Get A Retrospective on the Bretton Woods system PDF

By Michael D. Bordo, Barry Eichengreen

ISBN-10: 0226065871

ISBN-13: 9780226065878

ISBN-10: 0226066908

ISBN-13: 9780226066905

At the shut of the second one global conflict, whilst industrialized countries confronted critical alternate and fiscal imbalances, delegates from forty-four nations met in Bretton Woods, New Hampshire, as a way to reconstruct the foreign financial procedure. during this quantity, 3 generations of students and coverage makers, a few of whom participated within the 1944 convention, think of how the Bretton Woods method contributed to exceptional financial balance and fast development for 25 years and talk about the issues that plagued the approach and ended in its eventual cave in in 1971. The participants discover adjustment, liquidity, and transmission less than the method; how it affected constructing international locations; and the function of the overseas financial Fund in holding a reliable cost. The authors research the explanations for the System's luck and eventual cave in, evaluate it to next financial regimes, resembling the eu financial method, and deal with the potential of a brand new fastened alternate price for brand new global.

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A t-Statistics are in parentheses. alternative measures. Note that a low R2 is characteristic of regression models that are developed to explain future monthly stock returns because the stock market is known to behave largely as a random walk. A substantially higher R2 is achieved with regressions that explain quarterly and semiannual returns. These higher R2 results occur because of the reduction in “noise” that occurs when long-term returns are used as the explanatory variable. The findings reported in Table 12 show that the TERM spread is the only variable that is positively associated with stock returns.

S. equity markets. S. monetary conditions. S. monetary policy. book Page 38 Thursday, November 9, 2000 11:17 AM The Role of Monetary Policy in Investment Management The evidence shows that stock returns in all market-capitalization deciles are significantly higher in expansive policy periods, especially for small-cap stocks. Furthermore, the small-cap premium is quite large during expansive policy periods and (except for the smallest-cap decile) virtually nonexistent during restrictive periods.

Short-term T-bills also fare better during restrictive monetary periods. The performance differential, however, is relatively small. Although investors have traditionally been reluctant to invest in futures contracts, the development of futures markets, combined with the corresponding decrease in transaction costs, has increased the interest in this class of securities. Furthermore, in 1992, the Chicago Mercantile Exchange introduced a contract based on the Goldman Sachs Commodity Index (GSCI), which makes trading in a portfolio of commodity futures a relatively simple task.

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A Retrospective on the Bretton Woods system by Michael D. Bordo, Barry Eichengreen

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