Politisch-institutionelle Ursachen unterschiedlicher Währungsentwicklungen im internationalen Vergleich

Freitag, Markus (1999). Politisch-institutionelle Ursachen unterschiedlicher Währungsentwicklungen im internationalen Vergleich. Politische Vierteljahresschrift, 40(1), pp. 93-115. Nomos

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While most economic theories of exchange-rate Determination refer to economic determinants, hitherto little systematic work has done with the analysis of political factors. This study examines the influence of economic conditions and political institutions on the different exchange-rate developments in 18 industrial nations between 1973 and 1995. Political institutions direct the expectations and actions of international currency traders. They influence expectations with regard to inflation and therefore determine capital imports and exports and hence the currency value. A pooled time series cross section analysis reveals that beyond economic conditions, the existence of an independent central bank, labour quiescence (low strike activity), government stability and types of consensus democracy lead to an appreciation of the currencies. Vice versa, countries with no independent central bank, labour militancy (high strike activity) government instability and types of majoritarian democracies experience a depreciation in currency value during the observed time period.

Item Type:	Journal Article (Original Article)
Division/Institute:	03 Faculty of Business, Economics and Social Sciences > Social Sciences > Institute of Political Science
UniBE Contributor:	Freitag, Markus
Subjects:	300 Social sciences, sociology & anthropology > 320 Political science
ISSN:	0032-3470
Publisher:	Nomos
Language:	German
Submitter:	Arno Raoul Rothenbühler
Date Deposited:	12 Sep 2022 08:41
Last Modified:	05 Dec 2022 16:23
URI:	https://boris.unibe.ch/id/eprint/172309