Abstract
This paper quantitatively examines exchange rate policies of all IMF members since 1970, especially since the end of the Bretton Woods fixed exchange rate regime. We pay particular attention to the role played by the world’s major currencies, i.e., the US dollar, Deutsche mark, French franc, UK pound, Japanese yen, SDR, and ECU as a nominal anchor for other countries’ exchange rate stabilization.
Interested readers can obtain the tables referred in the text from the authors
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Alogoskoufis, George and Richard Portes. “The Euro, the Dollar and the International Monetary System.” Paul R. Masson, Thomas H. Krueger, and Bart G. Turtleboom, eds., EMU and the International Monetary System (Washington, D.C.: International Monetary Fund, (1997), pp.58–78.
Barth, Richard C. and Chorng-Huey Wong, eds.. Approaches to Exchange Rate Policy Choices for Developing and Transition Economies (Washington, D.C.: IMF Institute, 1994).
Bergsten, C. Fred. “The Impact of the Euro on Exchange Rates and International Policy Cooperation.” Paul R. Masson, Thomas H. Krueger, and Bart G. Turtleboom, eds., EMU and the International Monetary System (Washington, D.C.: International Monetary Fund, 1997), pp.17–48.
Cairncross, Alec and Barry Eichengreen, Sterling in Decline (Oxford: Basil Blackwell, 1983).
Chinn, Menzie and Jeffrey A. Frankel. “Financial Links around the Pacific Rim: 1982-1992.” Reuven Glick and Michael M. Hutchison, eds.,Exchange Rate Policy and Interdependence (Cambridge and New York: Cambridge University Press, 1994), pp. 17–47.
Cohen, Benjamin J. The Future of Sterling as an International Currency (London and Basingstoke: MacMillan Press Ltd, 1971).
Collings, Francis d’A., et. al.. “The Rand and the Monetary Systems of Botswana, Lesotho, and Swaziland.” Journal of Modern African Studies, 16 (1978), pp.97–121.
Collins, Susan M.. “On Becoming More Flexible: Exchange Rate Regimes in Latin America and the Caribbean.” Journal of Development Economics, 51 (October 1996), pp.117–138.
Eichengreen, Barry and Jeffrey A. Frankel. “James M. Boughton, and Peter Isard, eds., The Future of the SDR in Light of Changes in the International Financial System (Washington, D.C.: International Monetary Fund, 1996), pp.337–378
Frankel, Jeffrey A. and Shang-Jin Wei. “Is There a Currency Bloc in the Pacific? ” Adrian Blundell-Wingnall and Stephen Grenville, eds., Exchange Rates, International Trade and Monetary Policy (Sydney: Reserve Bank of Australia, 1993), pp.275–307.
Frankel, Jeffrey A. and Shang-Jin Wei. “Yen Bloc or Dollar Bloc?: Exchange Rate Policies of the East Asian Economies.” Takatoshi Ito and Anne Krueger, eds., Macroeconomic Linkage: Savings, Exchange Rates, and Capital Flows (Chicago: University of Chicago Press, 1994), pp.295–329.
Frankel, Jeffrey A. and Shang-Jin Wei. “Emerging Currency Blocks.” Hans Genberg, ed., The International Monetary System: Its Institutions and Its Future, (Berlin: Springer 1995), pp. 111–170.
Garber, Peter. “The Use of the Yen as a Reserve Currency.” Monetary and Economic Studies, Bank of Japan, 14 (December 1996), pp. 1–21.
Goto, Junichi and Koichi, Hamada. “Economic Preconditions for Asian Regional Integration.” Takatoshi Ito and Anne Krueger, eds., Macroeconomic Linkage: Savings, Exchange Rates, and Capital Flows (Chicago: University of Chicago Press, 1994), pp.359–385.
Hamada, Koichi and Akiyoshi, Horiuchi. “Monetary, Financial and Real Effects of Yen Internationalization.” S. W. Arndt and J. D. Richardson, eds., Real-Financial Linkages among Open Economies (Cambridge: MIT Press, 1987), pp.167–191.
International Monetary Fund. World Economic Outlook. Washington D.C. (October 1997).
Ito, Takatoshi. “The Yen and the International Monetary System.” C. Fred Bergsten and Marcus Noland, eds., Pacific Dynamism and the International Monetary System (Washington, D.C.: Institute for International Economics, 1993), pp.299–322.
Japan Committee for Pacific Economic Outlook. PEO/Structure Issues: Exchange Rate Fluctuations and Macroeconomic Management (Singapore: PECC International Secretariat, 1997).
Kawai, Masahiro. “The Japanese Yen as an International Currency: Performance and Prospects.” Ryuzo Sato, Rama V. Ramachandran, and Hajime Hori, eds., Organization, Performance and Equity: Perspectives on the Japanese Economy (Boston, London, Dordrecht: Kluwer Academic Publishers, 1996), pp.305–355.
Kawai, Masahiro and Shigeru Akiyama. “‘Reported’ Exchange Rate Arrangements and Exchange Rate Behavior.” Mimeographed in preparation (December 1997), Institute of Social Science, University of Tokyo.
Masson, Paul R. and Bart, Turtleboom. “Characteristics of the Euro, the Demand for Reserves, and Policy Coordination under EMU.” Paul R. Masson., Thomas H. Krueger, and Bart G. Turtleboom, eds., EMU and the International Monetary System (Washington, D.C.: International Monetary Fund, 1997), pp. 194–224.
Nascimento, Jean-Claude. “Monetary Policy in Unified Currency Areas: The Cases of the CAMA and ECCA during 1976-90.” IMF Working Paper, WP/94/11 (January 1994), International Monetary Fund.
Tavlas, George S. and Yuzuru Ozeki.The Internationalization of Currencies: An Appraisal of the Japanese Yen, Occasional Paper, 90 (January 1992), International Monetary Fund.
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 1999 Springer Science+Business Media New York
About this chapter
Cite this chapter
Kawai, M., Akiyama, S. (1999). Empirical Analyses of Exchange Rate Arrangements: A Search for Currency Areas. In: Sato, R., Ramachandran, R.V., Mino, K. (eds) Global Competition and Integration. Research Monographs in Japan-U.S. Business & Economics, vol 4. Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-5109-6_17
Download citation
DOI: https://doi.org/10.1007/978-1-4615-5109-6_17
Publisher Name: Springer, Boston, MA
Print ISBN: 978-1-4613-7324-7
Online ISBN: 978-1-4615-5109-6
eBook Packages: Springer Book Archive