The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
The Mirage of Fixed Exchange Rates
Open accessAbstract
This paper discusses the profound difficulties of maintaining fixed exchange rates in a world of expanding global capital markets. Contrary to popular wisdom, industrialized-country monetary authorities easily have the resources to defend exchange parities against virtually any private speculative attack. But if their commitment to use those resources lacks credibility with markets, the costs to the broader economy of defending an exchange-rate peg can be very high. The dynamic interplay between credibility and commitment is illustrated by the 1992 Swedish and British crises and the 1994-95 Mexican collapse. The authors also discuss the small number of successful fixers.
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Citations
Cites
The Optimal Degree of Commitment to an Intermediate Monetary Target
Rogoff, K. (1985) · The Quarterly Journal of Economics · doi:10.2307/1885679 · Cited by 3,688
Self-citation
Cited by
The Trilemma in History: Tradeoffs Among Exchange Rates, Monetary Policies, and Capital Mobility
Obstfeld, M., Shambaugh, J. C., & Taylor, A. M. (2005) · Review of Economics and Statistics · doi:10.1162/0034653054638300 · Cited by 892
Self-citationThe Effect of Fixed Exchange Rates on Monetary Policy
Shambaugh, J. C. (2004) · The Quarterly Journal of Economics · doi:10.1162/003355304772839605 · Cited by 760
International Institutions for Reducing Global Financial Instability
Rogoff, K. (1999) · Journal of Economic Perspectives · doi:10.1257/jep.13.4.21 · Cited by 382
Self-citationThresholds in the process of international financial integration
Ayhan Kose, M., Prasad, E. S., & Taylor, A. D. (2011) · Journal of International Money and Finance · doi:10.1016/j.jimonfin.2010.08.005 · Cited by 325
Elections and the timing of devaluations
Stein, E. H., & Streb, J. M. (2004) · Journal of International Economics · doi:10.1016/s0022-1996(03)00040-0 · Cited by 81
Metadata
- Authors
- Obstfeld, M., & Rogoff, K.
- Venue
- Journal of Economic Perspectives
- Publisher
- American Economic Association
- Published
- 1995-11-01
- Volume
- 9
- Issue
- 4
- Pages
- 73-96
- ISSN
- 0895-3309 (ISSN-L)
- OpenAlex
- W2166715979
- Cited by
- 1,072
- References
- 1
- FWCI
- 43.92
- Type
- journal article
- Language
- en
- Open access
- bronze
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
