as having equal significance with sovereign monetary policy and control over exchange rates. It also distorts discussion … by ignoring possibilities for coordinated monetary policy and exchange rates, and for managed capital flows. The case for …

International Monetary Fund (IMF Articles), the General Agreement on Trade in Services (GATS), free-trade agreements, the European …

rate adjustments. The formulation is theory-based, relying on balance of payments equilibrium conditions and international …

important US-specific economic shocks, it shows that such shocks have exerted a remarkably heterogeneous effect on global … potential unwinding of global imbalances and future exchange rate adjustment, as well as for monetary policy choices in emerging …

monetary autonomy has been limited. While the overall structure of capital inflows has not differed decidedly from that of … in 1995. We find that the URR has not been effective in reducing overall inflows of foreign capital. Hence, the gain in … that the volatility of exchange rates has declined after the imposition of the URR while the volatility of capital flows …

: aggregate supply shocks, aggregate spending shocks, and monetary shocks. Applying a structural VAR to data for the eurozone and … Clarida and Gali (1994) is used. Within this model, three structural shocks drive the dynamics of the endogenous variables … the U.S. suggests that supply shocks are the most important factor explaining real exchange rate fluctuations in the …

unexpected changes in German monetary policy from 580 policy meetings between 1974 and 1998. German monetary policy shocks …Identifying exogenous variation in monetary policy is crucial for investigating central bank policy transmission. Using … monetary contraction. But given Germany's central role in the European Monetary System (EMS), we can also shed light on debates …

Though the renminbi is not yet convertible, the international monetary regime has already started to move towards a … long-term evolution of the balance of economic weight in the world economy. Such an evolution may mitigate some flaws of … what remains of the Triffin dilemma. However it may exacerbate other problems, such as short-run exchange rate volatility …