Ronald MacDonald, University of Glasgow Abstract We discuss the effectiveness of pegged exchange rate regimes from an historical perspective, drawing conclusions for their effectiveness today. Starting with the classical gold standard period, we point out that a succession of pegged regimes have ended in failure; except for the first, which was ended by the outbreak of World War I, all of the others we discuss have been ended by adverse economic developments for which the regimes themselves were partly responsible. Prior to World War II the main problem was a shortage of monetary gold that we argue is implicated as a cause of the Great Depression. After World War II, more particularly from the lates, the main problem has been a surfeit of the main international reserve asset, the US dollar. This has led to generalized inflation in the s and into the s. Today, excessive dollar international base money creation is again a problem that could have serious consequences for world economic stability.
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Would you like to change to the site? International Money and Finance : C. Paul Hallwood : Uncovered interest parity hwllwood empirical evidence. International Money and Finance C. Potential impediments to policy coordination and the appropriate form of such coordination. Empirical tests for the existence of speculative bubbles.
Real interest rate parity — empirical evidence. The real exchange rate in asset market equilibrium. When will my order arrive? Econometric evidence on the portfolio balance approach. Designing an international monetary system. Regressive expectations and monetary-fiscal policy. Aixa Amaro added it Apr 16, Melitz and the covariance of equilibrium real exchange rates approach. Empirical evidence on the monetary model.
International Money and Finance will prove invaluable to advanced undergraduate and graduate students studying the international economy. Some Basic Concepts in International Finance: This has led to generalized inflation in the s and jallwood the s. The book also covers key areas such as rational expectations, speculative bubbles, technical analysis, Measuring international capital mobility.
The efficient markets view of purchasing power parity. Hallwood and MacDonald emphasize the econometrics of international finance in separate starred sections.
Tim Cox marked it as to-read Aug 16, Further interpretation of purchasing power parity. Yen and DM currency blocs. TOP 10 Related.
ISBN 13: 9781405125420
Would you like to change to the site? International Money and Finance : C. Paul Hallwood : Uncovered interest parity hwllwood empirical evidence. International Money and Finance C. Potential impediments to policy coordination and the appropriate form of such coordination. Empirical tests for the existence of speculative bubbles. Real interest rate parity — empirical evidence.
International Money and Finance