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A topical insider view of causes and consequences of financial
crises since the Mexican collapse of 1995. The book includes a
detailed exploration of recent and ongoing firestorms, including
the near meltdown of the global financial system and the euro
crisis, and suggests ways to save the international financial and
monetary system.
The book examines the problems that Nixon faced during his
presidential term, focusing on economics but the role of politics
is also highlighted. The convergence of the gold-dollar crises, oil
crises and Watergate imbroglio posed a unique political and
economic threat to global stability.
This book focuses on various important aspects of monetary policy
such as the final objective of monetary policy, the position of the
central bank, the design and implementation of monetary policy, the
relationship between monetary policy and exchange rate regimes, and
the consequences of financial reforms in Central and Eastern Europe
and in Latin America. A Framework for Monetary Stability begins
with introductions by President W. Duisenberg (DNB) and Vice
Chairman D. Mullins, Jr. (Federal Reserve Board). Furthermore,
twelve contributions discuss and analyse theoretical, empirical and
institutional issues of monetary policy and central banking in
Europe and America as well as in other countries. Contributors are
reputed policymakers such as C. Freedman (Bank of Canada), J. de
Beaufort Wijnholds and L. Hoogduin (DNB), O. Issing (Deutsche
Bundesbank), A. Crockett (Bank of England), M. GuitiAn (IMF) and A.
Icard (Banque de France). Also, prominent academics like professors
S. Fischer (MIT), A. Cukierman (Tel Aviv), B. Friedman (Harvard),
M. de Cecco (Rome) and F. Giavazzi (Bocconi), R. Layard (LSE) and
R. Dornbusch (MIT) have made contributions. The book ends with a
general report by S. Eijffinger (CentER). The collection of papers
and proceedings will be of outstanding interest to anyone who is
professionally involved with monetary policy and central banking.
Central banks are major players in today's economic and financial
policy-making. While respected for their technical acumen and their
pivotal role in defusing the global financial crisis, they are at
the same time mistrusted by others and considered to be too
powerful. In order to contribute to a better understanding of the
why, what and how of central banking, this book traces the progress
of central banks from modest beginnings, including financing wars,
to the powerful institutions they have become. It describes the
evolution of the Bank of England to a fully-fledged central bank,
the very different route taken by the Federal Reserve and, much
later, by the European Central Bank. The gold standard, floating
exchange rates, and the battle against inflation are covered in
depth, alongside a review of modern monetary policy and central
banks' role in maintaining financial stability. Throughout the
book, the ups and downs of central banks' relationship vis-a-vis
their governments are a recurring theme, even surmising that
reigning in the independence of central banks risks inflicting
serious damage to economic and financial stability. Uncovering the
challenges that the money masters may face in an uncertain future,
this book will be of interest to academics, researchers, and
practitioners in central banking, finance, and economics at large.
Central banks are major players in today's economic and financial
policy-making. While respected for their technical acumen and their
pivotal role in defusing the global financial crisis, they are at
the same time mistrusted by others and considered to be too
powerful. In order to contribute to a better understanding of the
why, what and how of central banking, this book traces the progress
of central banks from modest beginnings, including financing wars,
to the powerful institutions they have become. It describes the
evolution of the Bank of England to a fully-fledged central bank,
the very different route taken by the Federal Reserve and, much
later, by the European Central Bank. The gold standard, floating
exchange rates, and the battle against inflation are covered in
depth, alongside a review of modern monetary policy and central
banks' role in maintaining financial stability. Throughout the
book, the ups and downs of central banks' relationship vis-a-vis
their governments are a recurring theme, even surmising that
reigning in the independence of central banks risks inflicting
serious damage to economic and financial stability. Uncovering the
challenges that the money masters may face in an uncertain future,
this book will be of interest to academics, researchers, and
practitioners in central banking, finance, and economics at large.
The book examines the problems that Nixon faced during his
presidential term, focusing on economics but the role of politics
is also highlighted. The convergence of the gold-dollar crises, oil
crises and Watergate imbroglio posed a unique political and
economic threat to global stability.
This book focuses on various important aspects of monetary policy
such as the final objective of monetary policy, the position of the
central bank, the design and implementation of monetary policy, the
relationship between monetary policy and exchange rate regimes, and
the consequences of financial reforms in Central and Eastern Europe
and in Latin America. A Framework for Monetary Stability begins
with introductions by President W. Duisenberg (DNB) and Vice
Chairman D. Mullins, Jr. (Federal Reserve Board). Furthermore,
twelve contributions discuss and analyse theoretical, empirical and
institutional issues of monetary policy and central banking in
Europe and America as well as in other countries. Contributors are
reputed policymakers such as C. Freedman (Bank of Canada), J. de
Beaufort Wijnholds and L. Hoogduin (DNB), O. Issing (Deutsche
Bundesbank), A. Crockett (Bank of England), M. GuitiAn (IMF) and A.
Icard (Banque de France). Also, prominent academics like professors
S. Fischer (MIT), A. Cukierman (Tel Aviv), B. Friedman (Harvard),
M. de Cecco (Rome) and F. Giavazzi (Bocconi), R. Layard (LSE) and
R. Dornbusch (MIT) have made contributions. The book ends with a
general report by S. Eijffinger (CentER). The collection of papers
and proceedings will be of outstanding interest to anyone who is
professionally involved with monetary policy and central banking.
International monetary economics essentially deals with three
problems, viz. the nature and stability of the international
monetary system, the balance of payments adjustment process, and
international liquidity (reserves and credit facilities). All three
categories are interrelated. The exchange rate system has an
important bearing on the manner in which the adjustment process
functions, as well as on the need for international liquidity. The
adjustment process is an important determinant of the need for
international liquidity. The adequacy of international liquidity
influences the working of the adjustment process. Ultimately,
developments in international liquidity and in the adjustment
process determine the nature and stability of the international
monetary system; a sustained malfunctioning of the adjustment
process - brought about by a serious imbalance in international
liquidity or by other causes - will bring about a new international
monetary system, either through collapse or reform of the old
system. This study deals only with the problem of international
liquidity. However, it touches on the two other main aspects of
international monetary economics insofar as they have a bearing on
international reserves and credit facilities. In the literature
international liquidity is most often defined as including
international reserves (gold, SDRs, foreign exchange and claims on
the IMF) and international credit facilities (IMF drawing rights,
EEC support arrangements and central bank multilateral and
bilateral credit facilities). This definition will also be followed
in this study.
A topical insider view of causes and consequences of financial
crises since the Mexican collapse of 1995. The book includes a
detailed exploration of recent and ongoing firestorms, including
the near meltdown of the global financial system and the euro
crisis and suggests ways to save the international financial and
monetary system.
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