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代写留学生金融学论文:The Gold Standard, Bretton Woods and Other Monetary Regimes: A Historical Appraisal

论文作者:留学生论文论文属性:职称论文 Scholarship Papers登出时间:2011-03-11编辑:anterran点击率:53327

论文字数:11141论文编号:org201103111043208205语种:英语 English地区:英国价格:免费论文

关键词:The Gold StandardBretton WoodsOther Monetary RegimesA Historical Appraisal

The Gold Standard, Bretton Woods and Other Monetary Regimes: A Historical Appraisal
Michael TI. Bordo
Michael D. Bordo is a professor of economics at Rutgers
University and a research associate of the National Bureau ofEconomic Research. For excellent research assistance Iwould like to thank Jakob 代写留学生论文Koenes. For helpful comments andsuggestions I am grateful to Barn,’ Eichengreen, Allan Meltzer,Leslie Presnell, Hugh Rockoft and Anna Schwartz.
I The Gold Standard, BrettonWoods and Other Monetary
Regimes: A Historical
Appraisal
INTRODUCTION
Two Questions
Which international monetary regmm is h ~5tfor economic performance? One based on fixedexchange rates, including the gold standard andits variants? Adjustable peg regimes such as theBrel ton Woods system and the European MonetarvSystem (EMS)? Or one based on floating
exchange rates? This quest ion has been debatedsince Nurkse’s classic indictment of flexible ratesand Friedmans classic defense.Why have some none tarv regimes been more
successful than others? Specifically, why did theclassical gold standaid last for almost a ceo t urv(at least for ( reat Britain) and why did Bret tonWoods endure for only 25 years (or less)? Whywas the EMS successful for only a few years?This paper attempts to answer these questionslo answer the first question, I examine empiricalevidence on the performance of three monetarv regimes: the classical gold s andard Brett onWoods, and the current float. As a backdrop, Iexamine the mixed regime interwar period. I answer
the second question by linking regime success1See Nurkse (1944) and Friedman (1953).2See DeKock and Grilli (1989 and 1992).to the presence of credible commitment mechanisms,that is, to the incentive https://www.51lunwen.org/StudentPapers.htmlcompatibility featuresof the regime. Successful fixed-rate regimes,
in addition to being based on simple transparentrules, contained lea tures tim t enconraged a centercountry to enforce the rules and other countriesto comply.
The Issues


but not from country-specific shocks. tinder
flexible rates, coun try-specific shocks can be offset
by independent monetary policy.°
The evidence on this issue is limited. Bavoumi
and Eichengreen (1 992a) applied the Elanchard-
Quah appi-oach to show that both supply (permanent)
and demand (temporary) shocks, for a
sample of live countries, were considerabh’ greater
under the gold standard than under post—World
War II regimes. However, they found little difference
in the incidence of shocks between
Bretton Woods and the floating exchange rate
regime. Their results also showed that the dispersion
of shocks across countries was higher
under the gold standard than under the two
more recent regimes and slightly higher under
llretton Woods than under the floating exchange
rate regime. They attributed the ability of the
gold standard to withstand greater shocks to evidence
of a faster speed of adjustment of both
prices and output, as measured by impulse
response frmctions.~
A third issue is the case for rules vs. discretion.
A fixed exchange rate max’ he viewed as a
commitment mechanism or rule. It binds the
hands of polic makers to prevent them from
following inflationary discretionary policiesi
The monetary authority, in a closed economy or
under flexible rates, might be tempted to engineer
an inflation surprise to raise ret-enue.” ‘lie论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

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