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How Successful is the G7 in Managing Exchange Rates?
Marcel Fratzscher (au)
Assesses the extent to which the Group of Seven (G7) has been successful in its management of major currencies since the 1970s. The G7 has been effective in moving the U.S. dollar, yen and euro in the intended direction at horizons of up to three months after G7 meetings, but not at longer horizons. The findings indicate that the reputation and credibility of the G7, as well as its ability to form and communicate a consensus among individual G7 members, are important determinants for the G7ís ability to manage major currencies. This paper concludes by analyzing the factors that help the G7 build reputation and consensus, and by discussing the implications for global economic governance. Charts and tables.
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