The monetary views of Paul Einzig
Paul Einzig was born in 1897 in Brasov but comes to London in 1919. From 1920, he begins to write articles for scienti c reviews, especially The Economic Journal, while he contributes more regularly to The Financial News, The Financial Times or The Banker. From this period to his death in 1973, he writes also many books, on very diverse subjects but devoted for the major part to monetary analysis and international nance. This paper concentrates on two subjects recurrently developed by Paul Einzig. The rst is the analysis of forward exchange market where Einzig observes anomalies in the covered interest rates parity. These observations, in accordance with those of Keynes, initiate a long controversy - still not closed -, on the origin of these anomalies. The second subject is less technical and more fundamental: what are in practice the respective properties of the di erent possible external exchange regimes? Einzig provides all his life long historical and analytical arguments to the reader interested in this question. He observes and comments regularly and in detail the crises and failures of di erent monetary arrangements. These observations and analyzes are still useful at a time when, after many years of trust in the corner solutions (free otation and monetary unions) the international community nds necessary to elaborate adequate regulations for the Eurozone policy-mix, or to control the excessive instability of the international capital flows.
|Date of creation:||17 May 2012|
|Date of revision:|
|Publication status:||Published - Presented, The 16th Annual Conference of the European Society for the History of Economic Thought (ESHET), 2012, Saint Petersburg, Russian Federation|
|Note:||View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00726126|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Nathan S. Balke & Mark E. Wohar, 1997.
"Nonlinear dynamics and covered interest rate parity,"
9701, Federal Reserve Bank of Dallas.
- Mark E. Wohar & Nathan S. Balke, 1998. "Nonlinear dynamics and covered interest rate parity," Empirical Economics, Springer, vol. 23(4), pages 535-559.
- Pippenger, John, 2011. "The solution to the forward-bias puzzle," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 21(2), pages 296-304, April.
- Paya, Ivan & Peel, David A. & Spiru, Alina, 2010. "The forward premium puzzle in the interwar period and deviations from covered interest parity," Economics Letters, Elsevier, vol. 108(1), pages 55-57, July.
- Fama, Eugene F., 1984. "Forward and spot exchange rates," Journal of Monetary Economics, Elsevier, vol. 14(3), pages 319-338, November.
- Sarath P. Abeysekera & Harry J. Turtle, 1995. "Long-Run Relations In Exchange Markets: A Test Of Covered Interest Parity," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 18(4), pages 431-447, December.
- Frenkel, Jacob A & Levich, Richard M, 1975. "Covered Interest Arbitrage: Unexploited Profits?," Journal of Political Economy, University of Chicago Press, vol. 83(2), pages 325-38, April.
- Peel, David A & Taylor, Mark P, 2002. "Covered Interest Rate Arbitrage in the Interwar Period and the Keynes-Einzig Conjecture," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 34(1), pages 51-75, February.
- John, Pippenger, 2011. "The solution to the forward-bias puzzle: Reply," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 21(4), pages 629-636, October.
- Cagan, Phillip, 1991. "Expectations in the German hyperinflation reconsidered," Journal of International Money and Finance, Elsevier, vol. 10(4), pages 552-560, December.
- Pippenger, John, 2011. "A Complete Solution To The Forward-Bias Puzzle," University of California at Santa Barbara, Economics Working Paper Series qt5gq9z4j0, Department of Economics, UC Santa Barbara.
- Frenkel, Jacob A, 1977. "The Forward Exchange Rate, Expectations, and the Demand for Money: The German Hyperinflation," American Economic Review, American Economic Association, vol. 67(4), pages 653-70, September.
When requesting a correction, please mention this item's handle: RePEc:hal:journl:halshs-00726126. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CCSD)
If references are entirely missing, you can add them using this form.