Policy issues in the evolving international monetary system:
Gespeichert in:
| Format: | Buch |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
Washington, DC
1992
|
| Schriftenreihe: | International Monetary Fund: Occasional paper
96 |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | VII, 74 S. graph. Darst. |
| ISBN: | 1557752346 |
Internformat
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Datensatz im Suchindex
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|---|---|
| adam_text | Contents
Page
Preface vii
Part I Mechanisms for Promoting Global Monetary Stability
Morris Goldstein and Peter Isard
I. Introduction 3
II. Developments in World Economy and Implications for the
International Monetary System 4
Changes in Relative Economic Size 4
Relative Inflation Performance 4
International Use of Currencies 6
Patterns of Regional Integration 9
Provision of International Liquidity 11
Implications for Evolution of the System 12
III. Problems with Present System 13
Undisciplined or Ineffective National Policies 13
Fiscal Policies
Monetary Policies
Structural Policies
Excessive Swings in Real Exchange Rates 16
Limited Credibility in Efforts to Manage Exchange Rates 23
Deficiencies in International Liquidity System 23
IV. What Can Be Done? 25
Measures to Strengthen National Policymaking 25
Fiscal Policy Reforms
Monetary Policy Reforms
Structural Reforms
Efforts to Enhance Multilateral Surveillance and Policy
Coordination 28
Changes in Nature of Exchange Rate Commitments 31
References 33
Tables
Section
II 1. Relative Economic Size 5
2. Consumer Price Inflation Rates Among Industrial Countries,
1954 90 6
D
Page
3. Wholesale Price Inflation Rates Among Industrial Countries,
1954 89 7
4. Consumer Price Inflation Among Developing Countries, by
Region, 1971 90 7
5. Selected Indicators of International Use of Currencies 8
6. Distribution of Exports by Destination, 1989 10
7. Distribution of Imports by Origin, 1989 11
III 8. Government Saving in Industrial Countries, 1967 90 14
9. Relative Volatility of Exchange Rates, 1973 90 18
Charts
Section
III 1. Volatility of Nominal Exchange Rates, 1961 90 17
2. Nominal Exchange Rate Indices, 1975 91 19
3. Effective Exchange Rate Indices, 1975 90 19
4. Cumulative Changes in Effective Exchange Rate Indices,
1975 90 21
Part II Issues in the Operation of Monetary Unions
and Common Currency Areas
Paul R. Masson and Mark P. Taylor
I. Introduction 39
II. Monetary Policy Issues 41
Facilitating Transactions and Ensuring Price Stability 41
Monetary Policy Institutions in a Currency Union 41
Seigniorage and the Inflation Tax 42
Conclusions 42
III. Traditional Criteria for Successful Currency Unions 43
Factor Mobility 43
Openness and Regional Interdependence 45
Industrial and Portfolio Diversification 46
Wage and Price Flexibility 48
Overview of Traditional Criteria and Response to Shocks 48
Conclusions . 50
IV. Fiscal Policy Within Currency Areas 51
Spillovers from National Fiscal Policies 51
Prospects for Budget Discipline 52
Incentives for Excessive Deficits
Government Borrowing in Fiscal Federations
Fiscal Flexibility and Interregional Transfers 54
Conclusions 55
V. Convergence Issues 57
Real and Nominal Convergence 57
Conclusions 58
Page
VI. Monetary Union—Transitional Issues 60
European Monetary Union 60
The Delors Plan
Speed of Transition
Sources of Instability in Transition 61
Currency Substitution
Speculative Attack
Arguments For and Against Rapid Transition 63
The Hard ECU Proposal 63
Conclusions 66
VII. Concluding Remarks 67
References 68
Tables
Section
III 1. Selected Country Groupings: Intra Area Trade as Share of Total
Trade 45
2. Selected Industrial Countries: Shares of Exports by Commodity
Categories 46
3. Selected Industrial Countries: Shares of Production by Sector,
1986 47
Charts
Section
III 1. Dispersion of Unemployment Rates 43
2. Macroeconomic Stability of EMU 49
V 3. ERM: Maximum and Minimum Rates of Inflation 57
4. Dispersion of Real Per Capita Output 58
The following symbols have been used throughout this paper:
... to indicate that data are not available;
— to indicate that the figure is zero or less than half the final digit shown, or that the item
does not exist;
between years or months (e.g., 1991 92 or January June) to indicate the years or
months covered, including the beginning and ending years or months;
/ between years (e.g., 1991/92) to indicate a crop or fiscal (financial) year.
Billion means a thousand million.
Minor discrepancies between constituent figures and totals are due to rounding.
The term country, as used in this paper, does not in all cases refer to a territorial entity
that is a state as understood by international law and practice; the term also covers some
territorial entities that are not states, but for which statistical data are maintained and
provided internationally on a separate and independent basis.
B
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| illustrated | Illustrated |
| indexdate | 2024-07-09T16:49:13Z |
| institution | BVB |
| isbn | 1557752346 |
| language | English |
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| physical | VII, 74 S. graph. Darst. |
| publishDate | 1992 |
| publishDateSearch | 1992 |
| publishDateSort | 1992 |
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| series | International Monetary Fund: Occasional paper |
| series2 | International Monetary Fund: Occasional paper |
| spelling | Policy issues in the evolving international monetary system Morris Goldstein ... Washington, DC 1992 VII, 74 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier International Monetary Fund: Occasional paper 96 Fiskalpolitik (DE-588)4071234-5 gnd rswk-swf Geldpolitik (DE-588)4019902-2 gnd rswk-swf Internationales Währungssystem (DE-588)4072901-1 gnd rswk-swf Internationales Währungssystem (DE-588)4072901-1 s DE-604 Geldpolitik (DE-588)4019902-2 s Fiskalpolitik (DE-588)4071234-5 s Goldstein, Morris 1944- Sonstige (DE-588)121533034 oth International Monetary Fund: Occasional paper 96 (DE-604)BV002597241 96 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=004223674&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Policy issues in the evolving international monetary system International Monetary Fund: Occasional paper Fiskalpolitik (DE-588)4071234-5 gnd Geldpolitik (DE-588)4019902-2 gnd Internationales Währungssystem (DE-588)4072901-1 gnd |
| subject_GND | (DE-588)4071234-5 (DE-588)4019902-2 (DE-588)4072901-1 |
| title | Policy issues in the evolving international monetary system |
| title_auth | Policy issues in the evolving international monetary system |
| title_exact_search | Policy issues in the evolving international monetary system |
| title_full | Policy issues in the evolving international monetary system Morris Goldstein ... |
| title_fullStr | Policy issues in the evolving international monetary system Morris Goldstein ... |
| title_full_unstemmed | Policy issues in the evolving international monetary system Morris Goldstein ... |
| title_short | Policy issues in the evolving international monetary system |
| title_sort | policy issues in the evolving international monetary system |
| topic | Fiskalpolitik (DE-588)4071234-5 gnd Geldpolitik (DE-588)4019902-2 gnd Internationales Währungssystem (DE-588)4072901-1 gnd |
| topic_facet | Fiskalpolitik Geldpolitik Internationales Währungssystem |
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