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Open Economy Complications

Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar

in Stability with Growth: Macroeconomics, Liberalization and Development

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199288144
eISBN:
9780191603884
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199288143.003.0006
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter extends the analysis of the previous chapter to an open economy by introducing exchange rate policy; analyzing the complex relationships between exchange rate, fiscal, and monetary ... More


Creating Supranational Authority in Monetary and Exchange‐Rate Policy: The Sources and Effects of EMU

David R. Cameron

in European Integration and Supranational Governance

Published in print:
1998
Published Online:
April 2004
ISBN:
9780198294641
eISBN:
9780191601071
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198294646.003.0007
Subject:
Political Science, European Union

Seeks to understand why some member‐states of the European Community attempted, with eventual success, to extend supranational authority in the domain of monetary and exchange‐rate policy and to ... More


A Conditional Preference Theory of Undervalued Exchange Rates

David A. Steinberg

in Demanding Devaluation: Exchange Rate Politics in the Developing World

Published in print:
2015
Published Online:
August 2016
ISBN:
9780801453847
eISBN:
9780801454257
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801453847.003.0002
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter develops the conditional preference theory, which contends that the preferences of powerful interest groups are the most important driver of exchange rate policy. Those preferences, ... More


Interests, Institutions, and Exchange Rates in South Korea, Mexico, and Iran

David A. Steinberg

in Demanding Devaluation: Exchange Rate Politics in the Developing World

Published in print:
2015
Published Online:
August 2016
ISBN:
9780801453847
eISBN:
9780801454257
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801453847.003.0006
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter investigates the impact of interests and institutions on exchange rate policy with case studies of South Korea, Mexico, and Iran. It shows that Korean policymakers in the 1960s and 1970s ... More


Why China Undervalues Its Exchange Rate: The Domestic Politics of Currency Manipulation

David A. Steinberg

in Demanding Devaluation: Exchange Rate Politics in the Developing World

Published in print:
2015
Published Online:
August 2016
ISBN:
9780801453847
eISBN:
9780801454257
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801453847.003.0004
Subject:
Economics and Finance, Development, Growth, and Environmental

China's undervalued exchange rate has affected the world economy in numerous ways and is among the most contentious issues in contemporary international politics. This chapter examines whether the ... More


The Political Appeal of Overvaluation: Industrial Interests and the Repeated Overvaluation of the Argentine Peso

David A. Steinberg

in Demanding Devaluation: Exchange Rate Politics in the Developing World

Published in print:
2015
Published Online:
August 2016
ISBN:
9780801453847
eISBN:
9780801454257
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801453847.003.0005
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter evaluates whether exchange rate overvaluation in Argentina follows the logic of the conditional preference theory. The first part documents the Argentine state's inability to control its ... More


The Natural Real Exchange Rate Between the French Franc and the Deutschmark: Implications for Monetary Union

Liliane L. Crouhy‐Veyrac and Michèle Saint Marc

in Fundamental Determinants of Exchange Rates

Published in print:
1998
Published Online:
November 2003
ISBN:
9780198293064
eISBN:
9780191596940
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198293062.003.0004
Subject:
Economics and Finance, Macro- and Monetary Economics, International

The bilateral French/German real exchange rate does respond to the real fundamentals of relative thrift and productivity as predicted by the NATREX model. Increases in relative thrift, measured by ... More


Introduction

Dominick Salvatore, James W. Dean, and Thomas D. Willett

in The Dollarization Debate

Published in print:
2003
Published Online:
November 2003
ISBN:
9780195155358
eISBN:
9780199832989
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195155351.003.0001
Subject:
Economics and Finance, International

This introductory chapter begins with an overview of the dollarization debate, which essentially calls for the reevaluation of countries’ exchange rate policies. It argues that although dollarization ... More


Conclusion

David A. Steinberg

in Demanding Devaluation: Exchange Rate Politics in the Developing World

Published in print:
2015
Published Online:
August 2016
ISBN:
9780801453847
eISBN:
9780801454257
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801453847.003.0007
Subject:
Economics and Finance, Development, Growth, and Environmental

This concluding chapter reviews the evidence provided in chapters 2 through 5. The evidence confirms that preferences for undervalued exchange rates are context-dependent, and that powerful interest ... More


Introduction

David A. Steinberg

in Demanding Devaluation: Exchange Rate Politics in the Developing World

Published in print:
2015
Published Online:
August 2016
ISBN:
9780801453847
eISBN:
9780801454257
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801453847.003.0001
Subject:
Economics and Finance, Development, Growth, and Environmental

This introductory chapter sets out the book's purpose, which is to explain why a relatively small number of developing countries keep their exchange rates undervalued while many more overvalue their ... More


Monetary and Financial Integration in East Asia: The Relevance of European Experience

Yung Chul Park and Charles Wyplosz

Published in print:
2010
Published Online:
September 2010
ISBN:
9780199587124
eISBN:
9780191723377
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199587124.001.0001
Subject:
Economics and Finance, Financial Economics, South and East Asia

East Asia's recent economic integration is in many ways similar to that undergone by Western Europe following the Second World War. The book analyses the Asian experience from both Asian and European ... More


Cross-Country Patterns in Exchange Rate Policy and Preferences

David A. Steinberg

in Demanding Devaluation: Exchange Rate Politics in the Developing World

Published in print:
2015
Published Online:
August 2016
ISBN:
9780801453847
eISBN:
9780801454257
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801453847.003.0003
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter uses two different cross-national quantitative datasets to address the following question: Why do some developing countries undervalue their exchange rates while others maintain ... More


Latin American Currency Policy, 1970–2010

Jeffry A. Frieden

in Currency Politics: The Political Economy of Exchange Rate Policy

Published in print:
2016
Published Online:
January 2018
ISBN:
9780691173849
eISBN:
9781400865345
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691173849.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter gives an overview of Latin American currency policy since the collapse of the Bretton Woods monetary order in the early 1970s and provides a statistical analysis of exchange rate ... More


A Theory of Currency Policy Preferences

Jeffry A. Frieden

in Currency Politics: The Political Economy of Exchange Rate Policy

Published in print:
2016
Published Online:
January 2018
ISBN:
9780691173849
eISBN:
9781400865345
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691173849.003.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter sets forth a theoretical framework for the analysis of the politics of exchange rates. It relies on three factors—international exposure, tradability, and pass-through—to explain as much ... More


Introduction: The Political Economy of Currency Choice

Jeffry A. Frieden

in Currency Politics: The Political Economy of Exchange Rate Policy

Published in print:
2016
Published Online:
January 2018
ISBN:
9780691173849
eISBN:
9781400865345
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691173849.003.0009
Subject:
Economics and Finance, Macro- and Monetary Economics

This introductory chapter begins with discussions of currency choices, currency trade-offs, politics of currency policy, currency policies in open and closed economies, and currency politics applied ... More


Demanding Devaluation: Exchange Rate Politics in the Developing World

David A. Steinberg

Published in print:
2015
Published Online:
August 2016
ISBN:
9780801453847
eISBN:
9780801454257
Item type:
book
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801453847.001.0001
Subject:
Economics and Finance, Development, Growth, and Environmental

Exchange rate policy has profound consequences for economic development, financial crises, and international political conflict. Some governments in the developing world maintain excessively weak and ... More


European Monetary Integration: From Bretton Woods to the Euro and Beyond

Jeffry A. Frieden

in Currency Politics: The Political Economy of Exchange Rate Policy

Published in print:
2016
Published Online:
January 2018
ISBN:
9780691173849
eISBN:
9781400865345
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691173849.003.0004
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter analyzes the process of European monetary integration, focusing on the decades that led up to the creation of the common currency. This is because this period is one in which, as in the ... More


The Experience with a Floating Exchange Rate Regime: The Case of Mexico

Agustín Carstens and Guillermo Ortiz Martinez

in International Financial Markets: The Challenge of Globalization

Published in print:
2003
Published Online:
February 2013
ISBN:
9780226032146
eISBN:
9780226032153
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226032153.003.0007
Subject:
Economics and Finance, International

This chapter examines the experience of Mexico with a floating exchange rate regime. It reviews Mexico's problematic transition to the floating exchange rate regime during 1994–95 and describe how ... More


South African Economic Policy under Democracy

Janine Aron, Brian Kahn, and Geeta Kingdon (eds)

Published in print:
2009
Published Online:
May 2009
ISBN:
9780199551460
eISBN:
9780191720376
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199551460.001.0001
Subject:
Economics and Finance, Public and Welfare, Economic Systems

South Africa experienced a momentous change of government from the Apartheid regime to its first democratic government in 1994. This book provides an up-to-date assessment of South Africa's economic ... More


International Borrowing, Capital Controls, and the Exchange Rate: Lessons from Chile

Kevin Cowan and José De Gregorio

in Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences

Published in print:
2007
Published Online:
February 2013
ISBN:
9780226184975
eISBN:
9780226184999
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226184999.003.0007
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter describes Chile's experience with capital account restrictions and exchange rate policy. Chile did not suffer a sudden stop but a current account reversal due to policy reactions and a ... More


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