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Interest Rate Volatility And Exchange Risk: New Rules For A Common Monetary Standard

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  • RONALD I. McKINNON
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    Abstract

    How does the choice of an exchange rate regime influence the volatility of interest rates? Are floating exchange rates useful "shock absorbers" that dampen fluctuations in domestic interest rates and prices or do they create additional risk that increases interest rate volatility and segments the international capital market? The answers are best seen in historical perspective. Copyright 1990 Western Economic Association International.

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1465-7287.1990.tb00587.x
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    Bibliographic Info

    Article provided by Western Economic Association International in its journal Contemporary Economic Policy.

    Volume (Year): 8 (1990)
    Issue (Month): 2 (04)
    Pages: 1-17

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    Handle: RePEc:bla:coecpo:v:8:y:1990:i:2:p:1-17

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    Cited by:
    1. Lawrence G. Goldberg & James R. Lothian & John Okunev, 1997. "Has International Financial Integration Increased?," New York University, Leonard N. Stern School Finance Department Working Paper Seires 98-040, New York University, Leonard N. Stern School of Business-.
    2. Ronald McKinnon, 1990. "Why floating exchange rates fall: A reconsideration of the liquidity trap," Open Economies Review, Springer, vol. 1(3), pages 229-250, October.

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