Revisiting The Case For Flexible Exchange Rates PDF Download
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Author | : Bank of Canada |
Publisher | : |
Total Pages | : 429 |
Release | : 2000 |
Genre | : Foreign exchange |
ISBN | : 9780660186221 |
Download Revisiting the Case for Flexible Exchange Rates Book in PDF, ePub and Kindle
Author | : Maurice Obstfeld |
Publisher | : |
Total Pages | : 0 |
Release | : 2020 |
Genre | : |
ISBN | : |
Download Harry Johnson's "Case for Flexible Exchange Rates" - 50 Years Later Book in PDF, ePub and Kindle
Fifty years ago, Harry G. Johnson published "The Case for Flexible Exchange Rates, 1969," its title echoing Milton Friedman's classic essay of the early 1950s. Though somewhat forgotten today, Johnson's reprise was an important element in the late 1960s debate over the future of the international monetary system. The present paper has three objectives. The first is to lay out the historical context in which Johnson's "Case" was written and read. The second is to examine Johnson's main points and see how they stand up to nearly five decades of experience with floating exchange rates since the end of the Bretton Woods system. The third is to review the most recent academic critiques of exchange-rate flexibility and ask how fatal they are to Johnson's basic argument. I conclude that the essential case for exchange rate flexibility still stands strong.
Author | : Maurizio Michael Habib |
Publisher | : |
Total Pages | : 0 |
Release | : 2016 |
Genre | : |
ISBN | : |
Download The Real Exchange Rate and Economic Growth Book in PDF, ePub and Kindle
Author | : Mr.Jaromir Benes |
Publisher | : International Monetary Fund |
Total Pages | : 71 |
Release | : 2012-08-01 |
Genre | : Business & Economics |
ISBN | : 1475505523 |
Download The Chicago Plan Revisited Book in PDF, ePub and Kindle
At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.
Author | : Amy Verdun |
Publisher | : Nova Publishers |
Total Pages | : 294 |
Release | : 2006 |
Genre | : Business & Economics |
ISBN | : 9781600210716 |
Download Britain and Canada and Their Large Neighboring Monetary Unions Book in PDF, ePub and Kindle
Britain is confronted with the EU and its Economic and Monetary Union or the 'eurozone' an area of 12 EU Member States in which the Euro is the single currency. At a time in which the discussion revolves around the future of national currencies, this work looks at the question of monetary integration for the cases of Britain and Canada.
Author | : Jesper Lindé |
Publisher | : International Monetary Fund |
Total Pages | : 54 |
Release | : 2017-07-07 |
Genre | : Business & Economics |
ISBN | : 1484306112 |
Download The Macroeconomic Effects of Trade Tariffs Book in PDF, ePub and Kindle
We study the robustness of the Lerner symmetry result in an open economy New Keynesian model with price rigidities. While the Lerner symmetry result of no real effects of a combined import tariff and export subsidy holds up approximately for a number of alternative assumptions, we obtain quantitatively important long-term deviations under complete international asset markets. Direct pass-through of tariffs and subsidies to prices and slow exchange rate adjustment can also generate significant short-term deviations from Lerner. Finally, we quantify the macroeconomic costs of a trade war and find that they can be substantial, with permanently lower income and trade volumes. However, a fully symmetric retaliation to a unilaterally imposed border adjustment tax can prevent any real or nominal effects.
Author | : David M. Andrews |
Publisher | : Cornell University Press |
Total Pages | : 260 |
Release | : 2011-03-15 |
Genre | : Political Science |
ISBN | : 0801457076 |
Download Orderly Change Book in PDF, ePub and Kindle
The Bretton Woods Conference of 1944 resulted in the formation of the International Monetary Fund and World Bank and helped lay the foundation for an unprecedented expansion of international commerce. Yet six decades later, at the beginning of the twenty-first century, the central characteristics of the Bretton Woods system remain disputed—and the subject of continuing public policy debate. Relying on extensive access to IMF, World Bank, and other archives, the authors show that the history of international monetary relations since Bretton Woods is one of "orderly change"—that is, change within a sturdy but supple framework. Even during the years of fixed exchange rates, very different practices characterized international monetary relations immediately after World War II, during the 1950s, and during the 1960s. Later, when the fixed exchange-rate system collapsed, underlying commitments to trade liberalization in the context of continuing national economic policy autonomy survived and even flourished. However, the resulting international economic order is now in grave danger: the tension between states' autonomy and their mutual openness has become acute, as international monetary structures no longer appear capable of mediating between these objectives. David M. Andrews and the contributors to Orderly Change examine past transitions as a means of suggesting possible avenues for current and future policymaking.
Author | : Mr.Vivek B. Arora |
Publisher | : International Monetary Fund |
Total Pages | : 21 |
Release | : 2001-05-01 |
Genre | : Business & Economics |
ISBN | : 1451974949 |
Download Economic Integration and the Exchange Rate Regime Book in PDF, ePub and Kindle
The Canadian experience with a floating exchange rate regime can shed some light on the question of whether A question of current interest in many parts of the world is whether with growing economic integration among groups of countries makes a fixed exchange rate, or even a common currency, becomes more desirable. This paper looks at the lessons that one may draw from tThe Canadian experience, with a floating exchange rate regime, especially since the inception of the 1989 U.S.-Canada Free Trade Agreement, suggests. We find that exchange rate flexibility has not prevented economic integration between Canada and the United States from increasing substantially, during the 1990s, and has played a useful role in buffering the Canadian economy against asymmetric external shocks. A fixed exchange rate thus does not seem to be a prerequisite for economic integration. It may, however, yield substantial have benefits for some countries that lack monetary credibility or that may be tempted by self-destructive beggar-thy-neighbor policies.
Author | : Mr.Helge Berger |
Publisher | : International Monetary Fund |
Total Pages | : 63 |
Release | : 2018-02-20 |
Genre | : Business & Economics |
ISBN | : 1484344030 |
Download Revisiting the Economic Case for Fiscal Union in the Euro Area Book in PDF, ePub and Kindle
The paper makes an analytical contribution to the revived discussion about the euro area’s institutional setup. After significant progress during the euro crisis, the drive to complete Europe’s Economic and Monetary Union (EMU) had stalled, and the way forward will benefit from an in-depth look at the conceptual issues raised by the evolution and architecture of Europe, and the tradeoffs involved. A thorough look at the underlying economic issues suggests that in the long run, EMU will benefit from progressing along three mutually supporting tracks: introduce more fiscal risk sharing, helping to make the sovereign “no bailout” rule credible; complementary financial sector reforms to delink sovereigns and banks; and more effective rules to discourage moral hazard. This evolution would ensure that financial markets provide incentives for fiscal discipline. Introducing more fiscal union comes with myriad legal, technical, operational, and political problems, raising questions well beyond the remit of economics. But without decisive progress to foster fiscal risk sharing, EMU will continue to face existential risks.
Author | : Patrick M. Crowley |
Publisher | : Routledge |
Total Pages | : 234 |
Release | : 2017-11-30 |
Genre | : Political Science |
ISBN | : 1351160540 |
Download Crossing the Atlantic Book in PDF, ePub and Kindle
Given the legal, political, economic and social similarities that exist, comparisons between the European Union (EU) and Canada can prove instructive. This volume introduces the rationale for comparing Canada and the EU and reviews the political initiatives that have been undertaken to forge links between the two. Taking the political and economic structure used by the EU, it compares this structure to the Canadian model, at both the federal/supranational level and the local government level. Using various disciplinary approaches and case studies, specific policy areas are used to illustrate these comparisons, and several of the papers in the collection extend these comparisons to the NAFTA level. A highly useful reference tool, Crossing the Atlantic will intrigue and inform an interdisciplinary and inter-regional studies audience.