Exchange Rate Regimes In The Twentieth Century
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Exchange Rate Regimes In The Twentieth Century
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Author : Derek Howard Aldcroft
language : en
Publisher:
Release Date : 1998
Exchange Rate Regimes In The Twentieth Century written by Derek Howard Aldcroft and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.
Provides an account of the evolution of exchange rate regimes in the 20th century, in chronological, non-technical format. Links between the past and present shed light on the merits of different exchange rate systems. Discusses forces that have brought about change in order to determine how different regimes affected the economic environment, considers the merits or otherwise of the respective regimes, and assesses arguments for and against fixed and floating exchange ratesAnnotation copyrighted by Book News, Inc., Portland, OR
Exchange Rates And Economic Policy In The 20th Century
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Author : Derek H. Aldcroft
language : en
Publisher: Taylor & Francis
Release Date : 2017-07-05
Exchange Rates And Economic Policy In The 20th Century written by Derek H. Aldcroft and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-05 with History categories.
The themes of this study are the exchange rate regimes chosen by policy makers in the twentieth century, the means used to maintain these regimes, and the impact of these decisions on individual national economies and the world economy in general. The book draws heavily on new research showing the lessons and the legacy left for policy makers by the gold standard and the attempt at its resurrection in the 1920s. In examining issues such as the gold exchange standard, the gold bullion standard, the experience of floating exchange rates, the Bretton Woods arrangements, the EMS and the ERM, and the Currency Board approach, there is a conscious attempt to draw out the relevance of history for policy makers now.
Fixed Ideas Of Money
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Author : Tobias Straumann
language : en
Publisher:
Release Date : 2014-05-14
Fixed Ideas Of Money written by Tobias Straumann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-05-14 with Business & Economics categories.
"Most European countries are rather small, yet we know little about their monetary history. This book analyses for the first time the experience of seven small states (Austria, Belgium, Denmark, the Netherlands, Norway, Sweden, and Switzerland) during the last hundred years, starting with the restoration of the gold standard after World War I and ending with Sweden's rejection of the Euro in 2003. The comparative analysis shows that for the most part of the twentieth century the options of policy makers were seriously constrained by a distinct fear of floating exchange rates. Only with the crisis of the European Monetary System (EMS) in 1992-93 did the idea that a flexible exchange rate regime was suited for a small open economy gain currency. The book also analyses the differences among small states and concludes that economic structures or foreign policy orientations were far more important for the timing of regime changes than domestic institutions and policies"--
Exchange Rate Regime Choice In Historical Perspective
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Author : Michael D. Bordo
language : en
Publisher:
Release Date : 2003
Exchange Rate Regime Choice In Historical Perspective written by Michael D. Bordo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Foreign exchange rates categories.
Exchange rate regime choice has evolved considerably in the past 100 years. At the beginning of the twentieth century the choice was obvious - - join the gold standard, all the advanced countries have done it. Floating exchange rates and fiat money are only for profligate countries. At the beginning of the twenty-first century, the choice is also becoming more obvious - - go to floating exchange rates, all the advanced countries have done it. Moreover in both eras, the emerging markets of the day tried to emulate the advanced countries but in many cases had great difficulties in doing so. What happened in the past century to lead to this tour de force? In this paper I survey the issue of exchange rate regime choice from the perspective of both the advanced countries and the emergers taking an historical perspective. I first survey the theoretical issues beginning with a taxonomy of regimes. I then examine the empirical evidence on the delineation of regimes and their macro performance. The penultimate section provides a brief history of monetary regimes in advanced and emerging countries. The conclusion considers the case for managed float for today's emergers.
Strained Relations
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Author : Michael D. Bordo
language : en
Publisher: University of Chicago Press
Release Date : 2015-03-02
Strained Relations written by Michael D. Bordo 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 2015-03-02 with Business & Economics categories.
During the twentieth century, foreign-exchange intervention was sometimes used in an attempt to solve the fundamental trilemma of international finance, which holds that countries cannot simultaneously pursue independent monetary policies, stabilize their exchange rates, and benefit from free cross-border financial flows. Drawing on a trove of previously confidential data, Strained Relations reveals the evolution of US policy regarding currency market intervention, and its interaction with monetary policy. The authors consider how foreign-exchange intervention was affected by changing economic and institutional circumstances—most notably the abandonment of the international gold standard—and how political and bureaucratic factors affected this aspect of public policy.
Fixed Ideas Of Money
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Author : Tobias Straumann
language : en
Publisher: Cambridge University Press
Release Date : 2014-01-30
Fixed Ideas Of Money written by Tobias Straumann and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-01-30 with Business & Economics categories.
Most European countries are rather small, yet we know little about their monetary history. This book analyses for the first time the experience of seven small states (Austria, Belgium, Denmark, the Netherlands, Norway, Sweden, and Switzerland) during the last hundred years, starting with the restoration of the gold standard after World War I and ending with Sweden's rejection of the Euro in 2003. The comparative analysis shows that for the most part of the twentieth century the options of policy makers were seriously constrained by a distinct fear of floating exchange rates. Only with the crisis of the European Monetary System (EMS) in 1992-93 did the idea that a flexible exchange rate regime was suited for a small open economy gain currency. The book also analyses the differences among small states and concludes that economic structures or foreign policy orientations were far more important for the timing of regime changes than domestic institutions and policies.
Monetary Regimes Of The Twentieth Century
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Author : Andrew Britton
language : en
Publisher: Cambridge University Press
Release Date : 2001-06-04
Monetary Regimes Of The Twentieth Century written by Andrew Britton and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-06-04 with Business & Economics categories.
Abstract economic theory may be timeless and potentially universal in its application, but macroeconomics has to be seen in its historical context. The nature of the policy regime, the behaviour of the economy and the beliefs of professional economists all interact, and influence each other. This short historical account of monetary regimes since 1900 shows how the role of policy has changed, and how this has related to experience of inflation and the real economy, as well as to changes in political philosophies. The narrative concentrates on developments in America, Europe and Japan from the era of the classical gold standard, via the era of policy intervention and reduced faith in the market to the present 'neo-liberal' regimes. The 'grand narrative' of the century is a journey 'to Utopia and back'. It is argued that no school of macroeconomics is right for all time; different theoretical models may be appropriate, for different periods and regimes.
Exchange Rate Regime Transitions
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Author : Paul R. Masson
language : en
Publisher:
Release Date : 2000
Exchange Rate Regime Transitions written by Paul R. Masson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Foreign exchange rates categories.
Some have argued that the only sustainable regimes are free floating and hard exchange rate commitments--essentially currency boards or monetary unions (Eichengreen, 1994, 1998; Obstfeld and Rogoff, 1995). For instance, Eichengreen (1994, pp. 4-5) says that ..". contingent policy rules to hit explicit exchange rate targets will no longer be viable in the twenty-first century ... Countries ... will be forced to choose between floating exchange rates on the one hand and monetary unification on the other." Similarly, Obstfeld and Rogoff (1995, pp. 74) state ..". there is little, if any, comfortable middle ground between floating rates and the adoption of a common currency." Hence, in the view of these authors, in the future we will see a disappearance of the middle ground that corresponds to soft commitments to some sort of intermediate exchange rate regime--adjustable pegs, crawling pegs, or bands, and perhaps also managed floating. This view is sometimes called the "two poles" or "hollowing out" (e.g., Eichengreen, 1994, pp. 6) theory of exchange rate regimes, and is based on the observation that higher capital mobility makes exchange rate commitments increasingly fragile. However, like the optimal currency area literature, which is essentially static, an explicit or implicit assumption is made that regimes are chosen to last forever, and from this perspective, one would only choose a regime that could be sustained once and for all. Only the hardest peg and the absence of any exchange rate commitment whatsoever are likely to qualify on that basis. Thus Eichengreen (1994, pp. 5), states "This will rule out the maintenance for extended periods of pegged but adjustable exchange rates, crawling pegs, and other regimes in which governments pre-announce limits on exchange rate fluctuations ..." (italics added).
International Financial History In The Twentieth Century
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Author : Marc Flandreau
language : en
Publisher: Cambridge University Press
Release Date : 2003
International Financial History In The Twentieth Century written by Marc Flandreau and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
The essays, written by leading experts, examine the history of the international financial system in terms of the debate about globalization and its limits. In the nineteenth century, international markets existed without international institutions. A response to the problems of capital flows came in the form of attempts to regulate national capital markets (for instance through the establishment of central banks). In the inter-war years, there were (largely unsuccessful) attempts at designing a genuine international trade and monetary system; and at the same time (coincidentally) the system collapsed. In the post-1945 era, the intended design effort was infinitely more successful. The development of large international capital markets since the 1960s, however, increasingly frustrated attempts at international control. The emphasis has shifted in consequence to debates about increasing the transparency and effectiveness of markets; but these are exactly the issues that already dominated the nineteenth-century discussions.
Towards North American Monetary Union
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Author : Eric Helleiner
language : en
Publisher: McGill-Queen's Press - MQUP
Release Date : 2006
Towards North American Monetary Union written by Eric Helleiner and has been published by McGill-Queen's Press - MQUP this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.
Many believe that Canada's deepening economic integration with the United States and the worldwide trend towards currency blocs will eventually lead to a North American monetary union. In the first detailed analysis of Canadian exchange rate politics, Eric Helleiner challenges this view.Helleiner finds little support in the US for the concessions that would be necessary to make a North American monetary union palatable in Canada. Comparing the US Federal Reserve and the European Monetary Union, he argues that Canada would exercise far less influence within a North American monetary union than individual countries do within the European community. He also analyses the seemingly paradoxical support of Quebec sovereignists for free trade and monetary union.Towards North American Monetary Union'explores Canada's unusually strong commitment throughout the twentieth century to a floating exchange rate for its national currency - a commitment that Heilleiner argues is likely to endure.