Exchange Rates in the Periphery and International Adjustment Under the Gold Standard - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Exchange Rates in the Periphery and International Adjustment Under the Gold Standard write by Mr.Solomos Solomou. This book was released on 2003-02-01. Exchange Rates in the Periphery and International Adjustment Under the Gold Standard available in PDF, EPUB and Kindle. The role of exchange rate flexibility in the periphery of the gold standard has been grossly overlooked. This paper builds a new dataset on trade-weighed exchange rates for the period 1870-1913 and finds that large currency movements in periphery countries operating inconvertible paper-money and silver-standard regimes induced major fluctuations in effective exchange rates worldwide. We relate the phenomenon to the international trade structure at the time and show that such currency fluctuations had powerful effects on trade flows. We conclude that nominal exchange rate flexibility in the periphery was an important ingredient of international payments adjustment under the gold standard.
Core, Periphery, Exchange Rate Regimes and Globalization
Core, Periphery, Exchange Rate Regimes and Globalization - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Core, Periphery, Exchange Rate Regimes and Globalization write by Michael D. Bordo. This book was released on 2001. Core, Periphery, Exchange Rate Regimes and Globalization available in PDF, EPUB and Kindle.
A Retrospective on the Classical Gold Standard, 1821-1931
A Retrospective on the Classical Gold Standard, 1821-1931 - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook A Retrospective on the Classical Gold Standard, 1821-1931 write by Michael D. Bordo. This book was released on 2009-02-15. A Retrospective on the Classical Gold Standard, 1821-1931 available in PDF, EPUB and Kindle. This is a timely review of the gold standard covering the 110 years of its operation until 1931, when Britain abandoned it in the midst of the Depression. Current dissatisfaction with floating rates of exchange has spurred interest in a return to a commodity standard. The studies in this volume were designed to gain a better understanding of the historical gold standard, but they also throw light on the question of whether restoring it today could help cure inflation, high interest rates, and low productivity growth. The volume includes a review of the literature on the classical gold standard; studies the experience with gold in England, Germany, Italy, Sweden, and Canada; and perspectives on international linkages and the stability of price-level trends under the gold standard. The articles and commentaries reflect strong, conflicting views among hte participants on issues of central bank behavior, purchasing-power an interest-rate parity, independent monetary policies, economic growth, the "Atlantic economy," and trends in commodity prices and long-term interest rates. This is a thoughtful and provocative book.
Globalization in Historical Perspective
Globalization in Historical Perspective - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Globalization in Historical Perspective write by Michael D. Bordo. This book was released on 2007-11-01. Globalization in Historical Perspective available in PDF, EPUB and Kindle. As awareness of the process of globalization grows and the study of its effects becomes increasingly important to governments and businesses (as well as to a sizable opposition), the need for historical understanding also increases. Despite the importance of the topic, few attempts have been made to present a long-term economic analysis of the phenomenon, one that frames the issue by examining its place in the long history of international integration. This volume collects eleven papers doing exactly that and more. The first group of essays explores how the process of globalization can be measured in terms of the long-term integration of different markets-from the markets for goods and commodities to those for labor and capital, and from the sixteenth century to the present. The second set of contributions places this knowledge in a wider context, examining some of the trends and questions that have emerged as markets converge and diverge: the roles of technology and geography are both considered, along with the controversial issues of globalization's effects on inequality and social justice and the roles of political institutions in responding to them. The final group of essays addresses the international financial systems that play such a large part in guiding the process of globalization, considering the influence of exchange rate regimes, financial development, financial crises, and the architecture of the international financial system itself. This volume reveals a much larger picture of the process of globalization, one that stretches from the establishment of a global economic system during the nineteenth century through the disruptions of two world wars and the Great Depression into the present day. The keen analysis, insight, and wisdom in this volume will have something to offer a wide range of readers interested in this important issue.
Global Imbalances and the Lessons of Bretton Woods
Global Imbalances and the Lessons of Bretton Woods - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Global Imbalances and the Lessons of Bretton Woods write by Barry J. Eichengreen. This book was released on 2004. Global Imbalances and the Lessons of Bretton Woods available in PDF, EPUB and Kindle. "An influential school of thought views the current international monetary and financial system as Bretton Woods reborn. Today, like 40 years ago, the international system is composed of a core, which has the exorbitant privilege of issuing the currency used as international reserves, and a periphery, which is committed to export-led growth based on the maintenance of an undervalued exchange rate. In the 1960s, the core was the United States and the periphery was Europe and Japan. Now, with the spread of globalization, there is a new periphery, Asia, but the same old core, the United States, with the same tendency to live beyond its means. This view suggests that the current pattern of international settlements can be maintained indefinitely. The United States can continue running current account deficits because the emerging markets of Asia and Latin America are happy to accumulate dollars. There is no reason why the dollar must fall, since there is no need for balance of payments adjustment; in particular, the Asian countries will resist the appreciation of their currencies against the greenback. I argue that this image of a new Bretton Woods System confuses the incentives that confronted individual countries under Bretton Woods with the incentives that confronted groups of countries. It imagines the existence of a cohesive bloc of countries called the periphery ready and able to act in their collective interest. I argue, to the contrary, that the countries of Asia constituting the new periphery are unlikely to be able to subordinate their individual interest to the collective interest. This image of the current system as Bretton Woods reborn also overlooks how the world has changed since the 1960s. This alternative reading of history and current circumstances suggests that even if there exists today something vaguely resembling the Bretton Woods System, it is not long for this world"--NBER website
