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Exchange Rate Regimes and Capital Mobility : How Much of the Swoboda Thesis Survives?
Eichengreen, Barry - 2010
Alexander Swoboda is one of the originators of the bipolar view that capital mobility creates pressure for countries to abandon intermediate exchange rate arrangements in favor of greater flexibility and harder pegs. This paper takes another look at the evidence for this hypothesis using two...
Persistent link: https://www.econbiz.de/10012759200
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International Finance
Obstfeld, Maurice - 2015
time, the definition of external balance has evolved in response to changes in the world economy's structure. The foreign …
Persistent link: https://www.econbiz.de/10012750759
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Why is the Euro Punching Below its Weight?
Ilzetzki, Ethan - 2020
On the twentieth anniversary of its inception, the euro has yet to expand its role as an international currency. We document this fact with a wide range of indicators including its role as an anchor or reference in exchange rate arrangements—which we argue is a portmanteau measure—and as a...
Persistent link: https://www.econbiz.de/10012841416
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The International Monetary and Financial System
Gourinchas, Pierre-Olivier - 2019
International currencies fulfill different roles in the world economy with important synergies across those roles. We …
Persistent link: https://www.econbiz.de/10012871561
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The International Monetary Fund : 70 Years of Reinvention
Reinhart, Carmen - 2015
A sketch of the International Monetary Fund's 70-year history reveals an institution that has reinvented itself over time along multiple dimensions. This history is primarily consistent with a “demand driven” theory of institutional change, as the needs of its clients and the type of crisis...
Persistent link: https://www.econbiz.de/10013010281
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International Monetary Relations : Taking Finance Seriously
Obstfeld, Maurice - 2017
changing demands for modern central bank interventions in the economy. Financial instability, followed by WWII, left a world …
Persistent link: https://www.econbiz.de/10012954933
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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 … instability of the system, as well as the common prediction regarding the natural and beneficial emergence of a multipolar world …
Persistent link: https://www.econbiz.de/10012990769
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International Coordination of Central Bank Policy
Engel, Charles M. - 2015
This paper surveys the current state of the literature on international monetary policy coordination. It relates recent policy discussions to the lessons from the literature. It proposes several avenues for future research
Persistent link: https://www.econbiz.de/10013028062
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The Revived Bretton Woods System's First Decade
Dooley, Michael P. - 2014
The revived Bretton Woods framework we proposed in 2003 remains a useful way to understand the international financial system. We document that the system survived the 2008 crisis. Looking forward, we argue that the system will continue to evolve as we expected. China is likely to graduate from...
Persistent link: https://www.econbiz.de/10013047779
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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