External Constraints on Macroeconomic Policy

Erscheinungsjahr 2014
ISBN: 978-0-521-40527-0
Verlag: Cambridge University Press

Buch, Englisch, 406 Seiten, Format (B × H): 157 mm x 235 mm, Gewicht: 810 g

This book from the Centre for Economic Policy Research deals with the implications of the exchange rate regimes and capital flows of the 1990s for government macroeconomic policy-making and EC policy coordination. It has long been recognized that openness is a mixed blessing for many European economies. While it offers the opportunity of international and intertemporal trade, it also imposes additional constraits on the design of stabilization policies. The exact nature of these constraints is not always clear, and there remains much uncertainty abour their quantitative importance and their dependence on the exchange rate regime. under the fixed exchange rates of the 1950s, economists and policy-makers had a much clearer idea of the nature of the external constraints. The current situation is markedly different and changing rapidly. The commitment to defending the exchange rate is stronger in the 1990s than in the 1970s and 1980s, but at the same time international capital flows are now far greater and freer than in the 1950s and 1960s, with many countries able to borrow almost indefinitely and on good terms on the Eurodollar market in order to finance their balance-of-payments deficits. This volume, derived from a conference organized jointly by CEPR and the Bank of Greece, deals with these issues in depth and includes both cross-country comparisons and case studies of individual countries.

Autoren/Hrsg.

Alogoskoufis, George

Portes, Richard

Papademos, Lucas

Fachgebiete

• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Makroökonomie
• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Mikroökonomie

Inhaltsverzeichnis

List of figures; List of tables; Preface; 1. Introduction George Alogoskoufis, Lucas Papademos and Richard Portes; 2. Global financial integration and current account inbalances Michael Artis and Tamim Bayoumi; 3. The solvency constraint and fiscal policy in an open economy David Currie and Paul Levine; 4. Relaxing the external constraint: Europe in the 1930s Barry Eichengreen; 5. External constraints on European unemployment George Alogoskoufis and Christopher Martin; 6. France and Germany in the EMS: the exchange rate constraint Daniel Cohen and Charles Wyplosz; 7. The external constraint in the UK Charles R. Bean; 8. Savings, investment, government finance, and the current account: the Dutch experience Hugo A. Keuzenkamp and Frederick van der Ploeg; 9. Fiscal deficits, seigniorage, and external debt: the case of Greece George Alogoskoufis and Nicos Christodoulakis; 10. Macroeconomic policy, external targets, and constraints: the case of Spain Juan J. Dolado and José Viñals; 11. Macroeconomic policy and the external constraint: the Danish experience Søren Bo Nielsen and Jørgen Søndergaard; Index.