Foundations of European Central Bank policy =Základy politiky Evropské centrální banky (Překl.)

Rok: 1993
ISBN: 9783790806908
OKCZID: 110902944
Vydání: 1. vyd.

Citace (dle ČSN ISO 690):
GEBAUER, Wolfgang, ed. Foundations of European Central Bank policy =: Základy politiky Evropské centrální banky (Překl.). 1. vyd. Heidelberg: Physica-Verlag, 1993. 258 s., 36 obr. Studies in contemporary economics.

Anotace

The subject of the book is an attempt to look for the theoretical foundations of the central bank policy of a future European Central Bank. In part 1, the Bundesbank's current monetary policy is described as an example for a pragmatic monetarist approach to central bank policy. This approach is critisized from an 'endogenous money` point of view, which is defined, econometrically elaborated and historically exemplified. Part 2 at first analyzes the way to stage 3 of European Monetary Union (EMU) in general and its relation to the proposed central bank policy. The economic conditions and the changein economic policy in the EC-Countries necessary in order to meet the criteria of convergence imposed by the Maastricht treaty are analyzed and controversally discussed. The role of fiscal policy for a successful EMU is stressed and a suggestion for modelling the transmission mechanism in an'endogenous money` framework is made. Furthermore the instruments of a European Central Bank and the role of the private Ecus during the transitionto stage 3 are analyzed. The contributions in part 3 discuss the widening ofEC and EMS to Northern and Eastern Europe and the role of the Ecu as an international reserve currency for the countries of Eastern Europe during their transition to a market economy.

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