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Exchange rate evidence on the effectiveness of United Nations policy

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Russell Sobel

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Abstract

This paper analyzes the effectiveness of international interventions through their impact on exchange rates. If a specific intervention actually increases (decreases) a country's economic and political stability, then its currency should appreciate (depreciate). Estimates suggest that peacekeeping forces in Lebanon caused long-run appreciations, while economic sanctions imposed upon South Africa only caused temporary depreciations. In both cases, repeated U.N. resolutions condemning or demanding actions, that were not backed by actual interventions, did not cause changes in the exchange rate. The results in this paper are supportive of predictions from the public choice approach applied to international organizations and policies. Copyright Kluwer Academic Publishers 1998

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File URL: http://hdl.handle.net/10.1023/A:1004971230542
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Article provided by Springer in its journal Public Choice.

Volume (Year): 95 (1998)
Issue (Month): 1 (April)
Pages: 1-25
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Handle: RePEc:kap:pubcho:v:95:y:1998:i:1:p:1-25

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Kaempfer, William H & Lehman, James A & Lowenberg, Anton D, 1987. "Divestment, Investment Sanctions, and Disinvestment: An Evaluation of Anti-apartheid Policy Instruments," International Organization, MIT Press, vol. 41(3), pages 457-73, Summer.
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  2. Kaemfer, William H & Lowenberg, Anton D, 1988. "The Theory of International Economic Sanctions: A Public Choice Approach," American Economic Review, American Economic Association, vol. 78(4), pages 786-93, September. [Downloadable!] (restricted)
  3. Schinasi, Garry J. & Swamy, P. A. V. B., 1989. "The out-of-sample forecasting performance of exchange rate models when coefficients are allowed to change," Journal of International Money and Finance, Elsevier, vol. 8(3), pages 375-390, September. [Downloadable!] (restricted)
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  4. William H. Kaempfer & Michael H. Moffett, 1988. "Impact Of Anti-Apartheid Sanctions On South Africa: Some Trade And Financial Evidence," Contemporary Economic Policy, Western Economic Association International, vol. 6(4), pages 118-129, October. [Downloadable!] (restricted)
  5. Kaempfer, William H & Lowenberg, Anton D, 1986. "A Model of the Political Economy of International Investment Sanctions: The Case of South Africa," Kyklos, Blackwell Publishing, vol. 39(3), pages 377-96.
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  1. Frey, Bruno S. & Kucher, Marcel, 1999. "Wars and Markets: How Bond Values Reflect World War II," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  2. Bruno S. Frey & Marcel Kucher, . "History as Reflected in Capital Markets: The Case of World War II," IEW - Working Papers iewwp002, Institute for Empirical Research in Economics - IEW. [Downloadable!]
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