From 1993-1995 the People's Republic of China undertook a series of reforms designed to modernise their banking and financial systems, the process of financial intermediation and to implement a sound and credible monetary policy in China. They based these reforms on the Federal Reserve System in...

In recent years the UK's macroeconomic policy framework has undergone a period of radical reform so as to deliver the economic stability necessary to achieve high levels of growth and employment. This book provides a comprehensive account of these reforms, which constitute a new and innovative...

The policy relevant analysis of this volume examines nearly twenty years of Zimbabwe's macroeconomic and structural adjustment experiences since independence. Part One analyses the impact on economic growth, inflation, employment and labour markets. Part Two deals with financial liberalization,...

The start of the European monetary union gave additional impetus to the lively debate on the effects of monetary policy and the appropriate strategy for central banks. This book collects papers and comments by leading academics and central bankers such as O.Issing, M.King, B.McCallum, A.Meltzer,...

This timely collection presents an authoritative overview of one of the three key currencies of the second half of the twentieth century, the German Mark. In his keynote essays, Charles A.E.Goodhart reflects on the future of the Euro against the background of the success story of the Deutsche...

With the start of EMU, the Eurosystem has taken over monetary policy for the 11 countries of the Euro-area. But the division of powers within the Eurosystem, between the European Central Bank and the constituent National Central Banks, is not satisfactory. This volume provides an analysis of the...

This book discusses ways to improve macroeconomic policy in the context of the various macroeconomic problems of the past two decades, with the chapters having been written at various times over that period. It emphasises the need to find the best combinations of monetary policy and different...

Khan presents a theory of financial crises in the age of globalization from an evolutionary perspective and suggests policies that may be necessary for averting or managing new financial crises. Starting with the Asian financial crises, he identifies new types of financial crises that result...

Sebastian Dullien gives a novel explanation for unemployment and inflation in the Euro-Zone. He argues that unemployment stems from a lack of co-operation between unions and monetary authorities: In an economy with endogenous money as EMU, wage setters are responsible for price stability while...