International currencies and endogenous enforcement : an empirical analysis /
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| Author / Creator: | Prem, Roohi, 1966- author. |
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| Imprint: | [Washington, D.C.] : International Monetary Fund, African Dept., ©1997. |
| Description: | 1 online resource (53 pages) : illustrations |
| Language: | English |
| Series: | IMF working paper ; WP/97/29 IMF working paper ; WP/97/29. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12497108 |
| Summary: | 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. |
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| Physical Description: | 1 online resource (53 pages) : illustrations |
| Format: | Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. |
| Bibliography: | Includes bibliographical references (pages 47-53). |
| ISBN: | 1455269522 9781455269525 1462324843 9781462324842 1455255513 9781455255511 1281155446 9781281155443 9786613776808 6613776807 9781451844764 145184476X |