Exchange rate politics: contemporary lessons from American history
Exchange rate politics: contemporary lessons from American history
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DOI：
10.1080/09692299408434269
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发表时间：
1994-01-01
影响因子：
4.3
通讯作者：
Frieden, Jeffry A.
中科院分区：
文献类型：
--
作者：
Frieden, Jeffry A.
本文对汇率问题的国内和国际政治提出了两个分析点。首先，它认为随着时间的推移，货币价值的政治重要性的变化最好用国际经济一体化水平的变化来解释。跨境贸易和投资越多，国家宏观经济政策对汇率的影响就越大，汇率对重要社会经济主体的影响也越大。其次，文章通过分析不同货币制度和水平的分配影响，为理解国内货币价值政治冲突的模式提供了一个起点。国际化经济集团偏好固定汇率，国内经济集团偏好浮动汇率。同样，可贸易品生产者更喜欢相对贬值的货币，非贸易品和服务生产者更喜欢相对升值的货币。这些论点适用于 19 世纪末和 20 世纪初美国围绕金本位的政治冲突。然后将它们应用于分析正在进行的欧洲货币一体化进程。
This essay makes two analytical points about the domestic and international politics of exchange rate issues. First, it argues that changes in the political prominence of currency values over time are best explained by changes in the level of international economic integration. The more cross-border trade and investment takes place, the more national macroeconomic policies implicate the exchange rate, and the more exchange rates affect important socioeconomic actors.Second, the article provides a starting point to understand the pattern of domestic political conflict over currency values by analyzing the distributional impact of different currency regimes and levels. Internationally oriented economic groups prefer fixed exchange rates, domestically based groups prefer floating rates. Similarly, tradables producers prefer a relatively depreciated currency, producers of non-tradable goods and services a relatively appreciated one.The arguments are brought to bear on American political conflict over the gold standard in the late 19th and early 20th century. They are then applied to analysis of the ongoing process of European monetary integration.