Download or read book The Credibility of the United Kingdom s Commitment to the Erm written by Mr.Paul R. Masson and published by International Monetary Fund. This book was released on 1994-12-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper presents estimates of a model of the credibility of the U.K. commitment to its central parity against the deutsche mark during the period of U.K. ERM membership (1990-92). The measure of credibility used is the long-term interest differential with Germany. Credibility is decomposed into two aspects: an assessment of whether the government was truly committed to the ERM, and the probability that even a committed government would be able to continue to bear the unemployment costs. Doubts about the first aspect—which could lead to a self-fulfilling crisis—are shown to have declined steadily during the period of ERM membership, while the second aspect is estimated to have become increasingly important, due to rising unemployment.
Download or read book The Credibility of the United Kingdom s Commitment to the ERM written by Paul R. Masson and published by . This book was released on 1994 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Credibilty of the United Kingdom s Commitment to the ERM written by Paul R. Masson and published by . This book was released on 1994 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Making of Monetary Policy in the UK 1975 2000 written by David Cobham and published by John Wiley & Sons. This book was released on 2003-02-14 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the quarter of a century with which this book is concerned, the UK has had an extraordinarily diverse experience of monetary policy and monetary regimes. Monetary policy has been transformed, from attempts to control broad money from the supply side with the use of indirect controls on banks' lending, to an almost exclusive focus on interest rates in a context of inflation targeting. The exchange rate has at times been fixed, at other times almost perfectly flexible, and at other times again more or less managed. Meanwhile the real economy has experienced large variations in growth, together with what most observers have seen as a sharp rise and then a gradual decline in the NAIRU; inflation has varied between 25% and 2%. This is a book about the making of monetary policy in the UK, about how and why the monetary regimes changed over the period, and how and why the monetary authorities took the decisions they did about monetary growth, interest rates and the exchange rate. It includes separate chapters on monetary targeting, on policy in the second half of the 1980s, on the UK's brief membership of the ERM, on inflation targeting between 1993 and 1997, and on inflation targeting with instrument independence since 1997. It also contains a detailed analysis of the factors that influenced interest rate decisions and monetary policy with particular reference to the exchange rate, and an investigation of the nature and reasons for interest rate smoothing in the UK. "David Cobham has written an excellent history of British monetary policy over the final quarter of the 20th Century. His judgement of the political and economic context is sound and sensible. It is well written with clear and helpful tables and charts. Besides the careful historical reporting, Cobham adds some valuable extra research of his own, notably on the interaction between monetary policy and the exchange rate (Chapter 9) and on the reasons for interest rate 'smoothing' (Chapter 10)." Charles Goodhart, Norman Sosnow Professor of Banking and Finance at the London School of Economics "...an essential guide covering everything the reader could ever want to know about the UK's turbulent monetary history over the last quarter century" Charles Bean, Chief Economist, Bank of England
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 A Ruined Fortress written by Alan W. Cafruny and published by Rowman & Littlefield. This book was released on 2003 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: Arguing convincingly that mainstream theory lacks the tools to adequately explain European integration, this challenging book draws upon critical political economic theory to develop a more comprehensive and consistent analysis of the processes of integration. Although not claiming that states have ceded their role as "masters of the treaties," the contributors develop innovative case studies of national and transnational processes to illustrate the salience of trans-European business networks and the primacy of neoliberalism as central organizing concepts of the post-Maastricht European project.
Download or read book Working Paper Summaries WP 94 77 WP 94 147 written by International Monetary Fund and published by International Monetary Fund. This book was released on 1995-02-01 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: Authors of Working Papers are normally staff members of the Fund or consultants, although on occasion outside authors may collaborate with a staff member in writing a paper. The views expressed in the Working Papers or their summaries are, however, those of the authors and should not necessarily be interpreted as representing the views of the Fund. Copies of individual Working Papers and information on subscriptions to the annual series of Working Papers may be obtained from IMF Publication Services, International Monetary Fund, 700 19th Street, Washington, D.C. 20431. Telephone: (202) 623-7430 Telefax: (202) 623-7201 This compilation of summaries of Working Papers released during July-December 1994 is being issued as a part of the Working Paper series. It is designed to provide the reader with an overview of the research work performed by the staff during the period.
Download or read book European Currency Crises and After written by Christian Bordes-Marcilloux and published by Manchester University Press. This book was released on 1995 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: The speculative crises of 1992-93, which shook the EMS, left in their wake a series of questions about the monetary future of Europe, exchange rate behaviour and exchange-rate policy. This book explores these questions from the varying standpoints of econo
Download or read book Betting for and Against EMU written by Leila S Talani and published by Routledge. This book was released on 2017-11-01 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 2000: An analysis of the extent to which the outcomes of the process of European monetary integration and, particularly, of the development of the debate over the establishment of EMU, have been influenced by domestic politics and by domestic economic interest groups in Italy and in the United Kingdom. From an empirical point of view, the work provides an account of the development of Italian and British socio-economic interest groups towards the issue of European monetary union from the making of the EMS until the establishment of EMU.
Download or read book Globalization Hegemony and the Future of the City of London written by L. Talani and published by Springer. This book was released on 2011-10-27 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book gives a detailed account of the primacy of the City of London, both as a domestic actor and as a global financial centre. It focuses on whether the hegemonic position of the City of London can be threatened by the globalization process and how this relates to its role as an international money laundering centre.
Download or read book IMF Working Paper written by and published by . This book was released on 1995 with total page 542 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Making of Eurosceptic Britain written by Dr Chris Gifford and published by Ashgate Publishing, Ltd.. This book was released on 2014-10-28 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: What has been the political impact of the Eurozone Debt Crisis in the UK? To what extent have the bank collapses and bailouts reinforced Britain’s Eurosceptic trajectory? In this revised and updated second edition Chris Gifford addresses these key questions reflecting on the Labour government’s approach to Europe while exploring the extensive mobilisation of Eurosceptic forces in opposition to the Conservative-led coalition government. The book examines the extent to which Euroscepticism has become dominant within both the Conservative leadership and the bulk of its parliamentary party and how this has affected the relationship of the coalition government with the European Union. By placing current attitudes to Europe in relation to the wider history of Britain’s post war interaction with its continental neighbours the author shows how British Euroscepticism is structural in nature and a persistent and institutionalised feature of UK Politics.
Download or read book Inflation Targeting written by Ben S. Bernanke and published by Princeton University Press. This book was released on 2018-06-05 with total page 393 pages. Available in PDF, EPUB and Kindle. Book excerpt: How should governments and central banks use monetary policy to create a healthy economy? Traditionally, policymakers have used such strategies as controlling the growth of the money supply or pegging the exchange rate to a stable currency. In recent years a promising new approach has emerged: publicly announcing and pursuing specific targets for the rate of inflation. This book is the first in-depth study of inflation targeting. Combining penetrating theoretical analysis with detailed empirical studies of countries where inflation targeting has been adopted, the authors show that the strategy has clear advantages over traditional policies. They argue that the U.S. Federal Reserve and the European Central Bank should adopt this strategy, and they make specific proposals for doing so. The book begins by explaining the unique features and advantages of inflation targeting. The authors argue that the simplicity and openness of inflation targeting make it far easier for the public to understand the intent and effects of monetary policy. This strategy also increases policymakers' accountability for inflation performance and can accommodate flexible, even "discretionary," monetary policy actions without sacrificing central banks' credibility. The authors examine how well variants of this approach have worked in nine countries: Germany and Switzerland (which employ a money-focused form of inflation targeting), New Zealand, Canada, the United Kingdom, Sweden, Israel, Spain, and Australia. They show that these countries have typically seen lower inflation, lower inflation expectations, and lower nominal interest rates, and have found that one-time shocks to the price level have less of a "pass-through" effect on inflation. These effects, in turn, are improving the climate for economic growth. The authors warn, however, that the success of inflation targeting depends on operational details, such as how the targets are defined and when they are announced. They also show that inflation targeting is not a panacea that can make inflation perfectly predictable or reduce it without economic costs. Clear, balanced, and authoritative, Inflation Targeting is a groundbreaking study that will have a major impact on the debate over the right monetary strategy for the coming decades. As a unique comparative study of what central banks actually do in different countries around the world, this book will also be invaluable to anyone interested in how economic policy is made.
Download or read book Currency Politics written by Jeffry A. Frieden and published by Princeton University Press. This book was released on 2016-09-06 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: The politics surrounding exchange rate policies in the global economy The exchange rate is the most important price in any economy, since it affects all other prices. Exchange rates are set, either directly or indirectly, by government policy. Exchange rates are also central to the global economy, for they profoundly influence all international economic activity. Despite the critical role of exchange rate policy, there are few definitive explanations of why governments choose the currency policies they do. Filled with in-depth cases and examples, Currency Politics presents a comprehensive analysis of the politics surrounding exchange rates. Identifying the motivations for currency policy preferences on the part of industries seeking to influence politicians, Jeffry Frieden shows how each industry's characteristics—including its exposure to currency risk and the price effects of exchange rate movements—determine those preferences. Frieden evaluates the accuracy of his theoretical arguments in a variety of historical and geographical settings: he looks at the politics of the gold standard, particularly in the United States, and he examines the political economy of European monetary integration. He also analyzes the politics of Latin American currency policy over the past forty years, and focuses on the daunting currency crises that have frequently debilitated Latin American nations, including Mexico, Argentina, and Brazil. With an ambitious mix of narrative and statistical investigation, Currency Politics clarifies the political and economic determinants of exchange rate policies.
Download or read book Transactions of the Royal Historical Society Volume 19 written by Ian W. Archer and published by Cambridge University Press. This book was released on 2009-12-17 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Transactions of the Royal Historical Society publish an annual collection of major articles representing some of the best historical research by some of the world's most distinguished historians. Volume 19 includes the following articles: Presidential Address: Britain and Globalisation since 1850: IV: The Creation of the Washington Consensus by Martin Daunton, Representation c.800: Arab, Byzantine, Carolingian by Leslie Brubaker, Humanism and Reform in Pre-Reformation English Monasteries by James G. Clark, Lord Burghley and il Cortegiano: Civil and Martial Models of Courtliness in Elizabethan England (The Alexander Prize Lecture) by Mary Partridge, Communicating Empire: The Habsburgs and their Critics, 1700-1919 (The Prothero Lecture) by Robert Evans, The Slave Trade, Abolition and Public Memory by James Walvin, Cultures of Exchange: Atlantic Africa in the Era of the Slave Trade by David Richardson, and Slaves Out of Context: Domestic Slavery and the Anglo-Indian Family, c.1780-1830 by Margot Finn.
Download or read book Scotland Analysis written by Great Britain: H.M. Treasury and published by The Stationery Office. This book was released on 2013-04-23 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: The UK Government is undertaking a major cross-government programme of analysis prior to the referendum on Scottish independence in 2014. The aim is to provide a comprehensive and detailed analysis of Scotland's place in the UK. This paper examines how Scotland might arrange its currency and wider macroeconomic framework. It reviews the current UK arrangements and examines the options for change. In the event of a vote for independence Scotland would have to establish its own institutional framework, and the current system of risk-sharing would end. An independent Scottish state would have four main currency options: continue to use sterling with a formal agreement with the continuing UK (a sterling currency union); use sterling unilaterally with no formal agreement ('sterlingisation'); join the euro; or introduce a new Scottish currency. This paper examines all these options and concludes that all of them would be less likely to be economically suitable for both Scotland and the rest of the UK.
Download or read book Monetary Regimes of the Twentieth Century written by Andrew Britton and published by Cambridge University Press. This book was released on 2001-06-04 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract economic theory may be timeless and potentially universal in its application, but macroeconomics has to be seen in its historical context. The nature of the policy regime, the behaviour of the economy and the beliefs of professional economists all interact, and influence each other. This short historical account of monetary regimes since 1900 shows how the role of policy has changed, and how this has related to experience of inflation and the real economy, as well as to changes in political philosophies. The narrative concentrates on developments in America, Europe and Japan from the era of the classical gold standard, via the era of policy intervention and reduced faith in the market to the present 'neo-liberal' regimes. The 'grand narrative' of the century is a journey 'to Utopia and back'. It is argued that no school of macroeconomics is right for all time; different theoretical models may be appropriate, for different periods and regimes.
