Publications by Date

1999
Frankel J. Is the US Interested in Exercising Dollar Diplomacy?, in InterAmerican Development Bank. Panama City, Panama ; 1999. Publisher's Version
Frankel J. No Single Currency Regime is Right for All Countries or at All Times, in Graham Lecture. Princeton University ; 1999. Publisher's Version
Frankel J. The New Financial Architecture: Exchange Rate Regimes and Financial Integration. The Brookings Instutition. 1999;Policy Brief no. 51.
Frankel J. On the Euro: Impacts on Members and Non-Members. [Internet]. 1999. Publisher's Version
Frankel J. No Single Currency Regime is Right for All Countries. House Committee on Banking and Financial Services [Internet]. 1999. Publisher's Version
Frankel J. Proposals Regarding Restrictions on Capital Flows. African Finance Journal [Internet]. 1999;1 (1) :92-104. Publisher's Version
Frankel J. No Single Currency Regime is Right for All Countries or at All Times. NBER Working Paper Series [Internet]. 1999;7338. Publisher's Version
Frankel J. The New Financial Architecture: Exchange Rate Regimes and Financial Integration. Policy Brief no. 51, The Brookings Institution [Internet]. 1999. Publisher's Version
Frankel J. Verifiability: A Rationale for the Failure of Intermediate Exchange Rate Regimes, in InterAmerican Seminar in Economics. Buenos Aires, Argentina ; 1999. Publisher's Version
Frankel J. Soros' Split Personality. Foreign Affairs [Internet]. 1999;78 (2) :124-130. Publisher's Version
Frankel J. International Lender of Last Resort, in Rethinking the International Monetary System Conference. Wequasett Inn, Chatham MA ; 1999. Publisher's Version
Frankel J. Ten Lessons Learned from the Korean Crisis. NBER [Internet]. 1999. Publisher's Version
Frankel J. Program Report NBER IFM 1996-1999. NBER Reporter [Internet]. 1999. Publisher's Version
1998
Frankel J, Rose A. The Endogeneity of the Optimum Currency Area Criterion. The Economic Journal [Internet]. 1998;108 (449) :1009-1025. Publisher's Version
Frankel J. Asian Economics in Perspective, in Fourth APEC Roundtable: Regional Cooperation and Asian Recovery. Boston, MA ; 1998. Publisher's Version
Frankel J. The Asian Model, The Miracle, The Crisis, and The Fund, in The US International Trade Commission . Washington, DC ; 1998. Publisher's Version
1997
Frankel J. "Sterilization of Money Inflows: Difficult (Calvo) or Easy (Reisen)?". Estudios de Economia (Universidad de Chile: Santiago) [Internet]. 1997;24 (2) :263-285. Publisher's VersionAbstract

Some countries undergoing exchange-rate-based stabilization and financial liberalization in Latin America and elsewhere have faced large capital inflows since 1991. Many have tried to sterilize the reserve inflows. Calvo and co-authors argue essentially that sterilization is more difficult than generally realized, due to the interest costs on sterilization bonds. Reisen argues essentially that sterilization is easier than generally believed. This paper reviews the issues in the simplest textbook model. The conclusions are that local interest rates are not likely to rise if the source of the disturbance is an exogenous capital inflow, but will rise if the disturbance is an increase in money demand or an increase in exports. In every case, sterilized intervention will leave interest rates higher than they would be if the inflow took place unsterilized. The case where the domestic money supply and the rest of the economy are insulated from foreign disturbances despite perfect capital mobility and a fixed exchange rate, which Reisen attributes to Southeast Asia, is seen to be the case where domestic agents are unresponsive to interest rates.

sterilztncalvovreisen_estudiosec1997.pdf sterlztncalvoreisencartagena-1994wp.pdf
Frankel J. The Dollar's Demise? Future of the Dollar as the World's Principal Reserve Asset. Strategic Economic Decisions [Internet]. 1997. Publisher's Version
Frankel J, Wei S-J. The New Regionalism and Asia: Impact and Options. In: The Global Trading System and Developing Asia. ; 1997. Publisher's Version
Frankel J, Wei S-J. ASEAN in a Regional Perspective. Macroeconomic Issues Facing ASEAN Countries [Internet]. 1997. Publisher's Version

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