Exchange Rate Credibility
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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 narrative with econometrics that analyze the role of credibility in four monetary regimes, from the gold standard to the present managed float.
List price: $114.99
Copyright year: 2011
Publisher: Cambridge University Press
Publication date: 4/9/2012
Size: 6.25" wide x 9.00" long x 1.00" tall
|List of Figures|
|List of Tables|
|List of Contributors|
|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|
|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|