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Financial Stability and Fiscal Crises in a Monetary Union
Jahjah, Samir - International Monetary Fund (IMF) - 2001
The main tasks of central banks are to secure price and financial stability. These objectives can, in times of crises, conflict with one another, and the central bank may have to renounce one of them in order to secure the other. In a monetary union, this trade-off can be exacerbated by the...
Persistent link: https://www.econbiz.de/10005826053
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On the Welfare Benefits of An International Currency
Kannan, Prakash - International Monetary Fund (IMF) - 2007
international role to the euro. Building on recent advancements in the literature on search models of money, this paper presents a … novel model-based approach towards assessing the welfare benefits associated with the international use of a country …
Persistent link: https://www.econbiz.de/10005263955
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The International Monetary System in the (Very) Long Run
Sussman, Nathan; Eichengreen, Barry J. - International Monetary Fund (IMF) - 2000
This paper takes stock of the evolution of the international monetary system over the last thousand years. Several … points stand out from the analysis. One is the reluctance of governments to embrace radical changes in international monetary … countries. Finally, recent developments represent a return to the more market-driven international monetary system that …
Persistent link: https://www.econbiz.de/10005264089
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Should African Monetary Unions Be Expanded? An Empirical Investigation of the Scope for Monetary Integration in Sub-Saharan Africa
Debrun, Xavier; Pattillo, Catherine A.; Masson, Paul R. - International Monetary Fund (IMF) - 2010
This paper develops a full-fledged cost-benefit analysis of monetary integration, and applies it to the currency unions actively pursued in Africa. The benefits of monetary union come from a more credible monetary policy, while the costs derive from real shock asymmetries and fiscal disparities....
Persistent link: https://www.econbiz.de/10008560420
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Monetary Union in West Africa; Who Might Gain, Who Might Lose, and Why?
Masson, Paul R.; Debrun, Xavier; Pattillo, Catherine A. - International Monetary Fund (IMF) - 2002
We develop a multicountry model in which governments aim at excessive spending in order to serve the narrow interests of the group in power. This puts pressure on the monetary authorities to extract seigniorage, and thus affects the incentives countries would have to participate in a monetary...
Persistent link: https://www.econbiz.de/10005825633
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Nominal Income Targeting; A Critical Evaluation
Argy, Victor E. - International Monetary Fund (IMF) - 1991
This paper evaluates the proposal that government authorities ought to target nominal income. It begins by viewing the literature in some detail. It then undertakes a theoretical analysis of the proposal first for the small country and next for the large country. There is then a general...
Persistent link: https://www.econbiz.de/10005825863
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Efficiency and Legitimacy; Trade-Offs in IMF Governance
Cottarelli, Carlo - International Monetary Fund (IMF) - 2005
Designing appropriate governance structures for an international financial institution such as the IMF is difficult … are arguably more severe for an international one, because delegating power to it politically controversial and, thus …
Persistent link: https://www.econbiz.de/10005825916
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Beauty Queens and Wallflowers; Currency Unions in the Middle East and Central Asia
Elborgh-Woytek, Katrin; Berengaut, Julian - International Monetary Fund (IMF) - 2006
Against the background of the theory of optimum currency areas, the paper analyzes possible sequences for establishing a currency union (CU) in the Middle East and Central Asia region. Between the corner solutions of independent currencies for all countries in the region and a CU comprising all...
Persistent link: https://www.econbiz.de/10005826453
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American in the Shadows; Harry Dexter White and the Design of the International Monetary Fund
Boughton, James M. - International Monetary Fund (IMF) - 2006
Two economists designed the main features of the charter of the IMF during World War II: John Maynard Keynes and Harry Dexter White. Several of those features are attributable primarily to White, including the adoption of fixed but adjustable exchange rates, the funding of operations with...
Persistent link: https://www.econbiz.de/10005768807
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On the Pattern of Currency Blocs in Africa
Yehoue, Etienne B. - International Monetary Fund (IMF) - 2005
This paper seeks to elucidate the debate over currency union in Africa. The paper examines whether empirical investigation points to the gradual emergence of currency blocs. Based on the historical data on inflation, trade, and the comovements of prices and outputs, I argue that the emergence of...
Persistent link: https://www.econbiz.de/10005769051