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Schempp, U. Gestaltungsmerkmale einer erfolgversprechenden Devisenmarktspaltung. Credit and Capital Markets – Kredit und Kapital, 24(3), 345-360. https://doi.org/10.3790/ccm.24.3.345
Schempp, Ulrich "Gestaltungsmerkmale einer erfolgversprechenden Devisenmarktspaltung" Credit and Capital Markets – Kredit und Kapital 24.3, 1991, 345-360. https://doi.org/10.3790/ccm.24.3.345
Schempp, Ulrich (1991): Gestaltungsmerkmale einer erfolgversprechenden Devisenmarktspaltung, in: Credit and Capital Markets – Kredit und Kapital, vol. 24, iss. 3, 345-360, [online] https://doi.org/10.3790/ccm.24.3.345

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Gestaltungsmerkmale einer erfolgversprechenden Devisenmarktspaltung

Schempp, Ulrich

Credit and Capital Markets – Kredit und Kapital, Vol. 24 (1991), Iss. 3 : pp. 345–360

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Ulrich Schempp, Stuttgart

References

  1. Adams, Charles; Greenwood, Jeremy: Dual Exchange Rate Systems and Capital Controls: An Investigation. In: Journal of International Economics, 18, 1985, S. 43 ff.  Google Scholar
  2. Banca d’Italia: Report for the Year 1973 (abridged version). Rome 1974.  Google Scholar
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  4. Dornbusch, Rudiger: Flexible Exchange Rates and Interdependence. In: IMF Staff Papers, Vol. 30, 1983, S. 3ff.  Google Scholar
  5. Dornbusch, Rudiger: Special Exchange Rates for Capital Account Transactions. NBER Working Paper Series, Working Paper No. 1659, Cambridge 1985.  Google Scholar
  6. Dornbusch, Rudiger; Frankel, Jeffrey: The Flexible Exchange Rate System: Experience and Alternatives. In: Borner, Silvio (Hrsg.): International Finance and Trade in a Polycentric World. London u.a. 1988, S. 151ff.  Google Scholar
  7. Fleming, J. Marcus: Dual Exchange Rates for Current and Capital Transactions: A Theoretical Examination. Kapitel 12 in: Essays in International Economics. Cambridge (Mass.) 1971, S. 296ff.  Google Scholar
  8. Flood, Robert P.; Marion, Nancy Peregrim: The Transmission of Disturbances under Alternative Exchange-Rate Regimes with Optimal Indexing. In: The Quarterly Journal of Economics, Februar 1982, S. 43{f.  Google Scholar
  9. Fenkel, Jacob A.; Razin, Assaf: The Limited Viability of Dual Exchange-Rate Regimes. NBER Working Paper Series, Working Paper No. 1902, Cambridge 1986.  Google Scholar
  10. Gros, Daniel: Dual Exchange Rates in the Presence of Incomplete Market Separation. In: IMF Staff Papers, Vol. 35, 1988, S. 437 ff.  Google Scholar
  11. Lanyi, Anthony: Separate Exchange Markets for Capital and Current Transactions. In: IMF Staff Papers, Vol. 22, 1975, S. 714ff.  Google Scholar
  12. Llewellyn, David T.: International Financial Integration. The Limits of Sovereignty. London und Basingstoke 1980.  Google Scholar
  13. Machlup, Fritz: In Search of Guides for Policy. Kapitel 3 in: Fellner, William u.a. (Hrsg.): Maintaining and Restoring Balance in International Payments. Princeton (NJ) 1966, S. 33ff.  Google Scholar
  14. Marion, Nancy Peregrim: Insulation Properties of a Two-Tier Exchange Market in a Portfolio Balance Model. In: Economica, 48, 1981, S. 61ff.  Google Scholar
  15. Meade, J. E.: The Theory of International Economic Policy. Volume I: The Balance of Payments. London u.a. 1966.  Google Scholar
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  17. Schempp, Ulrich: Implikationen einer Tobinschen Devisensteuer. Diskussionsbeiträge aus dem Institut für Volkswirtschaftslehre, Universität Hohenheim, No. 54/1990.  Google Scholar
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  19. Watrin, Christian: Die Bedeutung der Vereinigten Staaten von Amerika für die Weltwirtschaft. In: Dürr, Ernst; Sieber, Hugo: Weltwirtschaft im Wandel. Bern und Stuttgart 1988, S. 213£f.  Google Scholar
  20. Werner, Horst: Die Kontrolle internationaler Kapitalbewegungen. Köln 1976.  Google Scholar
  21. Adams, Charles; Greenwood, Jeremy: Dual Exchange Rate Systems and Capital Controls: An Investigation. In: Journal of International Economics, 18, 1985, S. 43 ff.  Google Scholar
  22. Banca d’Italia: Report for the Year 1973 (abridged version). Rome 1974.  Google Scholar
  23. Barattieri, Vittorio; Ragazzi, Giorgio: An Analysis of the Two-Tier Foreign Exchange Market. In: Banca Nazionale del Lavoro, Quarterly Review No. 99, Dezember 1971, S. 354ff.  Google Scholar
  24. Dornbusch, Rudiger: Flexible Exchange Rates and Interdependence. In: IMF Staff Papers, Vol. 30, 1983, S. 3ff.  Google Scholar
  25. Dornbusch, Rudiger: Special Exchange Rates for Capital Account Transactions. NBER Working Paper Series, Working Paper No. 1659, Cambridge 1985.  Google Scholar
  26. Dornbusch, Rudiger; Frankel, Jeffrey: The Flexible Exchange Rate System: Experience and Alternatives. In: Borner, Silvio (Hrsg.): International Finance and Trade in a Polycentric World. London u.a. 1988, S. 151ff.  Google Scholar
  27. Fleming, J. Marcus: Dual Exchange Rates for Current and Capital Transactions: A Theoretical Examination. Kapitel 12 in: Essays in International Economics. Cambridge (Mass.) 1971, S. 296ff.  Google Scholar
  28. Flood, Robert P.; Marion, Nancy Peregrim: The Transmission of Disturbances under Alternative Exchange-Rate Regimes with Optimal Indexing. In: The Quarterly Journal of Economics, Februar 1982, S. 43{f.  Google Scholar
  29. Fenkel, Jacob A.; Razin, Assaf: The Limited Viability of Dual Exchange-Rate Regimes. NBER Working Paper Series, Working Paper No. 1902, Cambridge 1986.  Google Scholar
  30. Gros, Daniel: Dual Exchange Rates in the Presence of Incomplete Market Separation. In: IMF Staff Papers, Vol. 35, 1988, S. 437 ff.  Google Scholar
  31. Lanyi, Anthony: Separate Exchange Markets for Capital and Current Transactions. In: IMF Staff Papers, Vol. 22, 1975, S. 714ff.  Google Scholar
  32. Llewellyn, David T.: International Financial Integration. The Limits of Sovereignty. London und Basingstoke 1980.  Google Scholar
  33. Machlup, Fritz: In Search of Guides for Policy. Kapitel 3 in: Fellner, William u.a. (Hrsg.): Maintaining and Restoring Balance in International Payments. Princeton (NJ) 1966, S. 33ff.  Google Scholar
  34. Marion, Nancy Peregrim: Insulation Properties of a Two-Tier Exchange Market in a Portfolio Balance Model. In: Economica, 48, 1981, S. 61ff.  Google Scholar
  35. Meade, J. E.: The Theory of International Economic Policy. Volume I: The Balance of Payments. London u.a. 1966.  Google Scholar
  36. Schempp, Ulrich: Gespaltene Devisenmärkte und internationaler Kapitalverkehr. Dissertation, Universität Hohenheim 1982.  Google Scholar
  37. Schempp, Ulrich: Implikationen einer Tobinschen Devisensteuer. Diskussionsbeiträge aus dem Institut für Volkswirtschaftslehre, Universität Hohenheim, No. 54/1990.  Google Scholar
  38. Schempp, Ulrich: Integrativer Rückschritt mit Tücken – Überlegungen zu einem Vorschlag von James Tobin. Erscheint demnächst in den Jahrbüchern für Nationalökonomie und Statistik.  Google Scholar
  39. Watrin, Christian: Die Bedeutung der Vereinigten Staaten von Amerika für die Weltwirtschaft. In: Dürr, Ernst; Sieber, Hugo: Weltwirtschaft im Wandel. Bern und Stuttgart 1988, S. 213£f.  Google Scholar
  40. Werner, Horst: Die Kontrolle internationaler Kapitalbewegungen. Köln 1976.  Google Scholar

Abstract

Arrangement Characteristics of a Promising Split in the Foreign Exchange Market

Up to now, split foreign exchange markets have been understood in German-language literature as a control system rather than an exchange rate arrangement. Dual exchange rates produce interesting perspectives when they are correctly organized and managed. The amount of control necessary can be kept down to a reasonable level, and this is precisely what can avoid the danger of a black market. Reserved control however presupposes that the intervention policy of the Central Bank makes use of the chances resulting from the existence of two foreign exchange markets. The monetary system can then be secured against speculative interference, and the autonomy of the monetary policy increases.