Currency Substitution And Cross Border Monetary Aggregation

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Currency Substitution And Cross Border Monetary Aggregation

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Author : Mr.Timothy D. Lane
language : en
Publisher: International Monetary Fund
Release Date : 1992-10-01

Currency Substitution And Cross Border Monetary Aggregation written by Mr.Timothy D. Lane and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-10-01 with Business & Economics categories.

Is there a stable aggregate money demand relationship for Europe? If so, why, and if not, why not? These questions are important for the implementation of policy by a European central bank, as well as for the appropriate speed of transition to EMU. This paper addresses them in a multi-country empirical study of money demand for the G-7 countries during the period since 1973. It looks for evidence of currency substitution and tests the restrictions implied by cross-border aggregation within Europe.

The Implications Of Cross Border Monetary Aggregation

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Author : Mr.Timothy D. Lane
language : en
Publisher: International Monetary Fund
Release Date : 1992-09-01

The Implications Of Cross Border Monetary Aggregation written by Mr.Timothy D. Lane and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-09-01 with Business & Economics categories.

Some recent studies suggest the possibility of estimating a stable aggregate demand-for-money relationship for the group of countries participating in the European Monetary System. These results are of particular relevance in connection with the task of setting policy targets for a European Central Bank. This paper uses a theoretical error-invariables framework to identify what is gained and what may be lost through cross-border aggregation of money demand. It provides an analytical basis for such studies, paying particular attention to currency substitution and international portfolio diversification.

Cross Border Deposits And Monetary Aggregates In The Transition To Emu

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Author : Mr.Carlo Cottarelli
language : en
Publisher: International Monetary Fund
Release Date : 1991-11-01

Cross Border Deposits And Monetary Aggregates In The Transition To Emu written by Mr.Carlo Cottarelli and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-11-01 with Business & Economics categories.

This paper discusses the effect of cross-border deposits (CBDs) for the stability of the relation between monetary aggregates and nominal GDP in the five largest EC countries. The analysis is developed in terms of “information content” of alternative money definitions (including or excluding selected subsets of CBDs), derived from a multicountry simultaneous system of money demand equations. We show that in the most recent period traditional money aggregates have lost information value and that they are dominated by alternative money definitions that include CBDs, such as those based on the residency of the holder or on the currency of denomination.

European Monetary Integration

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Author : Paul J.J. Welfens
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

European Monetary Integration written by Paul J.J. Welfens and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

EU monetary integration was reinforced in the 1980s when macroeconomic convergence and a dominant role of the German Bundesbank created the basis for relatively stable exchange rates and increasing EU trade volumes. The analysis here focuses on the EMS crisis of 1992/93, the topic of optimum currency areas and the problem of fiscal policies and regional stabilization in Europe, the US and Canada. This book gives an assessment of the EMS developments and shows how financial market liberalization as well as the EU single market project affect the process of economic and monetary union. The role of currency substitution and problems of the Bundesbank's monetary policy control in a changing international system are evaluated.

Rachet Effects In Currency Substitution

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Author : Mr.Joannes Mongardini
language : en
Publisher: International Monetary Fund
Release Date : 1999-07-01

Rachet Effects In Currency Substitution written by Mr.Joannes Mongardini and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-07-01 with Business & Economics categories.

Currency substitution is now a common issue in the design of monetary policy in most transition economies. This paper analyzes the persistence of this phenomenon in the Kyrgyz Republic by including a ratchet variable in the model specification. The main conclusion of the paper is that, while some degree of persistence is present in the allocation of bank deposit, currency substitution in the economy at large has not yet reached a point where reversing it would be difficult. In this regard, there is still room for monetary policy to influence currency allocation in the private sector.

Research Activities Of The Imf January 1991 December 1998

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1999-09-24

Research Activities Of The Imf January 1991 December 1998 written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-09-24 with Business & Economics categories.

A selective index of major research papers prepared by IMF staff in 1991-98.

Adjustment And Growth In The European Monetary Union

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Author : Francisco Torres
language : en
Publisher: Cambridge University Press
Release Date : 1993-10-21

Adjustment And Growth In The European Monetary Union written by Francisco Torres and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993-10-21 with Business & Economics categories.

The Maastricht Treaty, signed in December 1991, set a timetable for the European Community's economic and monetary union (EMU) and clearly defined the institutional policy changes necessary for its achievement. Subsequent developments have demonstrated, however, the importance of many key issues in the transition to EMU that were largely neglected at the time. This volume reports the proceedings of a joint CEPR conference with the Banco de Portugal, held in January 1992. In these papers, leading international experts address the instability of the transition to EMU, the long-run implications of monetary union and the single market for growth and convergence in Europe. They also consider the prospects for inflation and fiscal convergence, regional policy and the integration of financial markets and fiscal systems. Attention focuses on adjustment mechanisms with differentiated shocks, region-specific business cycles and excessive industrial concentration and the cases for a two-speed EMU and fiscal federalism.

France

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Author : Mr.Paul R. Masson
language : en
Publisher: International Monetary Fund
Release Date : 1995-10-20

France written by Mr.Paul R. Masson and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995-10-20 with Business & Economics categories.

This book, edited by Paul R. Mason, analyses the policy challenges that face the French economy in the second half of this decade, highlighting the need for structural changes to enhance the economy's flexibility. The authors argue that budgetary constraints will oblige France to address structural economic problems by reducing social benefits and cutting government expediture.

Exchange Rate Policy In Europe

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Author : Pavlos Karadeloglou
language : en
Publisher: Springer
Release Date : 1997-09-12

Exchange Rate Policy In Europe written by Pavlos Karadeloglou and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-09-12 with Business & Economics categories.

A collection of articles presented at the XLVI Applied Econometrics Association conference on exchange rates held in Heigerloch Castle, Germany), in 1995. The book consists of three parts examining the experience of the exchange rate in Europe. In the first part some aspects of exchange rate determination in Europe are examined; the second part deals with the exchange rate policy within the European Monetary System; in the third part an analysis of recent intervention practices in the European exchange rate markets is presented.

Monthly Report

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Author :
language : en
Publisher:
Release Date : 1995

Monthly Report written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Finance categories.