Exchange Rate Credibility

Name: Exchange Rate Credibility
Price: 73.28 USD
Availability: InStock
ISBN: 9780521811330

ISBN-10: 0521811333

ISBN-13: 9780521811330

Edition: 2011

Authors: Michael D. Bordo, Ronald MacDonald

List price: $114.99

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Description:

The present global monetary regime is based on floating among the major advanced countries. A key underlying factor behind the present regime is credibility to maintain stable monetary policies. The origin of credibility in monetary regimes goes back to the pre-1914 classical gold standard. In that regime, adherence by central banks to the rule of convertibility of national currencies in terms of a fixed weight of gold provided a nominal anchor to the price level. Between 1914 and the present several monetary regimes gradually moved away from gold, with varying success in maintaining price stability and credibility. In this book, the editors present ten studies combining historical…

Book details

List price: $114.99
Copyright year: 2011
Publisher: Cambridge University Press
Publication date: 4/9/2012
Binding: Hardcover
Pages: 256
Size: 6.25" wide x 9.00" long x 1.00" tall
Weight: 0.990
Language: English



List of Figures


List of Tables


List of Contributors



Introduction



Credibility in Fixed Exchange Rate Regimes: Theoretical and Historical Perspectives




The Classical Gold Standard



Credibility and Fundamentals: Were the Classical and Inter-War Gold Standards Well-Behaved Target Zones?




Interest Rate Interactions in the Classical Gold Standard, 1880-1914: Was There Any Monetary Independence?




Realignment Expectations and the U.S. Dollar, 1890-1897: Was There a "Peso Problem"?




The Inter-War Period



The Inter-War Gold Exchange Standard: Credibility and Monetary Independence




Crash! Expectational Aspects of the UK's and the U.S.'s Departures from the Inter-War Gold Standard




Did Impending War in Europe Help Destroy the Gold Bloc in 1936? An Internal Inconsistency Hypothesis




Bretton Woods



Sterling in Crisis 1964-1967




The European Monetary System Period



On the Mean-Reverting Properties of Target Zone Exchange Rates: Some Evidence from the ERM




Credibility and Interest Rate Discretion in the ERM



References


Index