Skip to main content Accessibility help
Credibility and the International Monetary Regime
  • Get access
    Check if you have access via personal or institutional login
  • Cited by 3
  • Export citation
  • Recommend to librarian
  • Buy the print book

Book description

The present global monetary regime is based on floating among the major advanced countries. A key underlying factor behind the present regime is credibility to maintain stable monetary policies. The origin of credibility in monetary regimes goes back to the pre-1914 classical gold standard. In that regime, adherence by central banks to the rule of convertibility of national currencies in terms of a fixed weight of gold provided a nominal anchor to the price level. Between 1914 and the present several monetary regimes gradually moved away from gold, with varying success in maintaining price stability and credibility. In this book, the editors present ten studies combining historical narrative with econometrics that analyze the role of credibility in four monetary regimes, from the gold standard to the present managed float.


‘This collection of state-of-the-art studies, combining deep historical knowledge with modern statistical methods, sheds important new light on long-standing controversies concerning the evolution of the international monetary system.'

Barry Eichengreen - University of California, Berkeley

‘An excellent book and, when policy credibility comes once more on the front stage, a timely one.’

Marc Flandreau - Graduate Institute of International and Development Studies, Geneva

‘This book constitutes a rigorous and compelling investigation of how credibility in fixed exchange rate systems can be tested and compared. It is a major contribution both to financial history and to policy debates about the circumstances in which pegged exchange rate systems can be sustained.’

Harold James - Princeton University

‘Trying to understand monetary policy without an appreciation of credibility is like watching Hamlet without the Prince of Denmark. This volume provides a one-stop shop for a balanced and comprehensive set of studies on monetary credibility; highly recommended.’

Andrew K. Rose - Haas School of Business, University of California

Refine List

Actions for selected content:

Select all | Deselect all
  • View selected items
  • Export citations
  • Download PDF (zip)
  • Send to Kindle
  • Send to Dropbox
  • Send to Google Drive

Save Search

You can save your searches here and later view and run them again in "My saved searches".

Please provide a title, maximum of 40 characters.



Anthony, Myrvin and MacDonald, Ronald (1998). “On the Mean-Reverting Properties of the Target Zone Exchange Rates: Some Evidence from the ERM.” European Economic Review 42 (8), 1493–1523.
Bale, T. (1999). “Dynamics of a non-decision: the ‘failure’ to devalue the pound, 1964–67.” Twentieth Century British History 10, 192–217.
Banerjee, A., Dolado, J., Galbraith, J. W. and Hendry, D. F. (1993). Cointegration, Error-Correction, and the Econometric Analysis of Non-Stationary Data. Oxford: Oxford University Press.
Banerjee, A., Lumsdaine, R. L. and Stock, J. H. (1992). “Recursive and Sequential Tests of the Unit Root and Trend-Breaking Hypothesis: Theory and International Evidence.” Journal of Business and Economic Statistics 10, 271–287.
Bank for International Settlements (1937). Seventh Annual Report, April 1st 1936–March 31st 1937, Basle.
Barsky, R. B. and De Long, J. B. (1989). “Forecasting Pre–World War I Inflation: The Fisher Effect and the Gold Standard,Quarterly Journal of Economics 106, 815–836.
Beaudry, P. and Portier, F. (2002). “The French Depression in the 1930s.” Review of Economic Dynamics 5, 73–99.
Bernanke, B. (1986). “Alternative Explanations of the Money-Income Correlation.” Carnegie-Rochester Conference Series on Public Policy 25, 49–100.
Bernanke, B. S. (1995). “The Macroeconomics of the Great Depression: A Comparative Approach.” Journal of Money, Credit and Banking 27 (1), 1–28.
Bertola, G. and Svensson, L. E. O. (1993). “Stochastic Devaluation Risk and the Empirical Fit of Target-Zone Models.” Review of Economic Studies 60, 689–712.
Blackaby, F. T. (1978). “Narrative, 1960–74.” In F. T. Blackaby (ed.), British Economic Policy 1960–1974. Cambridge: Cambridge University Press, pp. 11–76.
Blanchard, O. and Quah, D. (1989). “The Dynamic Effects of Aggregate Supply and Demand Disturbances.” American Economic Review 79, 655–673.
Bloomfield, Arthur I. (1959). Monetary Policy under the International Gold Standard. New York: Federal Reserve Bank of New York.
Board of Governors of the Federal Reserve Board (1943). Banking and Monetary Statistics, 1914–1941. Washington, DC: Government Printing Office.
Bohn, H. (1991). “Budget Balance through Revenue or Spending Adjustments? Some Historical Evidence for the United States.” Journal of Monetary Economics, 333–360.
Bordo, M. D. (1993). “The Bretton Woods International Monetary System: A Historical Overview.” In M. D. Bordo and B. Eichengreen (eds.), A Retrospective on the Bretton Woods System. Chicago: University of Chicago Press, pp. 3–108.
Bordo, M. and Eichengreen, B. (2000). “The Rise and Fall of a Barbarous Relic: The Role of Gold in the International Monetary System.” In G. Calvo, R. Dornbusch, and M. Obstfeld (eds.), Essays in Honor of Robert Mundell. Cambridge, MA: MIT Press, 53–71.
Bordo, Michael D., Eichengreen, B. and JongWoo, Kim (1998). “Was There Really an Earlier Period of International Financial Integration Comparable to Today?” in The Implications of Globalization of World Capital Markets, Seoul: Bank of Korea, pp. 27–82.
Bordo, M., Eichengreen, B., Klingebiel, D. and Martinez-Peri, M. S. (2001). “Is the crisis problem growing more severe?Economic Policy 16, 51–82.
Bordo, M., Helbling, T. and James, H. (2006). “Swiss Exchange Rate Policy in the 1930s. Was the Delay in Devaluation Too High a Price to Pay for Conservatism?National Bureau of Economic Research, Working Paper 12491, August.
Bordo, M. D., Humpage, O. and Schwartz, A. J. (2006). “The Historical Origins of US Exchange Market Intervention Policy.” NBER Working Paper No. 12662.
Bordo, M. and Kydland, F. (1992). “The Gold Standard as a Rule.” Federal Reserve Bank of Cleveland Working Paper 9205.
Bordo, MichaelD. and MacDonald, Ronald (1997). “Violations of the ‘Rules of the Game’ and the Credibility of the Classical Gold Standard, 1880–1914,” NBER Working Paper No. 6115.
Bordo, M. D., and Schwartz, A. J. (1996). “Why Clashes between Internal and External Stability End in Currency Crises, 1797–1994.” Open Economies Review 7, 437–468.
Boughton, J. M. (2001). “Northwest of Suez: The 1956 Crisis and the IMF.” IMF Staff Papers 48, 425–446.
Brandon, H. (1966). In the Red: the Struggle for Sterling, 1964–1966. London: Deutsch.
Brittan, S. (1971). Steering the Economy: The Role of the Treasury. Harmondsworth: Penguin.
Brown, W. A. (1940). The International Gold Standard Reinterpreted 1914–34. New York: National Bureau of Economic Research.
Cairncross, A. K. (1985). Years of Recovery: British Economic Policy 1945–51. London: Methuen.
Cairncross, A. K. (1996). Managing the British Economy in the 1960s: A Treasury Perspective. Basingstoke: Macmillan.
Cairncross, A. and Eichengreen, B. (1983). Sterling in Decline: The Devaluations of 1931, 1949 and 1967. Oxford: Blackwell.
Cairncross, A. K. and Eichengreen, B. (2003). Sterling in Decline: The Devaluations of 1931, 1949 and 1967, 2nd edition. Basingstoke: Palgrave Macmillan.
Calomiris, C. W. (1992). “Greenback Resumption and Silver Risk: The Economics and Politics of Monetary Regime Change in the United States, 1862–1900.” NBER Working Paper 4166. Reprinted in M. Bordo and F. Capie (eds.) (1994). Monetary Regimes in Transition. Cambridge: Cambridge University Press.
Campbell, John and Perron, Pierre (1991). “Pitfalls and Opportunities: What Macroeconomists Should Know About Unit Roots.” NBER Macroeconomics Manual 6, 141–220.
Campbell, John and Shiller, Robert (1987). “Cointegration and Tests of Present Value Models.” Journal of Political Economy 95, 1062–1088.
Capie, F. and Webber, A. (1985). A Monetary History of the United Kingdom, 1870–1982 Volume 1. London: Allen and Unwin.
Caramazza, F. (1993). “French-German Interest Rate Differentials and Time-Varying Realignment Risk.” IMF Staff Papers 40, 567–583.
Cassiers, I. (1995). “Managing the Franc in Belgium and France: The Economic Consequences of Exchange Rate Policies, 1925–1936.” in Feinstein, op.cit., 214–236.
Castillo, J., Lowell, J., Tellis, A. J., Munoz, J. and Zycher, B. (2001). Historical Case Studies of the Alternative Hypothesis.
Chen, Z. and Giovannini, A. (1994). “The Determinants of Realignments Expectations under the EMS: Some Empirical Regularities.” London School of Economics: Financial Markets Group Discussion Paper No. 184.
Cheung, Yin-Wong and Kon, Lai (1993). “Finite Sample Sizes of Johansen Likelihood Ratio Tests for Cointegration.” Oxford Bulletin of Economics and Statistics 55: 313–328.
Clark, P. B. (1970). “Optimum International Reserves and the Speed of Adjustment.” Journal of Political Economy 78, 356–376.
Clark, T. A. (1984). “Violations of the Gold Points, 1890–1908.” Journal of Political Economy 92, 791–823.
Cochrane, J. H. (1988). “How Big Is the Random Walk in GNP?The Journal of Political Economy, 96 (5), 893–920.
Coleman, W. (1992). “The New Deal’s New Gold Policy: A Case Study in the Power of (Old) Ideas.” Discussion Paper 1992–04, Dept. of Economics U. of Tasmania.
Conetta, C. (2006). We Can See Clearly Now. PDA Research, Monograph #12, March 2.
Cunliffe Report (1979 [1918]). First Interim Report of the Committee on Currency and Foreign Exchanges after the War. Cmnd 9182. Reprint. New York: Arno Press.
Davaytan, Nathan and Parke, William R. (1995). “The Operations of the Bank of England, 1890–1908: A Dynamic Probit Approach.” Journal of Money, Credit and Banking 27 (4), 1099–1112.
Davis, W. (1968). Three Years Hard Labour: The Road to Devaluation. London: Deutsch.
De Grauwe, P. (1989a). “Is the European Monetary System a DM-zone?” Discussion paper No 297, Centre for Economic Policy Research, London, March.
De Grauwe, P. (1989b). “The Cost of Disinflation and the European Monetary System.” Discussion paper 326, Centre for Economic Policy Research, London.
De Grauwe, P. (1997). The Economics of Monetary Integration. Oxford: Oxford University Press.
De Jong, E., Drost, E. C. and Werker, R. J. M. (1996). “Exchange Rate Target Zones: A New Approach.” Department of Economics. Tilburg University, The Netherlands.
Dickey, D. and Fuller, W. A. (1979). “Distribution of the Estimators for Autoregressive Time Series with a Unit Root.” Journal of the American Statistical Association 74, 427–431.
Dockrill, S. (2002). Britain’s Retreat from East of Suez: The Choice between Europe and the World, 1945–1968. Basingstoke: Palgrave Macmillan.
Doornik, John and Hansen, Henrik (1994). “A Practical Test of Multivariate Normality.” Unpublished paper, Nuffield College, Oxford.
Dornbusch, R. (1973). “Devaluation and Nontraded Goods.” American Economic Review 63, 871–880.
Dornbusch, R. (1976). “Expectations and Exchange Rate Dynamics.” Journal of Political Economy 84, 1161–1176.
Dotsey, M. (1998). “The Predictive Content of the Interest Rate Term Spread for Future Economic Growth.” Economic Quarterly 84 (3), 31–51.
Dow, J. C. R. (1964). The Management of the British Economy, 1945–1960. Cambridge: Cambridge University Press.
Dow, J. C. R. (1998). Major Recessions: Britain and the World, 1920–1995. Oxford: Oxford University Press.
Dutton, John (1984). “The Bank of England and the Rules of the Game under the International Gold Standard: New Evidence.” In Michael D. Bordo and Anna J. Schwartz (eds.), A Retrospective on the Classical Gold Standard, 1821–1931. Chicago: University of Chicago Press for the NBER.
Edison, Hali and Fisher, Eric (1991). “A Long-Run View of the European Monetary System.” Journal of International Money and Finance 10, 53–70.
Edison, Hali and Kole, Linda (1995). “European Monetary Arrangements: Implications for the Dollar, Exchange Rate and Credibility.” European Financial Management 1, 61–86.
Edwards, S. (1984). “The Demand for International Reserves and Monetary Equilibrium: Some Evidence from Developing Countries.” Review of Economics and Statistics 78, 495–500.
Eichengreen, B. (1986). “The Bank of France and the Sterilization of Gold, 1926–1932.” Explorations in Economic History 23 (1), 56–84.
Eichengreen, B. (1987). “Conducting the International Orchestra: Bank of England Leadership under the Classical Gold Standard.” Journal of International Money and Finance 6, 5–29.
Eichengreen, B. (1990). Elusive Stability: Essays in the History of International Finance. Cambridge: Cambridge University Press.
Eichengreen, B. (1992). Golden Fetters: The Gold Standard and the Great Depression, 1919–1939. Oxford and New York: Oxford University Press.
Eichengreen, B. and Flandreau, M. (1996). “Blocs Zones, and Bands: International Monetary History in Light of Recent Theoretical Developments.” Scottish Journal of Political Economy 43 (4), 398–414.
Eichengreen, B., Rose, A. K. and Wyplosz, C. (1996). “Speculative Attacks on Pegged Exchange Rates: An Empirical Exploration with Special Reference to the European Monetary System.” In M. B. Canzoneri, W. J. Ethier and V. Grilli (eds.), The New Trans-Atlantic Economy. Cambridge: Cambridge University Press, pp. 191–235.
Eichengreen, B. and Temin, P. (2000). “The Gold Standard and the Great Depression.” Contemporary European History 9 (2), 183–207.
Eichengreen, B., Watson, M. W. and Grossman, R. S. (1985). “Bank Rate Policy Under the Inter-war Gold Standard: A Dynamic Model.” Economic Journal 95, 725–746.
Eichengreen, B. and Wyplosz, C. (1993). “The Unstable EMS.” Discussion paper 817, Centre for Economic Policy Research, London.
Einzig, P. (1931). International Gold Movements. London: MacMillan.
Einzig, P. (1937a). The Theory of Forward Exchange. London: MacMillan.
Einzig, P. (1937b). World Finance 1935–1937. New York: MacMillan.
Engel, C. (1996). “The Forward Discount Anomaly and the Risk Premium.” Journal of Empirical Finance 2, 123–191.
Engle, Robert and Granger, Clive (1982). “Cointegration and Error Correction: Representation, Estimation and Testing.” Econometrica 55, 251–276.
Epstein, G. and Ferguson, T. (1984). “Monetary Policy, Loan Liquidation and Industrial Conflict: The Federal Reserve and the Open Market Operations of 1932.” Journal of Economic History 44 (4), 957–983.
Eschweiler, B. and Bordo, M. D. 1994. “Rules, Discretion and Central Bank Independence: The German Experience, 1880–1989.” In P. Siklos (ed.), Varieties of Monetary Reform: Lessons and Experience on the Road to Monetary Union. Boston: Kluwer Academic Publishers, pp. 279–321.
Federal Reserve Board (1943). Banking and Monetary Statistics, 1914–1941. Washington, DC: GPO.
Fisher, I. (1907). The Rate of Interest. New York: MacMillan.
Flood, R. P., Rose, A. K. and Mathieson, D. J. (1991). “An Empirical Exploration of Exchange Rate Target-Zones.” Carnegie-Rochester Series on Public Policy 35, 7–66.
Frank, R. (1982). Le Rearmement Francais, 1935–1939. Paris: Publications de la Sorbonne.
Frenkel, J. A. (1994). “Quantifying International Capital Mobility in the 1980s.” In J. A. Frenkel (ed.), On Exchange Rates. Cambridge, MA: MIT Press, pp. 227–260.
Frenkel, J. A. (1976). “A Monetary Approach to the Exchange Rate.” Scandinavian Journal of Economics 2, 200–221.
Frenkel, J. A. and Johnson, H. G. (1976). The Monetary Approach to the Balance of Payments. London: Allen and Unwin.
Frenkel, J. A. and Rose, A. K. (1995). A Panel Project on Purchasing Power Parity: Mean Reversion within and between Countries, NBER Working paper 5006.
Friedman, M. (1990a). “The Crime of 1873.” Journal of Political Economy 98, 1159–1194.
Friedman, M. (1990b). “Bimetallism Revisited.” Journal of Economic Perspectives 4, 85–104.
Friedman, M. (1992). “A Counterfactual Exercise: Estimating the Effect of Continuing Bimetallism after 1873.” In Money Mischief: Episodes of Monetary History, New York: Harcourt Brace and Co., pp. 80–103.
Friedman, M. and Schwartz, A. J. (1963). A Monetary History of the United States, 1867–1960. Princeton, NJ: NBER and Princeton University Press.
Friedman, M. and Schwartz, A. J. (1970). Monetary Statistics of the United States. New York: Columbia University Press.
Friedman, M. and Schwartz, A. J. (1982). Monetary Trends in the United States and United Kingdom. Chicago: University of Chicago Press.
Froot, K. and Rogoff, K. (1995). “Perspectives on PPP and Long-Run Real Exchange Rates.” In E. Grossman and K. Rogoff (eds.), The Handbook of International Economics. Amsterdam: North-Holland.
Fuller, W. A. (1976). Introduction to Statistical Time Series. New York: Wiley.
Granger, C. W. (1986). “Developments in the Study of Cointegrated Economic Variables.” Oxford Bulletin of Economics and Statistics 48, 213–228.
Garber, P. M. (1986). “Nominal Contracts in a Bimetallic Standard.” American Economic Review 76, 1012–1030.
Giovannini, Alberto (1986). “Rules of the Game during the International Gold Standard: England and Germany.” Journal of International Money and Finance 5 (December), 467–483.
Giovannini, Alberto (1989). “How Fixed Exchange Rate Regimes Work: Evidence from the Gold Standard, Bretton Woods and the European Monetary System.” In M. Miller, B. Eichengreen and R. Portes (eds.), Blueprints for International Monetary Reform. Cambridge: Cambridge University Press.
Giovannini, Alberto (1993). “Bretton Woods and Its Precursors: Rules versus Discretion in the History of International Monetary Regimes.” In M. D. Bordo and B. Eichengreen (eds.), A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform. Chicago: Chicago University Press.
Glosten, L., Jagannathan, R. and Runkle, D. (1993). “On the Relation between the Expected Value and the Volatility of the Nominal Excess Return on Stocks.” Journal of Finance 48, 1779–1801.
Griffiths, R. T. (ed.) (1987). The Netherlands and the Gold Standard, 1931–36. Amsterdam: Neha.
Grilli, V. (1990). “Managing Exchange Risk: Evidence from the 1890s.” Journal of International Money and Finance 9, 258–275.
Grubel, H. G. (1971). “The Demand for International Reserves: A Critical Review of the Literature.” Journal of Economic Literature 9, 1148–1165.
Hall, A. (1994). “Testing for a Unit Root in Time Series with Preset Data Based Model Selection.” Journal of Business and Economic Statistics 12, 461–470.
Hall, A. (1990). “Testing for a Unit Root in Time Series with Preset Data Based Model Selection.” Mimeo. North Carolina State University, Durham, NC.
Hallwood, C. P. and MacDonald, R. (1994). International Money and Finance. Oxford: Blackwell.
Hallwood, C. P., MacDonald, R. and Marsh, I. W. (1997a). “Credibility and Fundamentals: Was the Gold Standard a Well-Behaved Target Zone?” In T. Bayoumi, B. Eichengreen and M. Taylor (eds.), Modern Perspectives on the Gold Standard. Cambridge: Cambridge University Press.
Hallwood, C. P., MacDonald, R. and Marsh, I. W. (1997b). “Crash! Expectational Aspects of the UK’s and the USA’s Departures from the Inter-War Gold Standard.” Explorations in Economic History 34 (2), 174–194.
Hallwood, P., MacDonald, R. and Marsh, I. (2000a). “An Assessment of the Causes of the Abandonment of the Gold Standard by the USA in 1933.” Southern Economic Journal 67 (2), 448–459.
Hallwood, P., MacDonald, R. and Marsh, I. (2000b). “Realignment Expectations and the US Dollar, 1890–1897: Was There a ‘Peso Problem’?Journal of Monetary Economics 46 (3), 605–620.
Hamilton, A. (2008). “Beyond the Sterling Devaluation: The Gold Crisis of March 1968.” Contemporary European History 17, 73–95.
Hautcoeur, P. (1997). “The Great Depression in France (1929–1938).” In D. Glasner, (ed.), Business Cycles and Depressions: An Encyclopedia. New York: Garland.
Hautcoeur, P.-C. and Sicsic, P. (1999). “Threat of a Capital Levy, Expected Devaluation and Interest Rates in France during the Interwar Period.” European Review of Economic History 3, 25–56.
Heller, R. H. (1966). “Optimal International Reserves.” Economic Journal 76, 296–311.
Hendry, D. and Mizon, G. (1993). “Evaluating Dynamic Econometric Models by Encompassing the VAR.” In P. C. B. Phillips (ed.), Models, Methods and Applications of Econometrics. Oxford: Blackwell, pp. 272–300.
Hirsch, F. (1965). The Pound Sterling: A Polemic. London: Victor Gollancz.
Hodrick, R. J. (1987). The Empirical Evidence on the Forward and Futures Foreign Exchange Markets. Harwood: Chur.
Hogg, R. L. (1987). “Belgium, France, Switzerland and the End of the Gold Standard.” In R. T. Griffiths, op. cit. pp., chapter 9.
Homer, S. (1963). A History of Interest Rates. New Brunswick, NJ: Rutgers University Press.
Homer, S. (1977). A History of Interest Rates. New Brunswick, NJ: Rutgers University Press.
Hutchison, T. W. (1977). Knowledge and Ignorance in Economics. Oxford: Blackwell.
Jackson, J. (1988). The Popular Front in France: Defending Democracy, 1934–38. Cambridge: Cambridge University Press.
James, H. (1996). International Monetary Cooperation since Bretton Woods. Oxford: Oxford University Press.
Jeanne, Olivier (1995). “Monetary Policy in England 1893–1914: A Structural VAR Analysis.” Explorations in Economic History 32, 302–326.
Johansen, S. (1988). “Statistical Analysis of Cointegrating Vectors.” Journal of Economic Dynamics and Control 2, 7–46.
Johansen, S. (1991). “Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models.” Econometrica 59 (6), 1551–1580.
Johansen, S. and Juselius, K. (1994). “Identification of the Long-Run and Short-Run Structure: an Application to the ISLM Model.” Journal of Econometrics 63, 7–36.
Johansen, Soren (1995). Likelihood-Based Inference in Cointegrated Vector Auto-Regressive Models. Oxford: Oxford University Press.
Johnson, H. G. and Frenkel, J. A. (1976). The Monetary Approach to the Balance of Payments. London: Allen and Unwin.
Jonung, Lars (1984). “Swedish Experience under the Classical Gold Standard, 1873–1914.” In Michael D. Bordo and Anna J. Schwartz (eds.), A Retrospective on the Classical Gold Standard, 1821–1931. Chicago: University of Chicago Press for NBER.
Kenen, P. R. (1995). Economic and Monetary Union in Europe. Cambridge: Cambridge University Press.
Kergoat, J. (1986). La France du Front Populaire. Paris: La Découverte.
Keynes, J. M. (1925). “The Economic Consequences of Mr. Churchill.” In The Collected Writings of John Maynard Keynes, Vol. IX. Essays in Persuasion. London: Macmillan.
Kindleberger, C. P. (1986). The World in Depression 1929–1939. Berkeley: University of California Press.
Kirshner, J. (2007). Appeasing Bankers: Financial Caution on the Road to War. Princeton, NJ: Princeton University Press.
Kissinger, H. (1994), Diplomacy. New York: Simon and Schuster.
Klug, A. and Smith, G. W. (1999). “Suez and Sterling, 1956.” Explorations in Economic History 36, 181–203.
Krasker, W. S. (1980). “The ‘Peso Problem’ in Testing the Efficiency of Forward Exchange Markets.” Journal of Monetary Economics 6, 269–276.
Krugman, Paul R. (1979). “A model of Balance of Payments Crises.” Journal of Money, Credit and Banking 11, 311–325.
Krugman, Paul R. (1991). “Target Zone and Exchange Rate Dynamics.” Quarterly Journal of Economics 106 (3), 669–682.
Kwiatkowski, D., Phillips, P. C. B., Schmidt, P. and Shin, Y. (1992). “Testing the Null Hypothesis of Stationarity against the Alternative of a Unit Root.” Journal of Econometrics 54, 159–178.
Lacouture, J. (1982). Leon Blum. Paris and New York: Holmes & Meier Publishers.
Levin, A. and Lin, C. F. (1992). “Unit Roots in Panel Data: Asymptotic and Finite Sample Properties.” Mimeo. University of California, San Diego, CA.
Levin, A. and Lin, C. F. (1993). “Unit Roots in Panel Data: Asymptotic and Finite Sample Properties.” Revised Mimeo. University of California, San Diego, CA.
Lindberg, H., Soderlind, P. and Svensson, L. E. O. (1993). “Devaluation Expectations: The Swedish Krona 1985–92.” Economic Journal 103, 1170–1179.
Lindert, Peter (1969). “Key Currencies and Gold, 1900–1913.” Princeton Studies in International Finance 24.
Lo, A. and MacKinlay, C. (1988). “Stock Prices Do Not Follow Random Walks: Evidence from a Simple Specification Test.” The Review of Financial Studies 1, 41–66.
Lo, A. and MacKinlay, C. (1989). “The Size and Power of the Variance Ratio Test in Finite Samples: A Monte Carlo Investigation.” Journal of Econometrics 40, 203–238.
Lutkepohl, H. (1993). Introduction to Multiple Time Series Analysis. Berlin: Springer-Verlag.
MacDonald, R. (1995). “Long-Run Exchange Rale Modeling: A Survey of the Recent Evidence.” International Monetary Fund Staff Papers 42 (3), 437–489.
MacDonald, R. (2007). Exchange Rate Economics: Theories and Evidence, 2nd edition. London: Routledge.
MacKinnon, J. (1991). “Critical Values for Cointegration Tests.” In R. F. Engle and C. W. J. Granger (eds.), Long-Run Economic Relationships: Readings in Cointegration. Oxford: Oxford University Press, pp. 267–276.
MacMillan Committee on Finance and Industry (1931), Cmd 3897, HMSO.
McCloskey, D. N. and Zecher, J. R. (1976). “How the International Gold Standard Worked, 1880–1913.” In J. A. Frenkel and H. G. Johnson (eds.), The Monetary Approach to the Balance of Payments. Toronto: University of Toronto Press, pp. 357–385.
Meltzer, A. H. (2002). Why Did Monetary Policy Fail in the Thirties? A History of the Federal Reserve, Chapter 5, Vol. 1, 1913–1951. Chicago: University of Chicago Press.
Middleton, R. (1996). Government versus the Market: The Growth of the Public Sector, Economic Management and British Economic Performance. Cheltenham: Edward Elgar.
Middleton, R. (2002). “Struggling with the Impossible: Sterling, the Balance of Payments and British Economic Policy, 1949–72.” In A. Arnon and W. L. Young (eds.), The Open Economy Macromodel: Past, Present and Future. Boston, MA: Kluwer Academic, pp. 103–154.
Miller, M. and Weller, P. (1991). “Currency Bands, Target Zones and Price Flexibility.” IMF Staff Papers 38, 184–215.
Mills, T. (1993). The Econometric Modelling of Financial Time Series. Cambridge: Cambridge University Press.
Miron, Jeffrey (1996). The Economics of Seasonal Cycles. Cambridge, MA: MIT Press.
Mishkin, F. S. (1995). “The Term Structure of Interest Rates and its Role in Monetary Policy for the European Central Bank.” Working Paper 5279, NBER.
Mitchell, B. R. (1993). International Historical Statistics, Volume 2. London: Macmillan.
Mitchell, W. C. (1913). Business Cycles. New York: Burt Franklin.
Mizrach, B. (1995). “Target Zone Models with Stochastic Realignments: An Econometric Evaluation.” Journal of International Money and Finance 14, 641–657.
Moggridge, D. E. (1969). British Monetary Policy, 1924–1931. Cambridge: Cambridge University Press.
Morgenstern, O. (1959). International Financial Transactions and Business Cycles. Princeton, NJ: Princeton University Press.
Moure, K. (1991). Managing the Franc Poincaré Economic Understanding and Political Constraint in French Monetary Policy, 1928–1936, Cambridge: Cambridge University Press.
Moure, K. (2002). The Gold Standard Illusion: France, the Bank of France, and the International Gold Standard, 1914–1939. Oxford: Oxford University Press.
Mussa, M. (1976). “The Exchange Rate, the Balance of Payments and Money and Fiscal Policy under a Regime of Controlled Floating.” Scandinavian Journal of Economics 2, 229–248.
Mussa, M. (1979). “Empirical Regularities in the Behavior of Exchange Rates and Theories of the Foreign Exchange Market.” In Policies for Employment, Prices and Exchange Rates, Carnegie-Rochester Conference Series on Public Policy, 12.
National Economic Development Corporation (1964). The Growth of the Economy. London: HMSO.
National Institute Economic Review (1964). “The Economic Situation: Annual Review.” National Institute Economic Review 27, 4–12.
National Institute Economic Review (1967). “The Effects of Devaluation and the Balance of Payments.” National Institute Economic Review 42, 4–9.
National Monetary Commission (1910). Statistics for the United States, 1867–1909. Government Printing Office, Washington DC, Document No. 570. 61st Congress, Second Session.
Newey, W. and West, K. (1987). “A Simple Positive-Definite Heteroskedasticity and Autocorrelation Consistent Covariance Matrix.” Econometrica 55, 703–708.
Newton, S. (2009). “The Two Sterling Crises of 1964 and the Decision Not to Devalue.” Economic History Review.
Ng, S. and Perron, P. (1995). “Unit Root Tests in ARMA Models with Data-Dependent Methods for the Selection of the Truncation Lag.” Journal of the American Statistical Association 90, 268–281.
Nieuwland, F. G. M. C., Verschoor, W. F. C. and Wolff, C. C. P. (1994). Stochastic Jumps in EMS Exchange Rates. Journal of International Money and Finance 13, 699–727.
Nurkse, R. (1944). International Currency Experience. Geneva: League of Nations.
Obstfeld, M. (1984). “Balance-of-Payments Crises and Devaluation.” Journal of Money, Credit and Banking 16, 208–217.
Obstfeld, Maurice (1993). “International Capital Mobility in the 1990s.” NBER Working Paper No. 4534.
Obstfeld, Maurice and Taylor, Alan (1998). “The Great Depression as a Watershed: International Capital Mobility over the Long-Run.” In Michael D. Bordo, Claudia Goldin and Eugene White (eds.), The Defining Moment: The Great Depression and the American Economy in the Twentieth Century. Chicago: University of Chicago Press.
Officer, L. H. (1986). “The Efficiency of the Dollar-Sterling Gold Standard, 1890–1908.” Journal of Political Economy 94, 1038–1073.
Officer, L. H. (1989). “The Remarkable Efficiency of the Dollar-Sterling Gold Standard, 1890–1906.” Journal of Economic History 49, 1–41.
Officer, L. H. (1993). “Gold-Point Arbitrage and Uncovered Interest Arbitrage under the 1925–1931 Dollar-Sterling Gold Standard.” Explorations in Economic History 30, 98–127.
Officer, L. H. (1996). Between the Dollar-Sterling Gold Points: Exchange Rates, Parity and Market Behavior. Cambridge: Cambridge University Press.
Oppenheimer, P. (1966). “Forward Exchange Intervention: The Official View.” Westminster Bank Review, February.
Osterwald-Lenum, M. (1993). “Recalculated and Extended Tables of Asymptotic Distribution of Some Important Maximum Likelihood Cointegrating Test Statistics.” Oxford Bulletin of Economics and Statistics 54, 461–472.
Pantula, S. G. (1989). “Testing for Unit Roots in Time Series Analysis.” Econometric Theory 5, 256–271.
Patat, J. P. and Lutfalla, M. (1990). Monetary History of France in the Twentieth Century. London: Palgrave MacMillan.
Perron, P. (1989). “The Great Crash, the Oil Price Shock, and the Unit Root Hypothesis.” Econometrica 57 (6), 1361–1401.
Pippenger, John (1984). “Bank of England Operations, 1893–1913.” In Michael D. Bordo and Anna J. Schwartz (eds.), A Retrospective on the Classical Gold Standard, 1821–1931. Chicago: University of Chicago Press.
Posen, B. R. (1986). Sources of Military Doctrine: France, Britain and Germany between the Wars. Cornell Studies in Security Affairs. Ithaca, NY: Cornell University.
Redmond, J. (1984). “The Sterling Overvaluation in 1925: A Multilateral Approach.” Economic History Review, 2nd ser., 37, 520–532.
Renouvin, P. (1981). Leon Blum. Chef de Gouvernement, 1936–1937, 2nd edition. Paris: Presses de Sciences Po.
Ritschl, A. and Wolf, N. (2003), “Endogeneity of Currency Areas and Trade Blocs: Evidence from the Interwar Period.” Mimeo, Humboldt University, April.
Robertson, D. and Symons, J. (1990). “Output, Inflation, and the ERM.” Discussion paper 43. Centre for Economic Policy Research, London.
Rogoff, K. (1995). “The Purchasing Power Parity Puzzle.” Journal of Economic Literature, 34, 647–668.
Rose, Andrew and Svensson, Lars (1994). “European Credibility before the Fall.” European Economic Review 38, 1185–1223.
Rose, A. K. and Svensson, L. E. O. (1995). “Expected and Predicted Realignments: The FF/DM Exchange Rate during the EMS.” Scandinavian Journal of Economics 97, 173–200.
Roy, R. (2000). “The Battle of the Pound: the Political Economy of Anglo-American Relations, 1964–1968.” Unpublished PhD thesis, London School of Economics.
Sauvy, A. (1984). Histoire Economique de la France entre les Deux Guerres. Paris: Economica.
Sauvy, A. (1969). “The Economic Crisis of the 1930s in France.” Journal of Contemporary History 4 (4), 21–35.
Sayers, Richard (1957). Central Banking after Bagehot. Oxford: Clarendon Press.
Schenk, C. R. (1994). Britain and the Sterling Area: From Devaluation to Convertibility in the 1950s. London: Routledge.
Schenk, C. (2002). “Sterling, International Monetary Reform and Britain’s Applications to the EEC in the 1960s.” Contemporary European History 11, 345–369.
Schuker, S. A. (1976). The End of French Predominance in Europe. Chapel Hill: University of North Carolina Press.
Schwartz, A. J. (1987). “A Century of British Market Interest Rates, 1874–1975.” In Money in Historical Perspective. Chicago: University of Chicago Press.
Shepherd, H. L. (1936). The Monetary Experience of Belgium, 1914–1936. Princeton, NJ: Princeton University Press.
Shirer, W. L. (1969). The Collapse of the Third Republic: An Inquiry into the Fall of France in 1940. New York: Simon and Schuster.
Siklos, P. and Tarajos, R. (1996). “Fundamentals and Devaluation Expectations in Target Zones: Some New Evidence from the ERM.” Open Economies Review 25, 35–59.
Simmons, B. (1994). Who Adjusts?Princeton, NJ: Princeton University Press.
Simon, M. (1968). “The Morgan-Belmont Syndicate of 1895 and Intervention in the Foreign-Exchange Market.” Business History Review 42, 385–417.
Spiller, P. T. and Wood, R. O. (1988). “Arbitrage during the Dollar-Sterling Gold Standard, 1899–1908: An Econometric Approach.” Journal of Political Economy 96, 882–892.
Stewart, M. (1977). The Jekyll and Hyde Years: Politics and Economic Policy since 1964. London: J. M. Dent.
Svensson, L. E. O. (1991). “The Simplest Test of Target Zone Credibility.” IMF Staff Papers 38, 655–665.
Svensson, L. E. O. (1992). “An Interpretation of Recent Research on Exchange Rate Target Zones.” Journal of Economic Perspectives 6, 119–144.
Svensson, L. E. O. (1993). “Assessing Target Zone Credibility: Mean Reversion and Devaluation Expectations in the ERM: 1979–1992.” European Economic Review 37, 763–802.
Svensson, L. E. O. (1994). “Why Exchange Rate Bands?Journal of Monetary Economics 33, 157–199.
Temin, P. (1989). The Lessons from the Great Depression. Cambridge, MA: MIT Press.
‘t Hart, M. C., Jonker, J., and Van Zuiten, J. L. (1997). A Financial History of the Netherlands. Cambridge: Cambridge University Press.
Thomas, M. (1992). “French Economic Affairs and Rearmament: The First Crucial Months, June–September 1936.” Journal of Contemporary History 27, 659–670.
Tomlinson, J. (2004). The Labour Governments 1964–70, Volume 3: Economic Policy. Manchester: Manchester University Press.
Toniolo, G. (2005). Central Bank Cooperation at the Bank for International Settlements, 1930–1973. Cambridge: Cambridge University Press.
Ungerer, R., Hauvonen, J. J., Lopez-Claros, A. and Mayer, T. (1990). “The EMS: Developments and Perspectives.” International Monetary Fund Occasional Paper 73. International Monetary Fund, Washington, DC.
Vandenbosch, A. (1927). The Neutrality of the Netherlands during the World War. Grand Rapids, MI: W. B. Eerdmans Publishing.
Vandenbosch, A. (1959). Dutch Foreign Policy since 1815: A Study in Small Power Politics. The Hague: Martinus Nijhoff.
von Hagen, Jurgen and Fratianni, Michelle (1990). “German Dominance in the EMS: Evidence from Interest Rates.” Journal of International Money and Finance 9, 387–375.
Wandschneider, K. (2008). “The Stability of the Inter-War Gold Exchange Standard Did Politics Matter?Journal of Economic History (August), 151–181.
Warmbrunn, W. (1963). The Dutch under German Occupation, 1940–1945. Stanford, CT: Stanford University Press.
Weber, Axel (1990). “EMU and Asymmetries and Adjustment Problems in the EMS: Some Empirical Evidence.” CEPR Discussion paper No. 448, August.
Wheelock, D. (1991). The Strategy and Consistency of Federal Reserve Monetary Policy, 1924–1933. Cambridge: Cambridge University Press.
Wright, J. (2000). “Alternative Variance-Ratio Tests Using Ranks and Signs.” Journal of Business and Economics Statistics 18, 1–9.
Wyplosz, C. (1986). “Capital Controls and Balance of Payments Crises.” Journal of International Money and Finance 5, 167–179.


Full text views

Total number of HTML views: 0
Total number of PDF views: 0 *
Loading metrics...

Book summary page views

Total views: 0 *
Loading metrics...

* Views captured on Cambridge Core between #date#. This data will be updated every 24 hours.

Usage data cannot currently be displayed