The inter–war gold exchange standard: Credibility and monetary independence
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In this paper, the authors analyzed the operation of the interwar gold exchange standard to see if the evident credibility of the system conferred on participating central banks the ability to pursue independent monetary policies.About:
This article is published in Journal of International Money and Finance.The article was published on 2003-02-01 and is currently open access. It has received 29 citations till now. The article focuses on the topics: Interest rate parity & Covered interest arbitrage.read more
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Uncertainty and Hyperinflation: European Inflation Dynamics after World War I
TL;DR: In this article, the authors demonstrate that economic policy uncertainty was instrumental in pushing a subset of European countries into hyperinflation shortly after the end of World War I, and they suggest that elevated economic uncertainty directly affected inflation dynamics and the incidence of hyper inflation during the interwar period.
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Testing the trilemma: exchange rate regimes, capital mobility, and monetary independence
TL;DR: In this paper, the role of the credibility of the peg has been investigated, and it was shown that countries on credible pegs without capital controls follow foreign interest rates closely, and that the hypothesis of complete lack of monetary independence cannot be rejected.
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How to Run a Target Zone? Age Old Lessons from an Austro-Hungarian Experiment
TL;DR: The first experiment of an exchange rate band was conducted in Austria-Hungary between 1896 and 1914 as mentioned in this paper, where the authors found that a credible band has a "microeconomic" influence on exchange rate stability.
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Confiance et ajustement dans les régimes d'étalon-or et de caisse d'émission
TL;DR: In this paper, a comparative analysis of caisse d'emission and d'etalon is presented, considering three caracteristiques essentielles, i.e., convertibilite, endogeneite, and contexte international.
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The International Monetary System in Flux: Overview and Prospects
TL;DR: In this article, the authors analyzed the role of reserve currencies in the International Monetary System (IMS) and the role played by the euro as an international reserve currency, drawing on econometric estimations, they extrapolate the shares in international reserves of the euro, the US dollar and the renminbi.
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Co-integration and Error Correction: Representation, Estimation and Testing
TL;DR: The relationship between co-integration and error correction models, first suggested in Granger (1981), is here extended and used to develop estimation procedures, tests, and empirical examples.
Estimation and hypothesis testing of cointegration vectors in Gaussian vector autoregressive models / Søren Johansen
TL;DR: In this paper, the authors present the likelihood methods for the analysis of cointegration in VAR models with Gaussian errors, seasonal dummies, and constant terms, and show that the asymptotic distribution of the maximum likelihood estimator is mixed Gausssian.
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Estimation and hypothesis testing of cointegration vectors in gaussian vector autoregressive models
TL;DR: In this article, the authors derived the likelihood analysis of vector autoregressive models allowing for cointegration and showed that the asymptotic distribution of the maximum likelihood estimator of the cointegrating relations can be found by reduced rank regression and derives the likelihood ratio test of structural hypotheses about these relations.
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The Purchasing Power Parity Puzzle
TL;DR: A number of recent studies have weighed in with fairly persuasive evidence that real exchange rates (nominal exchange rates adjusted for differences in national price levels) tend toward purchasing power parity in the very long run as discussed by the authors.
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Developments in the study of cointegrated economic variables
TL;DR: The idea underlying cointegration allows specification of models that capture part of such beliefs, at least for a particular type of variable that is frequently found to occur in macroeconomics.