Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
9551364 | Explorations in Economic History | 2005 | 35 Pages |
Abstract
Fixed exchange rate regimes can be regarded as a “rule with escape clauses,” allowing the monetary authorities to temporarily suspend convertibility and enact a discretionary policy only under well-understood contingencies, such as wartime emergencies and financial panics. Seen from this perspective, adherence to the specie convertibility rule enables peripheral countries to establish credibility of the nation's economic policy and, thus, to obtain access to the core countries' capital markets. An example of a peripheral country is Greece during the 19th and early 20th centuries. The evidence assembled in the paper suggests that Greece tried very hard to adhere to “good housekeeping rules.”
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Social Sciences and Humanities
Arts and Humanities
History
Authors
Sophia Lazaretou,