| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w7434
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| 来源ID | Working Paper 7434
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| G3 Exchange Rate Relationships: A Recap of the Record and a Review of Proposals for Change |
| Richard H. Clarida
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| 发表日期 | 1999-12-01
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| 出版年 | 1999
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| 语种 | 英语
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| 摘要 | This paper is a recap of G3 exchange rate relationships since the collapse of Bretton Woods and an analysis of recent proposals for changing the way the G3 countries currently conduct exchange rate policy. We seek to understand these proposals in the context of the status quo monetary policies and intervention arrangements that are likely to be pursued by the G3 central banks in the absence of any formal arrangements among their governments to limit exchange rate volatility. The advocates of the proposals for change have made their assessment of the global costs of exchange rate volatility and (their estimates) of exchange rate misalignments, especially as these apply to the emerging economies through their linkages to the global capital markets. In their view, the status quo is unacceptable, and a sustained effort to limit G3 exchange rate fluctuations would deliver benefits to the world economy that would outweigh the value that they place on any loss of monetary autonomy in the G3 that would be required to maintain such a system. The skeptics make a positive, not a normative, judgment that the sorts of proposals that are on the table will not, in practice, get around the impossible trinity' of international finance. |
| URL | https://www.nber.org/papers/w7434
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564974
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推荐引用方式
GB/T 7714 |
Richard H. Clarida. G3 Exchange Rate Relationships: A Recap of the Record and a Review of Proposals for Change. 1999.
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文件名：
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w7434.pdf
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格式：
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Adobe PDF
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