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The International Monetary System : Living with Asymmetry
Obstfeld, Maurice - 2013
This paper analyzes current stresses in the two key areas that concerned the architects of the original Bretton Woods system: international liquidity and exchange rate management. Despite radical changes since World War II in the market context for liquidity and exchange rate concerns, they...
Persistent link: https://www.econbiz.de/10013092069
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From Benign Neglect to Malignant Preoccupation : U.S. Balance-of-Payments Policy in the 1960s
Eichengreen, Barry - 2010
U.S. balance-of-payments problems in the 1960s remain poorly understood. In this paper I argue that they had two aspects. On the one hand there was a problem of real overvaluation, evident in the erosion of the current account and reflecting the reluctance of the Fed, the Executive and Congress...
Persistent link: https://www.econbiz.de/10014161214
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From Benign Neglect to Malignant Preoccupation : U.S. Balance-of-Payments Policy in the 1960s
Eichengreen, Barry - 2021
U.S. balance-of-payments problems in the 1960s remain poorly understood. In this paper I argue that they had two aspects. On the one hand there was a problem of real overvaluation, evident in the erosion of the current account and reflecting the reluctance of the Fed, the Executive and Congress...
Persistent link: https://www.econbiz.de/10013229056
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Trade Wars and Trade Talks with Data
Ossa, Ralph - 2011
How large are optimal tariffs? What tariffs would prevail in a worldwide trade war? How costly would be a breakdown of international trade policy cooperation? And what is the scope for future multilateral trade negotiations? I address these and other questions using a unified framework which...
Persistent link: https://www.econbiz.de/10013121039
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Regionalism and Multilateral Tariff Cooperation
Bagwell, Kyle; Staiger, Robert W. - 2021
We consider a 3 country world in which each country's import market is served by competing exporters from its 2 trading partners. We assume that weak multilateral enforcement mechanisms prevent governments from implementing efficient trade policies through a multilateral agreement requiring...
Persistent link: https://www.econbiz.de/10013213422
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Gains and Losses from Potential Bilateral Us-China Trade Retaliation
Dong, Yan - 2011
of US-China bilateral retaliation on trade flows and welfare. One is a conventional Armington trade model with five … regions, the US, China, EU, Japan and Rest of the World, and calibrated to a global 2009 micro consistent data set. The other … is a modified version of this model with monetary non neutrals and including China's trade surplus as an endogenous …
Persistent link: https://www.econbiz.de/10013120993
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The Country Chronologies to Exchange Rate Arrangements into the 21st Century : Will the Anchor Currency Hold?
Ilzetzki, Ethan - 2017
Detailed country-by-country chronologies are an informative companion piece to our paper “Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold?,” which provides a comprehensive history of anchor or reference currencies, exchange rate arrangements, and a new measure of...
Persistent link: https://www.econbiz.de/10012963735
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International Costs and Benefits from Emu
Alogoskouphēs, Giōrgos - 2015
In this paper we examine the international implications of monetary union in the European Community (EMU), and the associated international costs and benefits. We consider prospective changes in international institutions, the potential role of the ecu as an international currency, and the...
Persistent link: https://www.econbiz.de/10013038119
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Monetary Policy Regimes and Economic Performance : The Historical Record
Bordo, Michael D.; Schwartz, Anna Jacobson - 2021
Monetary policy regimes encompass the constraints or limits imposed by custom, institutions and nature on the ability of the monetary authorities to influence the evolution of macroeconomic aggregates. This paper surveys the historical experience of both international and domestic (national)...
Persistent link: https://www.econbiz.de/10013223877
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How Do Fixed-Exchange-Rates Regimes Work : the Evidence from the Gold Standard, Bretton Woods and the EMS
Giovannini, Alberto - 2013
This paper defines two competing hypotheses on the working of fixed exchange rates. The quot;symmetryquot; hypothesis states that every country is concerned with the good functioning of the system, and cannot afford to deviate from world averages. Every country is just left to follow the rules...
Persistent link: https://www.econbiz.de/10012754653