - 2005

This study aims to analyse the Portuguese economic policy of disinflation through a nominal stabilization policy of the Portuguese escudo. We study the pegging of the Portuguese escudo (PTE) to the Deutsch mark (DM) knowing the reputation of the Bundesbank for its anti- inflationary record and...

Persistent link: https://www.econbiz.de/10005556600

Is the Euro Working? The Euro and European Labour Markets

Silvia, Stephen - EconWPA - 2005

Now that four years have passed since the introduction of the euro as a commercial currency, it has become possible to assess many arguments made in the abstract during the 1990s about the implications of monetary union. This contribution does precisely that. In brief, the euro zone still falls...

Persistent link: https://www.econbiz.de/10005124952

The Economics of International Monies

Gerald P. Dwyer Jr.; Lothian, James R. - EconWPA - 2003

The purpose of this paper is to examine the history of international monies and the theory related to their adoption … and use. We summarize the history of international monies, beginning with a discussion of the gold solidus introduced in … theoretical discussion of these common characteristics that explains much of this history. …

Persistent link: https://www.econbiz.de/10005556639

International Money and Common Currencies in Historical Perspective

Gerald P. Dwyer Jr.; Lothian, James R. - EconWPA - 2003

We review the history of international monies and the theory related to their adoption and use. There are four key …

Persistent link: https://www.econbiz.de/10005119498

The impact on the U.S. Dollar of the conflict between the American locomotive’s model and the emerging economies’ autopoietic growth.

Viviani, Carlo; Savona, Paolo - EconWPA - 2005

The purpose of this paper is to put the future of the US dollar into a logical framework which comprises the global development mechanism. Two models of growth collide: the US «locomotive», based on the international use of the dollar, and which requires exogenous pushes coming permanently...

Persistent link: https://www.econbiz.de/10005124951

Exchange Rate Regimes and Economic Linkages

Lee, Jong-Wha; Shin, Kwanho - EconWPA - 2004

We investigate how the exchange rate regime influences economic linkages across countries. We divide the exchange rate regime into three classifications: currency union, peg and floating exchange rates. Unlike most studies solely focusing on the relationship between anchor and client countries,...

Persistent link: https://www.econbiz.de/10005062707

The Effects of Japanese Foreign Exchange Intervention: GARCH Estimation and Change Point Detection

Hillebrand, Eric; Schnabl, Gunther - EconWPA - 2004

We study the impact of Japanese foreign exchange intervention on the volatility of the yen/dollar exchange rate since the early 1990s based on a GARCH framework. Using daily intervention data provided by the Japanese Ministry of Finance, we show that the success of interventions varies over...

Persistent link: https://www.econbiz.de/10005556654

The Return to Soft Dollar Pegging in East Asia. Mitigating Conflicted Virtue

McKinnon, Ronald; Schnabl, Gunther - EconWPA - 2004

Before the 1997-98 crisis, the East Asian economies—except for Japan—informally pegged their currencies to the dollar. These soft pegs made them vulnerable to a depreciating yen thereby aggravating the crisis. To limit future misalignments, the IMF wants East Asian currencies to float...

Persistent link: https://www.econbiz.de/10005119492

Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemma in the Interwar Period

Obstfeld, Maurice; Shambaugh, Jay C.; Taylor, Alan M. - EconWPA - 2004

The interwar period was marked by the end of the classical gold standard regime and new levels of macroeconomic disorder in the world economy. The interwar disorder often is linked to policies inconsistent with the constraint of the open-economy trilemmathe inability of policymakers...

Persistent link: https://www.econbiz.de/10005125498

Productivity differentials and external balance in ERM II

Henriksson, Marketta - EconWPA - 2005

Differences in growth, productivity and inflation levels are going to be a prominent feature of the future of EMU, as the convergence process is still ongoing in the new Member States. This convergence process can be described by the Balassa-Samuelson proposition, which states that faster growth...

Persistent link: https://www.econbiz.de/10005125509

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