The Structural Change of International Monetary System
نویسندگان
چکیده
منابع مشابه
Money and the International Monetary System
I have a personal reason for choosing this topic. For many years it has troubled me that some of my friends and colleagues view themselves as monetarists and analyze domestic policy from that perspective, while another group of my friends maintains that fixed exchange rates are the glue that holds the world economy together. From the perspective of that group, the world would be a better place ...
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(A.1) Rē− R̄r = γ[2b(R2σ2 e + σ2 − 2R σ σe) + 2w∗ R σ σe − 2w∗ σ2], where ē = E+[e] and σe = Var+(e). Suppose agents were expecting debt to be safe, then ē = 1 and σe = 0, so we have Rs(b) = R̄r + γ[2bσ2 − 2w∗ σ2] = R̄r − 2γ(w∗ − b)σ2. This proves the first part of the proposition. Suppose agents were expecting Hegemon debt to be risky, then ē = R̄/RH and σe = σ/R r H since we assumed eL = RL/R r H...
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ژورنال
عنوان ژورنال: The International Economy
سال: 2000
ISSN: 1884-4359,0387-3943
DOI: 10.5652/kokusaikeizai.2000.7