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The €uro and the Dollar in a Globalized Economy
The dollar has been the dominant currency of the world economy for almost a century; since 2002, the euro has gained widespread international acceptance resulting in important institutional, economic and financial changes both for the euro zone, the United States and the world economies, affecting foreign exchange and financial markets as well as economic activities around the world. In years to come, the international role of the euro will hinge on the validity of the fundamental idea underlying its creation, namely that important components of sovereignty can be pooled and shared among nations in the pursuit of common economic and political objectives. This key book assesses the international role of the euro, discusses its impact on global financial markets, shifting global exchange rate relationships and their implications. With input from various disciplines (economics, business and political science), it foments discussions intended to facilitate an exchange of ideas among academics, practitioners and the local business community.
Global Fortune
This collection of essays proposes improvements to the international financial system and evaluates the prospects that the recent conversion to global capitalism will be sustained.
Capital Ideas
The right of governments to employ capital controls has always been the official orthodoxy of the International Monetary Fund, and the organization's formal rules providing this right have not changed significantly since the IMF was founded in 1945. But informally, among the staff inside the IMF, these controls became heresy in the 1980s and 1990s, prompting critics to accuse the IMF of indiscriminately encouraging the liberalization of controls and precipitating a wave of financial crises in emerging markets in the late 1990s. In Capital Ideas, Jeffrey Chwieroth explores the inner workings of the IMF to understand how its staff's thinking about capital controls changed so radically. In doin...
The Political Economy of Monetary Institutions
Political economists consider the political and economic factors that affect a country's choice of monetary institutions. Recent analysis by political economists of monetary institution determinants in different countries has been limited by the fact that exchange rate regimes and central bank institutions are studied in isolation from each other, without examining how one institution affects the costs and benefits of the other. By contrast, the contributors to this volume analyze the choice of exchange rate regime and level of central bank independence together; the articles (originally published in a special issue of International Organization) constitute a second generation of research on the determinants of monetary institutions. The contributors consider both economic and political factors to explain a country's choice of monetary institutions, and examine the effect of political processes in democracies, including interest group pressure, on the balance between economic and distributional policy.
Monetary Policy
What is Monetary Policy The policy that is adopted by the monetary authority of a nation to impact monetary and other financial conditions in order to achieve broader goals such as high employment and price stability is referred to as monetary policy. The contribution of monetary policy to economic stability and the maintenance of exchange rates that are predictable with respect to other currencies are two further aspects of monetary policy. In today's world, the majority of central banks in rich countries conduct their monetary policy within the framework of inflation targeting. On the other hand, the majority of central banks in developing countries target some type of fixed exchange rate ...
Financial Policies in Emerging Markets
An overview of the financial vulnerability of emerging market economies and how the impact of exchange rate regimes affects this vulnerability.
Monetary Stability through International Cooperation
Monetary Stability through International Cooperation contains essays written by high ranking policy makers in the field of central banking and international finance, written in honour of André Szász, who has been Executive Director of De Nederlandsche Bank since 1973, responsible for international monetary relations. Colleagues from several other central banks, from finance ministries and from international institutions pay tribute to him by analysing the conditions fostering European as well as global monetary stability. The book provides an inside view of the thinking of monetary officials at the turn of 1993/1994, when the currency turmoil in the ERM of mid-1993 had subsided and views o...
Profiting Without Producing
Financialization is one of the most innovative concepts to emerge in the field of political economy during the last three decades, although there is no agreement on what exactly it is. Profiting Without Producing puts forth a distinctive view defining financialization in terms of the fundamental conduct of non-financial enterprises, banks and households. Its most prominent feature is the rise of financial profit, in part extracted from households through financial expropriation. Financialized capitalism is also prone to crises, none greater than the gigantic turmoil that began in 2007. Using abundant empirical data, the book establishes the causes of the crisis and discusses the options broadly available for controlling finance.
Capital Rules
"The rise of global financial markets in the last decades of the twentieth century was premised on one fundamental idea: that capital ought to flow across country borders with minimal restriction and regulation. Freedom for capital movements became the new orthodoxy. In an intellectual, legal, and political history of financial globalization, Rawi Abdelal shows that this was not always the case. Transactions routinely executed by bankers, managers, and investors during the 1990s—trading foreign stocks and bonds, borrowing in foreign currencies—had been illegal in many countries only decades, and sometimes just a year or two, earlier. How and why did the world shift from an orthodoxy of f...
IMF Staff papers, Volume 42 No. 4
This paper describes early contributions of Staff Papers to international economics. The paper highlights that Staff Papers has, since its inception in 1950, been an important vehicle for the dissemination of research done by the IMF staff. This paper discusses three areas in which articles published in Staff Papers up until the 1970s made major contributions to the literature in international economics. The areas covered are: the absorption approach and the monetary theory of the balance of payments; the Mundell-Fleming model; and foreign trade modeling.
