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The Endogeneity of Exchange Rate Regimes

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  • Barry Eichengreen

Abstract

The international monetary system has passed through a succession of phases characterized alternatively by the dominance of fixed and flexible exchange rates. How are these repeated shifts between fixed and flexible rate regimes to be understood? The present paper specifies and tests six hypotheses with the capacity to explain the alternating phases of fixed and flexible exchange rates into which the last century can be partitioned. The evidence provides support for a number of the hypotheses considered. In this sense it confirms that monocausal explanations are unlikely to provide an adequate account of the endogeneity of exchange rate regimes.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4361.

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Date of creation: May 1993
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Publication status: published as Peter B. Kenen, ed., Understanding Interdependence, Princeton: Princeton University Press, 1995
Handle: RePEc:nbr:nberwo:4361

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  1. Michael D. Bordo & Finn E. Kydland, 1992. "The gold standard as a rule," Working Paper 9205, Federal Reserve Bank of Cleveland.
  2. Gabriel de Koch & Vittorio Grilli, 1989. "Endogenous Exchange Rate Regime Switches," NBER Working Papers 3066, National Bureau of Economic Research, Inc.
  3. Barry Eichengreen & Charles Wyplosz, 1993. "The Unstable EMS," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 24(1), pages 51-144.
  4. Barry Eichengreen., 1992. "Three Perspectives on the Bretton Woods System," Economics Working Papers 92-191, University of California at Berkeley.
  5. Michael D. Bordo, 1993. "The Bretton Woods International Monetary System: A Historical Overview," NBER Chapters, in: A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, pages 3-108 National Bureau of Economic Research, Inc.
  6. Olivier Jean Blanchard & Danny Quah, 1988. "The Dynamic Effects of Aggregate Demand and Supply Disturbance," Working papers 497, Massachusetts Institute of Technology (MIT), Department of Economics.
  7. Eichengreen, Barry, 1987. "Hegemonic Stability Theories of the International Monetary System," CEPR Discussion Papers 193, C.E.P.R. Discussion Papers.
  8. Miller, Marcus & Sutherland, Alan, 1990. "Britain's Return to Gold and Entry into the EMS: Expectations, Joining Conditions and Credibility," CEPR Discussion Papers 465, C.E.P.R. Discussion Papers.
  9. Robert J. Barro & David B. Gordon, 1983. "Rules, Discretion and Reputation in a Model of Monetary Policy," NBER Working Papers 1079, National Bureau of Economic Research, Inc.
  10. Alberto Giovannini, 1993. "Bretton Woods and Its Precursors: Rules versus Discretion in the History of International Monetary Regimes," NBER Chapters, in: A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, pages 109-154 National Bureau of Economic Research, Inc.
  11. Salant, Stephen W & Henderson, Dale W, 1978. "Market Anticipations of Government Policies and the Price of Gold," Journal of Political Economy, University of Chicago Press, vol. 86(4), pages 627-48, August.
  12. Jeffrey A. Frankel and Katharine E. Rockett., 1987. "International Macroeconomic Policy Coordination When Policy-Makers Disagree on the Model," Economics Working Papers 8744, University of California at Berkeley.
  13. Cohen, Daniel & Wyplosz, Charles, 1989. "The European Monetary Union: An Agnostic Evaluation," CEPR Discussion Papers 306, C.E.P.R. Discussion Papers.
  14. Foreman-Peck, James & Hughes Hallett, Andrew & Ma, Yue, 2000. "A monthly econometric model of the transmission of the Great Depression between the principal industrial economies," Economic Modelling, Elsevier, vol. 17(4), pages 515-544, December.
  15. Peter B.. Kenen, 1990. "The Coordination of Macroeconomic Policies," NBER Chapters, in: International Policy Coordination and Exchange Rate Fluctuations, pages 63-108 National Bureau of Economic Research, Inc.
  16. Michael D. Bordo & Dominique Simard & Eugene White, 1994. "France and the Bretton Woods International Monetary System: 1960-1968," NBER Working Papers 4642, National Bureau of Economic Research, Inc.
  17. Bordo, Michael D. & Eichengreen, Barry (ed.), 1993. "A Retrospective on the Bretton Woods System," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226065878, янваÑ.
  18. Eichengreen, Barry, 1987. "Conducting the international orchestra: Bank of England leadership under the classical gold standard," Journal of International Money and Finance, Elsevier, vol. 6(1), pages 5-29, March.
  19. Fratianni, Michele & von Hagen, Juergen, 1990. "The European Monetary System ten years after," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 32(1), pages 173-241, January.
  20. Cowhey, Peter F. & Long, Edward, 1983. "Testing theories of regime change: hegemonic decline or surplus capacity?," International Organization, Cambridge University Press, vol. 37(02), pages 157-188, March.
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Cited by:
  1. Joan Costa-i-Font & Ramon Tremosa-i-Balcells, . "Spanish Regions and the Macroeconomic Benefits of European Monetary Union (EMU)," Studies on the Spanish Economy 89, FEDEA.
  2. Kool, C. J. M. & Koedijk, K. G., 1997. "Real exchange rates between the wars," Journal of International Money and Finance, Elsevier, vol. 16(2), pages 211-232, April.
  3. Pathak, Parag & Tirole, Jean, 2006. "Speculative Attacks and Risk Management," IDEI Working Papers 438, Institut d'Économie Industrielle (IDEI), Toulouse.

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