Exchange rate evidence on the effectiveness of United Nations policy
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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- 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.
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- Garry J. Schinasi & P. A. V. B. Swamy, 1987. "The out-of-sample forecasting performance of exchange rate models when coefficients are allowed to change," Special Studies Papers 212, Board of Governors of the Federal Reserve System (U.S.).
- Wolff, Christian C P, 1987. "Time-Varying Parameters and the Out-of-Sample Forecasting Performance of Structural Exchange Rate Models," Journal of Business & Economic Statistics, American Statistical Association, vol. 5(1), pages 87-97, January.
- 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.
- Kaempfer, William H. & Lehman, James A. & Lowenberg, Anton D., 1987. "Divestment, investment sanctions, and disinvestment: an evaluation of anti-apartheid policy instruments," International Organization, Cambridge University Press, vol. 41(03), pages 457-473, June.
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