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Internationale währungspolitische Arrangements — Ökonomische und polit-ökonomische Aspekte
Credit and Capital Markets – Kredit und Kapital, Vol. 23 (1990), Iss. 4 : pp. 437–467
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Norbert Berthold, Freiburg
References
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Barro, R. (1986), Rules versus Discretion, in: Campbell, C. u.a. (Hrsg.), Alternative Monetary Regimes. Baltimore u. a. 1986, S. 16 - 30.
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Barro, R. (1988), Monetary Policy under Interest-Rate Targeting and Other Arrangements, in: Suzuki, Y. u.a. (Hrsg.), Toward a World of Economic Stability: Optimal Monetary Framework and Policy. Tokyo 1988, S. 287 - 311.
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Baxter, M. und Stockman, A. (1988), Business Cycles and the Exchange-Rate System: Some International Evidence. NBER-Working Paper 2689. Cambridge, MA 1988.
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Aizenman, J. und Frenkel, J. (1982), Aspects of the Optimal Management of Exchange Rates, in: Journal of International Economics, 13 (1982), S. 231 – 256.
Google Scholar -
Aizenman, J. und Frenkel, J. (1985), Optimal Wage Indexation, Foreign Exchange Intervention, and Monetary Policy, in: American Economic Review, 75 (1985), S. 402 – 423.
Google Scholar -
Alesina, A. (1988), Alternative Monetary Regimes, in: Journal of Monetary Economics, 21 (1988), S. 175 – 183.
Google Scholar -
Aliber, R. (1986), Fixed Exchange Rates and the Rate of Inflation, in: Campbell, C. u.a. (Hrsg.), Alternative Monetary Regimes. Baltimore u.a. 1986, S. 116 – 121.
Google Scholar -
Baldwin, R. und Krugman, P. (1986), Persistent Effects of Large Exchange Rate Shocks. NBER Working Paper 2017, Cambridge, MA 1986.
Google Scholar -
Barro, R. (1986), Rules versus Discretion, in: Campbell, C. u.a. (Hrsg.), Alternative Monetary Regimes. Baltimore u. a. 1986, S. 16 – 30.
Google Scholar -
Barro, R. (1988), Monetary Policy under Interest-Rate Targeting and Other Arrangements, in: Suzuki, Y. u.a. (Hrsg.), Toward a World of Economic Stability: Optimal Monetary Framework and Policy. Tokyo 1988, S. 287 – 311.
Google Scholar -
Baxter, M. und Stockman, A. (1988), Business Cycles and the Exchange-Rate System: Some International Evidence. NBER-Working Paper 2689. Cambridge, MA 1988.
Google Scholar
Abstract
International Monetary Policy Arrangements – Economic and Politico-Economic Aspects
The turnaround toward nominally more stable exchange rates to be observed in monetary policy at present fits into a general historical pattern with two striking phenomenons: (1) Most national economies used to be linked together through some pattern of fixed rates of exchange. (2) Flexible exchange rates were only temporary phenomenons, and the general trend was towards returning to monetary systems with nominally firmer exchange rate relations. If, on the other hand, institutionalized monetary policy change invariably occurs at such moments when participants in economic and political markets exploit unutilized scope for profitmaking, it is conceivable that monetary policy arrangements change for economic and/or political reasons. But this presupposes answer to two questions: (1) Can economic theory explain the change to be observed in monetary systems or, to put it in different words, which monetary system would be optimal under economic aspects? (2) Provided there is an economically efficient monetary policy arrangement, will such arrangement be politically accepted in full, nationally and internationally, or are totally different factors responsible for determining the character of the monetary system?