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Crises and Policy Imbalances

Giovanni Piersanti

in The Macroeconomic Theory of Exchange Rate Crises

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199653126
eISBN:
9780191741210
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199653126.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter discusses the basic analytical framework of “first-generation” models of currency crises and their extensions to deal with important features of balance-of-payments crises such as ... More


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


The Dynamics of Exchange Rate Regimes

Michael W. Klein and Jay C. Shambaugh

in Exchange Rate Regimes in the Modern Era

Published in print:
2009
Published Online:
August 2013
ISBN:
9780262013659
eISBN:
9780262259002
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262013659.003.0004
Subject:
Economics and Finance, Econometrics

This chapter analyzes the concept of “fixer” and “floater” in classifying countries during the gold standard period. These terms, though archaic, have not ceased to be relevant, and are seen still to ... More


Dollarization of Liabilities, Net Worth Effects, and Optimal Monetary Policy

Luis Felipe Céspedes, Roberto Chang, and Andrés Velasco (eds)

in Preventing Currency Crises in Emerging Markets

Published in print:
2002
Published Online:
February 2013
ISBN:
9780226184944
eISBN:
9780226185057
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226185057.003.0013
Subject:
Economics and Finance, International

This chapter explores the optimal exchange rate and monetary policies in emerging countries. It specifically evaluates whether domestic monetary authorities should actively defend their currencies ... More


Exchange Rate Regimes and International Trade

Michael W. Klein and Jay C. Shambaugh

in Exchange Rate Regimes in the Modern Era

Published in print:
2009
Published Online:
August 2013
ISBN:
9780262013659
eISBN:
9780262259002
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262013659.003.0009
Subject:
Economics and Finance, Econometrics

This chapter examines the effect of exchange rate regimes on international trade through an overview of the research conducted on the effects of exchange rate volatility on trade. Research done by ... More


Exchange Rate Regimes in Theory and Practice

Michael W. Klein and Jay C. Shambaugh

in Exchange Rate Regimes in the Modern Era

Published in print:
2009
Published Online:
August 2013
ISBN:
9780262013659
eISBN:
9780262259002
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262013659.003.0002
Subject:
Economics and Finance, Econometrics

This chapter creates the foundation that will affect and be built upon by much of the book, creating a context for questioning and exploration. It introduces the standard view of exchange rate ... More


The Asian Funds

Christopher Balding

in Sovereign Wealth Funds: The New Intersection of Money and Politics

Published in print:
2012
Published Online:
May 2012
ISBN:
9780199842902
eISBN:
9780199932498
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199842902.003.0007
Subject:
Economics and Finance, Financial Economics

The major Asian sovereign wealth funds are the only funds in the world not based on commodity revenues. China and Singapore created their sovereign wealth funds from accumulated budgetary and trade ... More


Causes and Lessons of the Mexican Peso Crisis

Griffith-Jones Stephany

in Short-Term Capital Flows and Economic Crises

Published in print:
2001
Published Online:
October 2011
ISBN:
9780198296867
eISBN:
9780191685286
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198296867.003.0007
Subject:
Economics and Finance, Development, Growth, and Environmental, Macro- and Monetary Economics

The Managing Director of the IMF deemed the crisis faced by the Mexican peso in December 1994 as the ‘first major crisis of the 21st century’. Analyzing the Mexican peso crisis reveals that it was ... More


Why Do Countries Choose Currency Boards?

Wolf Holger C., Ghosh Atish R., Berger Helge, and Gulde Anne-Marie

in Currency Boards in Retrospect and Prospect

Published in print:
2008
Published Online:
August 2013
ISBN:
9780262232654
eISBN:
9780262286411
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262232654.003.0003
Subject:
Economics and Finance, Econometrics

This chapter presents theoretical arguments to explain why countries may or may not opt for a currency board arrangement. The adoption of a currency board arrangement can be seen as being based on ... More


Exchange Rate Regimes and Bilateral Exchange Rates

Michael W. Klein and Jay C. Shambaugh

in Exchange Rate Regimes in the Modern Era

Published in print:
2009
Published Online:
August 2013
ISBN:
9780262013659
eISBN:
9780262259002
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262013659.003.0006
Subject:
Economics and Finance, Econometrics

This chapter examines and provides a distinction between the behaviors of fixed exchange rate regimes and floating exchange rate regimes. First it separates the indisputable and disputable floats ... More


Time to Blow the Whistle: July–August 1981

John Greenwood

in Hong Kong's Link to the US Dollar: Origins and Evolution

Published in print:
2007
Published Online:
September 2011
ISBN:
9789622098909
eISBN:
9789882207004
Item type:
chapter
Publisher:
Hong Kong University Press
DOI:
10.5790/hongkong/9789622098909.003.0003
Subject:
Economics and Finance, South and East Asia

During the recent precipitate slide of the Hong Kong dollar against the US currency, the Hong Kong government had intervened to support the local currency on the foreign exchange market. This chapter ... More


Monetary Policy with a Fixed Exchange Rate Regime

Raphael Espinoza, Ghada Fayad, and Ananthakrishnan Prasad

in The Macroeconomics of the Arab States of the Gulf

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199683796
eISBN:
9780191763373
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199683796.003.0006
Subject:
Economics and Finance, Macro- and Monetary Economics

The GCC countries maintain a policy of open capital accounts and a pegged (or nearly-pegged) exchange rate, thereby reducing their freedom to run an independent monetary policy. This chapter shows, ... More


The Bretton Woods System: Design and Operation

Peter Kugler

in Money in the Western Legal Tradition: Middle Ages to Bretton Woods

Published in print:
2016
Published Online:
April 2016
ISBN:
9780198704744
eISBN:
9780191774041
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198704744.003.0028
Subject:
Law, Legal History

The System designed at the conference at Bretton Woods in July 1944 (BWS) was the first full attempt to establish an international monetary system with fixed but adjustable exchange rates based on an ... More


What Scope for Monetary Policy?: Experiences from the Nordic Countries after the Financial Crisis1

Anders Møller Christensen and Niels Lynggård Hansen

in Reform Capacity and Macroeconomic Performance in the Nordic Countries

Published in print:
2015
Published Online:
March 2015
ISBN:
9780198717102
eISBN:
9780191785740
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198717102.003.0008
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter reports on differences in monetary-policy responses to pressures after the financial crisis across the Nordic countries. Based on an analysis of a broad set of macroeconomic data, ... More


Globalization and the Logic of International Collective Action: Re-examining the Bretton Woods Institutions

Joseph E. Stiglitz

in Governing Globalization: Issues and Institutions

Published in print:
2002
Published Online:
October 2011
ISBN:
9780199254033
eISBN:
9780191698187
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199254033.003.0009
Subject:
Economics and Finance, Development, Growth, and Environmental

The fixed exchange rate system had been abandoned back in 1971, raising questions at that time about the role of the International Monetary Fund. However, the abandonment of the fixed exchange rate ... More


Pricing-to-Market, the Interest-Rate Rule, and the Exchange Rate

Maurice Obstfeld

in Money, Crises, and Transition: Essays in Honor of Guillermo A. Calvo

Published in print:
2008
Published Online:
August 2013
ISBN:
9780262182669
eISBN:
9780262282284
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262182669.003.0002
Subject:
Economics and Finance, Econometrics

This chapter takes issue with a recent finding which holds that even if an economy is hit by real shocks, fixed exchange rates may be preferable if the nominal prices of both exports and imports are ... More


From World Banker to World Venture Capitalist: U.S. External Adjustment and the Exorbitant Privilege

Pierre-Olivier Gourinchas and Hélène Rey

in G7 Current Account Imbalances: Sustainability and Adjustment

Published in print:
2007
Published Online:
February 2013
ISBN:
9780226107264
eISBN:
9780226107288
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226107288.003.0002
Subject:
Economics and Finance, Financial Economics

This chapter investigates the historical evolution of U.S. external assets and liabilities at market value since 1952. It shows strong evidence of a sizeable excess return of gross assets over gross ... More


Fetters of Gold and Paper

Barry Eichengreen and Peter Temin

in The Great Depression of the 1930s: Lessons for Today

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199663187
eISBN:
9780191749216
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199663187.003.0014
Subject:
Economics and Finance, Economic History

This chapter describes why the gold standard and the euro are extreme forms of fixed exchange rates, and how these policies had their most potent effects in the worst peaceful economic periods in ... More


European Monetary Cooperation, 1945–1974: Background and Debates

Emmanuel Mourlon-Druol

in A Europe Made of Money: The Emergence of the European Monetary System

Published in print:
2012
Published Online:
August 2016
ISBN:
9780801450839
eISBN:
9780801465932
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801450839.003.0002
Subject:
Political Science, European Union

This chapter explores several key ideas necessary to understand how monetary coordination works. It first considers the so-called triangle of compatibilities, or trilemma. According to Robert ... More


Currency Boards in Retrospect and Prospect

Holger C. Wolf, Atish R. Ghosh, Helge Berger, and Anne-Marie Gulde

Published in print:
2008
Published Online:
August 2013
ISBN:
9780262232654
eISBN:
9780262286411
Item type:
book
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262232654.001.0001
Subject:
Economics and Finance, Econometrics

Currency boards, more so than other exchange rate regimes, have come in and out of fashion. Defined by a fixed exchange rate with full convertibility, central bank liabilities backed with foreign ... More


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