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Capital Flows, Exchange Rates, and the New International Financial Architecture: Six Financial Crises in Search of a Generic Explanation

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  • Robert Aliber
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    Abstract

    Exchange-rate history can be divided into two periods: the Bretton Woods period and the period of floating exchange rates since the early 1970s. In this second period, financial crises and the roles played by institutions, rules, and commitments in international finance have been of central importance. Many proposals for changing the international financial architecture have been presented to reduce the likelihood of crises, but the source of the problem is in variable capital flows and the floating exchange-rate system. Based on six major financial crises of the last 25 years, the wide range in movements in the exchange rate, which might also be inferred from differences in national inflation rates, reflects changes in the ex-ante cross-border capital flows. As long as currencies are floating, economic conditions among countries are likely to be more variable and diverse: the greater variability in economic conditions suggests greater variability in capital flows. Copyright Kluwer Academic Publishers 2000

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    File URL: http://hdl.handle.net/10.1023/A:1008349205824
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    Bibliographic Info

    Article provided by Springer in its journal Open Economies Review.

    Volume (Year): 11 (2000)
    Issue (Month): 1 (August)
    Pages: 43-61

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    Handle: RePEc:kap:openec:v:11:y:2000:i:1:p:43-61

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    Web page: http://www.springerlink.com/link.asp?id=100323

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    Keywords: Bretton Woods; exchange-rate regimes; capital flows; market failure; international monetary system; international financial architecture;

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    1. H. Askari, 1999. "Twenty-five years of post-Bretton Woods experience: some lessons," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 52(208), pages 3-38.
    2. Kenneth Rogoff, 1999. "International Institutions for Reducing Global Financial Instability," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 21-42, Fall.
    3. Martin Feldstein, 1988. "International Economic Cooperation," NBER Books, National Bureau of Economic Research, Inc, number feld88-4, July.
    4. Martin Feldstein, 1988. "The United States in the World Economy," NBER Books, National Bureau of Economic Research, Inc, number feld88-1, July.
    5. Morris Goldstein, 1995. "Exchange Rate System and the IMF: A Modest Agenda, The," Peterson Institute Press: Policy Analyses in International Economics, Peterson Institute for International Economics, number pa39, November.
    6. Feldstein, Martin S, 1988. "Distinguished Lecture on Economics in Government: Thinking about International Economic Coordination," Journal of Economic Perspectives, American Economic Association, vol. 2(2), pages 3-13, Spring.
    7. McKinnon, Ronald I, 1988. "Monetary and Exchange Rate Policies for International Financial Stability: A Proposal," Journal of Economic Perspectives, American Economic Association, vol. 2(1), pages 83-103, Winter.
    8. Dornbusch, Rudiger, 1988. "Doubts About the McKinnon Standard," Journal of Economic Perspectives, American Economic Association, vol. 2(1), pages 105-112, Winter.
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    Cited by:
    1. Alberto Predieri, 2000. "New Financial Architectures and Legal Infrastructures: Toward a Corrected and Compensated International Monetary System," Open Economies Review, Springer, vol. 11(1), pages 205-234, August.
    2. Jesus Crespo Cuaresma & Mauro Costantini & Jaroslava Hlouskova, 2014. "Can Macroeconomists Get Rich Forecasting Exchange Rates?," Department of Economics Working Papers wuwp176, Vienna University of Economics, Department of Economics.

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