Currency And Political Choice
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Governing Currency And Political Choice
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Author : Chih-Cheng Meng
language : en
Publisher: LAP Lambert Academic Publishing
Release Date : 2013
Governing Currency And Political Choice written by Chih-Cheng Meng and has been published by LAP Lambert Academic Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
How do catch-up East Asian countries cultivate their exchange rate (ER) policies in a different trajectory than advanced economies often cited in current literature? The decisions of ER policy are by all means political choices for the transitional polities and the trade-driving economies in East Asia. The book proposes an integrated framework to contend that the domestic distributional politics and economic determinants, as well as the international monetary relations, and regional market force and adaptive policy diffusion are crucial factors that influence and interact with ER policy in East Asia. The statistical findings successfully verify that the theoretical variables interact significantly with ER policy decisions in East Asia. The statistics also demonstrate that most East Asian countries tend to strategically withstand influences from the various waves of capital liberalization and keep their currencies at low values. In a general testing, however, domestic pursuits for preferred interests gradually yield to the persistent influences of international and regional forces on ER policy making in East Asia.
Currency And Political Choice
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Author : Chih-Cheng Meng
language : en
Publisher:
Release Date : 2010
Currency And Political Choice written by Chih-Cheng Meng and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
How do catch-up East Asian countries cultivate their exchange rate (ER) policies in a different trajectory than advanced economies often cited in current literature? What are the dynamics and results (pros and cons) of choosing a particular ER policy, and what influence does it have on the progress of developmental states? How do domestic and international politics explain the convergences and variances of ER policy decisions in East Asia? The decisions of ER policy are by all means political choices. ERs influence the prices of daily exchanged goods, and thereby determine resource allocation within and across national borders. Therefore, any internal political actor, including a government, interest group, foreign party or constituent exerts discretionary power to manipulate an ER to satisfy its own interests. Externally, the size of foreign trade and the status of international monetary accounts closely depend on the valuation and volatility of ER. Thus for the transitional polities and the trade-driving economies in East Asia, the analysis of ER politics not only helps to clarify the complex mechanisms of ER influences combined with various interests and institutional settings, but also to advance the political study of globalization. My dissertation proposes an integrated framework to contend that the domestic distributional politics and economic determinants, as well as the international monetary relations, and regional market force and adaptive policy diffusion are crucial factors that influence and interact with ER policy in East Asia. This theoretical framework explains how an ER policy decision is compromised between domestically generated preferences and apparently intense international interactions. Likewise, this dissertation provides a vigorous empirical specification toward the spatiotemporal differences of ER policy in East Asia. The application of the structural vector autoregression (SVAR) model properly specifies the theoretical dynamics across variables in the East Asian panel data compiled from 1980 to 2004. Furthermore, by using the alternative Bayesian estimation, SVAR successfully demonstrates the "spinning stories" that distinguish the variances with regard to country-specific development under the asymmetrically international and interdependently regional monetary system. The empirical findings verify that my theoretical variables interact significantly with ER policy decisions in East Asia. The statistics also demonstrate that most East Asian countries tend to strategically withstand influences from the various waves of capital liberalization and keep their currencies at low values. In a general testing, however, domestic pursuits for preferred interests gradually yield to the persistent influences of international and regional forces on ER policy making in East Asia.
The Political Choice Of The Optimal Exchange Rate Regime
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Author : L. J. Ruland
language : en
Publisher:
Release Date : 1992
The Political Choice Of The Optimal Exchange Rate Regime written by L. J. Ruland and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with categories.
Currency Politics
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Author : Jeffry A. Frieden
language : en
Publisher: Princeton University Press
Release Date : 2016-09-06
Currency Politics written by Jeffry A. Frieden and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-06 with Business & Economics categories.
The politics surrounding exchange rate policies in the global economy The exchange rate is the most important price in any economy, since it affects all other prices. Exchange rates are set, either directly or indirectly, by government policy. Exchange rates are also central to the global economy, for they profoundly influence all international economic activity. Despite the critical role of exchange rate policy, there are few definitive explanations of why governments choose the currency policies they do. Filled with in-depth cases and examples, Currency Politics presents a comprehensive analysis of the politics surrounding exchange rates. Identifying the motivations for currency policy preferences on the part of industries seeking to influence politicians, Jeffry Frieden shows how each industry's characteristics—including its exposure to currency risk and the price effects of exchange rate movements—determine those preferences. Frieden evaluates the accuracy of his theoretical arguments in a variety of historical and geographical settings: he looks at the politics of the gold standard, particularly in the United States, and he examines the political economy of European monetary integration. He also analyzes the politics of Latin American currency policy over the past forty years, and focuses on the daunting currency crises that have frequently debilitated Latin American nations, including Mexico, Argentina, and Brazil. With an ambitious mix of narrative and statistical investigation, Currency Politics clarifies the political and economic determinants of exchange rate policies.
Interest Groups And Monetary Integration
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Author : Carsten Hefeker
language : en
Publisher: Routledge
Release Date : 2018-05-04
Interest Groups And Monetary Integration written by Carsten Hefeker and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-05-04 with Political Science categories.
The currency question, Disreali is reported to have said, has made even more persons mad than love. A quantitative test of the accuracy of this comparison is, in the present deplorable state of medical statistics, scarcely possible, But Disraeli may well have been right.
The Currency Of Politics
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Author : Stefan Eich
language : en
Publisher: Princeton University Press
Release Date : 2022-05-24
The Currency Of Politics written by Stefan Eich and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-05-24 with Philosophy categories.
Money in the history of political thought, from ancient Greece to the Great Inflation of the 1970s In the wake of the 2008 financial crisis, critical attention has shifted from the economy to the most fundamental feature of all market economies—money. Yet despite the centrality of political struggles over money, it remains difficult to articulate its democratic possibilities and limits. The Currency of Politics takes readers from ancient Greece to today to provide an intellectual history of money, drawing on the insights of key political philosophers to show how money is not just a medium of exchange but also a central institution of political rule. Money appears to be beyond the reach of democratic politics, but this appearance—like so much about money—is deceptive. Even when the politics of money is impossible to ignore, its proper democratic role can be difficult to discern. Stefan Eich examines six crucial episodes of monetary crisis, recovering the neglected political theories of money in the thought of such figures as Aristotle, John Locke, Johann Gottlieb Fichte, Karl Marx, and John Maynard Keynes. He shows how these layers of crisis have come to define the way we look at money, and argues that informed public debate about money requires a better appreciation of the diverse political struggles over its meaning. Recovering foundational ideas at the intersection of monetary rule and democratic politics, The Currency of Politics explains why only through greater awareness of the historical limits of monetary politics can we begin to articulate more democratic conceptions of money.
A Political Economic Model Of The Choice Of Exchange Rate Regime
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Author : Yan Sun
language : en
Publisher: International Monetary Fund
Release Date : 2002-12
A Political Economic Model Of The Choice Of Exchange Rate Regime written by Yan Sun and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-12 with Business & Economics categories.
Facing electoral uncertainty, a government chooses its exchange regime in a trade-off among three incentives: (i) tying the hands of its opponent should it lose the election; (ii) facilitating its own future policy implementation should it win the election; and (iii) increasing its chance of reelection.
Currency Statecraft
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Author : Benjamin J. Cohen
language : en
Publisher: University of Chicago Press
Release Date : 2018-11-15
Currency Statecraft written by Benjamin J. Cohen and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-15 with Business & Economics categories.
At any given time, a limited number of national currencies are used as instruments of international commerce, to settle foreign trade transactions or store value for investors and central banks. How countries whose currencies gain international appeal choose to use this status forms their strategy of currency statecraft. In different circumstances, issuing governments may welcome and promote the internationalization of their currency, tolerate it, or actively oppose it. Benjamin J. Cohen offers a provocative explanation of the strategic policy choices at play. In a comprehensive review that ranges from World War II to the present, Cohen convincingly argues that one goal stands out as the primary motivation for currency statecraft: the extent of a country’s geopolitical ambition, or how driven it is to build or sustain a prominent place in the international community. When a currency becomes internationalized, it generally increases the power of the nation that produces it. In the persistent contestation that characterizes global politics, that extra edge can matter greatly, making monetary rivalry an integral component of geopolitics. Today, the major example of monetary rivalry is the emerging confrontation between the US dollar and the Chinese renminbi. Cohen describes how China has vigorously promoted the international standing of its currency in recent years, even at the risk of exacerbating relations with the United States, and explains how the outcome could play a major role in shaping the broader geopolitical engagement between the two superpowers.
Domestic Political Factors And Currency Regime Choice
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Author : Jesse Rio Russell
language : en
Publisher:
Release Date : 2006
Domestic Political Factors And Currency Regime Choice written by Jesse Rio Russell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Traditional analyses of monetary regime choice focus on the trade off between fixed and flexible exchange rates. A more telling approach, however, may be to consider a tripartite choice among preservation of the national currency, subordination of monetary sovereignty and pooling of monetary sovereignty. Monetary sovereignty can be subordinated through arrangements such as currency boards or dollarization. Monetary sovereignty is pooled in arrangements such as monetary unions or exchange rate harmonization mechanisms. The question is, then, what determines a state's choice given these three options. I use a nonparametric classification tree algorithm along with a series of random effects logits and an ordered logit to test a set of hypotheses that focus on the role domestic political factors. In particular, I find that democracies are more likely to join cooperative arrangements and newer states are more likely to subordinate monetary sovereignty. In addition, I find that nationalist regimes are more likely to integrate than to preserve the domestic currency.
The Politics Of Exchange Rates In Developing Countries
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Author : Ralph Setzer
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-09-21
The Politics Of Exchange Rates In Developing Countries written by Ralph Setzer and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-09-21 with Business & Economics categories.
This book considers the issue of exchange rate policymaking from a political economy perspective. It illustrates both theoretically and empirically how domestic political and institutional incentives shape exchange rate policies in developing countries. Empirical analysis is based on a panel survey of 47 countries and thereby provides insights on how political and institutional conditions typically affect exchange rate policy.