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MGU / Atmosphere Sciences / AS 445 / What's the financial system under britain and the gold standard?

What's the financial system under britain and the gold standard?

What's the financial system under britain and the gold standard?

Description

Final Exam


What's the financial system under britain and the gold standard?



Study Guide

Introductory lectures

Date: Wednesday September 6th, 2017

Main topics:  

1: traits of useful international financial systems

Balance of payment

Date: Monday September 11th, 2017

Main Points:

1: balance of payments (surplus, deficit)

2: balance of payments adjustment

3: methods of balancing i.e. of adjustment

4: which method is chosen

5: analytical liberalism

6: example: balance of payments adjustment via deflation

7: political institutions and division over balance of payments adjustment 8: rival perspectives (realism, analytical liberalism, constructivism)


What propelled the interwar period?



9: exchange rates

10: managing exchange rates

11: analytical liberalism

12: domestic divisions over exchange rate policy (tradeable vs. non-tradeable,  complex goods vs commodities, debtor’s vs creditors)

13:

Exchange rates, Key Currency, Mundell-Fleming

Date: Monday September 11th, 2017 & Wednesday September 13th, 2017 Readings Assigned:

Main Points:  We also discuss several other topics like How are members determined in the us house?

1: domestic division over exchange rate policy

2: political institutions and division over exchange rate (analytical liberals,  realists, and constructivists) If you want to learn more check out What is the principle of conservativism?

3: key currencies

4: money in the system (medium of exchange)

5: national currencies (Susan strange + key currency)


Why did the bretton woods collapse?



We also discuss several other topics like What does comparative advantage mean in macroeconomics?

6: a national money as a key currency (key currency as a joint product +  collective and private good attributes + analytical liberalism and realism approach)

7: managing a key currency

8: the Mundell-Fleming conditions (policy choices, arbitrage, trilemma) 9: origins of Mundell-Fleming (embedded liberalism)

10: appreciating complexity

Britain and the Gold Standard

Date: Monday September 18th, 2017  

Main Points:

1: the gold standard as a regime

2: why this mix? (country banks)

3: Britain’s financial system

4: bank of England’s special role

5: the bank acts (the bank notes act of 1833, legal tender, usury laws, the bank  charter act of 1844) We also discuss several other topics like What is louis pasteur's contribution to biology?

6: interpreting Britain’s bank acts (analytical liberalism, Broz, McKeown,  realism, analytical liberalism)

7: the gold standard spreads (realism, analytical liberalism, constructivism) 8: when did others adopt the gold standard

9: attributes of the regime

10: reasons for adopting the gold standard (crime of ’73 – coinage act of 1873)

Gold Standard  

Date: Wednesday September 20th, 2017

Main Points:

1: the global standard spreads (analytical liberals, constructivism, realists, Broz) 2: impact of the gold standard (gold points)

3: balance of payments adjustment: Humes price-specie flow mechanism 4: adjustment under the gold standard (bank rate)

5: the pound becomes the key currency If you want to learn more check out How is hypothesis testing conducted?

6: the pound and international liquidity (overhang)

7: balance of payments adjustment by other states (analytical liberals, realists,  constructivists)

8: domestic pressure under the gold standard (open economy)

9: U.S. and the gold standard

10: domestic divisions over monetary policy (populists, sub treasury plan) 11: domestic pressures versus the gold standard (analytical liberal)

Interwar Period

Date: Monday September 25th, 2017 & Wednesday September 27th, 2017

Main Points:

1: the trilemma emerges (bureaucratic politics) Don't forget about the age old question of What are some examples of endemic diseases?

2: Britain’s trilemma

3: Frances trilemma

4: crises hit

5: global liquidity squeeze

6: gold exchange standard collapses (predatory devaluations)

7: was lack of cooperation critical (tripartite agreement 1936

8: collapse of the gold-exchange standard (realists, analytical liberals,  

constructivists)

Bretton Woods Conference

Date: Monday October 2nd, 2017

Main Points:

1: rival explanations (realism, analytical liberalism, constructivism)

2: Bretton woods rules

3: the Bretton woods conference (epistemic community, Ruggie, embedded  liberalism)

4: competing plans (white plan, Keynes plan)

5: Hume’s price-specie flow mechanism

6: the Bretton woods system (government and central bank, employment, IMF,  lending conditions, conditions)

7: the Bretton woods system (government and central bank, employment, ICU,  Bancor, cleaning, taxing and lending)

8: rival explanations (realism - Krasner, analytical liberalism – Frieden,  Constructivism – embedded liberalism + Ruggie)

End of Bretton Woods & Bretton Woods Collapses

Date: Wednesday October 11th, 2017

Main Points:

 1: expectations (realism, analytical liberalism, constructivism)

 2: post-war delays (IBRD)

 3: rules implemented late

 4: role of U.S. dollar

 5: what might go wrong (confidence and liquidity)

 6: first “cracks” appear (currency overhang, dollar glut, gold pool)  7: other “cracks” (Mundel and Fleming, speculation)

 8: rival explanations (realism, analytical liberalism, constructivism)  9: the dollar as key currency (federal reserve, Triffin paradox)

 10: American policy options (Nth currency problem)

 11: Comparing with Britain after world war 1

 12: Trying to “re-negotiate” Bretton woods (exporting inflation, benign neglect)  13: The Nixon shocks

 14: Lingering death of the Bretton woods regime (Smithsonian agreement, Jamaica  accords)

 15: Explaining the end of the regime (realism, analytical liberalism, constructivism,  monetarism)

Floating Exchange Rates

Date: Monday October 30th, 2017

Main Points:

1. The appeal of floating exchange rates

2. Methods of balancing (or adjusting)

3. Which option is popular after 1973

4. The Bretton woods design

5. Bretton woods in practice

6. After 1973

7. Monetarist view

8. Potential problems with floating

9. Methods of balancing (or adjusting) after 1973

10. Why state chose to address deficits via borrowing

The Debt Crisis of the 1980s

Date: Wednesday November 1st, 2017

Main Points:

1. International lending in the 1970s

2. U.S. domestic policies change

3. Impact on foreign borrowers

4. How borrowing soured

5. Initial reactions

6. U.S. – led responses

7. Why this crisis

The Debt Crisis of the 1980s

Date: Monday November 6th, 2017

Main Points:

1. Political behind short – run stabilization

2. How did the banks solve their collective action problem

3. Medium – term solutions emerge

4. Long - term solutions

5. Interpreting the crisis

Structural Adjustment Programs

Date: Wednesday November 8th, 2017

Main Points:

1. IMF & world bank performs poorly

2. The IMF: the wrong tools

3. Impact of crisis on IMF

4. Elements of SAPs

5. Controversies associated with SAPs

6. Reasons why SAPs performed poorly

7. Consequences of SAPs performance

The politics of IMF lending

Date: Monday November 13th, 2017

Main Points:

1. Transparency

2. Was the OMF impartial in 1980s and 1990s 3. Funding the IMF

4. IMF activities beyond conditionality

5. Interpreting IMF actions

Currency crises and contagion

Date: Wednesday November 15th, 2017

Main Points:

1. The post – cold war era

2. Currency crises: the “first generation” model 3. Currency crises: the “second generation” model 4. What triggers the crisis in the “second generation” 5. Contagion

6. Policy solutions

Currency crises in the 1990s

Date: Monday November 20th, 2017

Main Points:

1. Mexican peso crisis

2. Thailand & east Asian financial crisis 1997

3. Contagion effect

4. Asian financial crisis & IMF advice

5. IMF advice

6. International concerns

Learning from the 1990s

Date:

Main Points:

1. Questioning the international financial architecture

2. Why oppose regional monetary funds

3. Can the IMF serve as an international lender of last resort 4. Living without an international LLR (lessons individual states learned) 5. Evidence of the lessons applied

6. Explaining Latin Americas performance in the 2008 crisis

European monetary union & widespread pegging

Date:

Main Points:

1. Choosing whether to peg

2. Fischer describes the choices

3. Explaining patterns

4. Fishers evidence

5. Economic advantages of monetary union

6. Political advantages of monetary union

7. Disadvantages to monetary union

8. Understanding EMU

American policies

Date:

Main Points:

1. American leadership

2. U.S. imbalances with the rest of the world

3. Obstfeld’s reasons for concern

4. Competing interpretations

5. Causes of the imbalance

6. Is the U.S. still powerful

7. Special options the U.S. holds

8. Can the U.S. wield this “weapon” now

The recent financial meltdown

Date: Wednesday November 22nd, 2017

Main Points:

1. Getting into trouble

2. Trouble arrives

3. Identifying vulnerabilities

4. Financialization of the U.S. economy

5. Institutions at risk

6. New call to reform the international financial architecture 7. Effects

Rival currencies in the future

Date: Monday November 27th, 2017

Main Points:

1. Convincing others to use your currency

2. Describing the attributes that matter

3. Why sterling emerged as a key currency

4. Possible rival to the U.S. dollar: the euro

5. Possible rivals: the yuan

6. Can two currencies share the top

Responses to the meltdown

Date: Wednesday November 29th, 2017

Main Points:

1. The crisis begins

2. Crisis unfolds

3. Little regulation, little info

4. Bernanke & the American response

5. Redressing weaknesses in the system

6. Recognizing poor regulation

Contemporary exchange rate issues

Date: Monday December 4th, 2017

Main Points:

1. Changing value of the U.S. dollar

2. U.S. dollar (Fed’s index)

3. U.S. dollar vs. the euro

4. U.S. dollar vs. the yuan

5. China’s international monetary policies

6. Repercussions of exchange rate policies

7. U.S. – china friction

8. Future American monetary policy

Issues for the future in international monetary relations Date: Wednesday December 6th, 2017

Main Points:

1. Issue #1: balance of payments adjustment 2. Issue #2: exchange rates

3. Issue #2: choosing an exchange ate

4. Issue #3: ley currencies

5. Issue #4: policy choices & Mundell – Fleming 6. He Mundell – Fleming constraints

7. The international monetary regime

8. Final thoughts

Potential ID’s:

Triffin paradox

Club good

Bancor

Crawling peg

Syndication

Gold points

Dirty float

Smithsonian agreement

Open economy

Key currency

Country banks

ICU

The bank notes act of 1833

Legal tender

Usury laws

Country banks

The bank charter act of 1844 Broz

Mckeown

crime of ’73 – coinage act of 1873 gold points

bank rate

overhang

open economy

populists

sub treasury plan

bureaucratic politics

predatory devaluations

tripartite agreement 1936

Ruggie

White plan

Keynes plan

Krasner

Freiden

IMF

IBRD

Confidence

Liquidity

Dollar glut

Gold pool

Federal reserve

speculation

Nth currency problem

exporting inflation

benign neglect

Jamaica accords

monetarism

surplus

deficit

debtors

creditors

Exporting inflation

Monetarism

GATT/WTO

Fear of floating

Eurodollar

Indebted industrialization

ISI

Economic risk

Political risk

Exchange risk

LIBOR

Sovereign debt

Baker plan

Casino capitalism

Fed

Collective action

Syndication

Secondary market

Buy back

Debt conversion

Debt-equity swaps

Brady plan

Basel accords

SAPs

Chwieroth

Capital flight

Fukuyama

Hot money

Herding

Contagion

Derivatives

Currency board

Krugman

Tesebonos

Moral hazards

Emergency financing mechanism Overlapping architecture

Forum shopping

Institutionalism

LLR

Sachs

Fischer

Bipolar hypothesis

Single European act

Henning

Sub-prime lending

MBS

Financialization

ECB

PIGS

Network externalities

Fannie Mae

Freddie Mac

Cross – default swaps

Bernanke

TARP

Quantitative easing

yuan

Final Exam:

- Closely follow previous midterms

- No questions explicitly address’ the readings  

- Class lectures and use readings to supplement essay questions - Gold standard, Bretton woods, interwar (main topics)

- Historical linear way  

- Id based on lectures + if you can reference an author

- Really know the three models and choose one for the essays - Really argue one side, don’t sit between the two and use evidence if possible

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