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Editorial for the Special Issue of Comparative Economic Studies: 50 Years After the End of Bretton Woods—The Experiences of Small Open Economies 为《比较经济研究》特刊撰写的社论:布雷顿森林体系结束 50 年后--小型开放经济体的经验
IF 0.8 Q2 ECONOMICS Pub Date : 2024-08-26 DOI: 10.1057/s41294-024-00244-y
Alexander Rathke, Tobias Straumann, Jan-Egbert Sturm

This special issue of Comparative Economic Studies, commemorating fifty years since the end of the Bretton Woods system, examines the adjustment of small open economies to floating exchange rates and new monetary policy frameworks. Based on a workshop held at the KOF Swiss Economic Institute in June 2023, six papers analyse dimensions such as the evolution of monetary policy regimes, the impact of economic crises and the use of unconventional monetary policies in Canada, Israel, Norway, Sweden and Switzerland. The findings highlight the benefits and limitations of inflation targeting, the challenges of global financial integration and the strategic responses of central banks to maintain stability and independence, providing policymakers with valuable insights into the complex dynamics of monetary policy in the post-Bretton Woods era.

本期《比较经济研究》特刊旨在纪念布雷顿森林体系结束五十年,探讨小型开放经济体对浮动汇率和新货币政策框架的调整。六篇论文以 2023 年 6 月在 KOF 瑞士经济研究所举行的研讨会为基础,分析了加拿大、以色列、挪威、瑞典和瑞士的货币政策制度演变、经济危机的影响以及非常规货币政策的使用等方面。研究结果强调了通货膨胀目标制的益处和局限性、全球金融一体化的挑战以及中央银行为保持稳定和独立性而采取的战略应对措施,为政策制定者了解后布雷顿森林时代货币政策的复杂动态提供了宝贵的见解。
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引用次数: 0
Made in Frankfurt? The Monetary Policy of the Swiss National Bank Since 1973 法兰克福制造?1973 年以来瑞士国家银行的货币政策
IF 0.8 Q2 ECONOMICS Pub Date : 2024-08-02 DOI: 10.1057/s41294-024-00242-0
Alexander Rathke, Tobias Straumann

The paper investigates the monetary policy of the Swiss National Bank (SNB) in the post-Bretton Woods era, shedding light on the dynamics between the SNB and the Bundesbank and its successor, the European Central Bank, respectively. Our econometric analysis shows a high degree of synchronisation between the SNB’s interest rate changes and the decisions made in Frankfurt. The results also suggest a strong tendency toward direct exchange rate targeting before 1999, which coincides with a period of lower demand shock synchronization. This finding is supported by our analysis of the minutes of the Governing Board of the SNB for the period between 1982 and 1993. The discussions and decisions of the board show that Swiss monetary policy was largely guided by policy rate changes of the Bundesbank. The SNB routinely set the policy rate below the policy rate of the Bundesbank to enforce an implicit exchange rate target.

本文研究了后布雷顿森林体系时代瑞士国家银行(SNB)的货币政策,揭示了瑞士国家银行分别与德国联邦银行及其后继者欧洲中央银行之间的动态关系。我们的计量经济学分析表明,瑞士国家银行的利率变化与法兰克福的决策高度同步。结果还表明,在 1999 年之前,直接设定汇率目标的趋势非常明显,这与需求冲击同步性较低的时期相吻合。我们对苏格兰国家银行理事会 1982 年至 1993 年期间的会议记录进行的分析支持了这一结论。理事会的讨论和决定表明,瑞士的货币政策在很大程度上以联邦银行的政策利率变化为指导。瑞士央行经常将政策利率设定在联邦银行的政策利率之下,以执行隐含的汇率目标。
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引用次数: 0
Norway’s Road to Inflation Targeting: Overcoming the Fear of Floating 挪威的通胀目标之路:克服对浮动的恐惧
IF 0.8 Q2 ECONOMICS Pub Date : 2024-07-19 DOI: 10.1057/s41294-024-00241-1
Øyvind Eitrheim, Jan Fredrik Qvigstad

We review developments in monetary policy and exchange rate regimes in Norway since the Bretton Woods system collapsed. Norway has traditionally had a monetary policy regime geared towards exchange rate stability. The long history with fixed exchange rates as "normalcy" may be one factor which explains the rather late transition to inflation targeting in Norway. This "fear of floating" may seem hard to explain today. We look at five episodes, in 1992, 1998, 2008, 2014 and 2020, respectively, through the lens of the prevailing monetary regime in real-time. What if we had reacted "as if" under the opposite regime?

我们回顾了自布雷顿森林体系崩溃以来挪威货币政策和汇率制度的发展。挪威的货币政策体系历来以汇率稳定为目标。长期以来,固定汇率被视为 "常态",这可能是挪威较晚才过渡到通货膨胀目标制的一个原因。这种 "对浮动的恐惧 "在今天看来似乎难以解释。我们将从现行货币制度的角度,实时审视1992年、1998年、2008年、2014年和2020年的五次事件。如果我们在相反的制度下做出 "相同 "的反应会怎样?
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引用次数: 0
A Systematic Literature Review of Income Inequality in Central–Eastern European Countries 中东欧国家收入不平等问题系统文献综述
IF 0.8 Q2 ECONOMICS Pub Date : 2024-07-01 DOI: 10.1057/s41294-024-00240-2
Byambasuren Dorjnyambuu

This review offers a comprehensive perspective on income inequality literature in Central–Eastern European (CEE) nations, with a specific focus on six countries: Bulgaria, Romania, Poland, Hungary, Czechia, and Slovakia. By thoroughly examining existing research, this review uncovers the underlying factors and root causes contributing to varying income inequality levels and trends across CEE countries. The investigation is conducted through a systematic literature review and network analysis, focusing on the literature published since 1990, mainly on recent studies. The review is structured around three thematic frameworks (concept and measures, evidence, and causes). These three strands of the literature review not only offer a comprehensive picture of income inequality in CEE countries but also identify critical research gaps for further studies. The review underscores several critical areas for improvement within CEE studies. These include addressing gaps in geographical and temporal coverage, utilizing alternative measurements of income inequality, and investigating the causes of diverging trends in income inequality among CEE countries. Moreover, there is a pressing need to expand the understanding of the determinants influencing income inequality in these nations, which presents a significant opportunity for future research.

这篇综述从一个全面的视角探讨了中东欧(CEE)国家的收入不平等问题,重点关注六个国家:保加利亚、罗马尼亚、波兰、匈牙利、捷克和斯洛伐克。通过深入研究现有研究,本综述揭示了造成中东欧国家不同收入不平等水平和趋势的潜在因素和根本原因。调查通过系统的文献综述和网络分析进行,重点关注 1990 年以来发表的文献,主要是近期的研究。文献综述围绕三个主题框架(概念和措施、证据和原因)展开。文献综述的这三个方面不仅提供了中欧和东欧国家收入不平等的全面情况,而且还确定了有待于进一步研究的关键研究缺口。审查强调了中欧和东欧研究中需要改进的几个关键领域。这些领域包括解决地域和时间覆盖方面的差距、利用其他收入不平等衡量方法以及调查中欧和东欧国家收入不平等趋势差异的原因。此外,迫切需要扩大对影响这些国家收入不平等的决定因素的了解,这为今后的研究提供了重要机会。
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引用次数: 0
Exchange Rate Regime Choices in Small Open Economies from Bretton Woods to Inflation Targeting 从布雷顿森林体系到通胀目标制,小型开放经济体的汇率制度选择
IF 0.8 Q2 ECONOMICS Pub Date : 2024-06-03 DOI: 10.1057/s41294-024-00237-x
Nathan Sussman, Charles Wyplosz

After centuries of metallic monies, for a long time, our understanding of fiat money had remained rudimentary and often controversial. Successive regimes eventually failed. The end of the Bretton Woods system marked the moment when the link between fiat money and gold was severed and when the possibility of letting exchange rates float became possible. The small open economies adopted various arrangements. Informed by these experiments, the understanding of monetary policy substantially progressed, leading to the widespread adoption of the expected inflation-targeting strategy with similar inflation targets. As a result, exchange rate variability has declined. The US dollar dominance was maintained and even increased. Yet, new challenges have emerged. The long period of interest rates stuck at the effective bound effectively suspended the use of the strategy. Then, during the post-pandemic surge in inflation rates, inflation forecasts became highly imprecise.

在经历了数个世纪的金属货币时代后,我们对法定货币的理解在很长一段时间内仍然是初级的,而且经常引起争议。接二连三的制度最终都失败了。布雷顿森林体系的终结标志着法币与黄金之间的联系被切断,汇率浮动成为可能。小型开放经济体采取了各种安排。在这些试验的启发下,人们对货币政策的理解有了实质性的进步,从而广泛采用了预期通货膨胀目标战略和类似的通货膨胀目标。因此,汇率的可变性有所下降。美元的主导地位得以保持甚至增强。然而,新的挑战又出现了。利率长期停留在有效边界,实际上中止了该战略的使用。然后,在大流行后通货膨胀率飙升期间,通货膨胀预测变得非常不精确。
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引用次数: 0
Natural Resource Rents, Manufacturing Trade, and Manufacturing Growth: Evidence from Linear and Nonlinear Regressions for ECOWAS Countries 自然资源租金、制造业贸易和制造业增长:西非经共体国家线性和非线性回归的证据
IF 0.8 Q2 ECONOMICS Pub Date : 2024-05-06 DOI: 10.1057/s41294-024-00234-0
Essotanam Mamba

This study examines the effects of manufacturing trade and natural resource rents (NRRs) on manufacturing growth in the Economic Community of West African States (ECOWAS) from 1996 to 2020. While industrialization plays an important role in the process of economic growth and poverty reduction, descriptive evidence shows a very low level of manufacturing growth in ECOWAS. The instrumental variables approach with fixed effects is applied to address the endogeneity, autocorrelation, heteroscedasticity and heterogeneity issues. We find a positive (negative) effect of manufacturing trade, manufacturing exports and intra-ECOWAS trade (NRRs) on manufacturing growth while manufacturing imports and total trade are insignificant. However, additional findings show that their effects (manufacturing trade, NRRs) vary from one country to another. Furthermore, we reveal the presence of the Laffer natural resource Curve (inverted U). Finally, the effect of manufacturing trade on manufacturing growth is mediated via NRRs. ECOWAS policymakers must rely on both manufacturing trade and intra-trade in the ECOWAS region to boost manufacturing growth. Also, better management of natural resource rents associated with good trade policies is needed to stimulate manufacturing growth.

本研究探讨了 1996 年至 2020 年制造业贸易和自然资源租金对西非国家经济共同体(西非经共体)制造业增长的影响。虽然工业化在经济增长和减贫过程中发挥着重要作用,但描述性证据显示西非国家经济共同体的制造业增长水平非常低。为了解决内生性、自相关性、异方差性和异质性问题,我们采用了带有固定效应的工具变量方法。我们发现,制造业贸易、制造业出口和西非经共体内部贸易(NRRs)对制造业增长有正(负)影响,而制造业进口和贸易总额的影响并不显著。然而,其他研究结果表明,它们(制造业贸易、净减税率)的影响因国家而异。此外,我们还发现了拉弗自然资源曲线(倒 U 型)的存在。最后,制造业贸易对制造业增长的影响是通过净资源回报率介导的。西非经共体的决策者必须依靠西非经共体地区的制造业贸易和内部贸易来促进制造业增长。此外,还需要更好地管理与良好贸易政策相关的自然资源租金,以刺激制造业增长。
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引用次数: 0
The Effects of Taxation on Income Inequality in Sub-Saharan Africa 税收对撒哈拉以南非洲收入不平等的影响
IF 0.8 Q2 ECONOMICS Pub Date : 2024-05-02 DOI: 10.1057/s41294-024-00235-z
Idrissa Ouedraogo, Issa Dianda, Pegdwende Patrik Roland Ouedraogo, Tiraogo Rodrigue Ouedraogo, Bassirou Konfe

This paper investigates the effects of taxation on income inequality in an unbalanced panel of 45 countries in Sub-Saharan Africa over the period 1980–2018. We use two-stage least squares and the instrumental variables quantile regression estimates. We find that taxation widens income inequality and that the increasing effects of taxation on income inequality are higher in the most unequal countries than in the least unequal ones. The paper provides evidence that countries in Sub-Saharan Africa should improve the progressivity of their tax systems, so that taxation policy can be used to reduce income inequality.

本文通过一个由撒哈拉以南非洲 45 个国家组成的非平衡面板,研究了 1980-2018 年期间税收对收入不平等的影响。我们使用两阶段最小二乘法和工具变量量子回归估计。我们发现,税收扩大了收入不平等,税收对收入不平等的增加效应在最不平等国家高于最不平等国家。本文提供的证据表明,撒哈拉以南非洲国家应提高税收制度的累进性,以便利用税收政策减少收入不平等。
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引用次数: 0
The Importance of Sound Monetary Policy: Some Lessons for Today from Canada’s Experience with Floating Exchange Rates Since 1950 稳健货币政策的重要性:加拿大自 1950 年以来实行浮动汇率的一些经验对当今的启示
IF 0.8 Q2 ECONOMICS Pub Date : 2024-03-02 DOI: 10.1057/s41294-024-00232-2
Michael D. Bordo, Pierre L. Siklos

In this paper, we revisit the Canadian experience with floating exchange rates since 1950. Canada was a pioneer in successfully adopting a floating exchange rate during the Bretton Woods pegged exchange rate regime. Since then, most advanced countries have followed the Canadian example. A key finding of our paper based on historical narrative and econometric analysis is that economic performance under floating depended on its monetary policy performance as Milton Friedman originally argued in his seminal 1953 article making the case for floating exchange rates. Canadian monetary policy achieved low and stable inflation once it adopted inflation targeting as a nominal anchor. Also, Canada’s floating exchange rate provided it with a modicum of insulation from external shocks, especially commodity price shocks that influenced both the level and volatility of the real exchange rate over the past three decades. The Canadian experience with floating (along with that of other small open economies such as Australia, New Zealand and Sweden) combined with inflation targeting became a global model for sound monetary policy.

在本文中,我们将重新审视加拿大自 1950 年以来在浮动汇率方面的经验。在布雷顿森林体系的联系汇率制度下,加拿大是成功采用浮动汇率的先驱。此后,大多数先进国家都效仿了加拿大的做法。本文基于历史叙述和计量经济学分析得出的一个重要结论是,浮动汇率下的经济表现取决于货币政策的表现,正如米尔顿-弗里德曼(Milton Friedman)在其 1953 年的开创性文章中为浮动汇率提出的最初论点。加拿大的货币政策在采用通货膨胀目标制作为名义锚之后,实现了低而稳定的通货膨胀。此外,加拿大的浮动汇率也使其在一定程度上抵御了外部冲击,特别是商品价格的冲击,在过去三十年中,商品价格对实际汇率的水平和波动都产生了影响。加拿大的浮动汇率经验(以及澳大利亚、新西兰和瑞典等其他小型开放经济体的浮动汇率经验)与通货膨胀目标相结合,成为全球健全货币政策的典范。
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引用次数: 0
Effects of Quantitative Easing on Economic Sentiment: Evidence from Three Large Economies 量化宽松政策对经济情绪的影响:来自三个大型经济体的证据
IF 0.8 Q2 ECONOMICS Pub Date : 2024-02-23 DOI: 10.1057/s41294-024-00233-1
Benjamin Baker, Murat Üngör

We analyze the impact of quantitative easing (QE) on economic sentiment variables (business and consumer confidence, uncertainty, and volatility) within three large and advanced economies (Europe, Japan, and the US), an area which has been left relatively unexamined. We observe a strong response of the economic sentiment variables in the US to a QE shock. Over a longer time-horizon, the forecast error variance decompositions show that the US is the only economy where the QE shock accounts for a large and persistent portion of the variance in the economic sentiment variables across the different specifications used. The shocks in Japan and Europe tend to account for a very small amount of the variance in the corresponding variables, even at longer time horizons.

我们分析了量化宽松政策(QE)对三大发达经济体(欧洲、日本和美国)经济景气变量(企业和消费者信心、不确定性和波动性)的影响,这一领域相对而言尚未得到研究。我们观察到美国的经济情绪变量对量化宽松冲击的强烈反应。在较长的时间跨度内,预测误差方差分解显示,在所使用的不同规格中,美国是唯一一个量化宽松冲击占经济景气变量方差较大且持续部分的经济体。日本和欧洲的冲击往往只占相应变量方差的很小一部分,即使在较长的时间跨度内也是如此。
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引用次数: 0
Heterogeneous role of resource dependence on industrialization in developing countries 资源依赖对发展中国家工业化的不同作用
IF 0.8 Q2 ECONOMICS Pub Date : 2024-01-03 DOI: 10.1057/s41294-023-00231-9
Paul Awoa Awoa, Henri Atangana Ondoa
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引用次数: 0
期刊
Comparative Economic Studies
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