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A Model of the International Monetary System
Farhi, Emmanuel - 2016
We propose a simple model of the international monetary system. We study the world supply and demand for reserve assets denominated in different currencies under a variety of scenarios: a Hegemon vs. a multipolar world; abundant vs. scarce reserve assets; a gold exchange standard vs. a floating...
Persistent link: https://www.econbiz.de/10012990769
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Monetary Contracting between Central Banks and the Design of Sustainableexchange-Rate Zones
Dumas, Bernard - 2007
An exchange-rate system is a set of contracts which commits central banks to intervene in the foreign-exchange market. The design features of the system include: the rules of intervention, the limits placed on exchange rates and the quot;crisis scenarioquot; which describes possible transitions...
Persistent link: https://www.econbiz.de/10012776929
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External Adjustment, Global Imbalances and Valuation Effects
Gourinchas, Pierre-Olivier - 2013
We provide an overview of the recent developments of the literature on the determinants of long term capital flows, global imbalances and valuation effects. We present the main stylized facts of the new international financial landscape in which external balance sheets of countries have grown in...
Persistent link: https://www.econbiz.de/10013078857
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Learning About Intervention Target Zones
Klein, Michael W. - 2010
This paper provides a framework for evaluating how market participants' beliefs about foreign exchange target zones change as they learn about central bank intervention policy. In order to examine this behavior, we first generalize the standard target zone model to allow for intra-marginal...
Persistent link: https://www.econbiz.de/10013140134
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Target Zones Big and Small
Delgado, Francisco A.; Dumas, Bernard - 2022
Under different assumptions about the underlying monetary shocks, we study target zones of various widths and the effect they have on variables like the interest differential. The stochastic disturbances assumed are successively a non-zero mean random walk and a mean reverting process. The...
Persistent link: https://www.econbiz.de/10013322323
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Macroeconomic Adjustment Under Bretton Woods and the Post-Bretton Woods Float : An Impulse-Response Analysis
Bayoumi, Tamim; Eichengreen, Barry - 2021
We use time-series methods to estimate a simple aggregate-supply aggregate-demand model in order to analyze the comparative performance of fixed- and flexible-exchange-rate systems and test competing hypotheses designed to explain shifts between exchange-rate regimes. The paper provides a...
Persistent link: https://www.econbiz.de/10013226928
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Implications of the Great Depression for the Development of the International Monetary System
Bordo, Michael D.; Eichengreen, Barry - 2021
In this paper we speculate about the evolution of the international monetary system in the last 2/3 of the 20th century absent the Great Depression but present the major post-Depression political and economic upheavals: WWII and II and the Cold War. We argue that without the Depression the...
Persistent link: https://www.econbiz.de/10013249557
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A Note on Internationally Coordinated Policy Packages Intended to Be Robust Under Model Uncertainty
Frankel, Jeffrey A.; Erwin, Scott; ROCKETT, KATHARINE E. - 2021
Holtham and Hughes Hallett, and a number of other authors, have suggested that a printout of all 1,000 cases of coordination considered in Frankel and Rockett (1988) should be made available. They wish to check whether, if coordination is restricted to policy packages that they call 'strong'...
Persistent link: https://www.econbiz.de/10013236706
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Hegemonic Stability Theories of the International Monetary System
Eichengreen, Barry - 2021
only when dominated by a single, exceptionally powerful national economy. In particular, this "theory of hegemonic … applicability of hegemonic stability theory to international monetary relations, approaching the question from both theoretical and … empirical vantage points. While that theory is of some help for understanding the relatively smooth operation of the classical …
Persistent link: https://www.econbiz.de/10013221314
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Do We Really Need a New International Monetary Compact?
Obstfeld, Maurice; Rogoff, Kenneth - 2021
In recent years, many countries have instituted monetary reforms aimed at improving anti-inflation credibility. Is it a problem, however, that international welfare spillover effects seldom receive much consideration in the design of monetary reforms? Surprisingly, the answer may be no. Under...
Persistent link: https://www.econbiz.de/10013221846