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Bretton-Woods systems, old and new, and the rotation of exchange-rate regimes

Author

Listed:
  • Stephen Hall

    (Leicester University)

  • George Hondroyiannis

    (Bank of Greece and Harokopio University)

  • P.A.V.B Swamy

    (Federal Reserve Board (retired))

  • George Tavlas

    (Bank of Greece)

Abstract

A 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.

Suggested Citation

  • 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.
    • Handle: RePEc:bog:wpaper:112
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    References listed on IDEAS

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    1. Johnson, Harry G, 1973. "The International Monetary Crisis of 1971," The Journal of Business, University of Chicago Press, vol. 46(1), pages 11-23, January.
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    Cited by:

    1. Hoang, Thi Hong Van & Lahiani, Amine & Heller, David, 2016. "Is gold a hedge against inflation? New evidence from a nonlinear ARDL approach," Economic Modelling, Elsevier, vol. 54(C), pages 54-66.
    2. MĂRGINEAN Silvia Cristina & ORĂȘTEAN Ramona, 2020. "The Challenges Of Reforming The International Monetary System In The Post Covid-19 World," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 15(3), pages 61-73, December.
    3. Rana, Hafiz Muhammad Usman & O'Connor, Fergal, 2023. "Domestic macroeconomic determinants of precious metals prices in developed and emerging economies: An international analysis of the long and short run," International Review of Financial Analysis, Elsevier, vol. 89(C).
    4. Thi Hong Van Hoang & Amine Lahiani & David Heller, 2016. "Is gold a hedge against inflation? New evidence from a nonlinear ARDL approach," Post-Print hal-02012307, HAL.
    5. Dariusz Urban, 2011. "Macroeconomic Considerations and Motives of Sovereign Wealth Funds Activity," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 5(2), June.

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      More about this item

      Keywords

      Revived Bretton-Woods system; asymmetry hypothesis; time-series; decomposition; time-varying-coefficient estimation;
      All these keywords.

      JEL classification:

      • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; 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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