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Půlstoletí vývoje světových peněz
[Half a century of the world money development]

Author

Listed:
  • Jan Frait
  • Luboš Komárek

Abstract

The article provides a general description of the world money development in both developed and developing countries during the second half of 20th century. We were primarily focusing on the long run trends in dollar gold prices, monetary aggregates (broad and narrow money), foreign exchange reserves, inflation and interest rates. We found that after relatively tranquil periods of fifties and sixties, next three decades witnessed dramatic changes in the world economy. The emphasis that was given to the analysis of the relation of the dollar gold prices to the world reserve currencies (EUR, CHF, GBP and JPY) by means of state-space model confirmed negative correlation between these variables. Subsequently we discussed a concept of neutrality and superneutrality of money in the light of GDP dynamics during monitored period and practical aspects of monetary policy. In spite of some recent empirical findings, we express our belief in the long-run neutrality and superneutrality of money and in relative non-activistic monetary policy with price stability as its primary goal.

Suggested Citation

  • Jan Frait & Luboš Komárek, 2006. "Půlstoletí vývoje světových peněz [Half a century of the world money development]," Politická ekonomie, Prague University of Economics and Business, vol. 2006(3), pages 307-325.
    • Handle: RePEc:prg:jnlpol:v:2006:y:2006:i:3:id:560
    DOI: 10.18267/j.polek.560
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    References listed on IDEAS

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    1. Espinosa-Vega, Marco A & Yip, Chong K, 1999. "Fiscal and Monetary Policy Interactions in an Endogenous Growth Model with Financial Intermediaries," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(3), pages 595-615, August.
    2. Marco A. Espinosa-Vega, 1998. "How powerful is monetary policy in the long run?," Economic Review, Federal Reserve Bank of Atlanta, vol. 83(Q 3), pages 12-31.
    3. Lawrence J. Christiano & Terry J. Fitzgerald, 2003. "The Band Pass Filter," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(2), pages 435-465, May.
    4. Stephen M. Goldfeld, 1976. "The Case of the Missing Money," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 7(3), pages 683-740.
    5. Bullard, James & Keating, John W., 1995. "The long-run relationship between inflation and output in postwar economies," Journal of Monetary Economics, Elsevier, vol. 36(3), pages 477-496, December.
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    Cited by:

    1. Kamil Janáček & Luboš Komárek, 2012. "Bude americký dolar nadále dominantní světovou rezervní měnou? [Will Us Dollar Continue as the World Most Important Reserve Currency?]," Politická ekonomie, Prague University of Economics and Business, vol. 2012(1), pages 3-19.

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    More about this item

    Keywords

    inflation; money; interest rate; developing countries; long-run trends; developed countries; neutrality of money; state-space model;
    All these keywords.

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative

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