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Exchange Rate Management in Interdependent Economies

From Williamsburg to Louvre

  • Book
  • © 1993

Overview

Authors:
  1. Silke Fabian

    1. Department of Economics, George Washington University, USA

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Part of the book series: Handeln und Entscheiden in komplexen ökonomischen Situationen (HANDELN, volume 9)

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Table of contents (7 chapters)

  1. Front Matter

    Pages i-xviii
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  2. Introduction

    1. Introduction

      • Silke Fabian
      Pages 1-12

  3. Official Central Bank Interventions

    1. Front Matter

      Pages 13-13
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    2. Effectiveness of Foreign Exchange Market Interventions

      • Silke Fabian
      Pages 15-23

    3. A Signalling Model of Interventions

      • Silke Fabian
      Pages 25-55

  4. Back Matter

    Pages 57-58
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  5. International Exchange Rate Management

    1. Front Matter

      Pages 59-59
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    2. Non-Cooperative Intervention Policies

      • Silke Fabian
      Pages 61-78

    3. International Central Bank Cooperation

      • Silke Fabian
      Pages 79-97

    4. The International Prisoner’s Dilemma

      • Silke Fabian
      Pages 99-111

  6. Back Matter

    Pages 113-114
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  7. Empirical Analysis

    1. Front Matter

      Pages 115-118
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    2. Did Bundesbank Interventions serve as Signals of Monetary Policy?

      • Silke Fabian
      Pages 119-139

  8. Back Matter

    Pages 141-141
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  9. Back Matter

    Pages 143-172
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Keywords

About this book

With the breakdown of the Bretton Woods System and the begin of floating between the major currencies, central banks have been formally freed from their obligations to defend the fixed parities of bilateral exchange rates. Nev­ ertheless, since then there have been countless occasions on which monetary authorities have officially intervened in the foreign exchange market. More­ over, numerous studies indicate that exchange rates have been much more variable than originally anticipated - in real and in nominal, as well as in short run and longer run measures (see for example Hesse and Braasch [1989] and Marston [1988]). Through the experience of high real sector costs, the topic of optimal exchange rate management soon reentered policy discussions. The term exchange rate management encompasses both the choice of ex­ change rate regime as well as active intervention policies within the given 1 system. Much of the recent policy discussion has focussed on the first issue, in particular proposals of how to reform the present international monetary order. And new systems such as the European Monetary System (EMS) have emerged for subgroups of countries. However, the question of finding the optimal system has not yet been resolved.

Authors and Affiliations

  • Department of Economics, George Washington University, USA

    Silke Fabian

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