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The Revived Bretton Woods System's First Decade

Dooley, Michael P. - 2014

The revived Bretton Woods framework we proposed in 2003 remains a useful way to understand the international financial system. We document that the system survived the 2008 crisis. Looking forward, we argue that the system will continue to evolve as we expected. China is likely to graduate from...

Persistent link: https://www.econbiz.de/10013047779

An Essay on the Revived Bretton Woods System

Dooley, Michael P.; Folkerts-Landau, David F. I.; … - 2021

The economic emergence of a fixed exchange rate periphery in Asia has reestablished the United States as the center country in the Bretton Woods international monetary system. We argue that the normal evolution of the international monetary system involves the emergence of a periphery for which...

Persistent link: https://www.econbiz.de/10013210686

International Capital Flow Pressures

Goldberg, Linda S. - 2018

Pressures on currencies manifest in exchange rate adjustments and international capital flows, and can also be offset by policy responses. This paper presents a theory-based measure of capital flow pressures, a new Exchange Market Pressure index, which combines pressures observed in exchange...

Persistent link: https://www.econbiz.de/10012928304

On the Global Financial Market Integration “Swoosh” and the Trilemma

Bekaert, Geert - 2017

, which can be computed back to the first era of financial globalization for 17 countries. Global financial market integration … shapes hypothesized in earlier literature. We find no evidence of financial globalization reversing since the Great Recession … determinants of long-run global financial market integration. We use our measure to revisit the debate on the trilemma between …

Persistent link: https://www.econbiz.de/10012963752

The Revived Bretton Woods System : The Effects of Periphery Intervention and Reserve Management on Interest Rates & Exchange Rates in Center Countries

Dooley, Michael P.; Folkerts-Landau, David F. I.; … - 2021

In this paper we explore some implications of the revived' Bretton Woods system for exchange market intervention and reserve management in periphery countries. Financial policies in these countries are seen as a component of a more general portfolio management policy in which the formation of an...

Persistent link: https://www.econbiz.de/10013237036

Dealing with the Trilemma : Optimal Capital Controls with Fixed Exchange Rates

Farhi, Emmanuel - 2012

if wages, in addition to prices, are sticky. Finally, we compare the single country's optimum to a coordinated world …

Persistent link: https://www.econbiz.de/10013104392

Sequencing of Reforms, Financial Globalization, and Macroeconomic Vulnerability

Edwards, Sebastian - 2021

I use a large cross country data set and panel probit analysis to investigate the way in which the interaction between trade and financial openness affect the probability of external crises. This analysis is related to debate on the adequate sequencing of reform. I also investigate the role...

Persistent link: https://www.econbiz.de/10013232183

International Reserves Under Alternative Exchange Rate Regimes and Aspects of the Economics of Managed Float

Frenkel, Jacob A. - 2022

This paper contains an analysis of the role of international reserves under a regime of pegged exchange rates and under a regime of managed floating. It presents evidence on the stability of the demand for reserves during the periods 1963-72 and 1973-75. It is shown that the demand for reserves...

Persistent link: https://www.econbiz.de/10013324089

When is it Optimal to Abandon a Fixed Exchange Rate?

Rebelo, Sérgio - 2007

The influential Krugman-Flood-Garber (KFG) model of balance of payment crises assumes that a fixed exchange rate is abandoned if and only if international reserves reach a critical threshold value. From a positive standpoint, the KFG rule is at odds with many episodes in which the central bank...

Persistent link: https://www.econbiz.de/10012778081

Globalization and Capital Markets

Obstfeld, Maurice; Taylor, Alan M. - 2021

mobility has evolved must be understood within the framework of the basic policy trilemma constraining an open economy's choice …

Persistent link: https://www.econbiz.de/10013243924