Bordo, Michael D.; Jonung, Lars - Economics Institute for Research (SIR), … - 2000
> In the past, a monetary regime based on the commitment to convertibility of the domestic currency into specie, the … 'convertibility principle', was the prevailing pattern in the world economy. According to this principle, the fiscal regime is … abandoned the 'convertibility principle' and in many countries has been geared towards domestic stabilization goals, especially …