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External Debt, Budget Deficits and Disequilibrium Exchange Rates
Dornbusch, Rudiger - 2010
The paper investigates the sources of debt and debt difficulties for a group of Latin American countries. It is argued that external shocks -- oil, interest rates, world recession and the fall in real commodity prices -- cannot account by themselves for the problems. Budget deficits that...
Persistent link: https://www.econbiz.de/10012763439
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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
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Monetary Theory from a Chinese Historical Perspective
Xueyi, Zheng - 2010
Europe (and later North America). Imperial China was a politically integrated structure with regional segmentation of … thought, such as later in Europe. Basic concepts such as monetary function, the velocity of circulation, inflation, interest … and deflation and monetary control much like Europe to follow. Monetary thought thus seemingly preceded Western thought …
Persistent link: https://www.econbiz.de/10013142088
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Two Notes on Exchange Rate Rules and on the Real Value of External Debt
Dornbusch, Rudiger - 2021
This report presents two unrelated, short papers on exchange rate rules and on the real value of the external debt. The paper on exchange rate policy uses the Taylor model of overlapping, long term wage contracts to ask whether accommodating or PPP oriented exchange rate policies tend to...
Persistent link: https://www.econbiz.de/10013218828
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International Borrowing, Capital Controls and the Exchange Rate : Lessons from Chile
Cowan, Kevin; de Gregorio, Jose - 2021
This paper analyzes the Chilean experience with capital flows. We discuss the role played by capital controls, financial regulations and the exchange rate regime. The focus is on the period after 1990, the period when Chile returned to international capital markets. We also discuss the early...
Persistent link: https://www.econbiz.de/10013248278
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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
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International Trade, Indebtedness, and Welfare Repercussions Among Supply-Constrained Economies Under Floating Exchange Rates
Hool, Bryce; Richardson, J. David - 2022
Almost all developed economies at some time during the 1970s seemed supply-constrained. Even much of measured excess capacity was arguably redundant due to energy price shocks, environmental policy, and other structural flux of the 1970s. Little analytical work has been carried out on the...
Persistent link: https://www.econbiz.de/10013295286
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Fetters of Debt, Deposit, or Gold During the Great Depression? The International Propagation of the Banking Crisis of 1931
Richardson, Gary - 2010
A banking crisis began in Austria in May 1931 and intensified in July, when runs struck banks throughout Germany. In September, the crisis compelled Britain to quit the gold standard. Newly discovered data shows that failure rates rose for banks in New York City, at the center of the United...
Persistent link: https://www.econbiz.de/10012760300
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Relaxing the External Constraint : Europe in the 1930s
Eichengreen, Barry - 2011
This paper documents the effects of exchange rates and the external constraint during the interwar years. In the absence of international policy coordination, exchange rate depreciation is shown to have been a necessary precondition for the adoption of policies promoting recovery from the Great...
Persistent link: https://www.econbiz.de/10013125958
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A Decade of Debt
Reinhart, Carmen M. - 2011
This paper presents evidence that public debts in the advanced economies have surged in recent years to levels not recorded since the end of World War II, surpassing the heights reached during the First World War and the Great Depression. At the same time, private debt levels, particularly those...
Persistent link: https://www.econbiz.de/10013129128