Economic And Monetary Integration And The Aggregate Demand For Money In The Ems
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Economic And Monetary Integration And The Aggregate Demand For Money In The Ems
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1990-03-01
Economic And Monetary Integration And The Aggregate Demand For Money In The Ems 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 1990-03-01 with Business & Economics categories.
This study shows that the aggregate demand for M1 in the group of countries participating in the Exchange Rate Mechanism (ERM) of the European Monetary System can be expressed as a stable function of ERM-wide income, inflation, interest rates, and the exchange rate of the European Currency Unit (ECU) vis-à-vis the U.S. dollar. A notable feature of the model is the rapid elimination of monetary disequilibria, in contrast with most single-country estimates which tend to find implausibly slow adjustment. These results are suggestive: if robust, they would indicate that, even at the present stage of economic and monetary integration, a European central bank could, in principle, implement monetary control more effectively than the individual national central banks.
One Market One Money
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Author : Michael Emerson
language : en
Publisher:
Release Date : 1992
One Market One Money written by Michael Emerson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Business & Economics categories.
The European Community is negotiating a new treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s. This study provides the only comprehensive guide to the economic implications of economic and monetary union. The work of an economist inside the Commission of the European Community, it reflects the considerations influencing the design of the union. The study creates a unique bridge between the insights of modern economic analysis and the work of the policy makers preparing for economic and monetary union.
Economic And Monetary Union In Europe
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Author : Peter B. Kenen
language : en
Publisher: Cambridge University Press
Release Date : 1995-09-29
Economic And Monetary Union In Europe written by Peter B. Kenen 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 1995-09-29 with Business & Economics categories.
1.The origins of EMU -- 2.The design of EMU -- 3.Monetary policy in Stage Three -- 4.Fiscal policy and EMU -- 5.EMU and the outside world -- 6.The transition to EMU -- 7.Reconsidering the transition -- 8.Getting on with EMU.
Imf Staff Papers
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 1990-01-01
Imf Staff Papers written by International Monetary Fund. Research Dept. 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 1990-01-01 with Business & Economics categories.
The transition strategy from administratively set interest rates to market rates is discussed. Despite worldwide trends toward financial liberalization, few monetary authorities are prepared to accept as reasonable any interest rate level that is market determined. The paper suggests some helpful indicators to assess the adequacy of interest rates and discusses factors that contribute to a smooth liberalization process. The main conclusion is that interest rate liberalization is not synonymous with laissez-faire policies, but requires the replacement of the administratively set interest rates by indirect monetary management techniques that operate through the market.
Inflation And Wage Behaviour In Europe
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Author : Paul de Grauwe
language : en
Publisher: Oxford University Press
Release Date : 1996
Inflation And Wage Behaviour In Europe written by Paul de Grauwe and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.
The Maastricht Treaty makes the convergence of inflation rates one of the preconditions of European Monetary Union (EMU). The purpose of this study is to shed light on the mechanism underlying the processes that lead to convergence or divergence in national inflation rates. It examinesinflation and wage bahaviour in the European Monetary System (EMS), their determinants, and their implications for the credibility and sustainability of the system's exchange rate mechanism (ERM). Although the focus is on the EMS period, eleven of the twelve studies also review the background of the1970s. The contributors examine issues of monetary control, stability of national and ERM-wide money-demand function, the monetary policy of Germany - the pivotal country in the EMS - and its influence on the stability of the system after the fall of the Berlin Wall. As well as explaining how theEMS worked, the book also offers reasons for its breakdown in 1992-3 under the blow of exogenous shocks and growing policy conflict between member countries.The study identifies several causes of inflation and persistent inflation differentials in the EMS. Among the 'real' causes, particular attention is devoted to sectoral productivity shocks. In some countries, import price shocks, exogenous wage pushes, taxes, and government expenditure are bound tobe important factors. Since theses kinds of shock hit the various economies of the region differently, inflation differntials can persist for several years. The different policies of governments and central banks, and the fact the monetary policies have not always been consistent with the long-runmaintenance of fixed exchange rates, have also played a considerable role in explaining the persistance of inflation differentials.
Functioning Of The International Monetary System
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Author : Mr.Jacob A. Frenkel
language : en
Publisher: International Monetary Fund
Release Date : 1996-04-24
Functioning Of The International Monetary System written by Mr.Jacob A. Frenkel 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 1996-04-24 with Business & Economics categories.
The fiftieth anniversary of the Bretton Woods Conference served as an opportunity to reappraise the desirability of strengthening the IMF's oversight of the functioning of the international monetary system. Whatever the design of an exchange rate system and the arrangements for the provision of international liquidity, it is widely accepted that to be effective such oversight must rest on a strong analytic foundation. These two volumes, edited by Jacob A. Frenkel and Morris Goldstein, present 30 analytic papers on the system as it functioned during 1987-91 and aim at conveying the flavor of those issues that commanded close attention in the Fund's research program.
European Monetary Integration
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Author : Emmanuel Apel
language : en
Publisher: Routledge
Release Date : 2013-06-17
European Monetary Integration written by Emmanuel Apel and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-06-17 with Business & Economics categories.
This book is an accessible introduction to European monetary integration which provides a historical background to current debates, as well as an analysis of future developments. Further features of this book include: * a chronology of economic and monetary unification from 1958-1999 * clear non-technical presentation of the economic issues regarding the costs and benefits of creating a monetary union * detailed presentation of the economic and legal framework for the changeover to a single European economy * evaluation of the Maastricht Treaty's plan for monetary union * an overview of the debate between the federalist approach and the inter-governmental co-operation approach towards economic and political integration of Europe * a set of questions and exercises illuminating the more technical parts of the book European Monetary Integration 1958-2002 is an excellent resource for all those who want to discover the facts about European monetary integration which lie behind the heated political rhetoric.
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.
Monetary Policy In An Emerging European Economic And Monetary Union
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Author : Mr.Jacob A. Frenkel
language : en
Publisher: International Monetary Fund
Release Date : 1990-08-01
Monetary Policy In An Emerging European Economic And Monetary Union written by Mr.Jacob A. Frenkel 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 1990-08-01 with Business & Economics categories.
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.
Money And European Union
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Author : NA NA
language : en
Publisher: Springer
Release Date : 2016-04-30
Money And European Union written by NA NA and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-30 with Business & Economics categories.
Bringing together the economics, politics, and history of the movement toward economic and monetary union (EMU), the author looks at such topics as the first significant attempt at EMU, the Werner report and its aftermath, and the development of the Maastricht Treaty and the crises that followed its signing.