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International Costs and Benefits from Emu
Alogoskoufis, George - 2015
In this paper we examine the international implications of monetary union in the European Community (EMU), and the associated international costs and benefits. We consider prospective changes in international institutions, the potential role of the ecu as an international currency, and the...
Persistent link: https://www.econbiz.de/10013038119
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How Do Fixed-Exchange-Rates Regimes Work : the Evidence from the Gold Standard, Bretton Woods and the EMS
Giovannini, Alberto - 2013
This paper defines two competing hypotheses on the working of fixed exchange rates. The quot;symmetryquot; hypothesis states that every country is concerned with the good functioning of the system, and cannot afford to deviate from world averages. Every country is just left to follow the rules...
Persistent link: https://www.econbiz.de/10012754653
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A New Financial Order in Asia : Will a RMB Bloc Emerge?
Ito, Takatoshi - 2016
The objective of this paper is three-fold. First, the monetary and exchange rate regimes of the Asian countries are described and analyzed. The degrees of flexibility in exchange rates and capital controls vary across countries. Some countries have adopted a flexible inflation targeting...
Persistent link: https://www.econbiz.de/10012980662
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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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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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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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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
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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
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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