Exchange Rate Regimes In The Twentieth Century
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| Author | : Tobias Straumann |
| Publisher | : Cambridge University Press |
| Total Pages | : 0 |
| Release | : 2014-01-30 |
| Genre | : Business & Economics |
| ISBN | : 9781107616370 |
Most European countries are rather small, yet we know little about their monetary history. This book analyses for the first time the experience of seven small states (Austria, Belgium, Denmark, the Netherlands, Norway, Sweden, and Switzerland) during the last hundred years, starting with the restoration of the gold standard after World War I and ending with Sweden's rejection of the Euro in 2003. The comparative analysis shows that for the most part of the twentieth century the options of policy makers were seriously constrained by a distinct fear of floating exchange rates. Only with the crisis of the European Monetary System (EMS) in 1992-93 did the idea that a flexible exchange rate regime was suited for a small open economy gain currency. The book also analyses the differences among small states and concludes that economic structures or foreign policy orientations were far more important for the timing of regime changes than domestic institutions and policies.
| Author | : Derek Howard Aldcroft |
| Publisher | : |
| Total Pages | : 232 |
| Release | : 1998 |
| Genre | : Business & Economics |
| ISBN | : |
Provides an account of the evolution of exchange rate regimes in the 20th century, in chronological, non-technical format. Links between the past and present shed light on the merits of different exchange rate systems. Discusses forces that have brought about change in order to determine how different regimes affected the economic environment, considers the merits or otherwise of the respective regimes, and assesses arguments for and against fixed and floating exchange ratesAnnotation copyrighted by Book News, Inc., Portland, OR
| Author | : Michael D. Bordo |
| Publisher | : University of Chicago Press |
| Total Pages | : 453 |
| Release | : 2015-03-02 |
| Genre | : Business & Economics |
| ISBN | : 022605151X |
During the twentieth century, foreign-exchange intervention was sometimes used in an attempt to solve the fundamental trilemma of international finance, which holds that countries cannot simultaneously pursue independent monetary policies, stabilize their exchange rates, and benefit from free cross-border financial flows. Drawing on a trove of previously confidential data, Strained Relations reveals the evolution of US policy regarding currency market intervention, and its interaction with monetary policy. The authors consider how foreign-exchange intervention was affected by changing economic and institutional circumstances—most notably the abandonment of the international gold standard—and how political and bureaucratic factors affected this aspect of public policy.
| Author | : Ernst Baltensperger |
| Publisher | : Cambridge University Press |
| Total Pages | : 267 |
| Release | : 2017-08-03 |
| Genre | : Business & Economics |
| ISBN | : 1108191444 |
This book describes the remarkable path which led to the Swiss Franc becoming the strong international currency that it is today. Ernst Baltensperger and Peter Kugler use Swiss monetary history to provide valuable insights into a number of issues concerning the organization and development of monetary institutions and currency that shaped the structure of financial markets and affected the economic course of a country in important ways. They investigate a number of topics, including the functioning of a world without a central bank, the role of competition and monopoly in money and banking, the functioning of monetary unions, monetary policy of small open economies under fixed and flexible exchange rates, the stability of money demand and supply under different monetary regimes, and the monetary and macroeconomic effects of Swiss Banking and Finance. Swiss Monetary History since the Early 19th Century illustrates the value of monetary history for understanding financial markets and macroeconomics today.
| Author | : Jeffry A. Frieden |
| Publisher | : W. W. Norton & Company |
| Total Pages | : 838 |
| Release | : 2020-07-21 |
| Genre | : Business & Economics |
| ISBN | : 1324004207 |
"One of the most comprehensive histories of modern capitalism yet written." —Michael Hirsh, New York Times An authoritative, insightful, and highly readable history of the twentieth-century global economy, updated with a new chapter on the early decades of the new century. Global Capitalism guides the reader from the globalization of the early twentieth century and its swift collapse in the crises of 1914–45, to the return to global integration at the end of the century, and the subsequent retreat in the wake of the financial crisis of 2008.
| Author | : Derek H. Aldcroft |
| Publisher | : Taylor & Francis |
| Total Pages | : 340 |
| Release | : 2017-07-05 |
| Genre | : History |
| ISBN | : 135193791X |
The themes of this study are the exchange rate regimes chosen by policy makers in the twentieth century, the means used to maintain these regimes, and the impact of these decisions on individual national economies and the world economy in general. The book draws heavily on new research showing the lessons and the legacy left for policy makers by the gold standard and the attempt at its resurrection in the 1920s. In examining issues such as the gold exchange standard, the gold bullion standard, the experience of floating exchange rates, the Bretton Woods arrangements, the EMS and the ERM, and the Currency Board approach, there is a conscious attempt to draw out the relevance of history for policy makers now.
| Author | : Andrew Britton |
| Publisher | : Cambridge University Press |
| Total Pages | : 260 |
| Release | : 2001-06-04 |
| Genre | : Business & Economics |
| ISBN | : 9780521801690 |
Abstract economic theory may be timeless and potentially universal in its application, but macroeconomics has to be seen in its historical context. The nature of the policy regime, the behaviour of the economy and the beliefs of professional economists all interact, and influence each other. This short historical account of monetary regimes since 1900 shows how the role of policy has changed, and how this has related to experience of inflation and the real economy, as well as to changes in political philosophies. The narrative concentrates on developments in America, Europe and Japan from the era of the classical gold standard, via the era of policy intervention and reduced faith in the market to the present 'neo-liberal' regimes. The 'grand narrative' of the century is a journey 'to Utopia and back'. It is argued that no school of macroeconomics is right for all time; different theoretical models may be appropriate, for different periods and regimes.
| Author | : Steven Bryan |
| Publisher | : Columbia University Press |
| Total Pages | : 287 |
| Release | : 2010-08-31 |
| Genre | : History |
| ISBN | : 0231526334 |
By the end of the nineteenth century, the world was ready to adopt the gold standard out of concerns of national power, prestige, and anti-English competition. Yet although the gold standard allowed countries to enact a virtual single world currency, the years before World War I were not a time of unfettered liberal economics and one-world, one-market harmony. Outside of Europe, the gold standard became a tool for nationalists and protectionists primarily interested in growing domestic industry and imperial expansion. This overlooked trend, provocatively reassessed in Steven Bryan's well-documented history, contradicts our conception of the gold standard as a British-based system infused with English ideas, interests, and institutions. In countries like Japan and Argentina, where nationalist concerns focused on infant-industry protection and the growth of military power, the gold standard enabled the expansion of trade and the goals of the age: industry and empire. Bryan argues that these countries looked less to Britain and more to North America and the rest of Europe for ideological models. Not only does this history challenge our idealistic notions of the prewar period, but it also reorients our understanding of the history that followed. Policymakers of the 1920s latched onto the idea that global prosperity before World War I was the result of a system dominated by English liberalism. Their attempt to reproduce this triumph helped bring about the global downturn, the Great Depression, and the collapse of the interwar world.
| Author | : Michael D. Bordo |
| Publisher | : University of Chicago Press |
| Total Pages | : 545 |
| Release | : 2013-06-28 |
| Genre | : Business & Economics |
| ISBN | : 0226066959 |
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
| Author | : Barry Eichengreen |
| Publisher | : Brookings Institution Press |
| Total Pages | : 212 |
| Release | : 2000-08-21 |
| Genre | : Business & Economics |
| ISBN | : 9780815791423 |
Recent events have reignited the debate over the future of the international monetary system. This book, part of the Integrating National Economic series, examines international monetary options of the twenty-first century. Barry Eichengreen argues that it will not be possible for governments to prevent exchange rates from exceeding prespecified limits. Changes in technology, market structure, and politics will force countries that have traditionally pegged their exchange rates to choose between floating rates and monetary unification. Eichengreen describes the various international monetary arrangements with which policymakers have experimented in the past. He introduces the requirements that an international monetary system must satisfy and illustrates how these requirements have been met over time. He analyzes which preconditions for the smooth operation of international monetary systems in the past will be impossible to achieve in the next century and creates a list of feasible options for future policymakers. These feasible options, he concludes, will be limited to some form of floating exchange rates and monetary unions. In which direction countries should move is not obvious. The choice between floating and monetary unification depends on a host of economic and political factors. The book provides an in-depth analysis of Western Europe's experience and the dramatic international monetary initiatives currently under way, and compares options for Asia, Africa, the former Soviet Union, and the Western Hemisphere. A volume of Brookings' Integrating National Economies Series
