Prerequisites for International Monetary Stability
Author : Barry J. Eichengreen
Publisher :
Page : 54 pages
File Size : 16,72 MB
Release : 1993
Category : Foreign exchange
ISBN :
Author : Barry J. Eichengreen
Publisher :
Page : 54 pages
File Size : 16,72 MB
Release : 1993
Category : Foreign exchange
ISBN :
Author : Michael D. Bordo
Publisher : Hoover Press
Page : 381 pages
File Size : 26,76 MB
Release : 2017-04-01
Category : Business & Economics
ISBN : 0817920560
Since the end of the Great Recession in 2009 the central banks of the advanced countries have taken unprecedented actions to reflate and stimulate their economies. There have been significant differences in the timing and pace of these actions. These independent monetary policy actions have had significant spillover effects on the economies and monetary policy strategies of other advanced countries. In addition the monetary policy actions and interventions of the advanced countries have had a significant impact on the emerging market economies leading to the charge of 'currency wars.' The perceived negative consequences of spillovers from the actions of national central banks has led to calls for international monetary policy coordination. The arguments for coordination based on game theory are the same today as back in the 1980s, which led to accords which required that participant countries follow policies to improve global welfare at the expense of domestic fundamentals. This led to disastrous consequences. An alternative approach to the international spillovers of national monetary policy actions is to view them as deviations from rules based monetary policy. In this view a return to rules based monetary policy and a rolling back of the " global great deviation" by each country's central bank would lead to a beneficial policy outcome without the need for explicit policy coordination. In this book we report the results from a recent conference which brought together academics, market participants, and policy makers to focus on these issues. The consensus of much of the conference was on the need for a classic rules based reform of the international monetary system.
Author : Lucía Satragno
Publisher : BRILL
Page : 225 pages
File Size : 45,10 MB
Release : 2022-02-28
Category : Law
ISBN : 9004508732
The open access publication of this book has been published with the support of the Swiss National Science Foundation. In Monetary Stability as a Common Concern in International Law, Lucía Satragno argues that monetary stability is a global public good that must be promoted and protected at all levels of governance. In doing so, the book accomplishes two tasks. On one hand, it provides an up to date analysis of the role of law and institutions in the international monetary field since the collapse of the Bretton Woods system. On the other hand, it applies the methodological approach proposed by the novel doctrine of Common Concern of Humankind to monetary stability as a case study. Accordingly, the book examines not only the status quo of the international monetary system, but also looks at the ‘new and different realism’ that would be envisaged in monetary affairs in the case of a fully-fledged principle of Common Concern.
Author : Mr.Carlo Cottarelli
Publisher : International Monetary Fund
Page : 772 pages
File Size : 36,23 MB
Release : 1994-12-15
Category : Business & Economics
ISBN : 9781557754196
This book, edited by Tomás J.T. Baliño and Carlo Cottarelli, addresses some of the strategic issues faced by policymakers in the choice of a monetary regime. Following an overview of some of these issues, the book considers the various theoretical or practical frameworks for the implementation of monetary policy. It then focuses on how monetary policy should be implemented.
Author : Jacek Rostowski
Publisher : International Monetary Fund
Page : 24 pages
File Size : 30,83 MB
Release : 1994-02-01
Category : Business & Economics
ISBN : 1451920989
The primary function of banks during economic transformation is seen to be provision of an efficient payments mechanism. The lack of banking skills, particularly in credit allocation, is seen as the major problem in stable monetary systems. This is a problem which can be expected to last many years. The solution is to limit banks to very safe assets (initially central bank liabilities). Combining such safe banks with a monetary rule would provide stable monetary systems during transition.
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 39 pages
File Size : 34,59 MB
Release : 2016-02-22
Category : Business & Economics
ISBN : 1498345956
In light of the changing contours of the global economy, this paper provides an overview of the challenges facing the International Monetary System (IMS). It seeks to forge a common understanding of the challenges facing the IMS and its shortcomings, and to lay the basis for discussing a possible roadmap for further work on reform areas.
Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 94 pages
File Size : 29,35 MB
Release : 2012-04-18
Category : Business & Economics
ISBN : 1616352477
The April 2012 Global Financial Stability Report assesses changes in risks to financial stability over the past six months, focusing on sovereign vulnerabilities, risks stemming from private sector deleveraging, and assessing the continued resilience of emerging markets. The report probes the implications of recent reforms in the financial system for market perception of safe assets, and investigates the growing public and private costs of increased longevity risk from aging populations.
Author : International Monetary Fund. Finance Dept.
Publisher : International Monetary Fund
Page : 16 pages
File Size : 28,14 MB
Release : 2010-04-21
Category : Business & Economics
ISBN : 1498337546
Reform package. Comprehensive reform of Fund governance—encompassing quotas, ministerial engagement and oversight, the size and composition of the Executive Board, voting rules, management selection, and staff diversity—is essential to enhancing the Fund’s long-term legitimacy and effectiveness. Although the elements of such a reform are being discussed sequentially, and some could be taken up sooner, most will need to be decided as a package, given the linkages and trade-offs.
Author :
Publisher :
Page : 0 pages
File Size : 15,28 MB
Release : 1994
Category : Banks and banking
ISBN :
Author : Mr.Tamim Bayoumi
Publisher : International Monetary Fund
Page : 32 pages
File Size : 26,92 MB
Release : 1995-09-01
Category : Business & Economics
ISBN : 1451851243
This paper examines some popular explanations for the smooth operation of the pre-1914 gold standard. We find that the rapid adjustment of economies to underlying disturbances played an important role in stabilizing output and employment under the gold standard system, but no evidence that this success also reflected relatively small underlying disturbances. Finally, the paper also suggests an explanation for the evolution of the international monetary system based on growing nominal inertia over time.