Affiliation:
1. University of Picardy Jules Verne; Bulgarian National Bank
2. University of Grenoble Alpes, Center of Research in Economics of Grenoble (CREG)
Abstract
The article elaborates material published earlier in the journal (Fixed Monetary Regimes – Debates and Arguments // International Trade and Trade Policy, 2023, Vol. 9, N 1 (33), pp. 23–35). The second part of the article examines the features of specific manifestations of types of institutional decisions within the framework of fixed exchange rates. The main problems arising in the coordination of independent national exchange rates are presented. Four institutional and organizational solutions to coordination problems are described in detail, namely: short-term capital movement control, currency management and unilateral dollarization (euroization), as well as a clearing union. The advantages and disadvantages of these solutions are discussed.
Publisher
Plekhanov Russian University of Economics (PRUE)
Subject
General Earth and Planetary Sciences,General Environmental Science
Reference29 articles.
1. Blanchard O. Currency Wars, Coordination, and Capital Controls. International Journal of Central Banking, 2017, Vol. 13, Issue 2, pp. 283–308.
2. Bogetić Ž. Official Dollarization: Current Experiences and Issues. Cato Journal, 2000, Vol. 20, Issue 2, pp. 179–213.
3. Camillieri Gilson M.-T. Policy Pre-Commitment and Institutional Design: a Synthetic Indicator Applied to Currency Boards, OECD working paper, 2002, No. 330.
4. Davidson P. Reforming the world’s money. Journal of Post Keynesian Economics, 1992, Vol. 15, Issue 2, pp.153–179.
5. Desquilbet J.-B., Nenovsky N. Credibility and Adjustment: Gold Standards and Currency Boards Compared, William Davidson Institute Working Paper, 2004, No. 692.