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What three economists taught us about currency arrangements
Richard Cooper, Robert Mundell, and John Williamson made important contributions on a variety of topics in international economics throughout their careers, particularly in terms of how we think about currency arrangements. This column reviews the work of all three, tracing their ideas and drawing lessons for policymakers today.
The Mundell difference | VOX, CEPR Policy Portal
Paul De Grauwe
The opening sentence of Robert Mundell’s 1963 paper “Capital mobility and stabilization policy under fixed and flexible exchange rates” — one of the two most influential in a series of pathbreaking papers he published in the late 1950s and early 1960s — is curious: “The world is still a closed economy, but its regions and countries are becoming increasingly open.”
“Still”? Was Mundell thinking of a future with interplanetary trade, so that eventually the world as a whole
wouldn’t be a closed economy? OK, he probably wasn’t, but if he was, it would have been in character. Mundell, who passed away on 4 April, was an economist ahead of his time.
Paul De Grauwe
The opening sentence of Robert Mundell’s 1963 paper “Capital mobility and stabilization policy under fixed and flexible exchange rates” — one of the two most influential in a series of pathbreaking papers he published in the late 1950s and early 1960s — is curious: “The world is still a closed economy, but its regions and countries are becoming increasingly open.”
“Still”? Was Mundell thinking of a future with interplanetary trade, so that eventually the world as a whole
wouldn’t be a closed economy? OK, he probably wasn’t, but if he was, it would have been in character. Mundell, who passed away on 4 April, was an economist ahead of his time.
RBI may consider issuing bonds to help soak up foreign money into stocks
RBI may consider issuing bonds to help soak up foreign money into stocks
The RBI report recommended further strengthening foreign-exchange reserves, citing the swings in the rupee around the time of the global taper tantrum in 2013
(Photo: Mint)Premium
Subhadip Sircar,
, Bloomberg
Current laws forbid the RBI from selling its own paper, and budgetary constraints could prevent the government from issuing so-called market stabilization scheme, or MSS, bonds that authorities have used in the past
Share Via
Read Full Story
The Reserve Bank of India may consider issuing its own bonds to help soak up a deluge of foreign money into stocks that threatens financial stability, according to a report published by its researchers.
RBI may consider issuing bonds to help soak up foreign money into stocks
The RBI report recommended further strengthening foreign-exchange reserves, citing the swings in the rupee around the time of the global taper tantrum in 2013
(Photo: Mint)Premium
Subhadip Sircar,
, Bloomberg
Current laws forbid the RBI from selling its own paper, and budgetary constraints could prevent the government from issuing so-called market stabilization scheme, or MSS, bonds that authorities have used in the past
Share Via
Read Full Story
The Reserve Bank of India may consider issuing its own bonds to help soak up a deluge of foreign money into stocks that threatens financial stability, according to a report published by its researchers.
The End of American 'Neutrality' in the South China Sea - Richard Javad Heydarian
Richard Javad HeydarianProfessorial Chairholder in Geopolitics, Polytechnic University of the Philippines
Since coming to power, the US President Donald Trump has upended the international order in ways both disruptive and unpredictable. His perfunctory abandonment of the Iranian Nuclear Deal and vital arms control agreements such as the Open Skies Arms Control Treaty with Russia are among the most potent expressions of “America alone” unilateralism in recent memory.
Arguably, the Trump administration’s most geopolitically consequential policy change is the abandonment of its decades-long claim (or some would say pretense) to “neutrality” on the increasingly contentious South China Sea disputes. The US Secretary of State Mike Pompeo’s recent policy statement on the maritime spats in the region is less relevant for its categorical rejection of much of China’s maritime in adjacent waters, since this is nothing new.
Richard Javad HeydarianProfessorial Chairholder in Geopolitics, Polytechnic University of the Philippines
Since coming to power, the US President Donald Trump has upended the international order in ways both disruptive and unpredictable. His perfunctory abandonment of the Iranian Nuclear Deal and vital arms control agreements such as the Open Skies Arms Control Treaty with Russia are among the most potent expressions of “America alone” unilateralism in recent memory.
Arguably, the Trump administration’s most geopolitically consequential policy change is the abandonment of its decades-long claim (or some would say pretense) to “neutrality” on the increasingly contentious South China Sea disputes. The US Secretary of State Mike Pompeo’s recent policy statement on the maritime spats in the region is less relevant for its categorical rejection of much of China’s maritime in adjacent waters, since this is nothing new.
