Fiscal Policy Intercountry Adjustment And The Real Exchange Rate Within Europe
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Fiscal Policy Intercountry Adjustment And The Real Exchange Rate Within Europe
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Author : Christopher Allsopp
language : en
Publisher:
Release Date : 2008
Fiscal Policy Intercountry Adjustment And The Real Exchange Rate Within Europe written by Christopher Allsopp and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Economic and Monetary Union categories.
The paper argues that an improved fiscal policy process might result in improved macroeconomic performance within Europe. Within EMU, a country may have difficulty ensuring stability in the face of asymmetric shocks; the response may be unstable, or, even if not, the real exchange rate might overshoot. In this context, the rules of the SGP may interfere with the control of inflation control, with the short-run stabilisation of demand, and also with the longer term adjustment of intra-European real exchange rates. We recommend using fiscal policy to stabilise inflation and also to target the real exchange rate rather than deficits or debt. Such a policy would require a more active use of fiscal policy.
Economic Policy Exchange Rates And The International System
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Author : Warner Max Corden
language : en
Publisher: OUP Oxford
Release Date : 1994
Economic Policy Exchange Rates And The International System written by Warner Max Corden and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Business & Economics categories.
In an outstanding account of exchange rates inthe international monetary system, W. Max Corden considers the essential issues in international macroeconomics.The author takes as his model the macroeconomic situation of a country with an open economy, and explains the effects of domestic fiscal and monetary macroeconomic policy on exchange rates. He clearly analyses the choices faced by governments attempting to manage both the domestic inflation rateand the external exchange rate and current account balance. Professor Corden then discusses the European Exchange Rate mechanism, and provides a sceptical analysis of the possibilities for monetary union in Europe, and for international policy coordination in general. He gives equal weight todiscussion of the present US-centred international monetary system outside the ERM, and combines theoretical models with an account of the actual determination of floating exchange rates. Although the book itself is orientated towards monetary rather than trade issues, the author discusses twotopical issues: the role of protectionist policies, and the idea of competitiveness. Finally, he looks at the future of the international monetary system and the series of current reform proposals.Students will find this book useful because the author covers essential issues lucidly and authoritatively. The exposition is entirely non-mathematical. Postgraduate students and academics will be interested since Corden is a distinguished writer on international trade and policy, and hisarguments are powerfully presented.New to this edition:This is a revised and expanded edition of a previous book by Corden, Inflation, Exchange Rates and the World Economy, the third edition of which was published in 1985. In this new book, Professor Corden has fully rewritten the text, but retains the discursive, informal, reader-friendly style ofthe earlier editions. In this new edition, Professor Corden has included two new chapters which extend the treatment of macroeconomic policy, separating it into its fiscal and monetary branches. He also includes a new chapter on the role of the current account balance in determining macroeconomicpolicy. The author has brought his account of the present international monetary context up to date - characterised as the non-system - and has included a new analysis of European monetary issues, incorporating a review of the progress of the EMS towards full monetary union. The book also containsa provocative discussion of two highly topical issues: trade protection, and competitiveness, including both new theoretical analysis and such events as the recent GATT agreement.
Fiscal Policy Independence In A European Monetary Union
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1990-03-01
Fiscal Policy Independence In A European Monetary Union 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.
The issue of whether constraints should be placed on fiscal policies when moving to European monetary union is examined in the context of the use of fiscal policy for macroeconomic stabilization purposes. Examples of shocks hitting French and German economies are considered: an appreciation of their joint exchange rate against other currencies, an inflation shock, and an oil price increase. Except in the third case, flexible use of fiscal policies in the two countries is likely to give better outcomes than a system with constraints on their use. For the oil price shock, there seems to be a good case for policy coordination, not for ceilings on fiscal deficits.
Fiscal Policy And Interest Rates In The European Union
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Author : Klaas Knot
language : en
Publisher: Edward Elgar Publishing
Release Date : 1996
Fiscal Policy And Interest Rates In The European Union written by Klaas Knot and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.
Klaas, who is with the monetary and economic policy department De Nederlandsche Bank in Amsterdam, explores the potential effects of fiscal policy on financial markets in the Union, taking into account the gradual liberalization of capital movements throughout Western Europe and the institutional framework of the European monetary system. He takes a new approach to the impact of budget deficits on interest rates, especially in relation to international financial integration. He concludes that budget deficits since the early 1970s have raised interest rates and recommends balanced budgets to keep money cheap. Annotation copyrighted by Book News, Inc., Portland, OR
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.
The International Adjustment Process
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Author : D.E. Fair
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
The International Adjustment Process written by D.E. Fair 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.
The papers collected in this volume are those presented at the fourteenth Colloquium arranged by the Societe Universitaire Europeenne de Recher ches Financieres (SUERF), which took place in Helsinki in May 1988. The Society is supported by a large number of central banks and commercial banks, by other financial and business institutions and by personal subscriptions from academics and others interested in monetary and financial problems. Since its establishment in 1963 it has developed as a forum for the exchange of information, research results and ideas among academics and practitioners in these fields, including central bank officials and civil servants responsible for formulating and applying monetary and financial policies, national and international. A major activity of SUERF is to organise and conduct Colloquia on subjects of topical interest to its members. The titles, places and dates of previous Colloquia for which volumes of the collected papers were published are noted, on the last page of this volume. Volumes were not produced for Colloquia held at Tarragona, Spain in October 1970 under the title "Monetary Policy and New Developments in Banking" and at Strasbourg, France in January 1972 under the title "Aspects of European Monetary Union".
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.
Asymmetric Monetary Transmission In Europe
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Author : Volker Clausen
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Asymmetric Monetary Transmission In Europe written by Volker Clausen 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.
The euro and the ESCB have started in January 1999 and there is naturally a wide-ranging interest in academia and among policymakers in OECD coun tries, how successful European Monetary Union will and can be. EMU has started with 11 countries and experienced a rapid depreciation of the cur rency. With so many EU countries joining for a historical monetary union in a period of economic globalization, international financial market changes and ongoing EU enlargement the problem of monetary policy efficiency becomes crucial; especially as so many countries in the EU still have high unemploy ment rates and the euro has just started at the beginning of a cyclical upswing in the euro zone. Monetary policy is also quite crucial, because the Maastricht convergence criteria severely restrict the scope of national fiscal policy. With a very limited stock of valuable European monetary experience which could be usefully exploited by the ECB and the ESCB respectively, one naturally will appreciate advanced economic modeling of the main issues. This book takes an analytical look at the problem of asymmetric monetary transmission in Euroland. Facing the ECB's monetary policy, individual mem ber countries are likely to experience different policy effects. Countries differ in their financial structure -a well-known argument in the literature -but also in the characteristics of goods and labor markets. The latter fields have been somewhat neglected in the literature but receive broad analytical attention here.
Fiscal Policy Economic Adjustment And Financial Markets
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Author : Mr.Mario Monti
language : en
Publisher: International Monetary Fund
Release Date : 1989-06-15
Fiscal Policy Economic Adjustment And Financial Markets written by Mr.Mario Monti 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 1989-06-15 with Business & Economics categories.
Edited by Mario Monti, this volume contains the proceedings of a seminar that was held in Milan at the Centre for Financial and Monetary Economics, Universitá Luigi Bocconi. Participants included government officials, academicians, and economists; they provide a many-faceted view of fiscal policy at the domestic level and in the broader context of international policy coordination.
The European Single Market
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Author : H.M. Scobie
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
The European Single Market written by H.M. Scobie 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.
THE EUROPEAN SINGLE MARKET This volume comprises a collection of papers, some of which were presented at different workshops organized by the European Economics and Financial Centre (London), in conjunction with various European central banks. In addition the book contains, in Chapter 2, the text of a memorial lecture on Trade and Financial Relationships of the US and Europe given by this author in New York. The lecture, known as the Henry George Lecture, was given at St John's University in New York in April 1993. The workshops were part of a series of workshops, the first of which was hosted by the Central Bank of Finland. At these workshops usually some 20 central banks from Europe, the Federal Reserve Board and various other central banks were present. Furthermore the workshops contain papers from international organizations such as the OECD, European Commission, Bank for International Settlement, government ministries, commercial banks, re search institutes and academics from Europe and elsewhere. The two workshops from which some of these papers were drawn were those held at the Central Bank of the Netherlands and the Central Bank of Austria. The workshop held at the Central Bank of the Netherlands (De Nederlandsche Bank), was on Policy Coordination, and took place during 2-4 November, 1992. The one held at the Central Bank of Austria (6stereichische Bank), was on Policy Formulation in Interdependent Market, and took place during 24-26 March 1993.