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1996
The 1992 and 1993 crises in the European Monetary System redirected attention toward proposals for regulating the foreign exchange market. Academics (including two authors of this paper) argued for a Tobin tax on foreign exchange transactions or the imposition of non-interest-bearing deposit requirements on banks with open positions in foreign exchange as a way of smoothing the transition to European monetary union (EMU)(see Eichengreen and Wyplosz 1993).
International Journal of Political Economy
Europe's Quest for Monetary Stability. Central Banking Gone Astray2006 •
2008 •
We identify incentives generated by the Bretton Woods II system that may have contributed to the sub-prime liquidity crisis now working its way through the international monetary system. We then evaluate the persistent conjecture that the liquidity crisis is or will become a balance of payments crisis for the United States. Given that it happens, the additional costs associated with a sudden stop of net capital flows to the United States could be quite substantial. But we observe that emerging market governments have continued to acquire US assets even as yields have fallen, and the incentives for continuing to do so remain strong. Moreover, the Bretton Woods II system, which has clearly been the most resilient of the forces driving current markets, continues to generate low real interest rates in industrial countries and growth in emerging markets that will help limit the damage from the liquidity crisis. Copyright © 2009 Blackwell Publishing Ltd.
Brookings Papers on Economic Activity
Stability, Asymmetry, and Discontinuity: The Launch of European Monetary Union1999 •
Carnegie-Rochester Conference Series on Public Policy
The European Monetary System ten years after1990 •
Journal of economic development
Capital Account Liberalization, the European Monetary Union and the Stability of the International Monetary System1999 •
Capital mobility affects the pattern of trade flows between countries, determines profitability and income distribution and thus shapes the pattern of overall economic growth. Capital mobility is central in the economic concerns of EMU and constitutes a major point of reference by ...
2005 •
Most of the comments of the Maastricht Treaty deal with macroeconomic aspects. To be less often cited, the regulatory and prudential aspects are nonetheless essential. The monetary union will indeed introduce an interdependence of the payment systems, which will result in a globalization of the risk and the appearance of external effects. In this context, the different national regulations take on a public good character at European level, with important consequences for the effectiveness of coordination mechanisms. These are the aspects that the article discusses in detail. Monetary Union and the regulation of the financial system are debates that preceded the drafting of the Maastricht Treaty and put into modalities of the Economic and Monetary Union, like those heard during the campaign on the referendum in France have focused mainly on macroeconomic policy aspects, to the detriment of the more "microeconomic" problems of stability and security of financial systems. The drafting of the Treaty reflects this primacy, and Article 105, which opens the chapter on monetary policy, sets as main objectives of the European System of Central Banks (ESCB) the maintenance of price stability and support for economic policies in the Community. More specifically, the second paragraph of the same article mentions, among the fundamental tasks of the ESCB, the definition and implementation of the monetary policy of the Community, the conduct of foreign exchange operations, the holding and management of foreign exchange reserves, and, finally, the smooth functioning of payment systems. Finally, a penultimate paragraph states that "the ESCB shall contribute to the proper conduct of the policies pursued by the competent authorities with regard to the prudential supervision of credit institutions and the stability of the financial system". This mission is included in the Protocol on the Statute of the ESCB and the ECB, but in a 25th article, as the latest mission of the ECB. Thus, in the spirit of the Maastricht Treaty, the ECB and the ESCB are primarily and primarily conceived of as macroeconomic policy bodies, and more particularly as monetary policy bodies. On the contrary, no specific and priority responsibility is assigned to them in terms of guaranteeing the stability of the financial systems; prudential and supervisory roles are apparently considered secondary and, in some cases, inconsistent with the macroeconomic role.
Estudios budistas en América Latina y España - volumen I
Introducción. La situación de los estudios budistas a nivel universitario y académico en América Latina y España.2024 •
Cuadernos de Filología Clásica, serie Gr. e Ide.
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International Journal of Environmental Science and Technology
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ZAMM - Zeitschrift für Angewandte Mathematik und Mechanik
Optimierung verschiedener Steuerungsprobleme mit einem funktionalanalytischen Maximumprinzip1974 •
The Journal of Infectious Diseases
Mast Cells Modulate Pulmonary Acute Inflammation and Host Defense in a Murine Model of Tuberculosis2007 •
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Polycystic Echinococcosis of the Orbit2005 •
Bulletin of the American Society of Papyrologists
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