Arbeitspapier
International financial markets' influence on the welfare performance of alternative exchange rate regimes
In this paper Friedmann (1953) and Mundell´s (1968) position favouring flexible over alternative exchange rate regimes is reassessed in the context of international financial market integration. In a new open economy macroeconomic framework the paper shows that financial market integration causes a monetary policy trade-off between stabilising domestic goods prices as opposed to stabilising the terms of trade. Therefore, the welfare ranking of different exchanges rate rules changes during the process of international financial integration. It becomes evident that no single exchange rate regime outperforms in stabilising both domestic consumption and output variability in the process of financial market integration.
- Sprache
-
Englisch
- Erschienen in
-
Series: Discussion Paper Series 1 ; No. 2008,27
- Klassifikation
-
Wirtschaft
Open Economy Macroeconomics
Financial Aspects of Economic Integration
International Investment; Long-term Capital Movements
- Thema
-
International Financial Market Integration
Exchange Rate Rules
Optimal Monetary Policy
Welfare
Internationaler Finanzmarkt
Marktintegration
Wechselkurssystem
Wohlfahrtseffekt
Neue Makroökonomik offener Volkswirtschaften
Geldpolitik
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Hoffmann, Mathias
- Ereignis
-
Veröffentlichung
- (wer)
-
Deutsche Bundesbank
- (wo)
-
Frankfurt a. M.
- (wann)
-
2008
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Hoffmann, Mathias
- Deutsche Bundesbank
Entstanden
- 2008
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