Topic
Currency
About: Currency is a research topic. Over the lifetime, 26697 publications have been published within this topic receiving 485370 citations. The topic is also known as: monetary unit & unit of money.
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TL;DR: The authors compare the USA with Germany, Italy and the UK, and with Canada, which is closer to Europe than the USA in its labour market and fiscal institutions, and find that Europe's (and to some extent Canada's) model of regional response differs from that of the USA.
Abstract: Asymmetric shocks Regional non-adjustment and fiscal policy
How will countries handle idiosyncratic macroeconomic shocks under the single currency? Since the regional adjustment patterns currently prevailing within European currency unions are likely to prevail at the national level under the single currency, looking at the ways in which European countries react to internally asymmetric shocks today provides a good preview for the answer to that question. In this paper, we compare the USA with Germany, Italy and the UK, and with Canada, which is closer to Europe than the USA in its labour market and fiscal institutions.
Europe's (and to some extent Canada's) model of regional response differs from that of the USA. Changes in regional real exchange rates are small in all countries. Outside of the USA, however, there is more reliance on interregional transfer payments, less on labour migration, and the pace of regional adjustment appears to be slower. If EMU aims at the same degree of economic and social cohesion that its constituent nations enjoy today, this suggests that its members may find it hard to resist the eventual extension of existing EU mechanisms of income redistribution - a transfer union. We propose an alternative strategy based on a relaxed Stability Pact, further strictures against central EU borrowing, labour market and fiscal reform, and the issuance by individual member states of debt indexed to nominal GDP.
— Maurice Obstfeld and Giovanni Peri
341 citations
TL;DR: The authors surveys anthropological and other social research on money and finance and emphasizes money's social roles and meanings as well as its pragmatics in different modalities of exchange and circulation.
Abstract: This review surveys anthropological and other social research on money and finance. It emphasizes money’s social roles and meanings as well as its pragmatics in different modalities of exchange and circulation. It reviews scholarly emphasis on modern money’s distinctive qualities of commensuration, abstraction, quantification, and reification. It also addresses recent work that seeks to understand the social, semiotic, and performative dimensions of finance. Although anthropology has contributed finely grained, historicized accounts of the impact of modern money, it too often repeats the same story of the “great transformation” from socially embedded to disembedded and abstracted economic forms. This review speculates about why money’s fictions continue to surprise.
335 citations
TL;DR: In this article, the authors examine the empirical evidence on currency crises and propose a specific early warning system, which involves monitoring the evolution of several indicators that tend to exhibit an unusual behavior in the periods preceding a crisis.
Abstract: This paper examines the empirical evidence on currency crises and proposes a specific early warning system. This system involves monitoring the evolution of several indicators that tend to exhibit an unusual behavior in the periods preceding a crisis. When an indicator exceeds a certain threshold value, this is interpreted as a warning "signal" that a currency crisis may take place within the following 24 months. The variables that have the best track record within this approach include exports, deviations of the real exchange rate from trend, the ratio of broad money to gross international reserves, output, and equity prices.
333 citations
TL;DR: This article studied the relationship between financial development and real GDP per capita growth in 48 countries and found that only stock market development has positive effects on growth and that banking development has an unfavorable, if not negative, effect on growth.
Abstract: We re-study the relationship between financial development and real GDP
per capita growth in 48 countries. What we find is an interesting evidence
that only stock market development has positive effects on growth and that
banking development has an unfavorable, if not negative, effect on growth.
We examine whether or not these impacts are a product of various financial
and economic conditional variables. Our conditional variables consist of
financial liberalization, two sets of country development dummies, crises
in banking and currency dummies, the creditor protection index as well
as the anti-director and corruption indices. Our results clearly show that
the conditional variables of financial liberalization, high-income level, and
good shareholder protection mitigate the negative impacts of banking development
on growth. In contrast, the conditional variables of middle-income
level, regional Latin American, Sub-Saharan African and East Asian dummies,
banking and currency crises, good creditor protection, and higher
corruption strengthen the negative impacts of banking development on
growth. Next, the conditional variables of middle-income level, Latin American,
Sub-Saharan African, and East Asian dummies strengthen the positive
impacts of stock market development on growth, whereas the conditional
variables of financial liberalization mitigate the positive impacts of stock
market development on growth. Last, we find that the relationship between
growth and bank development is better described as a weak inverse Ushape.
This inverse U-shape becomes stronger when additional stock market
variables are squared. Thus, financial development and growth may, in
fact, be in a nonlinear form.
330 citations
Book•
27 Dec 1993
TL;DR: The authors analyzes the influence of domestic politics on national responses to the international economy and finds that the subsequent economic adjustment strategies were also driven by domestic political conditions, such as capital flight and current account deficits.
Abstract: This study presents a fresh view of why governments decided to abide by or defect from the gold standard during the 1920s and 1930s. Previous studies of the spread of the Great Depression have emphasized "tit-for-tat" currency and tariff manipulation and a subsequent cycle of destructive competition. This work, on the other hand, analyzes the influence of domestic politics on national responses to the international economy. In so doing, it confirms that different political regimes chose different economic adjustment strategies. Using cross-sectional time series data and four cases studies, it offers a profile of the domestic politics and institutions associated with capital flight, current account deficit, currency devaluation, and tariff protection - all of which were inconsistent with the demands of remaining on the gold standard. The work demonstrates that capital flight and current account deficits stemmed largely from governmental failure to develop credible anti-inflationary policies. In turn, decisions to externalize the subsequent deficits, whether through high tariffs or devaluation, were also driven by domestic political conditions.
329 citations