The Experts below are selected from a list of 447 Experts worldwide ranked by ideXlab platform
Reza Siregar - One of the best experts on this subject based on the ideXlab platform.
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choice of exchange rate regime currency board hong kong or monitoring band singapore
Social Science Research Network, 2003Co-Authors: Ramkishen S Rajan, Reza SiregarAbstract:Following the East Asian crisis, a number of observers have advocated that small and open economies in Asia adopt an irrevocably fixed regime. Such a hard Peg, it is argued, signals greater commitment to rule out arbitrary exchange rate adjustments as well as the authorities' willingness to subordinate domestic policy objectives such as output and employment growth to the maintenance of the Pegged exchange rate. But is this a reasonable position to adopt? In order to answer this question, we consider and contrast the experiences of Hong Kong and Singapore. While both of these economies share a number of broad similarities, the former operates a US dollar-linked currency board arrangement and the latter maintains an Adjustable Peg in the form of a monitoring band arrangement with the central parity based on an undisclosed trade-weighted currency basket.
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Choice of Exchange Rate Regime: Currency Board (Hong Kong) or Monitoring Band (Singapore)?
2026Co-Authors: Ramkishen S Rajan, Reza SiregarAbstract:Following the East Asian crisis, a number of observers have advocated that small and open economies in Asia adopt an irrevocably fixed regime. Such a hard Peg, it is argued, signals greater commitment to rule out arbitrary exchange rate adjustments as well as the authorities' willingness to subordinate domestic policy objectives such as output and employment growth to the maintenance of the Pegged exchange rate. But is this a reasonable position to adopt? In order to answer this question, we consider and contrast the experiences of Hong Kong and Singapore. While both of these economies share a number of broad similarities, the former operates a US dollar-linked currency board arrangement and the latter maintains an Adjustable Peg in the form of a monitoring band arrangement with the central parity based on an undisclosed trade-weighted currency basket. Copyright Blackwell Publishers Ltd/University of Adelaide and Flinders University of South Australia 2002.
Ramkishen S Rajan - One of the best experts on this subject based on the ideXlab platform.
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choice of exchange rate regime currency board hong kong or monitoring band singapore
Social Science Research Network, 2003Co-Authors: Ramkishen S Rajan, Reza SiregarAbstract:Following the East Asian crisis, a number of observers have advocated that small and open economies in Asia adopt an irrevocably fixed regime. Such a hard Peg, it is argued, signals greater commitment to rule out arbitrary exchange rate adjustments as well as the authorities' willingness to subordinate domestic policy objectives such as output and employment growth to the maintenance of the Pegged exchange rate. But is this a reasonable position to adopt? In order to answer this question, we consider and contrast the experiences of Hong Kong and Singapore. While both of these economies share a number of broad similarities, the former operates a US dollar-linked currency board arrangement and the latter maintains an Adjustable Peg in the form of a monitoring band arrangement with the central parity based on an undisclosed trade-weighted currency basket.
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Choice of Exchange Rate Regime: Currency Board (Hong Kong) or Monitoring Band (Singapore)?
2026Co-Authors: Ramkishen S Rajan, Reza SiregarAbstract:Following the East Asian crisis, a number of observers have advocated that small and open economies in Asia adopt an irrevocably fixed regime. Such a hard Peg, it is argued, signals greater commitment to rule out arbitrary exchange rate adjustments as well as the authorities' willingness to subordinate domestic policy objectives such as output and employment growth to the maintenance of the Pegged exchange rate. But is this a reasonable position to adopt? In order to answer this question, we consider and contrast the experiences of Hong Kong and Singapore. While both of these economies share a number of broad similarities, the former operates a US dollar-linked currency board arrangement and the latter maintains an Adjustable Peg in the form of a monitoring band arrangement with the central parity based on an undisclosed trade-weighted currency basket. Copyright Blackwell Publishers Ltd/University of Adelaide and Flinders University of South Australia 2002.
Michael D Bordo - One of the best experts on this subject based on the ideXlab platform.
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Monetary System: A Historical Overview
2016Co-Authors: Chapter Michael, Barry Eichengreen, Michael D BordoAbstract:After twenty years of floating exchange rates, there is now considerable inter-est, among those concerned over its perceived shortcomings, in an eventual return by the world to a fixed exchange rate regime. This interest has been enhanced by the apparent success of the European Monetary System (EMS) and the prospects for European monetary unification. The Bretton Woods sys-tem was the world’s most recent experiment with a fixed exchange rate re-gime. Although it was originally designed as an Adjustable Peg, it evolved in its heyday into a de fact0 fixed exchange rate regime. That regime ended with the closing by President Richard Nixon of the gold window on 15 August 1971. Twenty years after that momentous decision, a retrospective look at the performance of the Bretton Woods system is timely. This paper presents an overview of the Bretton Woods experience. I analyze the system’s performance relative to earlier international monetary regimes-as well as to the subsequent one-and also its origins, operation, problems, and demise. In the survey, I discuss issues deemed important during the lif
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Haberler versus Nurkse: The Case for Floating Exchange Rates as an Alternative to Bretton Woods?
2001Co-Authors: Michael D Bordo, Harold JamesAbstract:From the perspective of the late 1930s and 1940s the dominant view was that the inter-war currency experience was a financial disaster. The view is perfectly encapsulated in the League of Nations' publication The Inter-war Currency Experience, the bulk of which was written by Ragnar Nurkse and published in 1944. It was also the view behind the Keynes and White plans for international monetary reform, which culminated in the Bretton Woods conference and the establishment of the Adjustable Peg par value system buttressed by capital controls. An alternative view to Nurkse was posited by Gottfried Haberler in Prosperity and Depression, also commissioned by the League of Nations and published in 1937. In Prosperity and Depression Haberler made a strong intellectual case for floating exchange rates as a mechanism to insulate countries from the transmission of booms and depressions. In this paper we consider the views of Nurkse and Haberler on fixed and floating exchange rates and consider why Haberler's approach was not taken seriously until 1950s. Our main conclusion is that Haberler himself failed to offer a sufficiently clear blueprint for his approach at the time, although he di
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the international monetary fund its present role in historical perspective
National Bureau of Economic Research, 2000Co-Authors: Michael D Bordo, Harold JamesAbstract:In this paper we describe what the IMF is and what it does. We consider its origins as the guardian of the Bretton Woods Adjustable Peg exchange rate system and financier of temporary current account deficits for advanced countries, to its present primary roles as development financier and crisis manager for the emerging world. We consider the externalities or market failures that the IMF is believed by many to correct and the public goods that the IMF provides. Critics of the IMF downplay the extent of market failure and the scope of public goods provided. They attach greater importance to market solutions. We consider their views as well. We conclude with a discussion of the case for reform in the light of historical experience.
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The Adam Klug Memorial Lecture: Haberler versus Nurkse: The Case for Floating Exchange Rates as an Alternative to Bretton Woods?
2026Co-Authors: Michael D Bordo, Harold JamesAbstract:From the perspective of the late 1930s and 1940s the dominant view was that the inter-war currency experience was a financial disaster. The view is perfectly encapsulated in the League of Nations' publication The Inter-war Currency Experience, the bulk of which was written by Ragnar Nurkse and published in 1944. It was also the view behind the Keynes and White plans for international monetary reform, which culminated in the Bretton Woods conference and the establishment of the Adjustable Peg par value system buttressed by capital controls. An alternative view to Nurkse was posited by Gottfried Haberler in Prosperity and Depression, also commissioned by the League of Nations and published in 1937. In Prosperity and Depression Haberler made a strong intellectual case for floating exchange rates as a mechanism to insulate countries from the transmission of booms and depressions. In this paper we consider the views of Nurkse and Haberler on fixed and floating exchange rates and consider why Haberler's approach was not taken seriously until 1950s. Our main conclusion is that Haberler himself failed to offer a sufficiently clear blueprint for his approach at the time, although he did come to it by 1953. Moreover his views were counter to the ascending Keynesian paradigm.
Harold James - One of the best experts on this subject based on the ideXlab platform.
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Haberler versus Nurkse: The Case for Floating Exchange Rates as an Alternative to Bretton Woods?
2001Co-Authors: Michael D Bordo, Harold JamesAbstract:From the perspective of the late 1930s and 1940s the dominant view was that the inter-war currency experience was a financial disaster. The view is perfectly encapsulated in the League of Nations' publication The Inter-war Currency Experience, the bulk of which was written by Ragnar Nurkse and published in 1944. It was also the view behind the Keynes and White plans for international monetary reform, which culminated in the Bretton Woods conference and the establishment of the Adjustable Peg par value system buttressed by capital controls. An alternative view to Nurkse was posited by Gottfried Haberler in Prosperity and Depression, also commissioned by the League of Nations and published in 1937. In Prosperity and Depression Haberler made a strong intellectual case for floating exchange rates as a mechanism to insulate countries from the transmission of booms and depressions. In this paper we consider the views of Nurkse and Haberler on fixed and floating exchange rates and consider why Haberler's approach was not taken seriously until 1950s. Our main conclusion is that Haberler himself failed to offer a sufficiently clear blueprint for his approach at the time, although he di
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the international monetary fund its present role in historical perspective
National Bureau of Economic Research, 2000Co-Authors: Michael D Bordo, Harold JamesAbstract:In this paper we describe what the IMF is and what it does. We consider its origins as the guardian of the Bretton Woods Adjustable Peg exchange rate system and financier of temporary current account deficits for advanced countries, to its present primary roles as development financier and crisis manager for the emerging world. We consider the externalities or market failures that the IMF is believed by many to correct and the public goods that the IMF provides. Critics of the IMF downplay the extent of market failure and the scope of public goods provided. They attach greater importance to market solutions. We consider their views as well. We conclude with a discussion of the case for reform in the light of historical experience.
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The Adam Klug Memorial Lecture: Haberler versus Nurkse: The Case for Floating Exchange Rates as an Alternative to Bretton Woods?
2026Co-Authors: Michael D Bordo, Harold JamesAbstract:From the perspective of the late 1930s and 1940s the dominant view was that the inter-war currency experience was a financial disaster. The view is perfectly encapsulated in the League of Nations' publication The Inter-war Currency Experience, the bulk of which was written by Ragnar Nurkse and published in 1944. It was also the view behind the Keynes and White plans for international monetary reform, which culminated in the Bretton Woods conference and the establishment of the Adjustable Peg par value system buttressed by capital controls. An alternative view to Nurkse was posited by Gottfried Haberler in Prosperity and Depression, also commissioned by the League of Nations and published in 1937. In Prosperity and Depression Haberler made a strong intellectual case for floating exchange rates as a mechanism to insulate countries from the transmission of booms and depressions. In this paper we consider the views of Nurkse and Haberler on fixed and floating exchange rates and consider why Haberler's approach was not taken seriously until 1950s. Our main conclusion is that Haberler himself failed to offer a sufficiently clear blueprint for his approach at the time, although he did come to it by 1953. Moreover his views were counter to the ascending Keynesian paradigm.
Peter Isard - One of the best experts on this subject based on the ideXlab platform.
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realignment expectations forward rate bias and sterilized intervention in an Adjustable Peg exchange rate model with policy optimization
Research Papers in Economics, 1994Co-Authors: Peter IsardAbstract:The paper models an Adjustable Peg exchange rate arrangement as a policy rule with an escape clause under which the timing and magnitudes of realignments are the outcomes of policy optimization decisions. Under the assumptions that market participants are rational, risk averse, and fully informed about the incentives of policymakers, the analysis focuses on the implications for relating realignment expectations to the state variables that enter the policy objective function, for modeling the bias in using forward exchange rates to predict future spot rates, and for characterizing the effectiveness of sterilized intervention.
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Realignment Expectations, Forward Rate Bias, and Intervention in an Optimizing Model of Exchange Rate Adjustment
2026Co-Authors: Peter IsardAbstract:The paper models an Adjustable Peg exchange rate arrangement as a policy rule with an escape clause under which the timing and magnitudes of realignments are the outcomes of policy optimization decisions. Under the assumptions that market participants are rational, risk averse, and fully informed about the incentives of policymakers, the analysis focuses on the implications for relating realignment expectations, the interest differential, and the risk premium to the state variables that enter the policy objective function, for modeling the bias in using forward exchange rates to predict future spot rates, and for characterizing the effectiveness of sterilized intervention.