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Economic And Monetary Integration And The Aggregate Demand For Money In The Ems
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Book Synopsis Economic and Monetary Integration and the Aggregate Demand for Money in the EMS by : International Monetary Fund
Download or read book Economic and Monetary Integration and the Aggregate Demand for Money in the EMS written by International Monetary Fund and published by International Monetary Fund. This book was released on 1990-03-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study shows that the aggregate demand for M1 in the group of countries participating in the Exchange Rate Mechanism (ERM) of the European Monetary System can be expressed as a stable function of ERM-wide income, inflation, interest rates, and the exchange rate of the European Currency Unit (ECU) vis-à-vis the U.S. dollar. A notable feature of the model is the rapid elimination of monetary disequilibria, in contrast with most single-country estimates which tend to find implausibly slow adjustment. These results are suggestive: if robust, they would indicate that, even at the present stage of economic and monetary integration, a European central bank could, in principle, implement monetary control more effectively than the individual national central banks.
Book Synopsis Economic and Monetary Integration and the Aggregate Demand for Money in the EMS by : Ivo J.M. Arnold
Download or read book Economic and Monetary Integration and the Aggregate Demand for Money in the EMS written by Ivo J.M. Arnold and published by . This book was released on 1992 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic and Monetary Integration and the Aggregate Demand for Money in the EMS. by : Jeroen Kremers
Download or read book Economic and Monetary Integration and the Aggregate Demand for Money in the EMS. written by Jeroen Kremers and published by . This book was released on 2006 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study shows that the aggregate demand for M1 in the group of countries participating in the Exchange Rate Mechanism (ERM) of the European Monetary System can be expressed as a stable function of ERM-wide income, inflation, interest rates, and the exchange rate of the European Currency Unit (ECU) vis-agrave;-vis the U.S. dollar. A notable feature of the model is the rapid elimination of monetary disequilibria, in contrast with most single-country estimates which tend to find implausibly slow adjustment. These results are suggestive: if robust, they would indicate that, even at the present stage of economic and monetary integration, a European central bank could, in principle, implement monetary control more effectively than the individual national central banks.
Book Synopsis Economic and Monetary Integration and the Aggregate Demand for Money in the EMS by : Jeroen J. M. Kremers
Download or read book Economic and Monetary Integration and the Aggregate Demand for Money in the EMS written by Jeroen J. M. Kremers and published by . This book was released on 1990 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis European Monetary Union Or Hard-EMS? by : David A. Currie
Download or read book European Monetary Union Or Hard-EMS? written by David A. Currie and published by . This book was released on 1990 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Integration and Currency Substitution in the EMS by : Peter Spencer
Download or read book Monetary Integration and Currency Substitution in the EMS written by Peter Spencer and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the phenomenon of cross-currency substitution and the validity of monetary aggregation within the European Monetary System using non-parametric methods which exploit the relationship between intergroup substitution and separability. The separability property is tested using the methodology developed by Varian ('The Nonparametric Approach to Demand Analysis', Econometrica 50, 945-974, 1982; 'Nonparametric Tests of Consumer Behaviour', Review of Economic Studies 51, 99-l 10, 1983) and is violated in the case of most European countries, suggesting that the hypothesis of zero currency substitution which forms the basis of national monetary aggregation should be rejected. The results do however validate the use of monetary aggregates for the EMS as a whole, and I use a standard parametric demand for money approach to compare the performance of an EMS divisia index with that of simple sum aggregates during the 1980s and 1990s.
Book Synopsis One Market, One Money by : Michael Emerson
Download or read book One Market, One Money written by Michael Emerson and published by . This book was released on 1992 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Community is negotiating a new treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s. This study provides the only comprehensive guide to the economic implications of economic and monetary union. The work of an economist inside the Commission of the European Community, it reflects the considerations influencing the design of the union. The study creates a unique bridge between the insights of modern economic analysis and the work of the policy makers preparing for economic and monetary union.
Book Synopsis Economic and Monetary Union in Europe by : Peter B. Kenen
Download or read book Economic and Monetary Union in Europe written by Peter B. Kenen and published by Cambridge University Press. This book was released on 1995-09-29 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: 1.The origins of EMU -- 2.The design of EMU -- 3.Monetary policy in Stage Three -- 4.Fiscal policy and EMU -- 5.EMU and the outside world -- 6.The transition to EMU -- 7.Reconsidering the transition -- 8.Getting on with EMU.
Book Synopsis Econometric Modelling of European Money Demand by : Engelbert Plassmann
Download or read book Econometric Modelling of European Money Demand written by Engelbert Plassmann and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: The introduction of a single European currency constitutes a remarkable instance of internationalization of monetary policy. Whether a concomitant internationalization can be detected also in the econometric foundations of monetary policy is the topic dealt with in this book. The basic theoretical ingredients comprise a data-driven approach to econometric modelling and a generalized approach to cross-sectional aggregation. The empirical result is a data-consistent structural money demand function isolated within a properly identified, dynamic macroeconomic system for Europe. The book itself evolved from a research project within the former Son derforschungsbereich SFB 178 "Internationalization of the Economy" at the University of Konstanz. Its finalization entails a due amount of gratitude to be extended into several directions: I am personally indebted, first of all, to my academic supervisor, Professor Dr. Nikolaus Laufer, for originally inspiring this work and for meticulously perusing its eventual result. Professor Dr. Win fried Pohlmeier, as a second supervisor, provided valuable confidence bounds around an earlier draft. The comments of both supervisors contributed substantially to the present shape of the book. I am institutionally indebted to the University of Konstanz, notably its Faculty of Economics and Statistics, for continuous provision of an excellent research environment, and to the Deutsche Forschungsgemeinschaft in Bonn for generous sponsorship of the former SFB, whose financial support dur ing that period is gratefully acknowledged. I am also indebted to Dresdner Bank AG Frankfurt, Risk Methodology Trading, for benign tolerance of all distractions associated with the preparation of the final manuscript.
Book Synopsis Money Demand in Europe by : Christian Müller
Download or read book Money Demand in Europe written by Christian Müller and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first of January 1999 marked the beginning of a macroeconomic experi ment without precedent in modern history. For the first time eleven European countries agreed to abolish their local currencies in favour of a single one, the Euro. Not surprisingly, the necessary preparatory process has been accompa nied by an intensive discussion about the best way to manage the new Euro currency properly. To spur on that discourse was the principal motivation for this thesis. The introductory chapter attempts to bridge economic and econometric views on money demand analysis. It should help to motivate estimation proce dures and to standardize interpretation techniques, hopefully initiating further discussion in that direction. It intends to make the following chapters more accessible. In this thesis I approach the general subject in two principle ways. In chapter 3 I consider technical issues dealing with time series with shifts in the mean. Two years ago, Helmut Liitkepohl and Pentti Saikkonen asked me to join in on a related project which became the cornerstone of this chapter. I have very much appreciated the highly instructive collaboration with both these scholars.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :145193078X Total Pages :180 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff papers by : International Monetary Fund. Research Dept.
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1990-01-01 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: The transition strategy from administratively set interest rates to market rates is discussed. Despite worldwide trends toward financial liberalization, few monetary authorities are prepared to accept as reasonable any interest rate level that is market determined. The paper suggests some helpful indicators to assess the adequacy of interest rates and discusses factors that contribute to a smooth liberalization process. The main conclusion is that interest rate liberalization is not synonymous with laissez-faire policies, but requires the replacement of the administratively set interest rates by indirect monetary management techniques that operate through the market.
Book Synopsis LINK Proceedings, 1991, 1992 by : Bert G. Hickman
Download or read book LINK Proceedings, 1991, 1992 written by Bert G. Hickman and published by World Scientific. This book was released on 1998 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers two years of research activities associated with Project LINK, which is based on a model of the world economy, covering 79 countries or regional groupings of countries. Papers dealing with interesting thematic issues were carefully selected and expanded into full articles. The subjects studied by various LINK participants for reporting at annual meetings include exchange rate systems, international investment, environmental protection, international economic institutions, LINK system improvements, and international economic policy. As always, there are contributions dealing with methodological advances for world modeling.
Book Synopsis Functioning of the International Monetary System by : Mr.Jacob A. Frenkel
Download or read book Functioning of the International Monetary System written by Mr.Jacob A. Frenkel and published by International Monetary Fund. This book was released on 1996-04-24 with total page 508 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fiftieth anniversary of the Bretton Woods Conference served as an opportunity to reappraise the desirability of strengthening the IMF's oversight of the functioning of the international monetary system. Whatever the design of an exchange rate system and the arrangements for the provision of international liquidity, it is widely accepted that to be effective such oversight must rest on a strong analytic foundation. These two volumes, edited by Jacob A. Frenkel and Morris Goldstein, present 30 analytic papers on the system as it functioned during 1987-91 and aim at conveying the flavor of those issues that commanded close attention in the Fund's research program.
Book Synopsis European Monetary Integration by : Emmanuel Apel
Download or read book European Monetary Integration written by Emmanuel Apel and published by Routledge. This book was released on 2013-06-17 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is an accessible introduction to European monetary integration which provides a historical background to current debates, as well as an analysis of future developments. Further features of this book include: * a chronology of economic and monetary unification from 1958-1999 * clear non-technical presentation of the economic issues regarding the costs and benefits of creating a monetary union * detailed presentation of the economic and legal framework for the changeover to a single European economy * evaluation of the Maastricht Treaty's plan for monetary union * an overview of the debate between the federalist approach and the inter-governmental co-operation approach towards economic and political integration of Europe * a set of questions and exercises illuminating the more technical parts of the book European Monetary Integration 1958-2002 is an excellent resource for all those who want to discover the facts about European monetary integration which lie behind the heated political rhetoric.
Book Synopsis Money Demand in Europe by : Helmut Lütkepohl
Download or read book Money Demand in Europe written by Helmut Lütkepohl and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1999 a number of member states of the European Union will adopt a common currency. This change in the monetary system requires that a Eur opean Central Bank is set up and a common monetary policy is pursued. There is general agreement among those countries which are likely to join the common currency that price level stability has to be the ultimate objec tive of monetary po1icy. It is an open issue, however, what kind of policy is best suited for that purpose. The alternative strategies under discussion are a direct inflation targeting, an intermediate monetary targeting or a mixture of both. For these policy strategies a stable money demand relation is of cen tral importance. Therefore a workshop on Money Demand in Europe was organized at the Humboldt University in Berlin on October 10/11, 1997. This research conference brought together academic and central bank econo mists and econometricians predominantly from Europe to discuss issues on specification, estimation and, in particular, stability of money demand rela tions both in a single equation and in a systems framework. In this volume revised versions of the papers presented and discussed at the workshop are collected. The volume thereby gives an overview of money demand analysis in Europe on the eve of the introduction of the Euro in some European countries. It contributes to the discussion on a suitable monetary policy for the new European Central Bank.
Download or read book Economic Integration written by G. Bitros and published by Springer. This book was released on 2001-12-05 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is intended to provide a basic understanding of current issues and problems of economic integration. Identifying economic integration as one of the main features of modern international economics, the authors examine its many aspects and consequences which remain as yet obscure and unexplored. After addressing general issues regarding economic integration, the authors include empirical theoretical analyses of the monetary union, social policy reform, social union, public finance and technological policies.
Book Synopsis Cross-Border Deposits and Monetary Aggregates in the Transition to EMU by : Mr.Carlo Cottarelli
Download or read book Cross-Border Deposits and Monetary Aggregates in the Transition to EMU written by Mr.Carlo Cottarelli and published by International Monetary Fund. This book was released on 1991-11-01 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the effect of cross-border deposits (CBDs) for the stability of the relation between monetary aggregates and nominal GDP in the five largest EC countries. The analysis is developed in terms of “information content” of alternative money definitions (including or excluding selected subsets of CBDs), derived from a multicountry simultaneous system of money demand equations. We show that in the most recent period traditional money aggregates have lost information value and that they are dominated by alternative money definitions that include CBDs, such as those based on the residency of the holder or on the currency of denomination.
