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Coordination Of Monetary And Fiscal Policies
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Book Synopsis Coordination of Monetary and Fiscal Policies by : International Monetary Fund
Download or read book Coordination of Monetary and Fiscal Policies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1998-03-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.
Book Synopsis International Economic Policy Coordination by : Michael Carlberg
Download or read book International Economic Policy Coordination written by Michael Carlberg and published by Springer Science & Business Media. This book was released on 2005-03-04 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book studies the international coordination of monetary and fiscal policies in the world economy. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on monetary and fiscal competition between Europe and America. Similarly, as to policy cooperation, the focus is on monetary and fiscal cooperation between Europe and America. The spillover effects of monetary policy are negative while the spillover effects of fiscal policy are positive. The policy targets are price stability and full employment. The policy makers follow either cold-turkey or gradualist strategies. Policy expectations are adaptive or rational. The world economy consists of two, three or more regions. The present book is part of a larger research project on European Monetary Union, see the references at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association in Lisbon. Other parts were presented at the International Institute of Public Finance, at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Gottingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macroeconomics in Freiburg, and at the Passau Workshop on International Economics.
Book Synopsis Monetary and Fiscal Policies in EMU by : Marco Buti
Download or read book Monetary and Fiscal Policies in EMU written by Marco Buti and published by Cambridge University Press. This book was released on 2003-11-13 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: Leading scholars and policy makers examine the challenges that are facing economic policies in the EMU today.
Book Synopsis Generic study on Monetary and Fiscal policy co-ordination by : Vijayakumar Honnungar
Download or read book Generic study on Monetary and Fiscal policy co-ordination written by Vijayakumar Honnungar and published by GRIN Verlag. This book was released on 2011-06-23 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Paper from the year 2010 in the subject Economics - Finance, grade: A, The ESC Rennes School of Business (-), course: MSc, language: English, abstract: This paper attempts to study the importance of both Monetary Policy and Fiscal Policy in the international context. And also to understand the chemistry between Monetary and Fiscal policy and extent to which the coordination can be achieved. In any open economy, Monetary policy is designed, formulated and being conducted by the central Bank, wherein the National Planning or Ministry of Finance of the respective country is responsible for designing, formulating and conducting the Fiscal policy for the nation. This research paper finds that there is a close linkage between Monetary and Fiscal policy and hence the proper coordination leads to addressing today's biggest talk of nation‟s deficit. Currently there is an abundance of literature available on both Monetary and Fiscal policy. There is also good number of books available containing plethora of information on the subject. This research paper addresses the importance, impact, and issues of Monetary and Fiscal policy in open economy.
Book Synopsis Issues in the Coordination of Monetary and Fiscal Policy by : Alan S. Blinder
Download or read book Issues in the Coordination of Monetary and Fiscal Policy written by Alan S. Blinder and published by . This book was released on 1982 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines issues in the current debate over coordination between fiscal and monetary policies. Section I1 uses the traditional targets-instruments approach to assess the potential gains from greater coordination. Since greater coordination is often equated with looser money and tighter fiscal policy, two econometric models of the economy are used to estimate the quantitative importance of the policy mix. Expectational effects that arise from the government budget constraint are also analyzed. Section III shows that our attitudes toward the non- coordination problem may be quite different depending on why policies were not coordinated to begin with, and argues that there are plausible circumstances under which it may be better to have uncoordinated policies. Section IV turns to the design of a coordination system. The game-theoretic aspects of having two independent authorities are stressed, and I offer a general reason to expect that uncoordinated behavior will result in tight money and loose fiscal policy even when both parties would prefer easy money and tight fiscal policy. Finally, Section, considers the old "rules versus discretion" debate from the particular perspective of this paper
Book Synopsis International Coordination of Fiscal Policies by : International Monetary Fund
Download or read book International Coordination of Fiscal Policies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1988-08-04 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: International coordination of macroeconomic policies has attracted much attention in recent years. The main issue has been whether economic performance can be improved by coordination Although it is still a controversial issue many economists have argued that coordination would make a positive contribution to economic performance. This paper deals with the requirements for successful fiscal coordination. It concludes that those requirements are such that the best fiscal policies that countries can pursue are those aimed at putting their houses in order.
Book Synopsis International Economic Policy Coordination by : Michael Carlberg
Download or read book International Economic Policy Coordination written by Michael Carlberg and published by Springer Science & Business Media. This book was released on 2005-08-15 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book studies the international coordination of monetary and fiscal policies in the world economy. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on monetary and fiscal competition between Europe and America. Similarly, as to policy cooperation, the focus is on monetary and fiscal cooperation between Europe and America. The spillover effects of monetary policy are negative while the spillover effects of fiscal policy are positive. The policy targets are price stability and full employment. The policy makers follow either cold-turkey or gradualist strategies. Policy expectations are adaptive or rational. The world economy consists of two, three or more regions. The present book is part of a larger research project on European Monetary Union, see the references at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association in Lisbon. Other parts were presented at the International Institute of Public Finance, at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Gottingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macroeconomics in Freiburg, and at the Passau Workshop on International Economics.
Book Synopsis Policy Coordination in a Monetary Union by : Michael Carlberg
Download or read book Policy Coordination in a Monetary Union written by Michael Carlberg and published by Springer Science & Business Media. This book was released on 2013-06-05 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive study of the international coordination of economic policy in a monetary union. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on competition between the union central bank, the German government, and the French government. Similarly, as to policy cooperation, the focus is on cooperation between the union central bank, the German government, and the French government. The key questions are: Does the process of policy competition lead to full employment and price stability? Can these targets be achieved through policy cooperation? And is policy cooperation superior to policy competition? Another important issue is monetary competition / monetary cooperation between Europe and America.
Book Synopsis International Coordination of Economic Policies by : International Monetary Fund
Download or read book International Coordination of Economic Policies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1988-06-29 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the scope, methods, and effects of international coordination of economic policies. In analyzing the scope for and of coordination, the paper addresses the rationale for coordination, barriers to coordination, the range and specificivity of policies to be coordinated, and the frequency of coordination. In evaluating the methods of coordination, the emphasis is on the broad issues of rules versus discretion, single-indicator versus multi-Indicator systems, and hegemonic versus symmetric systems. Finally, using the MULTIMOD global macroeconomic model, some simulations are presented of several rule-based proposals for coordination.
Book Synopsis coordinating public debt management with fiscal and monetary policies: an analytical framework by : Eriko Togo
Download or read book coordinating public debt management with fiscal and monetary policies: an analytical framework written by Eriko Togo and published by World Bank Publications. This book was released on 2012 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes a sovereign asset and liability management framework for analyzing the inter-relationships between debt management, fiscal and monetary policies. It illustrates the consequences of uncoordinated policy mix and extends Sargent and Wallace (1981 and 1993) by including debt management. Examples of policy games played by fiscal, monetary, and debt management authorities reinforce the importance of policy separation and coordination to prevent domination by one authority over another which could lead to inconsistent policy mix.
Book Synopsis The Coordination of National Fiscal Policies in the Context of Monetary Union by : Ben Patterson
Download or read book The Coordination of National Fiscal Policies in the Context of Monetary Union written by Ben Patterson and published by . This book was released on 1996 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Benefits of International Policy Coordination Revisited by : Mr.Jaromir Benes
Download or read book The Benefits of International Policy Coordination Revisited written by Mr.Jaromir Benes and published by International Monetary Fund. This book was released on 2013-12-23 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses two of the IMF’s DSGE models to simulate the benefits of international fiscal and macroprudential policy coordination. The key argument is that these two policies are similar in that, unlike monetary policy, they have long-run effects on the level of GDP that need to be traded off with short-run effects on the volatility of GDP. Furthermore, the short-run effects are potentially much larger than those of conventional monetary policy, especially in the presence of nonlinearities such as the zero interest rate floor, minimum capital adequacy regulations, and lending risk that depends in a convex fashion on loan-to-value ratios. As a consequence we find that coordinated fiscal and/or macroprudential policy measures can have much larger stimulus and spillover effects than what has traditionally been found in the literature on conventional monetary policy.
Book Synopsis The Political Economy of Policy Coordination by : Michael C. Webb
Download or read book The Political Economy of Policy Coordination written by Michael C. Webb and published by Cornell University Press. This book was released on 2019-05-15 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: Michael C. Webb explores a central question about postwar economic history: how has the growth of international markets affected the coordination of economic policy among nations? His analysis overturns the popular assumption that policy coordination has eroded as American hegemony has receded. Instead, he argues that the growing mobility of capital forced governments to abandon the strategies they had used in the 1950s and 60s to insulate monetary and fiscal policies from international influences, and to move toward more direct coordination of central economic strategies. Webb shows that since 1945 there has been a crucial shift in the pattern of international collaboration. He focuses on three types of adjustment policy: trade and capital controls, balance-of-payment lending and intervention in foreign-exchange markets, and monetary and fiscal policies. Noting that the first two types are no longer effective, he demonstrates that governments now rely more on monetary and fiscal policy coordination to regulate the global economy. As the expansion of international finance created greater turbulence in the global economy in the 1980s, the liberal system of international trade threatened to collapse. Webb examines in particular how the United States, Japan, and Germany took unprecedented steps to coordinate monetary and fiscal policies in the late 1980s and early 1990s, although domestic political obstacles—not any decline in U.S. power—limited the impact of this policy coordination. He concludes by assessing the effectiveness of these attempts to reconcile the goal of a stronger liberal system of economic exchange with the desire to maintain national autonomy.
Book Synopsis Monetary Policy Coordination and the Role of Central Banks by : Rakesh Mohan
Download or read book Monetary Policy Coordination and the Role of Central Banks written by Rakesh Mohan and published by International Monetary Fund. This book was released on 2014-04-29 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The unconventional monetary policies (UMPs) pursued by the advanced economies (AEs) have posed macroeconomic challenges for the emerging market economies (EMEs) through volatile capital flows and exchange rates. AE central banks need to acknowledge and appreciate the spillovers resulting from such UMPs. Central banks of the AEs, who have set up standing mutual swap facilities, should explore similar arrangements with other significant EMEs with appropriate risk mitigation measures. These initiatives could do much to actually curb volatility in global financial markets and hence in capital flows to EMEs, thus obviating the need for defensive policy actions on the part of EMEs.
Author :Joseph E.J.K Plasmans Publisher :Springer Science & Business Media ISBN 13 :0387279318 Total Pages :324 pages Book Rating :4.3/5 (872 download)
Book Synopsis Dynamic Modeling of Monetary and Fiscal Cooperation Among Nations by : Joseph E.J.K Plasmans
Download or read book Dynamic Modeling of Monetary and Fiscal Cooperation Among Nations written by Joseph E.J.K Plasmans and published by Springer Science & Business Media. This book was released on 2006-04-25 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dynamic Modeling of Monetary and Fiscal Cooperation Among Nations analyzes coordination of monetary and fiscal stabilization policies between countries and currency areas using a dynamic game approach. The first four chapters introduce the reader to the dynamics of fiscal and monetary policy cooperation. Issues covered include: fiscal coordination, fiscal stringency requirements, structural and bargaining power asymmetries and the design of monetary and fiscal policymaking in a monetary union. In the four last chapters multiple-player settings with aspects of fiscal and/or monetary coordination are analyzed using the endogenous coalition formation approach. The analysis is focused on shock and model asymmetries and issues of multi-country coordination in the presence of (possibly many) monetary unions.
Book Synopsis Monetary Policy in Low Financial Development Countries by : Juan-Antonio Morales
Download or read book Monetary Policy in Low Financial Development Countries written by Juan-Antonio Morales and published by Oxford University Press. This book was released on 2021 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book gives a broad coverage of the monetary policy issues in Low Financial Development Countries (LFDCs). These low and lower middle income countries are characterized by a predominance of bank finance, shallow financial markets, low financial inclusion, weak integration with world capital markets and a high degree of informality in economic activity. Monetary policy acquires special twists, making it different in many aspects from the policies followed in advanced and emerging market economies. The book covers the main facets of monetary policy making, using an approach that combines the discussion of theoretical arguments, of results from empirical studies and of policy experiences relevant for LFDCs. The book presents the monetary policy instruments they use and assesses the specificities of their monetary transmission mechanism. It evaluates the advantages, drawbacks and challenges of the different nominal anchors they may choose from: exchange rate targeting, monetary targeting and inflation targeting. This discussion is set against the background of the three main goals pursued by central banks: price, output and financial stability. Particular attention is devoted to the issue of the credibility of central banks and to the trade-offs they face when external shocks, to which these countries are very vulnerable, lead to conflicts among the three goals they pursue. The book also covers more specific topics, such as the challenges raised by fiscal dominance and by dollarization, the implications of informal labor markets and of microfinance institutions for monetary policy-making and the role of models for forecasting and policy evaluation.
Book Synopsis Currencies, Crises, Fiscal Policy, and Coordination by : Paul R. Masson
Download or read book Currencies, Crises, Fiscal Policy, and Coordination written by Paul R. Masson and published by World Scientific. This book was released on 2011 with total page 355 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides an integrated compilation of selected major articles published by the author in several fields of international finance. These include contributions to the understanding of currency crises and financial contagion, the evolution of exchange rate regimes, the interaction between national fiscal policies and regional monetary unions, and the effect of uncertainty on the gains from international economic policy coordination. The author spent most of his career doing research at established institutions (the Bank of Canada, OECD, and IMF), and these articles emerged from the need to understand the major economic policy issues of the day. In the book's introduction, the author discusses the motivation for these contributions and the unifying themes that emerged, while a concluding chapter provides his personal reflections and suggestions about promising avenues for further research.
