Bretton‐Woods Systems, Old And New, And The Rotation Of Exchange‐Rate Regimes
AbstractA recent contribution to the literature argues that the present international monetary system in many ways operates like the Bretton-Woods system. Asia is the new periphery of the system and pursues an export-led development strategy based on undervalued exchange rates and accumulated foreign reserves. The United States remains the centre country, pursuing a monetary-policy strategy that overlooks the exchange rate. Under both regimes the United States does not take external factors into account in conducting monetary policy while the periphery does take external factors into account. We provide results of a test of this hypothesis. Then, we present a new method for decomposition of a seasonally adjusted series the business cycle and other components using a time-varying-coefficient technique that allows us to test the relationship between the cycle and macroeconomic policies under both regimes.
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Bibliographic InfoArticle provided by University of Manchester in its journal The Manchester School.
Volume (Year): 79 (2011)
Issue (Month): 2 (03)
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Other versions of this item:
- Stephen Hall & George Hondroyiannis & P.A.V.B. Swamy & George S. Tavlas, 2009. "Bretton-Woods Systems, Old and New, and the Rotation of Exchange-Rates Regimes," Discussion Papers in Economics 09/15, Department of Economics, University of Leicester.
- Stephen Hall & George Hondroyiannis & P.A.V.B Swamy & George Tavlas, 2010. "Bretton-Woods systems, old and new, and the rotation of exchange-rate regimes," Working Papers 112, Bank of Greece.
- C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models &bull Diffusion Processes
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
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- Dariusz Urban, 2011. "Macroeconomic Considerations and Motives of Sovereign Wealth Funds Activity," Contemporary Economics, University of Finance and Management in Warsaw, vol. 5(2), June.
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