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Working Paper
SDRs, interest and the aid link: further analysis
Working Paper
The adequacy of the data on U.S. international financial transactions: a Federal Reserve perspective
This paper was prepared for the meeting of the Panel on International Capital Transactions of the National Research Council (National Academy of Sciences), April 23, 1992. There are well-documented inadequacies in the data on U.S. international capital flows, cross-border holdings of assets, and investment income. In order to set priorities for data improvements, it is necessary to evaluate our needs for information, survey possible additions and alternatives to the current data collection system, and weigh the costs and benefits of proposed improvements. ; This paper focuses on only one ...
Conference Paper
Asian regional policy coordination
Working Paper
Approaches to managing external equilibria: where we are, where we might be headed, and how we might get there
This paper examines the issue of the U.S. external deficit in a global context. First, the paper considers certain aspects of the current economic situation that have contributed to the U.S. deficit and the progress that has been made to date in laying the basis for its narrowing. Second, the paper raises some questions about the international economic implications of a substantial reduction in the U.S. fiscal deficit, about the need for additional impetus to bring about further adjustment in the U.S. current account deficit, and about the preparedness of other industrial countries to absorb ...
Working Paper
International economic policy: the role of exchange rates
This paper examines the role of exchange rate changes in the international economic adjustment and policy process. The pre-1973 academic literature on flexible exchange rates is examined in light of the experience since 1973. Some thoughts on the efficacy and appropriate role of exchange rate changes in the international economy are then presented.
Journal Article
The Mexican peso crisis: implications for international finance
The Mexican peso crisis has raised legitimate questions about Mexican economic policies before and during the events of December 1994 and January 1995, but its propagation through international financial markets has also pointed to broader questions about those markets. This article considers the international financial implications of the peso crisis from three perspectives: the creditors and their markets, the countries receiving large capital inflows, and the functioning of the international financial system.
Journal Article
Reflections
Working Paper
The Federal Reserve engages the world (1970-2000): an insider's narrative of the transition to managed floating and financial turbulence
This paper traces the evolution of the Federal Reserve and its engagement with the global economy over the last three decades of the 20th century: 1970 to 2000. The paper examines the Federal Reserve?s role in international economic and financial policy and analysis covering four areas: the emergence and taming of the great inflation, developments in US external accounts, foreign exchange analysis and activities, and external financial crises. It concludes that during this period the US central bank emerged to become the closest the world has to a global central bank.