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Rules for International Monetary Stability - Past, Present, and Future (Hardcover)
Loot Price: R522
Discovery Miles 5 220
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Rules for International Monetary Stability - Past, Present, and Future (Hardcover)
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Loot Price R522
Discovery Miles 5 220
Expected to ship within 12 - 17 working days
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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.
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