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.
Papers published on a yearly basis
Papers
More filters
TL;DR: This article provided a survey of the theoretical literature and empirical evidence consistent with the contagious nature of currency crises and estimated that the existence of a currency crisis elsewhere in the world (whether successful or not) raises the probability of an attack on the domestic currency by 8 percent, even after taking account of domestic political and economic factors.
Abstract: We address the fact that the incidence of speculative attacks tends to be temporally correlated; that is, currency crises appear to pass "contagiously" from one country to another. The paper provides a survey of the theoretical literature. We also provide empirical evidence consistent with the contagious nature of currency crises. We estimate that the existence of a currency crisis elsewhere in the world (whether successful or not) raises the probability of an attack on the domestic currency by 8 percent, even after taking account of a variety of domestic political and economic factors.
887 citations
Book•
18 Jun 1992
TL;DR: In this article, the authors compare the costs and benefits of a common currency in the European Union and Latin America with respect to the Euro and the United Kingdom's transition to a monetary union.
Abstract: COSTS AND BENEFITS OF MONETARY UNION 1. The Costs of a Common Currency 2. The Theory of Optimum Currency Areas: A Critique 3. The Benefits of a Common Currency 4. Costs and Benefits Compared 5. Optimal Currency Areas Case Studies: Is the Enlarged European Union an Optimal Currency Area? Is Latin America an Optimal Currency Area? MONETARY UNION 6. Incomplete Monetary Unions: The European Monetary System, Dollarization 7. The Transition to a Monetary Union: Problems of Transition in Central Europe, Problems of Transition of the UK 8. The European Central Bank 9. Monetary Policy in Euroland 10. Fiscal Policies in Monetary Unions 11. The Euro and Financial Markets
886 citations
TL;DR: The Bitcoin protocol as mentioned in this paper is an online communication protocol that facilitates the use of virtual currency, including electronic payments, and allows for irreversible transactions, a prescribed path of money creation over time, and a public transaction history.
Abstract: Bitcoin is an online communication protocol that facilitates the use of a virtual currency, including electronic payments. Bitcoin's rules were designed by engineers with no apparent influence from lawyers or regulators. Bitcoin is built on a transaction log that is distributed across a network of participating computers. It includes mechanisms to reward honest participation, to bootstrap acceptance by early adopters, and to guard against concentrations of power. Bitcoin's design allows for irreversible transactions, a prescribed path of money creation over time, and a public transaction history. Anyone can create a Bitcoin account, without charge and without any centralized vetting procedure—or even a requirement to provide a real name. Collectively, these rules yield a system that is understood to be more flexible, more private, and less amenable to regulatory oversight than other forms of payment—though as we discuss, all these benefits face important limits. Bitcoin is of interest to economis...
882 citations
TL;DR: In this article, the authors present a comprehensive database on systemic banking crises during 1970-2011 and propose a methodology to date banking crises based on policy indices, and examine the robustness of this approach.
Abstract: The paper presents a comprehensive database on systemic banking crises during 1970–2011. It proposes a methodology to date banking crises based on policy indices, and examines the robustness of this approach. The paper also presents information on the costs and policy responses associated with banking crises. The database on banking crises episodes is further complemented with dates for sovereign debt and currency crises during the same period. The paper contrasts output losses across different crises and finds that sovereign debt crises tend to be more costly than banking crises, and these in turn tend to be more costly than currency crises. The data also point to significant differences in policy responses between advanced and emerging economies.
868 citations
Journal Article•
TL;DR: In this article, the authors explore whether the world economy is breaking up into regional trading and currency blocs centred on the European Community, Japan and the United States, and conclude with an analysis of how trends in regional economic integration can be used as building blocks for a stronger multilateral system.
Abstract: This book explores whether the world economy is breaking up into regional trading and currency blocs centred on the European Community, Japan and the United States. Frankel uses trade, investment and financial data to assess this issue. He concludes with an analysis of how trends in regional economic integration can be used as building blocks for a stronger multilateral system.
865 citations