.... 2023 This article is published and distributed under the terms of the Oxford University Press, Standard Journals Publication Model ( https://dbpia.nl.go.kr/pages/standard-publication-reuse-rights ) International reserves Sovereign default Macroeconomic stabilization Fixed exchange rates...

... of fixed exchange rates, and how these policies had their most potent effects in the worst peaceful economic periods in modern times. While we are lucky to have avoided another catastrophe like the Great Depression in 2008–9, mainly by virtue of policy-makers’ aggressive use of monetary and fiscal stimuli...

... the plausible assumption of limited capital mobility can help contain equilibrium appreciation pressures and therefore inflation, but at the cost of crowding out the private sector. Attempting to use monetary policy to contain inflation under a fixed exchange rate has important drawbacks, which highlights...

...This chapter explores several key ideas necessary to understand how monetary coordination works. It first considers the so-called triangle of compatibilities, or trilemma. According to Robert Mundell, of the three components of his “holy trinity”—high capital mobility, fixed exchange rates...

... and Rogoff, “The Mirage of Fixed Exchange Rates”, and cites the existence of a significant number of stable, meaningful exchange rate regimes that go against recent research. The chapter delves deeper into the history of fixed, floating and flipping exchange rate regimes in relation to the number of exchange...

...This chapter takes issue with a recent finding which holds that even if an economy is hit by real shocks, fixed exchange rates may be preferable if the nominal prices of both exports and imports are preset in the domestic currency. It argues that a minor modification of the Devereux–Engel model...

... of economic growth. The determinants of these crises varied over the years, but cross-border capital flows, fixed exchange rates were often involved. Incentive problems like moral hazard played a role, as did the structure of international lending and local policy choices. The successive waves of crises...

... on the International Monetary Fund ³⁸ can be summarized as follows: The system designed at the conference at Bretton Woods in July 1944 was the first full attempt to establish an international monetary order with fixed exchange rates based on an international treaty. The institution of the International...

.... The shock and the associated monetary policy resulted to an increase in wage inflation. Social loss is larger under fixed rates than under the discretionary solution presented. Even if fixed exchange rates enjoy a credibility advantage, they do not yield higher welfare than does optimal floating under...

... index South Carolina taxes abandonment and Smith Adam Wealth of Nations The Smith exports inside money “Legal Tender of Paper Money in America The” Franklin outside money time discounting breach-of-contract tort law congressional powers dominant medium-of-exchange fixed exchange rates non...

... of the economically meaningful influence of fixed exchange rates and exchange rate regimes on trade. Further literature is discussed and investigated to give a broader scope of the subject. The chapter also demonstrates the value of gravity models as a successful empirical framework in international economics...

...Table 5.1. Significance of the monetary-policy regime to macroeconomic performance, difference-in-difference estimation, 1972–2011 Dependent variable Inflation level Inflation volatility Variability in the output gap (1) (2) (1) (2) (1) (2) Fixed exchange rates...

... currency bank exposure to Korea real estate Thailand default goals government expenditures Malaysia overshooting shocks exchange rate policy capital flows open economy inflation balance sheets fixed exchange rates flexible exchange rates interest rates investor confidence The previous...

...This chapter describes why the gold standard and the euro are extreme forms of fixed exchange rates, and how these policies had their most potent effects in the worst peaceful economic periods in modern times. While the world is lucky to have avoided another catastrophe like the Great Depression...