Floating Exchange Rates at Fifty

Maurice Obstfeld (Edited by) Maurice Obstfeld is Class of 1958 Professor of Economics at University of California, Berkeley and Chief Economist at the International Monetary Fund. His work has appeared in International Economic Journal, Journal of International Money and Finance, and elsewhere.Douglas A. Irwin (Edited by) Douglas A. Irwin, nonresident senior fellow at the Peterson Institute for International Economics, is the John French Professor of Economics at Dartmouth College.

Assess the evolution of the international monetary system, the dominance of the US dollar, and the role of exchange rate regimes in shaping the world economy.

PrefaceAcknowledgmentsIntroduction, by Douglas A. Irwin and Maurice Obstfeld1 From the Postwar World Economy to the Modern World Economy, 1973-2023, by Maurice ObstfeldPart I Historical Perspective on 1973 and Its Legacy2 From There to Here: 1973 Expectations and 2023 Reality, by Edwin M. Truman3 The Greatest of All International Monetary Reforms, by C. Fred Bergsten4 The Source of Monetary Instability, 1980-2020, by Robert Z. Aliber5 Reflections on Flexible Exchange Rates after 50 years, by Anne O. Krueger6 International Finance in 1973 and 2023: What Changed in Half a Century?, by Richard PortesPart II Politics, Institutions, and Ideas in InternationalMonetary Evolution7 The Political Economy of International Monetary Arrangements, by Jeffry Frieden8 The Euro: A Phoenix Rising from the Ashes of the Dollar?, by Harold James9 Has Japan Conquered the Fear of Freedom? Reflections on Exchange Rate Systems and Monetary Policy, by Masazumi Wakatabe10 The Trade-Finance Disconnect: Geopolitical Repricing and Its Consequences, by Yanliang Miao and Zhou Fan11 Evolving Views on Exchange Rates and Currency Unions, by Linda TesarPart III International Prices, International Adjustment, and Trade12 The Floating Dollar and the Geography of US Manufacturing, by Katheryn Russ13 Will Persistent Trade Imbalances Become a Problem?, by Joseph E. Gagnon14 Floating Exchange Rates and Trade Policy, by Douglas A. Irwin15 Fifty Years of Exchange Rate Pass-Through from a Central Banker's Perspective, by Catherine L. Mann16 Replacing the Golden Anchor for Price Stability, by Kristin ForbesPart IV Floating Exchange Rates and Emerging Markets17 How Much Insulation Do Flexible Exchange Rates Provide for Emerging Markets?, by Andrés Velasco18 Emerging Markets and the Transition to Stability: Role of Flexible Exchange Rates, by José De Gregorio19 Why Do Oil Producers in the Middle East and North Africa Still Fix Their Currencies?, by Adnan Mazarei20 Role of Flexible Exchange Rates in Three Financial Shocks in Indonesia, by Muhamad Chatib BasriPart V The Dollar and International Financial Markets21 The Fed's International Dollar Liquidity Facilities and the COVID-19 Period, by Linda S. Goldberg22 The Dollar-Based Financial System through the Window of the Foreign Exchange Swap Market, by Hyun Song Shin23 Dollar Dominance in Global Finance and Exchange Rate Policies, by ¿ebnem Kalemli-Özcan24 Strengths and Flaws of the Dollar-Based System, by Hélène ReyPart VI The Futures of the Dollar, the Euro, and the Renminbi25 "Dollar Rivals": Can the Dollar-Based System Be Improved or Replaced?, by Jeffrey A. Frankel26 The Dollar Might Slip but Will Still Rule, by Eswar Prasad27 US and Dollar Dominance in the International Monetary System: Weakening but Not Disappearing, by Philippe Martin28 50 Years since the End of Bretton Woods, 25 Years since the Launch of the Euro, by Philip R. Lane29 The Renminbi in the Post-Bretton Woods Era, by Shang-Jin WeiIndex