Currency war or international policy coordination?

Eichengreen, Barry

doi:10.1016/j.jpolmod.2013.03.006

Cited by 62 publications

(27 citation statements)

References 20 publications

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“…Cai et al (2001) also find that large price changes in gold were related to the Asian financial crisis. (Eichengreen, 2013). Thus, central banks were criticized for pushing up asset prices to unsustainable heights-that is, for "blowing bubbles".…”

Section: Data and Empirical Resultsmentioning

confidence: 99%

Gold bubbles: When are they most likely to occur?

Zhao

Chang

et al. 2015

Japan and the World Economy

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Section: Data and Empirical Resultsmentioning

confidence: 99%

Gold bubbles: When are they most likely to occur?

Zhao

Chang

et al. 2015

Japan and the World Economy

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“…The Fed's policies are also seen by foreign policy makers as responsible for the creation of excessive global liquidity and the acceleration of capital flows to emerging markets since 2009, which led to currency appreciation, boosted credit growth, and contributed to the formation of asset price bubbles and the build-up of macro-financial imbalances in these countries (Eichengreen, 2011(Eichengreen, , 2013.…”

Section: Introductionmentioning

confidence: 99%

Fiscal and monetary policies in the BRICS: A panel VAR approach

2016

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“…Principle (A) of the 1977 Decision and Clause 3 of Section 1 of Article IV both require that each member shall "avoid manipulating exchange rates or the international monetary system in order to prevent effective balance of payments adjustment or to gain an unfair competitive advantage over other members." 20 19 Eichengreen (2013). 20 In principle, Keynes got his way at Bretton Woods in one respect: the obligation is meant to fall on countries seeking to keep the values of their currencies down so as to preserve a balance of payments surplus, as much as on those seeking to keep the values of their currencies up thereby preventing adjustment of a balance of payments deficit.…”

Section: Origins Of the Language Of Manipulationmentioning

confidence: 99%

International Coordination

Frankel¹

2016

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After a 30-year absence, calls for international coordination of macroeconomic policy are back. This time the issues go by names like currency wars, taper tantrums, and fiscal compacts. In traditional game theory terms, the existence of spillovers implies that countries are potentially better off if they coordinate policies than under the Nash non-cooperative equilibrium. But what is the nature of the spillover and the coordination? The paper interprets recent macroeconomic history in terms of four possible frameworks for proposals to coordinate fiscal policy or monetary policy: the locomotive game, the discipline game, the competitive depreciation game and the competitive appreciation game. (The paper also considers claims that monetary coordination has been made necessary by the zero lower bound among advanced countries or financial imperfections among emerging markets.) Perceptions of the sign of spillovers and the direction of proposed coordination vary widely. The existence of different models and different domestic interests may be as important as the difference between cooperative and non-cooperative equilibria. In some cases complaints about foreigners' actions and calls for cooperation may obscure the need to settle domestic disagreements.

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Currency war or international policy coordination?

Cited by 62 publications

References 20 publications

Gold bubbles: When are they most likely to occur?

Gold bubbles: When are they most likely to occur?

Fiscal and monetary policies in the BRICS: A panel VAR approach

International Coordination

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