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论文作者:英语论文网论文属性:硕士毕业论文 thesis登出时间:2011-07-04编辑:zn1987点击率:5155
论文字数:26287论文编号:org201107041310575672语种:英语 English地区:英国价格:$ 66
关键词:英国留学生货币经济学论文Bretton Woods systemMonetary system
摘要:英语论文网专业提供英国留学生货币经济学论文定制,英国留学生经济学论文定制等论文服务。布雷顿森林货币体系(Bretton Woods system)是指战后以美元为中心的国际货币体系,本文从两个方面说明了布雷顿森林体系的历史评价。
The Gold Standard, Breton Woods and Other Monetary Regimes: A Historical Appraisal
INTRODUCTION
Two Questions
Which 英国留学生货币经济学论文 international monetary ream is h ~5tfor economic performance? One based on fixed exchange rates, including the gold standard and its variants? Adjustable peg regimes such as their ton Woods system and the European MonetarvSystem (EMS)? Or one based on floating exchange rates? This quest ion has been debated since Nurse’s classic indictment of flexible rates and Friedman’s classic defense.
Why have some none tar regimes been more successful than others? Specifically, why did the classical gold stand aid last for almost a coup t urn (at least for (read Britain) and why did Bret ton Woods endure for only 25 years (or less)? Why was the EMS successful for only a few years?
This paper attempts to answer these questions answer the first question, I examine empirical evidence on the performance of three monetary regimes: the classical gold s inward Brett on Woods, and the current float. As a backdrop, I examine the mixed regime interwar period. I answer the second question by linking regime success
To the presence of credible commitment mechanisms, that is, to the incentive compatibility features of the regime. Successful fixed-rate regimes, in addition to being based on simple transparent rules, contained lea tares Tim t encouraged a center country to enforce the rules and other countries to comply.
The Issues
These questions touch on a number of important issues raised in economic literature. ‘Ihefirst is the effect of the exchange rate regimen welfare. The key advantage of fixed exchange rates is that they reduce the transactions costs of exchange. The key disadvantage is that in a world of wage and price stickiness the benefits of reduced transactions costs may heron weighed by the costs of more volatile output and employment.
Help man and Razing (1979), Holliman (1981) and others have raised the welfare issue. This theoretical literature concludes that it is difficult to provide an unambiguous ranking of exchange rate arrangements
Meltzer 11990) argues the need for empirical measures of the excess burdens associated with flexible and fixed exchange rates—the costs of increased vow)a tile TV on the one hand compared with the output costs of sticky paces on the other hand. His comparison of EMS and non-EMS countries in the postwar period however, does not yield clear-cut results.
Earlier literature comparing the macroeconomic performance of the classical gold standard, Bret ton Woods and the current float also yielded mixed results. Tim-do (1981) and Cooper(1982) showed that the classical gold standard was associated with greater price level and real output vole t alit than post—World War II arrangements for the United States and United Kingdom. On the other hand Klein (1975) and Schwartz (1986) presented evidence that the gold standard provided greater long-term lyric stahilit~’than did the post—World War- It arrangements.
REFERENCES
Alogoskoufis, George S. and Ronald Smith. “The Phillips Curve, the Persistence of Inflation, and the Lucas Critique: Evidence from Exchange-Rate Regimes,” American Economic Review (December 1991), pp. 1254—75.
Alogoskoufis, George S. “Monetary Accommodation, Exchange Rate Regimes and Inflation Persistence,” Economic Journal (May 1992), pp. 461—80.
Barrow, Robert J., and David B. Gordon. “Rules, Discretion and Re本论文由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。