Download or read book HOW TO BETTER MONETARY AND EXCHANGE RATE MECHANISMS written by DANIEL DAIANU AND RADU VRANCEANU and published by . This book was released on 2001 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The International Adjustment Mechanism written by L. Gomes and published by Springer. This book was released on 1993-07-20 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is about the history of thought and policy on the international adjustment mechanism. Economics emerged as a discipline in its own right largely out of the accumulated reflections, analyses and judgements of a group of writers from the sixteenth to the early nineteenth century who shared a common perspective on matters relating to the adjustment of the balance of payments. The present survey starts with the development of the doctrine at that time and continues the story up to the present debate on economic and monetary union in Europe.
Download or read book Economic and Monetary Integration and the Aggregate Demand for Money in the EMS written by International Monetary Fund and published by International Monetary Fund. This book was released on 1990-03-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The International Monetary Mechanism written by Leland B. Yeager and published by . This book was released on 1968 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: Includes index.
Download or read book Implementation of Monetary Policy in Ems Countries Participating in the Exchange Rate Mechanism written by Mr.Michel Galy and published by International Monetary Fund. This book was released on 1992-10-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the issue of monetary interdependence among members of the European Monetary System over the period 1979–91 and the leadership role attributed to the German central bank in the process of monetary integration, and looks for possible changes in central banks’ behaviors. Econometric evidence supports somewhat the German leadership role but suggests also the development of an increased interdependence between French and German monetary policies after 1981–82; meanwhile, the Italian and more recently the Spanish central banks appear to have preserved a more significant measure of monetary autonomy.
Download or read book A Guide to International Monetary Economics written by Herschel Visser and published by Edward Elgar Publishing. This book was released on 1995 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text presents an overview of exchange rate systems and exchange rate theories, grouping the various theories according to the time period for which their explanation is relevant. The author explains which models are relevant to the various exchange rate systems available to policy makers. Particular attention is paid to dependent economy models and the text also looks at exchange rate policy, monetary unions and the Exchange Rate Mechanism of the European Monetary System.
Download or read book Aspects of the Monetary Transmission Mechanism Under Exchange Rate Targeting written by Mr.Ioannis Halikias and published by International Monetary Fund. This book was released on 1997-04-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines monetary transmission in France using the vector autoregression methodology. Interest rates are decomposed into external and domestic components, and a nonrecursive contemporaneous structure is used to identify the system. Innovations in the external component are found to have a significant impact on economic activity, while innovations in the domestic premium have a statistically negligible effect, suggesting that interest rate hikes in defense of the franc may have had a smaller impact on the economy than usually thought. The paper also discusses some implications of Economic and Monetary Union and provides evidence concerning the importance of the credit channel in France.
Download or read book Monetary Policy Transmission in Emerging Markets and Developing Economies written by Mr.Luis Brandao-Marques and published by International Monetary Fund. This book was released on 2020-02-21 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks in emerging and developing economies (EMDEs) have been modernizing their monetary policy frameworks, often moving toward inflation targeting (IT). However, questions regarding the strength of monetary policy transmission from interest rates to inflation and output have often stalled progress. We conduct a novel empirical analysis using Jordà’s (2005) approach for 40 EMDEs to shed a light on monetary transmission in these countries. We find that interest rate hikes reduce output growth and inflation, once we explicitly account for the behavior of the exchange rate. Having a modern monetary policy framework—adopting IT and independent and transparent central banks—matters more for monetary transmission than financial development.
Download or read book Economic Policy Exchange Rates and the International System written by Warner Max Corden and published by OUP Oxford. This book was released on 1994 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Inflation Targeting and Exchange Rate Management In Less Developed Countries written by Mr.Marco Airaudo and published by International Monetary Fund. This book was released on 2016-03-08 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that management of the exchange rate greatly enhances the efficacy of inflation targeting. In a flexible exchange rate system, inflation targeting incurs a high risk of indeterminacy where macroeconomic fluctuations can be driven by self-fulfilling expectations. Moreover, small inflation shocks may escalate into much larger increases in inflation ex post. Both problems disappear when the central bank leans heavily against the wind in a managed float.
Download or read book How to Improve the Effectiveness of Monetary Policy in the West African Economic and Monetary Union written by Mr.Alexei Kireyev and published by International Monetary Fund. This book was released on 2015-05-05 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The West African Economic and Monetary Union (WAEMU) is a currency union with a fixed exchange rate and limited capital mobility and, therefore, an independent monetary policy in the short run. The Central Bank of West African States (BCEAO) is conducting the single monetary policy with the main goal of preserving price stability and supporting economic growth. However, the effectiveness of its monetary policy remains low, with a weak reaction of market interest rates and inflation to BCEAO’s policy actions. The paper concludes that, while the institutional setup and the instruments of monetary policy are adequate, the transmission mechanism of monetary policy remains constrained by liquidity management practices, shallow and segmented financial markets, and interest rate rigidities. To improve the effectiveness of monetary policy the BCEAO should be more proactive in determining the stance of fiscal policies, develop financial markets, and liberalize controlled interest rates. The BCEAO is undertaking important reforms in these directions.
Download or read book Implementation of Monetary Policy in EMS Countries Participating in the Exchange Rate Mechanism written by Michel André Galy and published by . This book was released on 1992 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Exchange Rate Mechanism of the European Monetary System Problems of written by Tommaso Padoa-Schioppa and published by . This book was released on 1991 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The European Monetary System written by Paul de Grauwe and published by . This book was released on 1987 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The British Conservative Government and the European Exchange Rate Mechanism 1979 1994 written by Helen Thompson and published by Psychology Press. This book was released on 1996 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text systematically traces the development of the British Conservative government's policy to the European Exchange Rate Mechanism from 1979 to 1994. The book provides information and insight into the development of ERM policy, which led to the downfall and discredit of the Conservative leadership. Revealing dramatic episodes in the progress of the policy, including a full account of the deterioration in the relationship between Margaret Thatcher and Nigel Lawson, the author shows how the Thatcher government was torn apart, and the credibility of the Major government undermined.
Download or read book The European Exchange Rate Mechanism ERM crisis of 1992 and the Pound Sterling Crisis written by Andre Korbas and published by GRIN Verlag. This book was released on 2021-01-04 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2020 in the subject Economics - Finance, grade: 1.7, University of Hamburg (Fakultät für Wirtschafts- und Sozialwissenschaften), course: Währungs- und Finanzkrisen, language: English, abstract: This short seminar paper introduces the theory and fundamentals as well as the history and mechanisms which led to the creation of the European Monetary System (EMS) and later the European Economic and Monetary Union (EMU). It also follows the events culminating into the EMS’ crisis in 1992 and the permanent departure of the United Kingdom from this system. With the introduction of the EMU and the expansion of the European Union (EU) in the early years of the new millennium, the question arises of whether it is advisable for the newer members to become part of the European Exchange Rate mechanism-II (ERM-II) which leads to the introduction of the Euro in the future. The scope of this work only allows for a very pinpoint answer for this very complex topic but is a first step into more comprehensive and detailed literature.
Download or read book The European Monetary System written by Francesco Giavazzi and published by Cambridge University Press. This book was released on 1988 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recoge: 1. The international environment - 2. Disinflation, external adjustment and cooperation - 3. Exchange rates, capital mobility and monetary coordination - 4. The future og the European monetary system.
