Towards a Common Monetary Policy in the Transition
| Author | : Daniel Gros |
| Publisher | : |
| Total Pages | : 23 |
| Release | : 1990 |
| Genre | : Monetary policy |
| ISBN | : 9789290791218 |
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Monetary Policy in an Emerging European Economic and Monetary Union
| Author | : Mr.Jacob A. Frenkel |
| Publisher | : International Monetary Fund |
| Total Pages | : 18 |
| Release | : 1990-08-01 |
| Genre | : Business & Economics |
| ISBN | : 1451958528 |
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This paper discusses key issues relating to the design and implementation of monetary policy in an emerging European economic and monetary union. Specific institutional proposals for transition to EMU are neither endorsed nor dismissed. In examining the goals of monetary policy, the paper explores the interrelationships among price stability, current account equilibrium, and exchange rate stability. Turning to the implementation of monetary policy, the issues addressed are: coordination versus autonomy, rules versus discretion, and the role of sterilized official intervention. Finally, the last part of the paper emphasizes the importance of fiscal discipline, and evaluates several alternative mechanisms for encouraging it.
Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 74 |
| Release | : 2015-10-23 |
| Genre | : Business & Economics |
| ISBN | : 1498344062 |
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Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.
The Transition to European Monetary Union
| Author | : Alberto Giovannini |
| Publisher | : |
| Total Pages | : 70 |
| Release | : 1990 |
| Genre | : Business & Economics |
| ISBN | : |
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A Common Currency
| Author | : Peter L. Rousseau |
| Publisher | : |
| Total Pages | : 56 |
| Release | : 2004 |
| Genre | : Currency question |
| ISBN | : |
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"The transition of the U.S. money supply from the mixture of paper bills of credit, certificates, and foreign coins that circulated at various exchange rates with the British pound sterling during the colonial period to the unified dollar standard of the early national period was rapid and had far-reaching consequences. This paper documents the transition and highlights the importance of this standardization in bringing order to the nation's finances and in facilitating the accumulation and intermediation of capital. It describes how the struggle of the colonies to maintain viable substitutes for hard money set the stage for the financial leaders of the Federalist period, led by Alexander Hamilton, to settle upon the dollar, attach it to a convertible metallic base, and create a national Bank that issued notes denominated in the new monetary unit. It also presents recently-constructed estimates of the U.S. money stock for 1790-1820 and relates them to measures of the nation's early modernization"--NBER website
The Economics of Common Currencies
| Author | : Harry G. Johnson |
| Publisher | : Routledge |
| Total Pages | : 267 |
| Release | : 2013-07-18 |
| Genre | : Business & Economics |
| ISBN | : 1135055254 |
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Gathering together the papers presented at the Madrid Conference on Optimum Currency Areas in 1970 this volume represents one of the first complete surveys of the theory and policy implication of monetary integration. The book discusses: the economics of fixed exchange rates relevant to monetary relations within an integrated monetary area the evolution of economic doctrine and a survey of optimum currency area theory problems of policy co-ordination within a currency area relevance of the monetary-fiscal policy mix problems of monetary union in developing countries the book predicted the establishment of an European currency but presented the case for greater flexibility of exchange rates as an alternative to currency unification.
The Transition to Monetary Union
| Author | : Alberto Giovannini |
| Publisher | : |
| Total Pages | : 40 |
| Release | : 1990 |
| Genre | : Monetary policy |
| ISBN | : |
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En este documento se presenta un plan para la transicion hacia la union monetaria. Ofrece una descripcion de la estructura y operaciones del Sistema Europeo de Bancos Centrales (SEBC), y de la reforma monetaria previa a la union monetaria, como desarrollo del Informe Delors. Mantiene la hipotesis de que una moneda comun favoreceria la integracion economica y fiscal. Compara estrategias (la gradual y la repentina) para la transicion a la union economica y plantea el debate sobre los riesgos que la desreglamentacion de los mercados financieros pudiera suponer al SME.
Monetary Policy Under EMU: Differences in the Transition Mechanism?
| Author | : Benedict J. Clements |
| Publisher | : INTERNATIONAL MONETARY FUND |
| Total Pages | : 39 |
| Release | : 2001-08-01 |
| Genre | : |
| ISBN | : 9781451852615 |
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This study identifies differences in the monetary policy transmission mechanism across the countries in the euro area. It is argued that part of the differences in the response of economic activity to monetary policy during the pre-EMU period, found in other studies, reflected differences in monetary policy reaction functions, rather than different transmission mechanisms. In light of this, the paper constructs an empirical model on the basis of common reaction functions. The results confirm that even when a common monetary policy is implemented, its effects on economic activity are likely to differ across EMU countries. The paper also constructs an aggregate measure of the effect of monetary policy on prices and output. Finally, the paper examines the relative strength of the credit, exchange rate, and interest rate channels of monetary transmission in EMU countries.
Convergence Bands
| Author | : Enrique Alberola Ila |
| Publisher | : |
| Total Pages | : 44 |
| Release | : 1994 |
| Genre | : Convergence (Economics) |
| ISBN | : |
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The Economics of Monetary Integration
| Author | : Paul de Grauwe |
| Publisher | : Oxford University Press, USA |
| Total Pages | : 252 |
| Release | : 1994 |
| Genre | : Business & Economics |
| ISBN | : |
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This Revised Second Edition covers recent events in the EMS, including the collapse of the ERM; includes fully updated empirical evidence; includes discussion of new theoretical developments such as target zone models and credibility testing; and introduces the political issues surrounding the move to monetary union. This popular textbook on monetary integration has now been fully revised and updated with expanded chapters on recent important events in the EMS, new empirical evidence, and coverage of further theoretical developments. This lucid and authoritative view will remain an invaluable undergraduate textbook. Professor De Grauwe focuses on the economic theory of monetary union, presents the costs and benefits of moving to a single currency, and provides a detailed presentation of the monetary system operating in Europe. This second edition introduces the student to the political issues surrounding monetary union, and Professor De Grauwe offers a critical analysis of the possibility of eventual European transition to full monetary union.
