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How Economic Ideas Led to Taiwan's Shift to Export Promotion in the 1950s
Irwin, Douglas A. - National Bureau of Economic Research - 2021
Taiwan was perhaps the first developing country to adopt an export-oriented trade strategy after World War II. The …. In 1954, economist S. C. Tsiang proposed that Taiwan boost export earnings rather than squeeze import spending to deal … later, a leading policymaker, K. Y. Yin, fought for the adoption of Tsiang's proposal, helping clear the way for Taiwan …
Persistent link: https://www.econbiz.de/10012629518
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The Rise and Fall of Foreign Exchange Market Intervention
Schwartz, Anna J. - 2000
The premise of the paper is that the fervor for foreign exchange market intervention by U.S, and European monetary authorities has ebbed in recent years. A pattern of initial belief in the effectiveness of foreign exchange market intervention has recently been eroded, as is revealed by the...
Persistent link: https://www.econbiz.de/10012470999
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Exchange Rate Regimes and Financial-Market Imperfections
Aizenman, Joshua - 2000
This paper investigates the design of an exchange rate policy for an economy where the domestic capital market is segmented from the global financial market, producers rely on credit to finance working capital needs, and the labor market is characterized by nominal contracts. We show that the...
Persistent link: https://www.econbiz.de/10012471012
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G3 Exchange Rate Relationships : A Recap of the Record and a Review of Proposals for Change
Clarida, Richard H. - 1999
This paper is a recap of G3 exchange rate relationships since the collapse of Bretton Woods and an analysis of recent proposals for changing the way the G3 countries currently conduct exchange rate policy. We seek to understand these proposals in the context of the status quo monetary policies...
Persistent link: https://www.econbiz.de/10012471348
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Exchange Rates and Financial Fragility
Eichengreen, Barry - 1999
In this paper we analyze three views of the relationship between the exchange rate and financial fragility: (1) the moral hazard hypothesis, according to which pegged exchange rates offer implicit insurance against exchange risk and thereby encourage reckless borrowing and lending; (2) the...
Persistent link: https://www.econbiz.de/10012471363
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The Market Microstructure of Central Bank Intervention
Dominguez, Kathryn M. - 1999
One of the great unknowns in international finance is the process by which new information influences exchange rate behavior. This paper focuses on one important source of information to the foreign exchange markets, the intervention operations of the G-3 central banks. Previous studies using...
Persistent link: https://www.econbiz.de/10012471447
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The Business Cycles of Balance-of-Payment Crises : A Revision of Mundellan Framework
Mendoza, Enrique G. - 1999
In his seminal 1960 article Robert Mundell proposed a model of balance-of-payments crises in which confidence in the continuation of a currency peg depended on the observed holdings of central bank foreign reserves. We examine the implications of a reformulation of this view from the perspective...
Persistent link: https://www.econbiz.de/10012471756
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Devaluation Risk and the Syndrome of Exchange-Rate-Based Stabilizations
Mendoza, Enrique G. - 1999
This paper shows that the risk of devaluation can be an important factor accounting for the stylized facts of exchange-rate-based stabilizations. This conclusion follows from studying the quantitative implications of a two-sector equilibrium business cycle model of a small open economy...
Persistent link: https://www.econbiz.de/10012471786
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International Experiences with Different Monetary Policy Regimes
Mishkin, Frederic S. - 1999
This paper examines the international experiences with four basic types of monetary policy regimes: 1) exchange-rate targeting, 2) monetary targeting, 3) inflation targeting, and 4) monetary policy with an implicit but not an explicit nominal anchor. The basic theme that emerges from this...
Persistent link: https://www.econbiz.de/10012471842
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Rethinking Exchange Rate Regimes
Ilzetzki, Ethan; Reinhart, Carmen M.; Rogoff, Kenneth S. - National Bureau of Economic Research - 2021
This paper employs an updated algorithm and database for classifying exchange rate and anchor currency choice, to explore the evolution of the global exchange rate system, including parallel rates, capital controls and reserves. In line with a large recent literature, we find that the dollar has...
Persistent link: https://www.econbiz.de/10012660025