ISSN:0036-9292    

DOI:10.1111/j.1467-9485.1996.tb00853.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractThe Federal Reserve has intervened in foreign exchange markets since 1962 as a partner of the Treasury's Exchange Stabilization Fund. Departing from its scripted passive role under the Bretton Woods system, the US defense of the dollar under pegged exchange rates may not appear unreasonable. Why the practice continues under a floating rate system is harder to understand. By accumulating large foreign currency balances since 1987, the US has made intervention easier. Holding larger balances does not help the authorities know what exchange rates ought to be. The US for a few years in the 1980s refrained from intervening. It can happen again if its authorities acknowledge that intervening is an exercise in futility.

ISSN:0036-9292    

DOI:10.1111/j.1467-9485.1996.tb00854.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractTrends in international finance in recent decades have inspired considerable research on bloc‐ and band‐based international monetary arrangements. From this literature have emerged models providing the basis for much recent work in international monetary economics. To date, however, their application to historical experience has been rare. We therefore highlight parallels between modern‐day target zones on the one hand and the classical and inter‐war gold standards and Bretton Woods System on the other. We suggest that bloc‐based international monetary arrangements are in fact an historical commonplace; they have been the rule rather than the

ISSN:0036-9292    

DOI:10.1111/j.1467-9485.1996.tb00855.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractThis paper analyses the interrelationships of official and private discount rates between seven European financial centres and in particular between London, Berlin, and Paris. Looking at the days and directions of all official discount rate changes in the seven centres, pairwise leads and lags are analysed. As to private discount rates, which seem to be stationary, correlations and coherencies are measured, multivariate Granger‐causality tests are performed and impulse response functions are calculated. The paper shows that there are strong mutual feedbacks between interest rates in London, Paris, and Berlin, suggesting that the classical gold standard was a decentralized, multipolar syste

ISSN:0036-9292    

DOI:10.1111/j.1467-9485.1996.tb00856.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractIn this study, the recent literature on the integration of fiscal and monetary policy is used to examine the suspensions and resumptions of currency convertibility in Sweden during the period 1668–1931. We demonstrate that urgent demands for financing of war expenditures forced the Swedish Riksbank to abandon convertibility of its notes in all cases of suspensions prior to 1914. We argue that the suspension periods should be regarded as unexpected lapses into discretion from rule‐bound convertibility regimes rather than as part of an optimal ex ante public finance policy. All resumptions of convertibility, except for the resumption of 1924, implied an ex post formal devaluation. All suspensions were illegal, except in 1931 when a constitutional escape clause was invo

ISSN:0036-9292    

DOI:10.1111/j.1467-9485.1996.tb00857.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

AbstractThis paper compares the behaviour of long‐term interest rates and prices in Italy, the UK and the USA, and seeks to shed light into what has become known as the ‘Gibson Paradox’. We compare the various theoretical explanations for the observed positive correlation of interest rates and prices in the USA and the UK. Using both regression and frequency domain techniques, we demonstrate that there is little evidence for the occurrence of the paradox in the case of Italy. The key conclusion of the paper is that the comparative evidence from these three countries supports a gold standard interpretation of the Pa

ISSN:0036-9292    

DOI:10.1111/j.1467-9485.1996.tb00858.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY