Credibility and the international monetary regime : a historical perspective / edited by Michael D. Bordo, Ronald MacDonald.

Format:

Book

Contributor:

Bordo, Michael D., editor.

MacDonald, Ronald, 1955- editor.

Series:

Studies in macroeconomic history.

Studies in macroeconomic history

Language:

English

Subjects (All):

Monetary unions.

International economic relations.

Physical Description:

1 online resource (xiii, 240 pages) : digital, PDF file(s).

Other Title:

Credibility & the International Monetary Regime

Place of Publication:

Cambridge : Cambridge University Press, 2012.

Language Note:

English

Summary:

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.

Contents:

Credibility and the international monetary regime : theoretical and historical perspectives / Michael D. Bordo and Ronald MacDonald

Credibility and fundamentals : were the classical and inter-war gold standards well-behaved target zones? / Paul Hallwood, Ronald MacDonald, and Ian Marsh

Interest rate interactions in the classical gold standard, 1880-1914 : was there any monetary independence? / Michael D. Bordo and Ronald MacDonald

Realignment expectations and the US dollar, 1890-1897 : was there a peso problem? / by C. Paul Hallwood, Ronald MacDonald, and Ian W. Marsh

The inter-war gold exchange standard : credibility and monetary independence / Michael D. Bordo and Ronald MacDonald

Crash! : expectational aspects of the UK's and the USA's departures from the inter-war gold standard / C. Paul Hallwood, Ronald MacDonald, and Ian W. Marsh

Did impending war in Europe help destroy the gold bloc in 1936? : an internal inconsistency hypothesis / Paul Hallwood, Ronald MacDonald, and Ian Marsh

Sterling in crisis, 1964-1967 / Michael D. Bordo, Ronald MacDonald, and Michael J. Oliver

On the mean-reverting properties of target zone exchange rates : some evidence from the ERM / Myrvin Anthony and Ronald MacDonald

Credibility and interest rate discretion in the ERM / Hali Edison and Ronald MacDonald.

Notes:

Title from publisher's bibliographic system (viewed on 05 Oct 2015).

Includes bibliographical references and index.

ISBN:

1-139-20934-5

1-107-22543-4

1-280-39372-6

1-139-22216-3

9786613571649

1-139-04584-9

1-139-21735-6

1-139-21427-6

1-139-22387-9

1-139-22044-6

OCLC:

793510843