Financial Liberalization and Macroeconomic Stability

Herausgeber: Andersen, Torben M; Moene, Karl-Ove

• Broschiertes Buch

Produktbeschreibung

Most advanced countries have recently deregulated their credit markets and international capital movements have been liberalized. Over the same period, we have also experienced volatile financial markets and exchange rate crises, particularly in a number of European countries. This naturally raises the question of whether financial liberalization has affected macroeconomic stability and, if so, through which channels. As capital markets are liberalized, exchange rate crises may become more contagious. Empirical evidence indicates that this has been underlying the recent crises in the European currency market. This phenomenon has renewed our interest in the fundamental factors determining credibility of exchange rate policies and whether a Tobin tax on foreign exchange transactions could mute speculative pressure and stabilize the international monetary system. Macroeconomic stability towards different types of shocks may change as a result of both further capital market integration and monetary arrangements related to exchange rate management. This also raises the question of how the choice of operating targets for monetary policy affects macroeconomic stability. Seen from a single country perspective, capital market liberalization has had its most important effects by facilitating households' access to credit markets and opening up financial markets to foreign investors. This volume brings together theoretical and empirical contributions addressing these issues.

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Produktdetails

• Verlag: Wiley
• Seitenzahl: 162
• Erscheinungstermin: 4. August 1997
• Englisch
• Abmessung: 230mm x 152mm x 12mm
• Gewicht: 227g
• ISBN-13: 9780631203490
• ISBN-10: 0631203494
• Artikelnr.: 21422191

Autorenporträt

Torben M. Andersen is the editor of Financial Liberalization and Macroeconomic Stability, published by Wiley. Karl Ove Moene is a Norwegian economist. He graduated from the University of Oslo in 1977, and an obtained his PhD in 1984. He was appointed professor at the University of Oslo in 1987.

Inhaltsangabe

1. Contagious Currency Crises: First Tests: Barry Eichengreen (University
of California, USA) and Andrew Rose (University of California, USA) and
Charles Wyplosz (Graduate Institute of International Studies, Geneva).
2. The Credibility of a Fixed Exchange Rate - How Reputation is gained or
Lost: Steinar Holden (University of Oslo, Norway) and Birger Vikoren
(Norges Bank, Norway).
3. Would a Tobin Tax have Saved the EMS?: Olivier Jeanne (CERAS, Paris).
4. Financial Market Integration and Macroeconomic Volatility: Alan
Sutherland (University of York, UK).
5. Monetary Integration in Europe: Implications for Real Interest Rates and
Stock Markets: Matthew B. Canzoneri (Georgetown University, Washington,
USA) and Harris Dellas (Catholic University of Leuven, Belgium).
6. Exchange Rate versus Price Level Targets and Output Stability: Asbjorn
Rodseth (University of Oslo, Norway).
7. Does Financial Deregulation Cause a Consumption Boom?: Jonas Agell
(University of Uppsala, Sweden) and Lennart Berg (University of Uppsala,
Sweden).
8. Inviting Excess Volatility? Opening Up a Small Stock Market to
International Investors: Peter Sellin (Sveriges Riksbank, Sweden).