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Full-Text Articles in Social and Behavioral Sciences
On The Internationalization Of Portfolios, William C. Brainard, James Tobin
On The Internationalization Of Portfolios, William C. Brainard, James Tobin
Cowles Foundation Discussion Papers
Portfolio theory has been an important component of open economy macroeconomic models. In those models, it is essential to distinguish among several categories of assets, both foreign and domestic, and to specify the demands and supplies. This framework has become increasingly relevant. Movements of capital across regional and national boundaries, and across currencies, have exploded in volume, thanks to the dismantling of currency and exchange controls and other financial regulations and to revolutionary economies in technologies of communication and transactions. The globalization of financial markets was stimulated by the floating exchange rate regime established in 1973.
International Currency Regimes, Capital Mobility, And Macroeconomic Policy, James Tobin
International Currency Regimes, Capital Mobility, And Macroeconomic Policy, James Tobin
Cowles Foundation Discussion Papers
The structure of the international monetary system is once again a topic of great interest and controversy — among economists, business managers, financiers, and government leaders. Many members of all these groups are acutely dissatisfied with the floating exchange rate regime that succeeded the Bretton Woods system two decades ago. Within the European Community, the Exchange Rate Mechanism has re-established a regime of “adjustable pets.” After 1992 financial markets and institutions will cover the entire Community. The further step of issuing a common European currency is under serious consideration, and beyond that the more drastic step of replacing national currencies …