Book Description

Officer begins this book with a historical perspective of the monetary standards of the United States and Britain. He then develops new data on exchange rates, mint parity, and gold points, with which he investigates three important features of Anglo-American monetary history. First, the integration of the American foreign-exchange market over time. Second, it is proved that gold-point arbitrage is markedly more efficient than either interest arbitrage or forward speculation. Third, regime efficiency is explored from standpoints of both private agents and policy-makers; the 1925-1931 gold standard, though less durable than the prewar standard, is nevertheless shown to be surprisingly stable. The book breaks new ground in understanding of the gold standard. It will serve as a dollar-sterling handbook for those interested in this important aspect of international monetary history. ... Read more

Book Description

Book Description

Examining the often-expressed concerns about trade liberalization, the authors assess both the facts and common perceptions underlying the issues. Research shows that some popular concerns about trade are factually based, but others are less well supported or arise from apparent misunderstandings of the way international markets work. This form of presentation both highlights the current divergence of views and demonstrates the extent to which either new research or better public dissemination of existing research might lead toward greater consensus. ... Read more

Book Description

In this reexamination of Canada's balance of payments experience under the gold standard, the authors develop and empirically test a new portfolio approach to the mechanism of balance of payments adjustment.This adjustment mechanism responded to massive inflows of foreign capital during a critical period of Canada's economic growth in the early years of this century.The authors show that the existence of international mobility of capital requires a fundamental revision of the price-specie-flow theory that has traditionally been used to explain adjustment when the balance of payments was more nearly dominated by the balance of trade.The approach Professors Dick and Floyd take not only answers the critics of Jacob Viner, who first explored the Canadian case after 1900, but also offers a new perspective on how the gold standard in general actually worked.The authors apply standard elementary economic principles to this working of the balance of payments under the gold standard, making this book useful reading for those studying intermediate and upper level economics, especially in the field of international finance. ... Read more

Book Description

Book Description

EMU - A Swedish Perspective provides a comprehensive and up-to-date survey of the EMU project. The main advantages and disadvantages of a single currency are evaluated. A key feature of the analysis is the attempt to integrate economic and political aspects. The book is a revised version of the report by the Swedish Government Commission on the EMU. Although the analysis focuses on the consequences for Sweden of joining versus not joining the monetary union, it is highly relevant for the discussion in all EU countries.The book provides an in-depth analysis of how the demands on economic policy will be affected by the monetary union. Various chapters discuss monetary policy and inflation, fiscal policy, unemployment and labour markets, the transition to monetary union, and the exchange-rate arrangements between participants and non-participants. Other chapters analyse the importance of the EMU for European political integration, democratic aspects, and how membership in the monetary union will affect the possibilities for an individual member state to exert influence within the EU.EMU - A Swedish Perspective should be of interest to professional economists and political scientists, students, and all others who want to form an opinion about the monetary union on the basis of a balanced assessment of the consequences. EMU - A Swedish Perspective provides a comprehensive and up-to-date survey of the EMU project. The main advantages and disadvantages of a single currency are evaluated. A key feature of the analysis is the attempt to integrate economic and political aspects. The book is a revised version of the report by the Swedish Government Commission on the EMU. Although the analysis focuses on the consequences for Sweden of joining versus not joining the monetary union, it is highly relevant for the discussion in all EU countries. ... Read more

Book Description

Over the past thirty years the Pacific Basin region has become more integrated with the rest of the world and played an increasingly important role in the world economy. While much has been written on Pacific Basin trade and economic growth, relatively few studies have been published on the conduct of exchange rate and monetary policies in the economies of the region. These papers should be of interest to readers with an interest in broadening their understanding of different exchange rate arrangements as well as those wishing to deepen their knowledge of Pacific Basin economies. ... Read more

Book Description

Book Description

Recent years have seen a substantial increase in the volatility of exchange rates. This trend has prompted economists and finance analysts to question if the observed behavior of exchange rates is consistent with a rational model. Does that volatility, further, hinder trade? Professors Sercu and Uppal examine these issues in the context of dynamic general equilibrium models, explicitly considering the role of financial markets while allowing for commodity markets to be segmented across countries. They show that the implications of the theoretical model for exchange rates in this context are quite different from those put forth by monetary theorists and proponents of purchasing power parity arguments. ... Read more

Book Description

The European economic and monetary union has changed the structure of international monetary relations fundamentally.In this book two experts--one European, the other American--offer transatlantic perspectives on the ramifications of the monetary union and the launch of the euro.

C. Randall Henning examines selected American views on Europe's monetary union, and looks at the political, economic, and institutional interests of the United States as they are affected by the creation of the euro.He examines the external monetary policymaking machinery of the union and discusses the relationship of the monetary union to international institutions, particularly the meetings of the G-7 finance ministers and central bank governors and the International Monetary Fund. Henning is generally sympathetic to European integration, supportive of the monetary union, and persuaded of the importance of international cooperation.

Pier Carlo Padoan presents a European view of the role of the euro in the international system.He looks at the euro as a potential global currency and examines the transition phase between a regional currency and a global currency.Central to this is an analysis of the appropriate exchange rate policy for the euro.He also considers euro-dollar relations and the prospects for transatlantic cooperation. ... Read more

Book Description

Developments in the countries of the CFA franc zone in the aftermath of the January 1994 devaluation of the CFA franc are reviewed in this paper. The paper describes the progress made and the difficulties encountered during 1994 and early 1995 in implementing the programs supported by use of IMF resources. Annexes provide statistical information and discuss regional integration efforts, developments in monetary policy, and technical assistance provided by the IMF and the World Bank. ... Read more