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Currency convertibility

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Over the past century, the world economy has passed through a succession of phases characterized by very different levels of international capital flows. This paper asks what accounts for these dramatic shifts in the extent of capital movements across national borders, three categories of explanation are considered. The first emphasizes the policy regime - attributing the unusual extent of capital flows prior to 1914 to the operation of the international gold standard, The second focuses on the stages-of-indebtedness sometimes thought to characterize the process of economic development. The third ascribes changes in the extent of capital flows to the boom-and-bust cycles through which international capital markets are thought to pass. Though each approach contributes something to our understanding of the phenomenon, none is totally satisfactory. I therefore suggest an alternative explanation, which lays stress on the increase in the magnitude of real interest rate and reel exchange race variability that has occurred over the last 100 years.

Currency convertibility.

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Debts, External --- Currency convertibility

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A system reset is imminent. Probably even before 2020, the world's financial system will need to find a different anchor. The dollar has been at the center of the monetary system since the Second World War, but decades of money printing have caused a gradual but relentless dollar devaluation. In a desperate attempt to maintain this dollar system, the United States has waged a secret war on gold since the 1960's. China and Russia have pierced through the American smokescreen around gold and the dollar and are no longer willing to continue lending to the United States. Both countries have been...

Gold standard. --- Currency convertibility.

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Stock exchanges --- Currency convertibility -- Tables