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International Monetary Instability Between the Wars: Structural Flaws or Misguided Policies?

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  • Barry Eichengreen.

Abstract

This paper examines the international monetary system between the Wars. It confirms the generality of several widely held interpretations of recent experience with floating exchange rates. There is a positive association between nominal exchange rate flexibility and nominal exchange rate variability, and between nominal and real exchange rate variability. But policies which reduce nominal exchange rate variability do not guarantee a proportionate reduction in nominal exchange rate risk or in real exchange rate variability and unpredictability without a credible commitment to a stable intervention rule.The paper then considers four potential explanations for the collapse of the fixed rate regime of 1926-3l: failure to play by the `rules of the game'; inadequate international economic leadership by the United States; inadequate cooperation among the leading Gold Standard countries; and structural features of a system in which reserves comprised both gold and foreign exchange. It concludes by assessing the role of the international monetary system in the Great Depression.

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Bibliographic Info

Paper provided by University of California at Berkeley in its series Economics Working Papers with number 89-118.

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Date of creation: 01 Aug 1989
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Handle: RePEc:ucb:calbwp:89-118

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Postal: University of California at Berkeley, Berkeley, CA USA
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Web page: http://www.haas.berkeley.edu/groups/iber/wps/econwp.html
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References

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  1. Barry Eichengreen, 1988. "Did International Economic Forces Cause The Great Depression?," Contemporary Economic Policy, Western Economic Association International, vol. 6(2), pages 90-114, 04.
  2. Barry Eichengreen., 1987. "Real Exchange Rate Behavior under Alternative International Monetary Regimes: Interwar Evidence," Economics Working Papers 8755, University of California at Berkeley.
  3. Marianne Baxter & Alan C. Stockman, 1988. "Business Cycles and the Exchange Rate System: Some International Evidence," NBER Working Papers 2689, National Bureau of Economic Research, Inc.
  4. Kenneth S. Rogoff, 1984. "Can exchange rate predictability be achieved without monetary convergence? : evidence from the EMS," International Finance Discussion Papers 245, Board of Governors of the Federal Reserve System (U.S.).
  5. Nouriel Roubini, 1988. "Offset and Sterilization Under Fixed Exchange Rates With An Optimizing Central Bank," NBER Working Papers 2777, National Bureau of Economic Research, Inc.
  6. Jeffrey Sachs & Charles Wyplosz, 1984. "Real Exchange Rate Effects of Fiscal Policy," NBER Working Papers 1255, National Bureau of Economic Research, Inc.
  7. Artis, M. J., 1987. "The European monetary system: An evaluation," Journal of Policy Modeling, Elsevier, vol. 9(1), pages 175-198.
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Cited by:
  1. Barry Eichengreen., 1989. "The Comparative Performance of Fixed and Flexible Exchange Rate Regimes: Interwar Evidence," Economics Working Papers 89-119, University of California at Berkeley.

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