Search results for "monetary system"

The Challenges of Reforming the International Monetary System in the Post COVID-19 World

2020

Abstract The paper analyzes if the international monetary system calls for reform and whether China and the renminbi will play a decisive role in the post COVID-19 world. It also evaluates the main scenarios and trends that is being discussed since the global crisis – selecting the relevant authors, journals, institutions and opinions – examines present conditions and tries to extrapolate into future trends. Opting for a nontechnical approach, the article could be a good insight into the international monetary system, for academics, non-experts and policy makers. The paper concludes that if the 2008 crisis has induced the growth of the China role in the international monetary governance and…

Building up a multilateral strategy for the United States: Jacob Viner, Alvin Hansen and the Council on Foreign Relations (1939-1945)

2009

Community Currencies (CCs) in Spain: An empirical study of their social effects

2016

Despite its sudden proliferation along the economic crisis period, no previous study has investigated the social effects of the community currency (CCs) experiences in Spain. Previous research on CCs experiences from different countries provided evidences about social capital improvement, introducing CCs as sustainability tools. This research uses the theoretical frameworks of social capital and complex adaptive systems to approach concepts like sustainability, networks, trust, norms, participation and cooperation. Statistical analysis of the data collected in June 2013 through online survey explores social capital and resilience indicators among the Spanish exchange community users, conclu…

Cointegration and the PPP and the UIP hypotheses: An application to the Spanish integration in the EC

1996

The aim of this paper is to find some empirical evidence on Purchasing Power Parity (PPP) and Uncovered Interest Parity (UIP) in the Spanish case vis a vis the European Community for the period 1980–89. The main contribution of the paper is the aggregation of the variables corresponding to the countries that participate in the exchange rate mechanism of the European Monetary System. The results support the importance of the interest differential as an explanatory variable for the short-term adjustment to the PPP. The results follow from powerful estimation techniques, applied in the framework of a multivariate error-correction model using the maximum-likelihood procedure as developed by Joh…

The P* model and its performance for the Spanish economy

2000

The performance of the P∗ model is tested as an inflation forecaster for the Spanish economy. It is shown that log-run relationships work as expected according to the model and the Quantitative Theory of Money. The Error Correction Model constructed by using the gap between actual prices and the long-term equilibrium price level as an error correction term, offers a consistent explanation for the short-run dynamics in prices. On the other hand, the P∗ approach shows a forecasting ability similar to that presented for other countries in several studies, although the degree of accuracy in the prediction is not specially satisfactory, mainly for the period 1989:3- 1992:3, when the credibility …

Efficient Diversification of International Investments: The Spanish Point of View

1999

The search for the best investments in a return-risk framework has led the investors to the portfolio diversification. The domestic markets liberalisation and a increasingly financial market integration, have made the investors to exceed the national barriers in order to get the international diversification of their portfolios.

A Scholar in Action in Interwar America. John H. Williams' Contributions to Trade Theory and International Monetary Reform

2004

In this paper we analyse the scientific contributions of Harvard economist John H. Williams as international trade theorist and monetary reformer together with his activities as a Vice President of the Federal Reserve Bank of New York. In the first 2 Sections we first present a succinct overview of Williams' main contributions to international trade theory and to the interwar debate on the reform of the international monetary system. Particular attention will be devoted to his early academic writings which contained different critical arguments against the two main tenets of classical international economics: the Ricardian theory of comparative advantages and the gold standard. These critic…

The postwar economic order. National reconstruction and international cooperation

2022

Albert O. Hirschman wrote the reports collected in this book while in the employ of the Board of Governors of the Federal Reserve System. Almost all of them appeared in the Review of Foreign Developments, which ran from 1945 to 1975. The reports, which were usually marked “Confidential” or “Restricted,” are now in the public domain but remain the intellectual creations of Hirschman.*

Evaluating currency crises: the case of the European monetary system

2007

In this paper we examine the nature of currency crises. We ascertain whether the currency crises of the European Monetary System (EMS) were based either on fundamentals, or on self-fulfilling market expectations driven by extrinsic uncertainty. In particular, we extend previous work of Jeanne and Masson (J Int Econ 50:327–350, 2000) regarding the evaluation of currency crisis. We contribute to the existing literature proposing the use of Markov regime-switching with time-varying transition probability model. Our empirical results suggest that the currency crises of the EMS were not due only to market expectations driven by external uncertainty, or ‘sunspots’, but also to fundamental variabl…

Debating Sound Money in Early Modern Europe: From Dualist to Metallic Monetary Systems

2019

International audience; In this paper, we present the monetary debates in Europe from the XVIth to the XVIIIth centuries from the viewpoint of the problem of good and sound money. The framework of the paper is built on a typology of monetary systems, by which a dualist system is distinguished from a metallic one. Under the dualist system, the value in units of account of the specie in circulation was defined by monetary proclamations (Einaudi locates this era from Charlemagne to the French Revolution). Metallist proponents aimed at preventing any kind of manipulations with a radical transformation of the system of payment, which gave birth to a metallic monetary system from the very end of …