Recorded April 20, 2017
Jeffry Frieden, Harvard University Professor of Government, discusses the political economy of exchange rate policy.
By Jeffry Frieden’s account, the exchange rate of a currency is the single most important price in any economy, yet is subject to political pressure and rarely set by solely economic considerations. Currency policy involves significant economic trade-offs that implicate powerful interests in society, but which set of interests predominates varies greatly across time and space.
Drawing on examples like the gold standard in the nineteenth century, European monetary integration, and Latin American currency choice and crises, Frieden explains the development of monetary policy within the shifting global economic and political order.
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