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Article
Publication date: 1 February 1998

George S. Tavlas

Offers a response to David Laidler’s article “More on Hawtrey, Harvard and Chicago”, in this issue. Asserts that the unique Chicagoan quantity‐theory of the early 1930s…

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286

Abstract

Offers a response to David Laidler’s article “More on Hawtrey, Harvard and Chicago”, in this issue. Asserts that the unique Chicagoan quantity‐theory of the early 1930s embodied a policy framework which left it immune from the Keynesian revolution and contained important linkages with Friedman’s views in its business‐cycle analysis and policy positions. Claims that this tradition explains why Chicago (and not Harvard) originated the monetarist counter‐revolution.

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Journal of Economic Studies, vol. 25 no. 1
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 1 February 1998

David Laidler

Responds to George Tavlas’ comments in “More on the Chicago tradition”, in this issue, and once again assesses the contribution of individuals to “the Chicago tradition”…

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181

Abstract

Responds to George Tavlas’ comments in “More on the Chicago tradition”, in this issue, and once again assesses the contribution of individuals to “the Chicago tradition” of the 1930s.

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Journal of Economic Studies, vol. 25 no. 1
Type: Research Article
ISSN: 0144-3585

Keywords

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Article
Publication date: 1 February 1998

David Laidler

The similarities among the writings of Ralph Hawtrey, Lauchlin Currie and Milton Friedman are re‐affirmed, as is the influence of the former on what Friedman has called…

Abstract

The similarities among the writings of Ralph Hawtrey, Lauchlin Currie and Milton Friedman are re‐affirmed, as is the influence of the former on what Friedman has called “the Chicago tradition” of the 1930s. The underconsumptionist analysis of Paul Douglas is not integral to that tradition.

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Journal of Economic Studies, vol. 25 no. 1
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 13 May 2014

Jun Wu, Yingli Pan and Qi Zhu

– The purpose of this paper is to identify the determinants for currency internationalization and forecast the potential of RMB as an international reserve currency.

Abstract

Purpose

The purpose of this paper is to identify the determinants for currency internationalization and forecast the potential of RMB as an international reserve currency.

Design/methodology/approach

This paper performs linear or non-linear regressions of the shares of eight major international reserve currencies as the reserve assets in global central banks on the macro economic and financial variables of their corresponding countries to identify the determinants for their international positions, and conducts an “counter-factual simulation” for the potential of RMB as an international reserve currency.

Findings

This paper finds that the economic size and the “network externalities” are the most important determinants for the international status of a reserve currency; that exchange rate volatility has negative impacts; the conditions for the RMB internationalization are basically available. The simulation for the potential of RMB as an international reserve currency reveals that the international role of RMB could surpass that of the Japanese Yen and the British Pound, and get close to Euro in the coming 15 years. Based on the empirical evidence, this paper suggests a promoting strategy for RMB internationalization.

Research limitations/implications

This paper has not taken the influence of economic systemic and political factors on the process of RMB internationalization into account.

Practical implications

RMB internationalization promotion should follow the strategy of “stably create RMB international demand in the initial period and dramatically release the RMB overseas supply in the latter period” in the coming 15 years.

Originality/value

The conclusions and policy implications are from the results of the empirical analysis on the 45-year historical experience on the eight main international currencies.

Details

China Finance Review International, vol. 4 no. 2
Type: Research Article
ISSN: 2044-1398

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Article
Publication date: 1 February 2004

John Smithin

This paper is a review essay of Leeson, R. (Ed.), Keynes, Chicago and Friedman (2 volumes), Pickering and Chatto, London, 2003. These volumes contain a comprehensive…

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1683

Abstract

This paper is a review essay of Leeson, R. (Ed.), Keynes, Chicago and Friedman (2 volumes), Pickering and Chatto, London, 2003. These volumes contain a comprehensive collection of previously published papers, and also some interesting new materials, relating to the controversy about the accuracy of Milton Friedman's depiction of the “oral tradition” in monetary economics at the University of Chicago in the 1930s and 1940s. As such, the work is a notable addition to the scholarly literature. The broader issue raised by this collection is the precise relationship between Friedman's “monetarism” and the so‐called “Keynesian economics” of the neoclassical synthesis, and specifically, whether there was any real difference between them.

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Journal of Economic Studies, vol. 31 no. 1
Type: Research Article
ISSN: 0144-3585

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Book part
Publication date: 7 January 2016

George Labrinidis

The purpose of this paper is to contribute to understanding modern monetary arrangements from a Marxist perspective that takes into account recent developments in the…

Abstract

The purpose of this paper is to contribute to understanding modern monetary arrangements from a Marxist perspective that takes into account recent developments in the Marxist theory of world money. The paper treats the US dollar as a primus inter pares quasi-world money and challenges the argument of US hegemony by exploring the behavior of major capitalist states and selected developing countries, the BRICS, in so far as their official international reserves are concerned. The findings reveal a clear pattern in the behavior of major capitalist states in terms of the size and form of their reserves with the variations in them implying a hierarchical structure of the corresponding quasi-world moneys. The analysis focuses on developed countries and treats them individually. The merit of this approach, distinctive in the literature on international reserves, is that it reveals the above-mentioned pattern which is blurred when Japan is included. The results imply that current international monetary arrangements reflect and promote multipolarity and competition on the geopolitical scene, the evolution of which is historical.

Details

Analytical Gains of Geopolitical Economy
Type: Book
ISBN: 978-1-78560-336-5

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Book part
Publication date: 4 December 2006

Volker Nitsch

Abstract

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Designing the New European Union
Type: Book
ISBN: 978-1-84950-863-6

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Article
Publication date: 1 December 1999

Roger J. Sandilands

Reproduces the main texts of hitherto unpublished reminiscences of the style and influence, as a teacher, of Allyn Abbott Young (1876‐1929) by 17 of his distinguished…

Abstract

Reproduces the main texts of hitherto unpublished reminiscences of the style and influence, as a teacher, of Allyn Abbott Young (1876‐1929) by 17 of his distinguished students. They include Bertil Ohlin, Nicholas Kaldor, James Angell, Lauchlin Currie, Colin Clark, Howard Ellis, Frank Fetter, Earl Hamilton, and Melvin Knight (brother of Frank Knight who, with Edward Chamberlin, was perhaps Young’s most famous PhD student). There has recently been a revival of interest in Young’s influence on US monetary thought and in his theory of economic growth based on endogenous increasing returns. These recollections of his students (addressed to Young’s biographer, Charles Blitch) shed light on why Young has, at least until recently, been renowned more for his massive erudition than for his published writings.

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Journal of Economic Studies, vol. 26 no. 6
Type: Research Article
ISSN: 0144-3585

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Book part
Publication date: 26 April 2014

Nikolaos Giannellis and Georgios P. Kouretas

The aim of this study is to examine whether China’s exchange rate follows an equilibrium process and consequently to answer the question of whether or not China’s

Abstract

Purpose

The aim of this study is to examine whether China’s exchange rate follows an equilibrium process and consequently to answer the question of whether or not China’s international competitiveness fluctuates in consistency with equilibrium.

Design/methodology/approach

The theoretical background of the paper relies on the Purchasing Power Parity (PPP) hypothesis, while the econometric methodology is mainly based on a nonlinear two-regime Threshold Autoregressive (TAR) unit root test.

Findings

The main finding is that China’s price competitiveness was not constantly following a disequilibrium process. The two-regime threshold model shows that PPP equilibrium was confirmed in periods of relatively high – compared to the estimated threshold – rate of real yuan appreciation. Moreover, it is implied that the fixed exchange rate regime cannot ensure external balance since it can neither establish equilibrium in the foreign exchange market, nor confirm that China’s international competitiveness adjustment follows an equilibrium process.

Practical implications

The results do not imply that China acts as a currency manipulator. However, a main policy implication of the paper is that China should continue appreciating the yuan to establish external balance.

Originality/value

This paper is the first which accounts for a nonlinear two-regime process toward a threshold, which is defined to be the rate of change in China’s international competitiveness. Consequently, the paper draws attention to the role of China’s international competiveness in accepting the PPP hypothesis.

Details

Macroeconomic Analysis and International Finance
Type: Book
ISBN: 978-1-78350-756-6

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Book part
Publication date: 16 October 2003

Michele Fratianni

This paper reviews the thirteen-year record of Open Economies Review (OER), an economics journal specializing in issues of the open economy, both at the micro and macro…

Abstract

This paper reviews the thirteen-year record of Open Economies Review (OER), an economics journal specializing in issues of the open economy, both at the micro and macro levels. It first examines the journal’s output – defined by number and type of articles published, location of the authors’ institutional affiliation, recurrent themes, and rejection rates – and then critically assesses the development of big themes in international economics and finance, where OER authors have made a contribution. The main conclusion is that national border represents a big constraint to the expansion of the open economy, a point not lost by OER authors.

Details

Leadership in International Business Education and Research
Type: Book
ISBN: 978-1-84950-224-5

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