Book description. The present global monetary regime is based on floating among the major advanced countries. A key underlying factor behind the present regime is credibility to maintain stable monetary policies. The origin of credibility in monetary regimes goes back to. Between 1914 and the present several monetary regimes gradually moved away from the gold standard, with varying success in maintaining price stability and credibility. In this book, the editors present ten studies combining historical narrative with econometrics that analyze the role of credibility in four monetary regimes, from the gold standard to the present managed float. Free 2-day shipping. Buy Studies in Macroeconomic History: Credibility and the International Monetary Regime: A Historical Perspective Hardcover at. Between 1914 and the present several monetary regimes gradually moved away from the gold standard, with varying success in maintaining price stability and credibility. This book presents ten studies which combine historical narrative with econometrics to analyze the role of credibility in four monetary regimes.
Credibility and the international monetary regime: a historical perspective / edited by Michael D. Bordo, Ronald MacDonald. p. cm. – Studies in macroeconomic history Includes bibliographical references and index. ISBN 978-0-521-81133-0 1. Monetary unions. 2. International economic relations. I. Bordo, Michael D. II. MacDonald, Ronald, 1955–. A key underlying factor behind the present regime is credibility to maintain stable monetary policies. The origin of credibility in monetary regimes goes back to the pre-1914 classical gold standard. In that regime, adherence by central banks to the rule of convertibility of national currencies in terms of a fixed weight of gold provided a nominal anchor to the price level. The origin of credibility in monetary regimes goes back to the pre-1914 classical gold standard. In that regime, adherence by central banks to the rule of convertibility of national currencies in terms of a fixed weight of gold provided a nominal anchor to the price level. International Monetary Policy Regimes: Historical Perspectives Catherine Schenk and Tobias Straumann. COMMENT BY. There is only one clear case in monetary history to my knowledge where the public directly has determined the. International Monetary Policy Regimes: Historical Perspectives Catherine Schenk and Tobias Straumann. N. Ferguson, M. Schularick, The "Thin film of gold": monetary rules and policy credibility, European Review of Economic History, 10.1093/ereh/hes006, 16, 4, 384-407, 2012. Crossref Gilles Dufrénot, Karim Triki, Public Debt Ratio and its Determinants in France Since 1890 Does Econometrics Supports the Historical Evidence?, SSRN Electronic.
This paper examines the international experience with full-fledged inflation targeting monetary regimes. Stylized facts are brought together from a review of the institutional elements of inflation targeting frameworks, a comparison of actual and targeted inflation outcomes, and case studies. Monetary Policy Regimes and Economic Performance: The Historical Record Michael D. Bordo, Anna J. Schwartz. NBER Working Paper No. 6201 Issued in September 1997 NBER Programs:Monetary Economics 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. MONETARY AND FISCAL REGIMES IN A HISTORICAL PERSPECTIVE. The international evidence. 1. Policy regimes1 The stabilization policy doctrines that emerged after World War II combined two elements: monetary and fiscal policies. In this study we will focus on the long run relationship between these two types of policies.
the industrial and emerging economies taking an historical perspective. I first survey the theoretical issues beginning with a taxonomy of regimes. I then examine the empirical evidence on the delineation of regimes and their macroeconomic performance. The penultimate section provides a brief history of monetary regimes in industrial and emerging. Macroeconomic theory has its origins in the study of business cycles and monetary theory. In general, early theorists believed monetary factors could not affect real factors such as real output. John Maynard Keynes attacked some of these "classical" theories and produced a general theory that described the whole economy in terms of aggregates rather than individual, microeconomic parts.
history of domestic and international monetary, ﬁnancial, and other macroeconomic institutions; and the history of international monetary and ﬁnancial systems. The series amalgamates the former Cambridge University Press series Studies in Monetary and Financial History and Studies in Quantitative Economic History. Other books in the series. 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 subordinated to the monetary regime. The monetary regime places binding constraints on fiscal policies.
The International Monetary Fund IMF was originally mandated to maintain exchange rate stability and adjustment of external imbalances in member countries and to act as a lender for countries. The international community has experimented with many exchange rate regimes in the quest for a stable international monetary system. This paper reviews exchange rate regimes followed by countries. Abstract. A game theoretic and incentive approach is used to explain an international monetary regime. Decisions concerning a fixed exchange rate regime are difficult because they involve cooperation among participants, but decisions concerning defections from a fixed exchange rate regime are relatively easy because they are taken unilaterally. In this paper, I survey the issue of exchange rate regime choice from the perspective of both the industrial and emerging economies taking an historical perspective. I first survey the theoretical issues beginning with a taxonomy of regimes. I then examine the empirical evidence on the delineation of regimes and their macroeconomic performance. The titles in this series investigate themes of interest to economists and economic historians in the rapidly developing field of macroeconomic history. The four areas covered include the application of monetary and finance theory, international economics and quantitative methods to historical problems; the historical application of growth and.
A credible monetary regime is less likely to suffer speculative attacks. In contrast, a monetary regime lacking credibility fuels devaluations, currency volatility, and crises with devastating domestic and international consequences. Achieving credible monetary regimes is particularly important for emerging markets. Yet governments in. Downloadable! In this paper, I survey the issue of exchange rate regime choice from the perspective of both the industrial and emerging economies taking an historical perspective. I first survey the theoretical issues beginning with a taxonomy of regimes. I then examine the empirical evidence on the delineation of regimes and their macroeconomic performance.
fixed exchange rate regimes appear to offer some measure of credibility without compromising growth objectives—with the important proviso that monetary policy must be consistent with avoiding a large and volatile parallel market premium. Monetary policy is the policy adopted by the monetary authority of a country that controls either the interest rate payable on very short-term borrowing or the money supply, often targeting inflation or the interest rate to ensure price stability and general trust in the currency. Unlike fiscal policy, which relies on taxation, government spending, and government borrowing, as tools for a.
The history of international monetary relations can be construed as comprising several distinct phases. In the last decades of the 19th century, an international monetary system based upon the gold standard emerged through imitation and example rather than any act of coherent creation. Credibility and the international monetary regime: a historical perspective / edited by Michael D. Bordo, Ronald MacDonald / Cambridge: Cambridge University Press, 2012 Rules for international monetary stability: past, present, and future / edited by Michael D. Bordo, John B. Taylor; contributing authors David Beckworth, James Bullard.
distinct international monetary regimes Eichengreen, 1996; Obstfeld and Taylor, 1999. The ﬁrst period from about 1870 up to 1914 represents the time when much of the world economy worked according to the classical gold standard. This system was for most countries a stable and credible regime, characterized by ﬁxed ex
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