This book focuses on "Convertibilidad", the latest Argentine experience of exchange rate based stabilisation, and aims at isolating the main causes for its tragic collapse in 2001-2002. The characteristics of Argentina’s high and hyperinflation during the 1980s are analysed, and the theory of...

Worldwide economic crisis that effects all major economies is rare. In the past, severe economic crises were usually contained within a country or a region. With the beginning of the financial and economic crisis in the United States and the rapid financial contagion of developed and developing...

This paper assesses Revolutionary and Napoleonic wartime economic policy. Suspension of gold convertibility in 1797 allowed the Bank of England to nurture British monetary orthodoxy. The Order of the Privy Council suspended gold payments on Bank of England notes and afforded simultaneous...

We analyze three related but distinct concepts concerning the renminbi's role in the global monetary system: (i) "internationalization" of the currency; (ii) currency convertibility; and (iii) reserve currency status. Their sequencing in relation to other policy goals such as financial sector...

Impossible trinity in China -- Opening a can of worms -- Betting on the role of the state -- Incentive problem standing in the way -- Power struggle or genuine reform -- From financial repression to liberalisation -- Monetary policy reform fraught with risks -- Systemic risk (I): shadow banks...

Since the 2008 global financial crisis, China has rolled out a number of initiatives to actively promote the international role of the renminbi and to denominate more of its international claims away from the US dollar and into the renminbi. This paper discusses the factors shaping the prospects...

The objective of this study is to analyze current and likely future impacts of the issuance of New Turkish lira (YTL) denominated borrowing instruments by many global financial institutions around the major financial centres. These bonds are strong source of evidence for international confidence...

В статье оцениваются возможности выполнения российским рублем функций свободно используемой (резервной) валюты. Автором выявлены позитивные изменения в...

Argentina adopted currency type board arrangements to put an end to monetary instability in the nineteenth and the twentieth centuries under very different historical circumstances and contexts with very different results. The first currency board functioned within an international system that...