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Credibility and the International Monetary Regime


  • Bordo,Michael D.
  • MacDonald,Ronald


The present global monetary regime is based on floating among the major advanced countries. A key underlying factor behind the present regime is credibility to maintain stable monetary policies. The origin of credibility in monetary regimes goes back to the pre-1914 classical gold standard. In that regime, adherence by central banks to the rule of convertibility of national currencies in terms of a fixed weight of gold provided a nominal anchor to the price level. Between 1914 and the present several monetary regimes gradually moved away from gold, with varying success in maintaining price stability and credibility. In this book, the editors present ten studies combining historical narrative with econometrics that analyze the role of credibility in four monetary regimes, from the gold standard to the present managed float.

Suggested Citation

  • Bordo,Michael D. & MacDonald,Ronald (ed.), 2012. "Credibility and the International Monetary Regime," Cambridge Books, Cambridge University Press, number 9780521811330, May.
  • Handle: RePEc:cup:cbooks:9780521811330

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    References listed on IDEAS

    1. Conybeare, John A C & Murdoch, James C & Sandler, Todd, 1994. "Alternative Collective-Goods Models of Military Alliances: Theory and Empirics," Economic Inquiry, Western Economic Association International, vol. 32(4), pages 525-542, October.
    2. Coase, R H, 1976. "Adam Smith's Views of Man," Journal of Law and Economics, University of Chicago Press, vol. 19(3), pages 529-546, October.
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    Cited by:

    1. Michael D. Bordo, 2017. "An Historical Perspective on the Quest for Financial Stability and the Monetary Policy Regime," Economics Working Papers 17108, Hoover Institution, Stanford University.
    2. Michael D. Bordo & Pierre L. Siklos, 2015. "Central Bank Credibility: An Historical and Quantitative Exploration," NBER Working Papers 20824, National Bureau of Economic Research, Inc.
    3. Ronald MacDonald, 2014. "An Independent Scotland’s Currency Options Redux: Assessing the Costs and Benefits of Currency Choice," CESifo Working Paper Series 4952, CESifo Group Munich.
    4. Ronald MacDonald & Research Fellow CESifo Policy Group Munich, "undated". "An independent Scotland’s currency options redux: Assessing the costs and benefits of currency choice," Working Papers 2014_11, Business School - Economics, University of Glasgow.

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