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European and international monetary and financial arrangements, and the role of private markets and institutions. The report …
Persistent link: https://www.econbiz.de/10011689909
Persistent link: https://www.econbiz.de/10010508123
The present paper contains a brief presentation and analysis, in a historical perspective through the lens of the recent major crises, of the legal framework governing the European Economic and Monetary Union (EMU), as well as current developments and challenges ahead. It is structured in three...
Persistent link: https://www.econbiz.de/10014077291
The question of whether central banks should bear responsibility for financial stability is still unan-swered. Regarding interest rate implementation, it is thus not clear if and how the Taylor rule should be augmented by an additional financial stability term. This paper reviews the normative...
Persistent link: https://www.econbiz.de/10010344311
This paper puts forward a proposal to help monetary policies confront the challenge of the "normalisation" of money creation and interest rates. The difficult unwinding of years of unorthodox policies put financial stability at risk in major monetary centres and in EMEs. The authors argue that...
Persistent link: https://www.econbiz.de/10011885373
This paper puts forward a proposal to help monetary policies confront the challenge of the “normalisation” of money creation and interest rates. The difficult unwinding of years of unorthodox policies put financial stability at risk in major monetary centres and in EMEs. The authors argue...
Persistent link: https://www.econbiz.de/10011955414
's double role of national and international currency. This is the Triffin dilemma. The paper shows how it works through three … examples: price of commodities, dollarization, and the international financial position of the US. And it makes a proposal to … solve these issues, creating a more stable monetary system. In particular, it suggests the creation of an international …
Persistent link: https://www.econbiz.de/10008648332
This lecture discusses the 2010 crisis of the European Monetary Union and draws some lessons for reform. Crisis resolution has been difficult because the sovereign debt crisis of countries like Greece and Portugal has come together with real-estate and banking crises in countries like Ireland...
Persistent link: https://www.econbiz.de/10013122769
Financial lubrication in markets is indifferent to margin posting via money or collateral; the relative price(s) of money and collateral matter. Some central banks are now a major player in the collateral markets. Analogous to a coiled spring, the larger the quantitative easing(QE) efforts, the...
Persistent link: https://www.econbiz.de/10013075545
international digital monetary linkages …
Persistent link: https://www.econbiz.de/10012839523