International Currencies and Endogenous Enforcement : An Empirical Analysis /

This paper investigates the determinants of the international role of a currency. It argues that standard determinants such as monetary performance and financial openness are at best imperfect indicators of a currency's stability prospects, because the issuer's promise of stability is not...

وصف كامل

التفاصيل البيبلوغرافية
المؤلف الرئيسي: Prem, Roohi
التنسيق: دورية
اللغة:English
منشور في: Washington, D.C. : International Monetary Fund, 1997.
سلاسل:IMF Working Papers; Working Paper ; No. 1997/029
الوصول للمادة أونلاين:Full text available on IMF
الوصف
الملخص:This paper investigates the determinants of the international role of a currency. It argues that standard determinants such as monetary performance and financial openness are at best imperfect indicators of a currency's stability prospects, because the issuer's promise of stability is not exogenously enforceable. The paper advocates an enforcement approach to international currencies that make explicit the underlying incentive incompatibilities. Additional enforcement determinants of currency internationalization are identified. The model is estimated using time-series cross-sectional analysis for three data sets. Monetary performance-related standard determinants fail to exhibit explanatory power, whereas the enforcement determinants are strongly significant and robust.
وصف المادة:<strong>Off-Campus Access:</strong> No User ID or Password Required
<strong>On-Campus Access:</strong> No User ID or Password Required
وصف مادي:1 online resource (57 pages)
التنسيق:Mode of access: Internet
تدمد:1018-5941
وصول:Electronic access restricted to authorized BRAC University faculty, staff and students