Similar Search Results

U.S. Intervention During the Bretton Woods Era : 1962-1973

Bordo, Michael D. - 2013

By the early 1960s, outstanding U.S. dollar liabilities began to exceed the U.S. gold stock, suggesting that the United States could not completely maintain its pledge to convert dollars into gold at the official price. This raised uncertainty about the Bretton Woods parity grid, and speculation...

Persistent link: https://www.econbiz.de/10013093581

The External Impact of China's Exchange Rate Policy : Evidence from Firm Level Data

Eichengreen, Barry - 2011

China's exchange rate policy in 2005 and 2010 and data on 6,050 firms in 44 countries. Renminbi appreciation has a positive … effect on firms exporting to China but little positive or even a negative impact on those providing inputs for China …'s processing exports. Stock prices rise for firms competing with China in their home market while falling for firms importing …

Persistent link: https://www.econbiz.de/10013118251

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

The International Monetary System : Living with Asymmetry

Obstfeld, Maurice - 2013

This paper analyzes current stresses in the two key areas that concerned the architects of the original Bretton Woods system: international liquidity and exchange rate management. Despite radical changes since World War II in the market context for liquidity and exchange rate concerns, they...

Persistent link: https://www.econbiz.de/10013092069

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

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

The Effectiveness of Foreign-Exchange Intervention : Recent Experience

Obstfeld, Maurice - 2021

Since the September 1985 Plaza Hotel announcement by the Group of Five industrial countries, a substantial realignment of exchange rates has been achieved. At the same time, foreign exchange market intervention, much of it concerted and much of it sterilized, has been undertaken on a scale not...

Persistent link: https://www.econbiz.de/10013215363

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

From the Exchange Stabilization Fund to the International Monetary Fund

Bordo, Michael D.; Schwartz, Anna J. - 2021

We highlight the elements of the operation of the U.S. Exchange Stabilization Fund that Harry Dexter White, who directed the Treasury's division of monetary research, transferred to his plan for the operation of the International Monetary Fund. The elements included the principle that all...

Persistent link: https://www.econbiz.de/10013246489

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

1
2
3
4
5
6
7
8
9
10
Next
Last