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Currency Areas, Exchange Rate Systems and International Monetary Reform

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  • Robert Mundell

Abstract

I. Introduction II. The Pre-Eminence of the Dollar III. The Fate of the Gold Standard IV. Currency Areas and Currency Unions V. The Importance of Monetary Rules VI. Monetary Arrangements in Free Trade Areas and Customs Unions VII. Central Banks, Dollarization and the Maastricht Conditions VIII. Exchange Rate Volatility and Internal vs. External Stability IX. Towards a World Currency
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  • Robert Mundell, 2000. "Currency Areas, Exchange Rate Systems and International Monetary Reform," Journal of Applied Economics, Taylor & Francis Journals, vol. 3(2), pages 217-256, November.
    • Handle: RePEc:taf:recsxx:v:3:y:2000:i:2:p:217-256
    DOI: 10.1080/15140326.2000.12040550
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    1. Robert A. Mundell, 2000. "A Reconsideration of the Twentieth Century," American Economic Review, American Economic Association, vol. 90(3), pages 327-340, June.
    2. Mundell, Robert A., 1995. "The international monetary system: The missing factor," Journal of Policy Modeling, Elsevier, vol. 17(5), pages 479-492, October.
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    Cited by:

    1. Ferto, Imre & Fogarasi, Jozsef, 2011. "On Trade Impact of Exchange Rate Volatility and Institutional Quality: The Case of Central European Countries," 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland 114351, European Association of Agricultural Economists.
    2. Lira SEKANTSI, 2011. "The Impact of Real Exchange Rate Volatility on South African Exports to the United States (U.S.): A Bounds Test Approach," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 8, pages 119-139, December.
    3. Khalfaoui, Rabeh & Padhan, Hemachandra & Tiwari, Aviral Kumar & Hammoudeh, Shawkat, 2020. "Understanding the time-frequency dynamics of money demand, oil prices and macroeconomic variables: The case of India," Resources Policy, Elsevier, vol. 68(C).
    4. Lamberte, Mario B. & Milo, Melanie S. & Pontines, Victor, 2001. "NO to ¥E$? Enhancing Economic Integration in East Asia through Closer Monetary Cooperation," Discussion Papers DP 2001-16, Philippine Institute for Development Studies.
    5. Finn Marten Körner & Holger Zemanek, 2013. "On the Brink? Intra-euro Area Imbalances and the Sustainability of Foreign Debt," Review of International Economics, Wiley Blackwell, vol. 21(1), pages 18-34, February.
    6. Cordeiro, Jose Luis, 2008. "Monetary Systems in Developing Countries: An Unorthodox View," IDE Discussion Papers 154, Institute of Developing Economies, Japan External Trade Organization(JETRO).
    7. Muteba Mwamba, John & Dube, Sandile, 2014. "The impact of exchange rate volatility on international trade between South Africa, China and USA: The case of the manufacturing sector," MPRA Paper 64389, University Library of Munich, Germany.
    8. Carrera, Jorge Eduardo, 2004. "Hard peg and monetary unions.Main lessons from the Argentine experience," MPRA Paper 7843, University Library of Munich, Germany, revised 2007.
    9. Hovanov, Nikolai V. & Kolari, James W. & Sokolov, Mikhail V., 2004. "Computing currency invariant indices with an application to minimum variance currency baskets," Journal of Economic Dynamics and Control, Elsevier, vol. 28(8), pages 1481-1504, June.
    10. Ferro, Gustavo, 2001. "Currency Board: From Stabilization to Full Dollarization? The Argentine Experience," MPRA Paper 15353, University Library of Munich, Germany.
    11. Kuo‐chun Yeh, 2008. "Prospects for a Chinese currency area: simulations of Robert Mundell's multi‐currency monetary union," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 11(4), pages 247-260.
    12. KAFANDO, Namalguebzanga, 2014. "L'industrialisation de l'Afrique: l'importance des facteurs structurels et du régime de change [The industrialization of Africa: the importance of structural factors and exchange rate regime]," MPRA Paper 68736, University Library of Munich, Germany.
    13. Sandro Steinbach, 2021. "Exchange Rate Volatility and Global Food Supply Chains," NBER Chapters, in: Risks in Agricultural Supply Chains, National Bureau of Economic Research, Inc.
    14. Emilio Ocampo, 2022. "Milton Friedman: An Early Advocate of Dollarization?," CEMA Working Papers: Serie Documentos de Trabajo. 836, Universidad del CEMA.
    15. Abdul Rashid & Shahid Mahmood Waqar, 2017. "Exchange rate fluctuations, firm size, and export behavior: an empirical investigation," Small Business Economics, Springer, vol. 49(3), pages 609-625, October.
    16. Kuo-Chun Yeh, 2009. "Will Taiwan's Economy be Marginalized by China? A Macro-economic Policy Coordination Approach," Global Economic Review, Taylor & Francis Journals, vol. 38(1), pages 77-99.
    17. Sell, Friedrich L., 2004. "Währungspolitik im Dienste von Entwicklung: Immer noch ein Forschungsprogramm!," Working Papers in Economics 2004,2, Bundeswehr University Munich, Economic Research Group.
    18. Rageh, Rania, 2010. "Interest rate rule for the conduct of monetary policy: analysis for Egypt (1997:2007)," MPRA Paper 26639, University Library of Munich, Germany.
    19. Nannette Lindenberg & Frank Westermann, 2012. "How strong is the case for dollarization in Central America? An empirical analysis of business cycles, credit market imperfections and the exchange rate," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 17(2), pages 147-166, April.
    20. Bernardo X. Fernández Tellería, 2007. "Dollarization hysteresis, network externalities and the “past legacy” effect: the case of Bolivia," Monetaria, CEMLA, vol. 0(2), pages 167-217, marzo-abr.
    21. Ferro, Gustavo, 2001. "De bancos centrales, juntas monetarias y dolarización [On central banks, currency boards and dollarization]," MPRA Paper 15354, University Library of Munich, Germany.
    22. Kuo-chun Yeh, 2008. "Prospects for a Chinese currency area: simulations of Robert Mundell's multi-currency monetary union," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 11(4), pages 247-260.
    23. Goudarzi, Mostafa & Khanarinejad, Komeil & Ardakani, Zahra, 2012. "Investigation the Role of Exchange Rate Volatility on Iran's Agricultural Exports (Case Study: Date, Pistachio and Saffron)," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 4(1), pages 1-7, March.
    24. Kamleshan Pillay & Jorge E. Viñuales, 2016. "“Monetary” rules for a linked system of offset credits," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 16(6), pages 933-951, December.
    25. Detlef Seese & Christof Weinhardt & Frank Schlottmann (ed.), 2008. "Handbook on Information Technology in Finance," International Handbooks on Information Systems, Springer, number 978-3-540-49487-4, November.

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    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative

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