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The International Monetary System : Living with Asymmetry

Obstfeld, Maurice - 2011

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/10012461016

From Benign Neglect to Malignant Preoccupation : U.S. Balance-of-Payments Policy in the 1960s

Eichengreen, Barry - 2000

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/10012471141

Geopolitics and the World Trading System

Mattoo, Aaditya; Ruta, Michele; Staiger, Robert W. - National Bureau of Economic Research - 2024

Until the beginning of this century, the GATT/WTO system worked. Economic research provided a compelling explanation. It showed that if governments maximize the well-being of their own countries broadly defined, GATT/WTO principles would facilitate mutually beneficial cooperation over their...

Persistent link: https://www.econbiz.de/10015171695

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/10012461311

Regionalism and Multilateral Tariff Cooperation

Bagwell, Kyle - 1997

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/10012472903

Gains and Losses from Potential Bilateral US-China Trade Retaliation

Dong, Yan - 2011

as it substitutes expenditures into own goods and improve its terms of trade with non retaliatory regions, while China …, while the surplus region, China, and the ROW have welfare gains. In both models, when the bilateral tariff rates are very … will are borne by the US and China in lost exports, lowered terms of trade and adjustment costs at home …

Persistent link: https://www.econbiz.de/10012461292

Monetary Policy Regimes and Economic Performance : The Historical Record

Bordo, Michael D. - 1997

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/10012472613

International Costs and Benefits from EMU

Alogoskoufis, George - 1990

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/10012475649

How Do Fixed-Exchange-Rates Regimes Work : The Evidence From The Gold Standard, Bretton Woods and The EMS

Giovannini, Alberto - 1988

This paper defines two competing hypotheses on the working of fixed exchange rates. The "symmetry" 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 of the...

Persistent link: https://www.econbiz.de/10012476294

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 foreign...

Persistent link: https://www.econbiz.de/10012455546