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Author: David K. H. Begg Publisher: Centre for Economic Policy Research ISBN: 9781898128267 Category : Business & Economics Languages : en Pages : 102
Book Description
Written by a team of distinguished European academics, this report looks at the final stage of Europe's transition to a monetary union.
Author: David K. H. Begg Publisher: Centre for Economic Policy Research ISBN: 9781898128267 Category : Business & Economics Languages : en Pages : 102
Book Description
Written by a team of distinguished European academics, this report looks at the final stage of Europe's transition to a monetary union.
Author: Paul de Grauwe Publisher: Oxford University Press, USA ISBN: 0199297800 Category : Business & Economics Languages : en Pages : 293
Book Description
The seventh edition of 'Economics of Monetary Union' provides a concise analysis of the theories and policies relating to monetary union. De Grauwe analyses the costs and benefits associated with having one currency as well as the practical workings and current issues involved with the Euro. In the first part of the book the author considers the implications of joining a monetary union through discussion based on an economic cost-benefit analysis. The second part of the book looks at the reality of monetary unions by analysing Europe's experiences, such as how the European Central Bank was designed to conduct a single monetary policy. The seventh edition has been revised to include more discussion of monetary unions outside Europe and, to reflect this fast-moving area, updated coverage of new member states in transition and an updated discussion of the stability pact. Online Resource Centre An online resource centre, featuring supplements for lecturers including PowerPoint slides and an instructor manual, has been updated for this edition.
Author: Helmut Wagner Publisher: Springer Science & Business Media ISBN: 364299797X Category : Business & Economics Languages : en Pages : 343
Book Description
Helmut Wagner University of Hagen, Feithstr. 140, D - 58084 Hagen In the last few years decisive methodological and thematic focal points which are important for practical economic policy have been developed in the theory of monetary and exchange rate policy. This book is concerned with these developments, their assessment and the open questions which have still not been solved. It is divided into four parts. The first part deals with central bank design, the second with strategies of monetary policies and their implementation. Part III is concerned with theoretical aspects of exchange rate policy and monetary union, and part IV with selected issues of monetary and exchange rate policy in developing and transition countries. In the following pages I will provide an 1 overview of the individual articles With the exception of the article by Nobel . Laureate James Tobin, the contributions contained in this book were all introduced and discussed at an academic symposium I organized in Castrop Rauxel on 8 and 9 September 1997. James Tobin agreed spontaneously to my suggestion that he should write a comprehensive article especially for this publication. A short summary of the comments or supplementary papers and of the general discussions will be given in the last section of this book, titled "Conclusion and Supplements". There I will also provide some supplements respecting the issues which were the subject of the greatest amount of debate at the symposium.
Author: Mehmet Ugur Publisher: Psychology Press ISBN: 9780415253321 Category : Business & Economics Languages : en Pages : 572
Book Description
This book draws together the seminal contributions to the literature on the nature of macroeconomics in open economies and illuminates the material. This is an essential guide to the subject for students.
Author: Mr.David K. H. Begg Publisher: International Monetary Fund ISBN: 1451852231 Category : Business & Economics Languages : en Pages : 37
Book Description
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.
Author: Mr.Alessandro Prati Publisher: International Monetary Fund ISBN: 1451857373 Category : Business & Economics Languages : en Pages : 30
Book Description
We present a model of a “soft” exchange rate target zone and interpret it as a stylized description of the post-August 1993 ERM. Our central bank targets a moving average of the current and past exchange rates, rather than the exchange rate’s current level, thus allowing the rate to move within wide margins in the short run, but within narrow margins in the long run. For realistic parameters, soft target zones are significantly less vulnerable to speculative attacks than “hard” target zones. These predictions are consistent with the ERM’s experience and the abatement of speculative pressure in European markets since the bands’ widening in 1993.
Author: Willem H. Buiter Publisher: Centre for Economic Policy Research ISBN: 9781898128489 Category : Business & Economics Languages : en Pages : 44
Book Description
The paper contains a detailed critique of the common currency arrangements of the Economic and Monetary Union, embodied in the laws and emerging procedural arrangements that govern the actions of its key institutions: the European Central Bank and the European System of Central Banks. The main message here is 'Great idea, shame about the execution'. A number of improvements are then proposed. Some of these require amending the Treaty, including an end to the rule that each EMU member's national central bank has a seat on the Governing Council or the removal of the power of the Council of Ministers to give 'general orientations' for exchange rate policy. Others, notably in the areas of accountability, openness and transparency, could be implemented immediately, including publication of voting records, minutes and the inflation forecast. Improved arrangements are also advocated for the co-ordination of monetary and fiscal policy. And the article calls for a European Parliament that can both bark and bite.
Author: Pontus Braunerhjelm Publisher: Centre for Economic Policy Research ISBN: 9781898128465 Category : Economic Integration Languages : en Pages : 142
Author: Richard E. Baldwin Publisher: Centre for Economic Policy Research ISBN: 9781898128564 Category : Business & Economics Languages : en Pages : 166
Book Description
EU member nations must decide whether to ratify the Nice Treaty. This report, written to inform these decisions, is highly critical of the Treaty but argues that it should be passed since it is 'repairable' and rejecting it would delay Eastern enlargement. It proposes two 'emergency repairs' to the Treaty. The authors marshal the best available empirical evidence and analytic techniques to show that the Treaty fails to meet its goal of adjusting EU decision-making to the realities of a Union with 27& members. Far from maintaining the EU's ability to act after enlargement, the authors argue that the Nice reforms reduce EU27 decision-making efficiency below what it would have been with no reform. Unless the Treaty is mended, future integration will be guided by intergovernmental initiatives in which large members play a large role due to their economic dominance. The Treaty also fails to resolve the ECB's 'numbers problem' - enlargement without reform would also damage the ECB's decision-making capacity. The Treaty does include an 'enabling clause' to help solve this problem: the report analyses the possible solutions and proposes specific reforms.
Author: Michele Fratianni Publisher: Springer Science & Business Media ISBN: 1475754507 Category : Business & Economics Languages : en Pages : 348
Book Description
Approximately two years ago, the Guido Carli Association charged a group of distinguished economists with studying various aspects of the international monetary system and proposing ways to improve it. The studies were presented at a conference in Florence, Italy, on June 19, 1998 and their edited versions are published in this volume. Ideas for the Future of the International Monetary System consists of two parts: Part I contains the studies commissioned by the Carli Association - those by Dominick Salvatore; Koichi Hamada; Forrest Capie; Michele Fratianni, Andreas Hauskrecht and Aurelio Maccario; Jrgen von Hagen and Ingo Fender, Michael Artis, Marion Kohler and Jacques Mlitz; Barry Eichengreen; Michele Fratianni and Andreas Hauskrecht; Paolo Savona and Aurelio Maccario; and Elvio Dal Bosco - and the comments by Paul De Grauwe and William Branson, and the editors' conclusions. Part II contains three papers presented at the Florence conference, by Antonio Fazio, Carl Scognamiglio, and Alberto Predieri.
Author: David K. H. Begg
Author: David K. H. Begg
Author: Paul de Grauwe
Author: Helmut Wagner
Author: Mehmet Ugur
Author: Mr.David K. H. Begg
Author: Mr.Alessandro Prati
Author: Willem H. Buiter
Author: Pontus Braunerhjelm
Author: Richard E. Baldwin
Author: Michele Fratianni