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: This paper explored the implications of the revived' Bretton Woods system for exchange market intervention and reserve management in periphery countries, and argued that management of the currency composition of international reserves by emerging market governments and central banks is unlikely to alter these conclusions.
Abstract: In this paper we explore some implications of the revived' Bretton Woods system for exchange market intervention and reserve management in periphery countries. Financial policies in these countries are seen as a component of a more general portfolio management policy in which the formation of an efficient domestic capital stock is a key objective. Because intervention in financial markets is an important part of their development strategy, intervention in exchange and financial markets has, and we argue will continue to be, large and persistent enough to generate predictable deviations of exchange rates and relative yields in industrial country financial markets from normal cyclical patterns. We argue that management of the currency composition of international reserves by emerging market governments and central banks is unlikely to alter these conclusions.
236 citations
Posted Content•
TL;DR: The Great Depression was marked by a severe outbreak of protectionist trade policies But contrary to the presumption that all countries scrambled to raise trade barriers, there was substantial cross-country variation in the movement to protectionism Specifically, countries that remained on the gold standard resorted to tariffs, import quotas, and exchange controls to a greater extent than countries that went off gold as discussed by the authors.
Abstract: The Great Depression was marked by a severe outbreak of protectionist trade policies But contrary to the presumption that all countries scrambled to raise trade barriers, there was substantial cross-country variation in the movement to protectionism Specifically, countries that remained on the gold standard resorted to tariffs, import quotas, and exchange controls to a greater extent than countries that went off gold Gold standard countries chose to maintain their fixed exchange rate and reduce spending on imports rather than allow their currency to depreciate Trade protection in the 1930s was less an instance of special interest politics than second-best macroeconomic policy when monetary and fiscal policies were constrained
235 citations
TL;DR: In this article, the authors investigated the motivations for central bank intervention and evidence for its effectiveness, and found that intervention is associated with a slight increase in the volatility of exchange rate returns, while little evidence is found for the effectiveness of intervention.
235 citations
Book•
01 Aug 1995
TL;DR: In this paper, a reassessment of the international monetary crises of the post-World War I period that led to the Great Depression of the 1930s is presented, and the responses of the world economic powers to the Depression and how new monetary policies set the stage for the watershed post-war system established at Bretton Woods.
Abstract: This book is a reassessment of the international monetary crises of the post-World War I period that led to the Great Depression of the 1930s. It also analyses the responses of the world economic powers to the Depression and how new monetary policies set the stage for the watershed post-World War II system established at Bretton Woods. It offers new theories of what effect the Great Depression had on the collapse of the world monetary system, and what effect the collapse had on deepening and prolonging the Depression, by exploring the link between global economic crisis and the the gold standard (the framework for international monetary affairs until 1931). The events described had a profound effect upon twentieth-century history: the Depression abetted the rise of Hitler and the demise of the gold standard is a historical cause of inflation.
235 citations
TL;DR: In this article, a comparative analysis of the international political economy of China is presented, where the authors argue that China's stance and strategy in the international economic economy hew quite closely to Sino-capitalism's hybrid compensatory institutional arrangements on the domestic level: state guidance; flexible and entrepreneurial networks; and global integration.
Abstract: There is little doubt that China's international reemergence represents one of the most significant events in modern history. As China's political economy gains in importance, its interactions with other major political economies will shape global values, institutions, and policies, thereby restructuring the international political economy. Drawing on theories and concepts in comparative capitalism, the author envisages China's reemergence as generating Sino-capitalism—a capitalist system that is already global in reach but one that differs from Anglo-American capitalism in important respects. Sino-capitalism relies more on informal business networks than legal codes and transparent rules. It also assigns the Chinese state a leading role in fostering and guiding capitalist accumulation. Sino-capitalism, ultimately, espouses less trust in free markets and more trust in unitary state rule and social norms of reciprocity, stability, and hierarchy. After conceptualizing Sino-capitalism's domestic political economy, the author uses the case of China's efforts to internationalize its currency, the yuan or renminbi, to systematically illustrate the multifarious manner in which the domestic logic of Sino-capitalism is expressed at the global level. Rather than presenting a deterministic argument concerning the future international role of China, he argues that China's stance and strategy in the international political economy hew quite closely to Sino-capitalism's hybrid compensatory institutional arrangements on the domestic level: state guidance; flexible and entrepreneurial networks; and global integration. Sino-capitalism therefore represents an emerging system of global capitalism centered on China that is producing a dynamic mix of mutual dependence, symbiosis, competition, and friction with the still dominant Anglo-American model of capitalism.
234 citations