Some Issues In The Design Of Monetary Instruments For The Operation Of European Economic And Monetary Union
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Some Issues In The Design Of Monetary Instruments For The Operation Of European Economic And Monetary Union
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Author : Mr.Charles Enoch
language : en
Publisher: International Monetary Fund
Release Date : 1997-12-01
Some Issues In The Design Of Monetary Instruments For The Operation Of European Economic And Monetary Union written by Mr.Charles Enoch 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 1997-12-01 with Business & Economics categories.
The European Monetary Institute has been working with national central banks of the European Union (EU) to prepare instruments for the operation of monetary policy in Stage 3 of European Economic and Monetary Union. Several publications describing the proposed arrangements have been issued. This paper briefly summarizes the arrangements and identifies some areas in which important decisions still have to be made or refinements introduced—including the choice of counterparties in fine-tuning open market operations; the design of reserve requirements; the signaling function of monetary operations; and payment system relationships with non-EMU participants in the EU.
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.
Monetary Policy Instruments For European Monetary Union
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Author : Lukas Menkhoff
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-03-09
Monetary Policy Instruments For European Monetary Union written by Lukas Menkhoff 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 2013-03-09 with Business & Economics categories.
Taking the Bundesbank's instruments as a starting point, this book discusses monetary policy instruments of a future European Central Bank. The book offers a systematic analysis of the issue, considering general theoretical arguments as well as the institutional situation in European countries.
Program Design In Currency Unions
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2018-03-16
Program Design In Currency Unions written by International Monetary Fund. Strategy, Policy, & Review Department 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 2018-03-16 with Business & Economics categories.
"Despite a long history of program engagement, the Fund has not developed guidance on program design in members of currency unions. The Fund has engaged with members of the four currency unions—the Central African Economic and Monetary Community, the Eastern Caribbean Currency Union, the European Monetary Union, and the West African Economic and Monetary Union—under Fund-supported programs. In some cases, union-wide institutions supported their members in undertaking adjustment under Fund-supported programs. As such, several programs incorporated—on an ad hoc basis—critical policy actions that union members had delegated. Providing general guidance on program design for members in a currency union context would fill a gap in Fund policy and help ensure consistent, transparent, and evenhanded treatment across Fund-supported programs. This paper considers two options on when and how the Fund should seek policy assurances from union-level institutions in programs of currency union members. Option 1 would involve amending the Conditionality Guidelines, which would allow the use of standard conditionality tools with respect to actions by union-level institutions. Option 2—which staff prefers—proposes formalizing current practices and providing general guidance regarding principles and modalities on policy assurances from union-level institutions in support of members’ adjustment programs. Neither option would infringe upon the independence (or legally-provided autonomy) of union-level institutions, since the institutions would decide what measures or policy actions to take—just as any independent central bank or monetary authority does, for example, in non-CU members."
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.
The Design Of Emu
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Author : Mr.David K. H. Begg
language : en
Publisher: International Monetary Fund
Release Date : 1997-08-01
The Design Of Emu written by Mr.David K. H. Begg 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 1997-08-01 with Business & Economics categories.
Pursuit of price stability may, but need not, exacerbate output fluctuations. This paper discusses the monetary strategy of the European Central Bank, the intermediate targets that this should entail, and implications for accountability, transparency, and reputation. Country-specific shocks will remain but output correlation may not reflect the old pattern of core and peripheral countries. The Stability Pact will force some countries to switch off their automatic stabilizers; others, with fewer fiscal problems, can retain them. Output correlations in EMU may reflect a fiscal core and fiscal periphery. Additional labor market flexibility remains the best solution.
Monetary Policy Implementation
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Author : Mr.Rodolfo Maino
language : en
Publisher: International Monetary Fund
Release Date : 2007-01-01
Monetary Policy Implementation written by Mr.Rodolfo Maino 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 2007-01-01 with Business & Economics categories.
Since the early 1990s, the IMF has been advising countries to shift to the use of indirect instruments for executing monetary policy. This paper provides information about a monetary policy instruments database, maintained by the Monetary and Capital Markets Department of the IMF. We offer an overview of the information contained in the database in the form of comparative summary tables and graphs to illustrate the use of monetary policy instruments by groups of countries (developing, emerging market and developed countries). The main trend that can be identified from the database information is the increasing reliance on money market operations for monetary policy implementation. We emphasize the relevance and usefulness of the data collected through periodic surveys of central banks, for general descriptive and analytical purposes.
The European Monetary Union In A Public Choice Perspective
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Author : Jennifer C. Martin-Das
language : en
Publisher: Edward Elgar Publishing
Release Date : 2002
The European Monetary Union In A Public Choice Perspective written by Jennifer C. Martin-Das 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 2002 with Business & Economics categories.
The future of European Monetary Union (EMU) stands as one of the most important economic issues of the era. The author argues that in the event of macroeconomic shocks, rather than acting as a cohesive force, EMU could give rise to disunity. As EMU is not an optimal currency area, asymmetric shocks affecting each country differently could be critical to its future. The success of EMU depends upon the ability of institutions in the EU to satisfy the monetary and fiscal policy demands of sufficient numbers of national constituents, interest groups, and multinational corporations. This book employs principles from public choice to analyze the EU institutions that participate in the monetary policy making process of EMU and assesses whether they have the mechanisms to cope with asymmetric macroeconomic shocks. In particular, it examines the European Council, Council of Ministers, European Commission, European Parliament and the European Central Bank. This book provides an invaluable critique of the EMU plan and will be of interest to scholars of European economics, macroeconomics and public choice.
The Political Economy Of Monetary Union
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Author : Francesco Giordano
language : en
Publisher: Routledge
Release Date : 2013-10-18
The Political Economy Of Monetary Union written by Francesco Giordano and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-18 with Business & Economics categories.
This book places the whole issue of monetary union in its wider political economic context. The authors discuss: * the effect of EMU on fiscal and monetary policies * Central bank independence * the impact of EMU on unemployment * ERM II * international perspectives. Drawing on their experience in the European financial markets, the authors use a non-technical approach to discuss these issues - both in a general european sense and more specifically, Germany, the UK and Italy.
European Monetary Union And Exchange Rate Dynamics
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Author : Paul J.J. Welfens
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
European Monetary Union And Exchange Rate Dynamics 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.
The creation of the European Central Bank and the Euro have brought new challenges to EU integration and economic policy. This book looks into issues of monetary and factor market policies. The analysis presents new theoretical and empirical research on the current decline of the Euro. Issues regarding exchange rate policies and international economic relations are also addressed.