Skip to content
Register Sign in Wishlist

Credibility and the International Monetary Regime
A Historical Perspective

$30.00 USD

Part of Studies in Macroeconomic History

Michael D. Bordo, Ronald MacDonald, C. Paul Hallwood, Ian W. Marsh, Michael J. Oliver, Myrvin Anthony, Hali Edison
View all contributors
  • Date Published: May 2012
  • availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
  • format: Adobe eBook Reader
  • isbn: 9781139210812

$ 30.00 USD
Adobe eBook Reader

You will be taken to for this purchase
Buy eBook Add to wishlist

Other available formats:
Paperback, Hardback

Looking for an inspection copy?

This title is not currently available on inspection

Product filter button
About the Authors
  • The present global monetary regime is based on floating among the major advanced countries. A key underlying factor behind the present regime is credibility to maintain stable monetary policies. The origin of credibility in monetary regimes goes back to the pre-1914 classical gold standard. In that regime, adherence by central banks to the rule of convertibility of national currencies in terms of a fixed weight of gold provided a nominal anchor to the price level. Between 1914 and the present several monetary regimes gradually moved away from gold, with varying success in maintaining price stability and credibility. In this book, the editors present ten studies combining historical narrative with econometrics that analyze the role of credibility in four monetary regimes, from the gold standard to the present managed float.

    • Credibility in different monetary regimes is a hot topic in economics and finance
    • The essays combine rich historical narratives with sophisticated econometrics
    • Primarily focused on developed countries but also usable for emerging economies
    Read more

    Reviews & endorsements

    'This collection of state-of-the-art studies, combining deep historical knowledge with modern statistical methods, sheds important new light on long-standing controversies concerning the evolution of the international monetary system.' Barry Eichengreen, University of California, Berkeley

    'An excellent book and, when policy credibility comes once more on the front stage, a timely one.' Marc Flandreau, Graduate Institute of International and Development Studies, Geneva

    'This book constitutes a rigorous and compelling investigation of how credibility in fixed exchange rate systems can be tested and compared. It is a major contribution both to financial history and to policy debates about the circumstances in which pegged exchange rate systems can be sustained.' Harold James, Princeton University

    'Trying to understand monetary policy without an appreciation of credibility is like watching Hamlet without the Prince of Denmark. This volume provides a one-stop shop for a balanced and comprehensive set of studies on monetary credibility; highly recommended.' Andrew K. Rose, Haas School of Business, University of California

    See more reviews

    Customer reviews

    Not yet reviewed

    Be the first to review

    Review was not posted due to profanity


    , create a review

    (If you're not , sign out)

    Please enter the right captcha value
    Please enter a star rating.
    Your review must be a minimum of 12 words.

    How do you rate this item?


    Product details

    • Date Published: May 2012
    • format: Adobe eBook Reader
    • isbn: 9781139210812
    • contains: 39 b/w illus. 46 tables
    • availability: This ISBN is for an eBook version which is distributed on our behalf by a third party.
  • Table of Contents

    Part I. Introduction:
    1. Credibility and the international monetary regime: theoretical and historical perspectives Michael D. Bordo and Ronald MacDonald
    Part II. Classical Gold Standard:
    2. Credibility and fundamentals: were the classical and inter-war gold standards well-behaved target zones? C. Paul Hallwood, Ronald MacDonald and Ian W. Marsh
    3. Interest rate interactions in the classical gold standard, 1880–1914: was there any monetary independence? Michael D. Bordo and Ronald MacDonald
    4. Realignment expectations and the US dollar, 1890–7: was there a peso problem? C. Paul Hallwood, Ronald MacDonald, and Ian W. Marsh
    Part III. Inter-War Period:
    5. The inter-war gold exchange standard: credibility and monetary independence Michael D. Bordo and Ronald MacDonald
    6. Crash! Expectational aspects of the UK's and the USA's departures from the inter-war gold standard C. Paul Hallwood, Ronald MacDonald and Ian W. Marsh
    7. Did impending war in Europe help destroy the gold bloc in 1936? An internal inconsistency hypothesis C. Paul Hallwood, Ronald MacDonald and Ian W. Marsh
    Part IV. Bretton Woods Period:
    8. Sterling in crisis:
    1964–7 Michael D. Bordo, Ronald MacDonald and Michael J. Oliver
    Part V. The European Monetary System:
    9. On the mean-reverting properties of target zone exchange rates: some evidence from the ERM Myrvin Anthony and Ronald MacDonald
    10. Credibility and interest rate discretion in the ERM Hali Edison and Ronald MacDonald.

  • Editors

    Michael D. Bordo, Rutgers University, New Jersey
    Michael D. Bordo is Professor of Economics and Director of the Center for Monetary and Financial History at Rutgers University, New Brunswick, New Jersey. He is a Research Associate of the National Bureau of Economic Research, Cambridge, Massachusetts. He holds a BA from McGill University, an MSc(Econ) from the London School of Economics and a PhD from the University of Chicago. He has published many articles in leading journals in monetary economics and economic history. Recent publications include A Retrospective on the Bretton Woods International Monetary System (1993, with Barry Eichengreen); The Defining Moment: The Great Depression and the American Economy in the Twentieth Century (1998, with Claudia Goldin and Eugene White); Essays on the Gold Standard and Related Regimes (Cambridge University Press 1999, paperback 2005); and Globalization in Historical Perspective (2003, with Alan Taylor and Jeffrey Williamson).

    Ronald MacDonald, University of Edinburgh
    Ronald MacDonald is currently the Adam Smith Professor of Political Economy at the University of Glasgow. He is also a Fellow of the Royal Society of Edinburgh, Research Fellow of the CESifo Research Network Munich and an International Fellow of the Kiel Institute of Economics. He holds a BA in economics from Heriot Watt University, Edinburgh and an MA and PhD from the University of Manchester. He has published widely in the areas of macroeconomics, monetary economics and international finance in journals such as the Journal of Monetary Economics, the Journal of Money Credit and Banking, the Economic Journal and the European Economic Review. His recent books include Exchange Rate Economics: Theories and Evidence (2007); The Political Economy of Financing Scottish Government (2009, with C. Paul Hallwood); and Currency Union and Exchange Rate Issues (2010, with Abdulrazak Al Faris).


    Michael D. Bordo, Ronald MacDonald, C. Paul Hallwood, Ian W. Marsh, Michael J. Oliver, Myrvin Anthony, Hali Edison

Sign In

Please sign in to access your account


Not already registered? Create an account now. ×

Sorry, this resource is locked

Please register or sign in to request access. If you are having problems accessing these resources please email

Register Sign in
Please note that this file is password protected. You will be asked to input your password on the next screen.

» Proceed

You are now leaving the Cambridge University Press website. Your eBook purchase and download will be completed by our partner Please see the permission section of the catalogue page for details of the print & copy limits on our eBooks.

Continue ×

Continue ×

Continue ×

Find content that relates to you

Join us online

This site uses cookies to improve your experience. Read more Close

Are you sure you want to delete your account?

This cannot be undone.


Thank you for your feedback which will help us improve our service.

If you requested a response, we will make sure to get back to you shortly.

Please fill in the required fields in your feedback submission.