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Money Markets and Politics - A Study of European Financial Integration and Monetary Policy Options (Hardcover, illustrated edition)
Loot Price: R3,547
Discovery Miles 35 470
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Money Markets and Politics - A Study of European Financial Integration and Monetary Policy Options (Hardcover, illustrated edition)
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The dramatic evolution of financial markets in the 1980s and 1990s,
accompanied by increasing institutional integration between nations
(most notably in the EU), have fostered a widespread belief that
governments - particularly those of small economies - have
essentially lost the power to pursue sovereign, independent
economic policies. At the same time, it is widely assumed that the
loss of monetary-policy control is a major opportunity cost for a
country adopting a rigid exchange-rate regime or, in the European
context, for countries joining the EMU. This book sheds light on
these arguments by examining the relationship between the
international integration of domestic money markets and the degree
of monetary-policy independence in eleven small, open economies in
Europe. The authors address these important issues in the context
of a broad-based historical analysis of market formation and
growth, exchange-rate policies and deregulation. They find that
political motives, in conjunction with competitive forces, path
dependence and institutional factors, are a major determinant of
market development. Moreover, they reveal that credible commitment
to a stability goal is a far more reliable predictor of
monetary-policy autonomy than the adoption of a specific
exchange-rate regime. This accessible investigation of the
relationship between domestic money-market development,
international financial integration and the monetary-policy options
available to small, open economies will be welcomed by students and
researchers of macroeconomics, financial economics and political
economy. The extensive empirical research and original conclusions
will also be of interest and benefit to corporate decisionmakers,
bankers, policymakers and regulators.
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