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Destabilizing effects of exchange-rate escape clauses [PDF]

open access: yesJournal of International Economics, 1997
Abstract This paper studies policy rules with escape clauses, analyzing as an example fixed exchange rate systems that allow member countries the freedom to realign in periods of stress. While well-designed, escape-clause rules can raise society's welfare in principle, limited credibility makes it difficult to implement such rules in practice. An EMS-
Maurice Obstfeld
exaly   +6 more sources

Seeking Escape: The Use of Escape Clauses in International Trade Agreements

International Studies Quarterly, 2009
In agreements that include flexibility enhancing mechanisms such as escape clauses, how do institutions realize the benefits of flexibility while preventing its abuse? The conventional wisdom is that escape clauses must be made costly, but I show this claim to be at odds with empirical observation.
Krzysztof Pelc
exaly   +2 more sources

Exceptions and Escape Clauses

1974
Escape clauses are a standard feature of commercial treaties. They allow contracting parties, under conditions specified in advance, to derogate from some or all of the obligations contained in these treaties. Escape clauses are usually essential in order to persuade countries to accede to the treaty in the first place. They can be regarded as negative
Victoria Curzon
exaly   +2 more sources

Fiscal rules, escape clauses, and credit markets: Evidence from financial crises

open access: yesEconomics Letters
This paper investigates whether escape clauses in fiscal rules mitigate the negative effects of financial crises on domestic credit markets. Using a dynamic panel of 56 countries from 1985 to 2015, we estimate the impact of escape clauses on both ...
Mauricio Villena
exaly   +2 more sources

The Determinants of Escape Clause Petitions

The Review of Economics and Statistics, 1989
Based on the decision to file an escape clause petition by a firm, a Poisson regression model of the macroeconomic determinants of the total number of these petitions yearly is developed and estimated. The Poisson specification conforms to the fact that the number of escape clause petitions is a non-negative integer with a skewed probability ...
Coughlin, Cletus C   +2 more
openaire   +1 more source

Which way to jump on escape clauses

Industrial Management, 1973
Exclusion clauses will come in for a great deal of scrutiny under the Supply of Goods (Implied Terms) Act. Here, Ewan Mitchell advises when to leave them out and when to retain them.
exaly   +2 more sources

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