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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


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


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


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


Islamic Banks’ Financing Behaviour: A Pilot Study

Mohd Afandi Abu Bakar, Radiah Abdul Kader, and Roza Hazli Zakaria

in Islamic Banking and Financial Crisis: Reputation, Stability and Risks

Published in print:
2013
Published Online:
May 2014
ISBN:
9780748647613
eISBN:
9780748695133
Item type:
chapter
Publisher:
Edinburgh University Press
DOI:
10.3366/edinburgh/9780748647613.003.0005
Subject:
Religion, Islam

This chapter examines the cyclical behaviour of financing activities by Islamic banks as well as the cyclicality behaviour of fixed-rate financing. More specifically, it investigates the impact of ... 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


Core, Periphery, Exchange Rate Regimes, and Globalization

Michael D. Bordo and Marc Flandreau

in Globalization in Historical Perspective

Published in print:
2003
Published Online:
February 2013
ISBN:
9780226065984
eISBN:
9780226065991
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226065991.003.0010
Subject:
Economics and Finance, Economic History

The traditional view is that fixed exchange rate regimes are best for the globalization of financial markets. This view is based on the stellar performance of the classical gold standard. Yet today ... 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


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


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


Exchange Rate Regimes in the Modern Era

Michael W. Klein and Jay C. Shambaugh

Published in print:
2009
Published Online:
August 2013
ISBN:
9780262013659
eISBN:
9780262259002
Item type:
book
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262013659.001.0001
Subject:
Economics and Finance, Econometrics

The exchange rate is sometimes called the most important price in a highly globalized world. A country’s choice of its exchange rate regime, between government-managed fixed rates and ... 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


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


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


The Foreign Currency Exchange Rate Policy Up Until 1986

Einar Lie

in Norges Bank 1816-2016

Published in print:
2020
Published Online:
May 2020
ISBN:
9780198860013
eISBN:
9780191892387
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198860013.003.0012
Subject:
Business and Management, Business History, Finance, Accounting, and Banking

This chapter studies how Norges Bank came to play a central, technical role in maintaining and defending a stable krone exchange rate during the years 1946–86. This role was reflected in how the bank ... More


Curbing Tax Expenditures

Daniel Baneman, Joseph Rosenberg, Eric Toder, and Roberton Williams

in Pathways to Fiscal Reform in the United States

Published in print:
2014
Published Online:
September 2015
ISBN:
9780262028301
eISBN:
9780262321914
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262028301.003.0006
Subject:
Economics and Finance, Financial Economics

The nation’s persistent budget deficits and rising national debt have driven policymakers to make tax expenditures a logical focus of future efforts at deficit-reducing tax reform. In this chapter, ... 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


In Search of an Anchor

Einar Lie

in Norges Bank 1816-2016

Published in print:
2020
Published Online:
May 2020
ISBN:
9780198860013
eISBN:
9780191892387
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198860013.003.0014
Subject:
Business and Management, Business History, Finance, Accounting, and Banking

This chapter details how, in 1993, Norges Bank argued in favour of supplementing the fixed exchange rate target, and in 1997 in favour of replacing it with an inflation target, with a view to ... More


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