The international monetary system in the last and next 20 years

Economic Policy

Volumn 21, Issue 47, 2006, Pages 393-442

  Eichengreen, Barry ^a   Razo Garcia, Raul ^a  

^a UNIVERSITY OF CALIFORNIA   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

CAPITAL; DEVELOPING WORLD; ECONOMIC DEVELOPMENT; EUROPEAN MONETARY UNION; EXCHANGE RATE; FINANCIAL SYSTEM; LIBERALIZATION; MONETARY POLICY;

ASIA; CHINA; EURASIA; EUROPE; FAR EAST;

EID: 33745959564     PISSN: 02664658     EISSN: 14680327     Source Type: Journal    
DOI: 10.1111/j.1468-0327.2006.00164.x     Document Type: Article

References (76)

1. Aghion, P., P. Bacchetta and A. Banerjee (2001). 'A corporate balance sheet approach to currency crises' CEPR Discussion Paper 3092 (December).
2. Alesina, A. and A. Wagner (2003). 'Choosing (and reneging on) exchange rate regimes' NBER Working Paper No. 9809 (June).
3. Allen, M., C. Rosenberg, C. Keller, N. Roubini and B. Setser (2002). 'The balance sheet approach to financial crises' IMF Working Paper No. 02/210 (December).
4. Bayoumi, T. and B. Eichengreen (1994). 'One money or many? On the prospects for monetary unification in various parts of the world' Princeton Studies in International Finance No. 76, International Finance Section, Department of Economics, Princeton University.
5. Bayoumi, T., B. Eichengreen and P. Mauro (2000). 'On regional monetary arrangements for ASEAN' Journal of the Japanese and International Economies, 14, 121-48.
6. Bergsten, C. F. (2004). 'Chinese currency controversies' unpublished manuscript, Institute for International Economics (January).
7. Bordo, M., B. Eichengreen, D. Klingebiel and S. M. Martinez-Peria (2001). 'Is the crisis problem growing more severe?'Economic Policy, 32, 51-82.
8. Bubula, A. and I. Otker-Robe (2002). 'The evolution of exchange rate regimes since 1990: Evidence from de facto policies' IMF Working Paper No. 02/155 (September).
9. Caballero, R. and A. Krishnamurthy (2004). 'Exchange rate volatility and the credit channel in emerging markets: A vertical perspective' NBER Working Paper No. 10517 (May).
10. Calvo, G. and C. Reinhart (2002). 'Fear of floating' Quarterly Journal of Economics, 117, 379-408.
11. Cavallo, D. and J. Cottani (1997). 'Argentina's convertibility plan and the IMF', American Economic Association Papers and Proceedings, 87, 17-22.
12. Cheung, Y.-W., M. Chinn and E. Fujii (2005). 'Why the renminbi might be overvalued (but probably isn't)' unpublished manuscript, UC Santa Cruz, University of Wisconsin at Madison, and University of Tsukuba (September).
13. Chinn, M. and H. Ito (2002). 'Capital account liberalization, institutions and financial development: Cross country evidence', NBER Working Paper No. 8967 (June).
14. Chinn, M. and J. Frankel (2005). 'Will the euro eventually surpass the dollar as the leading international currency?' paper presented to the NBER Conference on G-7 Current Account Imbalances, Newport, Rhode Island, 1-2 June.
15. Clarida, R., J. Gali and M. Gertler (1998). 'Monetary policy rules in practice: Some international evidence' European Economic Review, 1033-68.
16. Crockett, A. (1994). 'Monetary implications of increased capital flows' in Changing Capital Markets: Implications for Monetary Policy, Kansas City: Federal Reserve Bank of Kansas City.
17. Duttagupta, R., G. Fernandez and C. Karasadag (2004). 'From fixed to float: Operational aspects of moving toward exchange rate flexibility' IMF Working Paper No. 04/126 (July).
18. Disyatat, P. (2005). 'Inflation targeting, asset prices and financial imbalances: Conceptualizing the debate' BIS Working Paper No. 168 (January).
19. Dooley, M., D. Folkerts-Landau and P. Garber (2003). 'An essay on the revived Bretton Woods system' NBER Working Paper No. 9971 (September).
20. Ebrahim-Zadeh, C. (2005). 'Sharper advice needed from IMF on capital account issues' IMF Survey, 34 (6 June), 155-57.
21. Eichengreen, B. (1994). International Monetary Arrangements for the 21st Century, Washington, DC: The Brookings Institution.
22. Eichengreen, B. (1996). Globalizing Capital: A History of the International Monetary System, Princeton: Princeton University Press.
23. Eichengreen, B. (2004a). 'Hanging together: On monetary and financial cooperation in Asia' in M. Shahid Yusuf, A. Altaf and K. Nabeshima (eds.), Global Change and East Asian Policy Initiatives, New York: Oxford University Press.
24. Eichengreen, B. (2004b). 'Global imbalances and the lessons of Bretton Woods' NBER Working Paper No. 10497 (May).
25. Eichengreen, B. (2005). 'Is a change in the renminbi exchange rate in China's interest?'Asian Economic Papers, 4, 41-78.
26. Eichengreen, B. and R. Hausmann (eds.) (2005). Other People's Money: Debt Denomination and Financial Instability in Emerging Market Economies, Chicago: University of Chicago Press.
27. Eichengreen, B. and P. Luengnaruemitchai 2004 'Why doesn't Asia have bigger bond markets?' NBER Working Paper No. 10576 (June).
28. Eichengreen, B. and D. Mathieson (2001). 'The currency composition of foreign exchange reserves: Retrospect and prospect' in C. Wyplosz (Ed.), The Impact of EMU on Europe and the Developing Countries, New York: Oxford University Press, 269-93.
29. Eichengreen, B. and M. Mussa (1998). 'Capital account liberalization: theoretical and practical aspects' IMF Occasional Paper No. 172 (July).
30. Eichengreen, B. and A. Taylor (2004). 'The monetary consequences of a Free Trade Area of the Americas', in A. Estevadeordal, D. Rodrik, A. Taylor and A. Velasco (eds.), Integrating the Americas: FTAA and Beyond, Cambridge, MA: David Rockefeller Center for Latin American Studies, 189-226.
31. Eichengreen, B. and C. Wyplosz (1993). 'The unstable EMS', Brookings Papers on Economic Activity, 1, 51-144.
32. Erceg, C., L. Guerrieri and C. Gust (2005). 'Expansionary fiscal shocks and the trade deficit', International Finance Discussion Paper No. 2005-825, Washington, DC: Board of Governors of the Federal Reserve System (January).
33. Fischer, S. (2001). 'Exchange rate regimes: Is the bipolar view correct?'Journal of Economic Perspectives, 15, 3-24.
34. Fleming, J. M. (1962). 'Domestic financial policies under fixed and floating exchange rates' IMF Staff Papers, 9, 360-79.
35. Frankel, J. A. (2001). 'No single currency regime is right for all countries or at all times' Essays in International Finance No. 215, International Finance Section, Department of Economics, Princeton University (July).
36. Funabashi, Y. (1988). Managing the Dollar: From the Plaza to the Louvre, Washington, DC: Institute for International Economics.
37. Genberg, H. and A. Swoboda (1987). 'Fixed rates, flexible rates, or the middle of the road: A reexamination of the arguments in view of recent experience' in R. Z. Aliber (Ed.), The Reconstruction of International Monetary Arrangements, London: Macmillan, 92-116.
38. Ghosh, A., A.-M. Gulde and H. Wolf (2003). Exchange Rate Regimes: Choices and Consequences: Cambridge, MA: MIT Press.
39. Giavazzi, F. and A. Giovannini (1989). Limiting Exchange Rate Flexibility: The European Monetary System, Cambridge, MA: MIT Press.
40. Giavazzi, F. and L. Spaventa (1999). 'The new EMS', in P. De Grauwe and L. Papademos (eds.), The European Monetary System in the 1990s, London: Longman.
41. Giovannini, A. (1989). 'How do fixed exchange-rate regimes work? Evidence from the Gold Standard, Bretton Woods and the EMS' in M. Miller, B. Eichengreen and R. Portes (eds.), Blueprints for Exchange Rate Management, London: Academic Press, 13-46.
42. Goldstein, M. (2004). 'Adjusting China's exchange rate policies' unpublished manuscript, Institute for International Economics.
43. Goldstein, M. and P. Turner (2003). Controlling Currency Mismatches in Emerging Market Economies, unpublished manuscript, Washington, DC: Institute of International Economics.
44. Goodfriend, M. (1991). 'Interest rates and the conduct of monetary policy' Carnegie Rochester Conference Series on Public Policy, 34, 7-30.
45. Goto, J. and K. Hamada (1994). 'Economic preconditions for Asian regional integration', in T. Ito and A. Krueger (eds.), Macroeconomic Linkage: Savings, Exchange Rates and Capital Flows, Chicago: University of Chicago Press, 359-85.
46. Grilli, V. and G. M. Milesi-Ferretti (1995). 'Economic effects and structural determinants of capital controls' IMF Staff Papers, 42, 517-51.
47. Hakura, D. S. (2005). 'Are emerging market countries learning to float?'IMF Working Paper No. 05/98 (May).
48. Hausmann, R., U. Panizza and E. Stein (2001). 'Why do countries float the way they float?'Journal of Development Economics, 66, 387-414.
49. Husain, A., A. Mody and K. Rogoff (2004). 'Exchange rate regime durability and performance in advance and developing economies' NBER Working Paper No. 10673 (August).
50. International Monetary Fund (2005). 'The IMF's approach to capital account liberalization' Evaluation Report, Independent Evaluation Office, Washington, DC: IMF.
51. Katzenstein, P. (2005). A World of Regions, Ithaca: Cornell University Press.
52. Keynes, J. M. (1930). A Treatise on Money, London: Macmillan.
53. Krugman, P. (1980). 'Vehicle currencies and the structure of international exchange', Journal of Money, Credit and Banking, 11, 512-26.
54. Levy-Yeyati, E. and F. Sturzenegger (2003). 'To float or to fix: evidence on the impact of exchange rate regimes on growth', American Economic Review, 93, 1173-93.
55. Lindert, P.H. (1969). 'Key currencies and gold 1900-1913' Princeton Studies in International Finance No. 24, International Finance Section, Department of Economics, Princeton University.
56. Lyons, R. K. and M. J. Moore (2005). 'An information approach to international currencies' NBER Working Paper No. 11220 (March).
57. Masson, P. (2001). 'Exchange rate regime transitions', Journal of Development Economics, 64, 571-86.
58. Masson, P. and F. J. Ruge-Murcia (2005). 'Explaining the transition between exchange rate regimes' Scandinavian Journal of Economics, 107, 261-78.
59. Matsuyama, K., N. Kiyotaki and A. Matsui (1993). 'Toward a theory of international currency' Review of Economic Studies, 60, 283-307.
60. McKinnon, R. and H. Pill (1997). 'Credible economic liberalizations and overborrowing' American Economic Association Papers and Proceedings, 87, 189-93.
61. Mundell, R. (1963). 'Capital mobility and stabilization policy under fixed and flexible exchange rates', Canadian Journal of Economics and Political Science, 29, 375-85.
62. Mussa, M. (2004). 'Exchange rate adjustments needed to reduce global payments imbalances' in C. F. Bergsten and J. Williamson (eds.), Dollar Adjustment: How Far? Against What? Washington, DC: Institute for International Economics, 113-38.
63. Obstfeld, M. and K. Rogoff (2004). 'The unsustainable U.S. current account position revisited' NBER Working Paper No. 10869 (November).
64. Obstfeld, M. and A. Taylor (2003). 'Globalization and capital markets' in M. Bordo, A. Taylor and J. Williamson (eds.), Globalization in Historical Perspective, Chicago: University of Chicago Press, 121-90.
65. Peri, G. (2005). 'International migration: Some comparisons and lessons for the EU', unpublished manuscript, University of California, Davis.
66. Prasad, E., T. Rumbaugh and Q. Wang (2005). 'Putting the cart before the horse? Capital account liberalization and exchange rate flexibility in China' IMF Policy Discussion Paper (January).
67. Prasad, E. and S. Wei (2005). 'The Chinese approach to capital inflows: patterns and possible explanations' NBER Working Paper No. 11306 (May).
68. Reinhart, C. and K. Rogoff (2004). The modern history of exchange rate arrangements: A reinterpretation' Quarterly Journal of Economics, 119, 1-48.
69. Reinhart, C., K. Rogoff and M. Savastano (2003). 'Debt intolerance' Brookings Papers on Economic Activity, 1, 1-74.
70. Rogoff, K. S., A. M. Husain, A. Mody, R. Brooks and N. Oomes (2003). 'Evolution and performance of exchange rate regimes' IMF Working Paper No. 03/246 (June).
71. Roubini, N. and B. Setser (2004). 'The U.S. as a net debtor: The sustainability of the U.S. external imbalances' unpublished manuscript, Stern School of Business, New York University.
72. Singh, A., A. Belaisch, C. Collyns, P. De Masi, R. Krieger, G. Meredith and R. Rennhack (2005). Stabilization and Reform in Latin America: A Macroeconomic Perspective on the Experience Since the Early 1990s, Washington, DC: IMF.
73. Solomon, R. (1999). Money on the Move: The Revolution in International Finance since 1980, Princeton: Princeton University Press.
74. Swoboda, A. (1986). 'Credibility and viability in international monetary arrangements' Finance and Development, 23, 15-18.
75. Wei, Shang-jin (2000). 'How taxing is corruption on international investors' Review of Economics and Statistics, 82, 1-11.
76. Zhang, Z., K. Sato and M. McAleer (2003). 'Asian monetary integration: A structural VAR approach' unpublished manuscript, Yokohama University and University of Western Australia.