The Rise And Fall Of A Barbarous Relic
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The Rise And Fall Of A Barbarous Relic
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Author : Michael D. Bordo (econoom.)
language : en
Publisher:
Release Date : 1998
The Rise And Fall Of A Barbarous Relic written by Michael D. Bordo (econoom.) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.
The Rise And Fall Of A Barbarous Relic
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Author : Michael D. Bordo
language : en
Publisher:
Release Date : 1998
The Rise And Fall Of A Barbarous Relic 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 1998 with Gold standard categories.
In this paper we analyze the changing role of gold in the international monetary system, in particular the persistence of gold holdings by monetary authorities for 20 years following the breakdown of the Brettone Woods system system and the Second Amendment to the Articles of Agreement of the International Monetary Fund which severed the formal link to gold. We stress four points. First, the gold-exchange standard was a recent arrangement that emerged only around 1900 in response to a set of historically-specific factors which also help to account for it smooth operation. How long those factors would have continued to support it will never be known, due to a great war and then a great depression. Second, a system which relied on inelastically supplied precious metal and elastcially suppled foreign exchange to meet the the world economy's demand for reserves was intrinsically fragile, prone to confidence problems, and a transmission belt for policy mistakes. Third, network externalities, statutory restrictions and habit all contributed to the persistence of the practice of holding gold reserves. But the hold of even factors as powerful as these inevitably weakens with time and the effects of their erosion are reinforced by the rise of international capital mobility, which increases the ease of holding other forms of reserves, both unborrowed and borrowed, and by the shift to greater exchange-rate flexibility, which according to our results diminishes the demand for reserves in general. Fourth and finally, network externalities, in conjunction with central bankers' collective sense of responsibility for the stability of the price of what remains an important reserve asset, suggest that the same factors which have long held in place the practice of holding gold reserves, when they come unstuck, may become unstuck all at once.
Gold Barbarous Relic Or Useful Instrument
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Author : Miroslav Anthony Kriz
language : en
Publisher: Princeton, N.J. : International Finance Section, Department of Economics, Princeton University
Release Date : 1967
Gold Barbarous Relic Or Useful Instrument written by Miroslav Anthony Kriz and has been published by Princeton, N.J. : International Finance Section, Department of Economics, Princeton University this book supported file pdf, txt, epub, kindle and other format this book has been release on 1967 with Gold categories.
Money Capital Mobility And Trade
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Author : Guillermo A. Calvo
language : en
Publisher: MIT Press
Release Date : 2004
Money Capital Mobility And Trade written by Guillermo A. Calvo and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.
Essays by leading economists and scholars reflecting on Mundell's broad influence on modern open-economy macroeconomics.
Do Old Habits Die Hard Central Banks And The Bretton Woods Gold Puzzle
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Author : Eric Monnet
language : en
Publisher: International Monetary Fund
Release Date : 2019-07-24
Do Old Habits Die Hard Central Banks And The Bretton Woods Gold Puzzle written by Eric Monnet 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 2019-07-24 with Business & Economics categories.
Why did monetary authorities hold large gold reserves under Bretton Woods (1944–1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to back currency in circulation with gold reserves, following rules of the pre-WWII gold standard. The longer an institution spent in the gold standard (and the older the policymakers), the stronger the correlation between gold reserves and currency. Since dollars and gold were not perfect substitutes, the Bretton Woods system never worked as expected. Even after radical institutional change, history still shapes the decisions of policymakers.
Peter L Bernstein Classics Collection
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Author : Peter L. Bernstein
language : en
Publisher: John Wiley & Sons
Release Date : 2012-10-04
Peter L Bernstein Classics Collection written by Peter L. Bernstein and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-10-04 with Business & Economics categories.
A classic collection of titles from one of the world's greatest financial writers One of the foremost financial writers of his generation, the late Peter Bernstein had the unique ability to synthesize intellectual history and economics with the theory and practice of investment management. Now, with the Peter L. Bernstein Classics Collection e-bundle, you will be able to enjoy some of the most important and critically acclaimed books by this engaging investment writer—Capital Ideas, Against the Gods, The Power of Gold, and Capital Ideas Evolving. Capital Ideas and Capital Ideas Evolving traces the origins of modern Wall Street, from the pioneering work of early scholars and the development of new theories in risk, valuation, and investment returns, to the actual implementation of these theories in the real world of investment management Against the Gods skillfully explores one of the most profound issues of our time—the role of risk in our society—in a non-technical and accessible style The Power of Gold tells the story of how history's most coveted, celebrated, and inglorious asset has inspired romantic myths, daring explorations, and titanic struggles for money and power Engaging and informative, Peter L. Bernstein Classics Collection puts the insights of one of the greatest financial writers of our time at your fingertips.
Ragnar Nurkse 1907 2007
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Author : Rainer Kattel
language : en
Publisher: Anthem Press
Release Date : 2011
Ragnar Nurkse 1907 2007 written by Rainer Kattel and has been published by Anthem Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.
'Ragnar Nurkse (1907-2007): Classical Development Economics and its Relevance for Today' presents a selection of papers that casts new insight on Nurkse's thought, and discusses his relevance for today.
Money Doctors
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Author : Marc Flandreau
language : en
Publisher: Routledge
Release Date : 2005-07-26
Money Doctors written by Marc Flandreau and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-07-26 with Business & Economics categories.
The book brings together internationally respected specialists from economics, history and political science such as Harold James, Louis Pauly and Kenneth Mouré. First providing a short history of money doctors, the book then goes on to cover such themes as: *the IMF and policy advice *the Russian experience *contemporary money doctors. The book shows that there is still a long way to go before international financial advice develops into something that is truly helpful in the long term.
Reforming The World Monetary System
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Author : Carol M Connell
language : en
Publisher: Routledge
Release Date : 2015-10-06
Reforming The World Monetary System written by Carol M Connell and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-06 with Business & Economics categories.
Focusing on Fritz Machlup, Connell presents the story of the Bellagio Group and its contribution to modern finance. Initiated by Machlup the Bellagio Group was made up of thirty-two non-government academic economists. During the years between 1964 and 1977 the Group met eighteen times and made a series of recommendations for policymakers.
Forex Forever
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Author : Ranald C. Michie
language : en
Publisher: Oxford University Press
Release Date : 2024-02-28
Forex Forever written by Ranald C. Michie and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-02-28 with Business & Economics categories.
The world's largest market is that for foreign exchange with a turnover running into trillions per day. The mystery is why this market is dominated by trading in London when the US dollar is the main currency in use. What role is played by this market? To many it is a speculator's paradise, exposed to manipulation and contributing to currency volatility. For others it plays a central role in in the operation of the global banking system and a mechanism for maintaining currency stability. In Forex Forever, Ranald C. Michie seeks to provide answers to these and other questions by examining how the foreign exchange market has developed in the City of London over the past 150 years and uncovers its secret existence in London before the First World War. Michie explores how the City of London became the centre of the global foreign exchange market before 1914 through the international banking network, trading on the floor of the Stock Exchange, and the communications revolution that began with the telegraph. He investigates how that position was sufficient to make London the centre of a new foreign exchange market that emerged between the wars, survived the era of fixed exchange rates after the Second World War, and then flourished from 1970 onwards. This in-depth study helps to explain how and why the global monetary system has functioned since the middle of the nineteenth century.