EMU is a completely new policy regime which has significant economic implications and which, it is hoped, will ultimately enhance the role of Europe on the world stage. EMU and Economic Policy in Europe takes stock of the initial experiences of EMU and assesses the challenges which will have to...

Monetary History, Exchange Rates and Financial Markets is an impressive collection of original papers in honour of Charles Goodhart's outstanding contribution to monetary economics and policy. Charles Goodhart has written extensively on many of these topics and has become synonymous with his...

The authors analyze the comparative macroeconomic performance of the Bretton Woods System of pegged exchange rates and the post-Bretton Woods float. The change in volatility of prices and output following the shift to floating does not appear to have been associated with differences in...

Why do governments find it so difficult to move from pegged exchange rates to greater exchange rate flexibility? The author first establishes that there is a problem to be solved: that there are powerful incentives for greater flexibility deriving from changes in the international economic and...

This paper presents an empirical analysis of speculative attacks on pegged exchange rates in 22 countries between 1967 and 1992. We define speculative attacks or crises as large movements in exchange rates, interest rates, and international reserves. We develop stylized facts concerning the...

The paper considers the case for fiscal restrictions like the Excessive Deficits Procedure of the Maastrict Treaty and the origin of borrowing restrictions in the U.S. and Australia

Thus, neither the total supply nor the total demand for reserves is likely to change dramatically. There is no compelling argument for an SDR allocation to avert a pending global liquidity shortage or to remove an intrinsic instability in the reserve-supply process. There is a consistent...