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Strained relations : US foreign-exchange operations and monetary policy in the twentieth century

Author: Michael D Bordo; Owen F Humpage; Anna J Schwartz
Publisher: Chicago : University of Chicago Press, 2015
Series: National Bureau of Economic Research monograph
Edition/Format:   Print book : EnglishView all editions and formats
Summary:
During the twentieth century, foreign-exchange intervention was sometimes used in an attempt to solve the fundamental trilemma of international finance, which holds that countries cannot simultaneously pursue independent monetary policies, stabilize their exchange rates, and benefit from free cross-border financial flows. Drawing on a trove of previously confidential data, Strained Relations reveals the evolution of  Read more...
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Genre/Form: History
Document Type: Book
All Authors / Contributors: Michael D Bordo; Owen F Humpage; Anna J Schwartz
ISBN: 9780226051482 022605148X
OCLC Number: 913448796
Notes: Preface 1. On the Evolution of US Foreign-Exchange-Market Intervention: Thesis, Theory, and Institutions 2. Exchange Market Policy in the United States: Precedents and Antecedents 3. Introducing the Exchange Stabilization Fund, 1934-1961 4. US Intervention during the Bretton Woods Era, 1962-1973 5. US Intervention and the Early Dollar Float, 1973-1981 6. US Foreign-Exchange-Market Intervention during the Volcker-Greenspan Era, 1981-1997 7. Lessons from the Evolution of US Monetary and Intervention Policies Epilogue: Foreign-Exchange-Market Operations in the Twenty-First Century Appendix 1: Summaries of Bank of England Documents Appendix 2: Empirical Method for Assessing Success Counts Notes References Index
Description: x, 442 s. : illustrations
Series Title: National Bureau of Economic Research monograph
Responsibility: Michael D. Bordo, Owen F. Humpage, and Anna J. Schwartz

Abstract:

During the twentieth century, foreign-exchange intervention was sometimes used in an attempt to solve the fundamental trilemma of international finance, which holds that countries cannot simultaneously pursue independent monetary policies, stabilize their exchange rates, and benefit from free cross-border financial flows. Drawing on a trove of previously confidential data, Strained Relations reveals the evolution of US policy regarding currency market intervention, and its interaction with monetary policy. The authors consider how foreign-exchange intervention was affected by changing economic and institutional circumstances-most notably the abandonment of the international gold standard-and how political and bureaucratic factors affected this aspect of public policy.

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