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This significant new book provides a succinct overview of the
essential policy issues surrounding capital liberalization. The
book compares the experiences of transition economies in Europe
with those of advanced nations, allowing the reader to examine the
changing international economic and financial environment within
which transition countries have to liberalize. The book first deals
with the critical issues concerning liberalization, including
sequencing and financial market development. The authors move on to
present an overview of the early liberalization experiences of
advanced economies and East-Asian countries. This provides the
context for a series of chapters reviewing liberalization progress
in transition economies, in which international experts and senior
officials analyze their own countries' experiences. The authors
also emphasise the importance of financial market reform and the
construction of a sound institutional framework if countries are to
attract and productively use capital inflows. A stable financial
system, whilst not infallible, is also crucial for minimizing the
risk of financial crises of the type experienced by a number of
countries during the 1980s and 1990s. The comprehensive scope of
the subject matter and international contributions from a range of
different perspectives will ensure this book is warmly received by
academics and researchers with an interest in EU accession,
transition economics and financial market reform. It will also
serve as a useful guide to governments involved in capital
liberalization in other parts of the world such as Latin America
and Asia.
Monetary Stability through International Cooperation contains
essays written by high ranking policy makers in the field of
central banking and international finance, written in honour of
Andre Szasz, who has been Executive Director of De Nederlandsche
Bank since 1973, responsible for international monetary relations.
Colleagues from several other central banks, from finance
ministries and from international institutions pay tribute to him
by analysing the conditions fostering European as well as global
monetary stability. The book provides an inside view of the
thinking of monetary officials at the turn of 1993/1994, when the
currency turmoil in the ERM of mid-1993 had subsided and views on
its implications for exchange rate management and, more generally,
for European integration were taking shape. Topics include exchange
rate stabilisation, policy coordination and central bank
independence. A second section, on the international monetary
system, includes essays on the policy implications of present day
dynamic financial markets as well as the role of the IMF. This
book, written by insiders for an insider', provides valuable
insights to those who are interested in contemporary international
monetary relations. "
The member states are facing the choice between either reaping the
benefits of increasing integration in a certain area - in this case
the capital markets - attended by a significant reduction in
national powers of autonomous decision-making and independence, or
retaining this national independence enabling them to pursue their
own policy objectives with the aid of instruments selected at their
discretion. To this question, there is no generally valid answer.
The solution is determined by the weight assigned to the benefits,
on the one hand, and that assigned to the reduction in national
sovereignty, on the other. This, however, is a subjective matter,
which is assessed differently in the various countries. OnnoRuding,
1969 1. 1 CAPITAL LffiERALIZATION AND MONETARY UNIFICATION In the
1980s Europe made a leap forward towards the liberalization of
capital movements. EEC directives were accepted by all member
states obliging them to abolish all remaining exchange controls.
This common objective of freedom of capital movements has been
consolidated in the Treaty on European Union. Nowadays virtually
all restrictions have been lifted. This stands in striking contrast
to the state of affairs only a decade ago, when many countries
still operated a tight regime. Although the Treaty of Rome provided
for the freedom of capital movements, this objective was
circumscribed by the clause that such liberalization should only be
carried through to the extent necessary to ensure the proper
functioning of the Common Market.
Monetary Stability through International Cooperation contains
essays written by high ranking policy makers in the field of
central banking and international finance, written in honour of
Andre Szasz, who has been Executive Director of De Nederlandsche
Bank since 1973, responsible for international monetary relations.
Colleagues from several other central banks, from finance
ministries and from international institutions pay tribute to him
by analysing the conditions fostering European as well as global
monetary stability. The book provides an inside view of the
thinking of monetary officials at the turn of 1993/1994, when the
currency turmoil in the ERM of mid-1993 had subsided and views on
its implications for exchange rate management and, more generally,
for European integration were taking shape. Topics include exchange
rate stabilisation, policy coordination and central bank
independence. A second section, on the international monetary
system, includes essays on the policy implications of present day
dynamic financial markets as well as the role of the IMF. This
book, written by insiders for an insider', provides valuable
insights to those who are interested in contemporary international
monetary relations. "
This book provides first-hand insights on the modern considerations
governing official reserve holdings and investment in different
asset classes. Tremendous growth of central bank reserves has led
to an increased focus on raising returns in addition to the
traditional preference central banks have for maintaining liquid
portfolios. Leading experts from central banks, investment banks
and the academic community elucidate on this and related issues.The
expert contributors adopt a unique approach in their explicit
linkage of the increased focus on return by central banks and the
implications of new accounting rules (IFRS) for income recognition
and profit distribution. They also address the welfare gains and
costs of accumulating foreign exchange reserves and the
implications for the functioning of the global financial system, as
well as: asset and currency diversification changing reserve
management practices in the face of steeply growing official
reserve holdings new risk management techniques profit distribution
agreements. Central Bank Reserve Management will prove a valuable
information resource for researchers and academics with an interest
in central banking issues and asset management, financial sector,
government and central bank officials, and representatives of
international financial institutions.
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