Narrow search
Showing 1 - 10 of 6,562
Cover Image
The Rise of the Dollar and Fall of the Euro as International Currencies
Maggiori, Matteo - 2018
The modern notion of an international currency involves use in areas of international finance and trade that extend well beyond central banks' coffers. In addition to their important roles as foreign exchange reserves, international currencies are most frequently used to denominate corporate and...
Persistent link: https://www.econbiz.de/10012906266
Cover Image
International Monetary Instability between the Wars : Structural Flaws or Misguided Policies?
Eichengreen, Barry - 2010
This paper reassesses the history of the international monetary system between the wars. It confirms the generality of several widely held interpretations of recent experience with floating exchange rates. There is a positive association between nominal exchange rate variability and real...
Persistent link: https://www.econbiz.de/10012762731
Cover Image
The Gold Standard, Bretton Woods and Other Monetary Regimes : an Historical Appraisal
Bordo, Michael D. - 2021
This paper provides answers to two questions. The first question is which international monetary regime is best for economic performance? One based on fixed exchange rates: including the gold standard and its variants? Adjustable peg regimes such as the Bretton Woods system and the European...
Persistent link: https://www.econbiz.de/10013233745
Cover Image
From World Banker to World Venture Capitalist : Us External Adjustment and the Exorbitant Privilege
Gourinchas, Pierre-Olivier; Rey, Hélène - 2021
Does the center country of the International Monetary System enjoy an "exorbitant privilege" that significantly weakens its external constraint as has been asserted in some European quarters? Using a newly constructed dataset, we perform a detailed analysis of the historical evolution of US...
Persistent link: https://www.econbiz.de/10013248578
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
The Emergence of the Euro as an International Currency
Portes, Richard; Rey, Hélène - 2021
The European Union will enter Stage Three of Economic and Monetary Union (EMU) in 1999. The development of euro financial markets and thickness externalities in the use of the euro as a means of payment will be the major factors determining the importance of the euro as an international...
Persistent link: https://www.econbiz.de/10013218717
Cover Image
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
Cover Image
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