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External Constraints on Macroeconomic Policy - George S. Alogoskoufis

External Constraints on Macroeconomic Policy

By: George S. Alogoskoufis (Editor), Richard Portes (Editor), Lucas Papademos (Editor)

Hardcover

Published: 26th July 1991
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This book from the Centre for Economic Policy Research deals with the implications of the exchange rate regimes and capital flows of the 1990s for government macroeconomic policy-making and EC policy coordination. It has long been recognized that openness is a mixed blessing for many European economies. While it offers the opportunity of international and intertemporal trade, it also imposes additional constraits on the design of stabilization policies. The exact nature of these constraints is not always clear, and there remains much uncertainty abour their quantitative importance and their dependence on the exchange rate regime. under the fixed exchange rates of the 1950s, economists and policy-makers had a much clearer idea of the nature of the external constraints. The current situation is markedly different and changing rapidly. The commitment to defending the exchange rate is stronger in the 1990s than in the 1970s and 1980s, but at the same time international capital flows are now far greater and freer than in the 1950s and 1960s, with many countries able to borrow almost indefinitely and on good terms on the Eurodollar market in order to finance their balance-of-payments deficits. This volume, derived from a conference organized jointly by CEPR and the Bank of Greece, deals with these issues in depth and includes both cross-country comparisons and case studies of individual countries.

List of figures
List of tables
Preface
Introduction George Alogoskoufis, Lucas Papademos and Richard Portes
Global financial integration and current account inbalances Michael Artis and Tamim Bayoumi
The solvency constraint and fiscal policy in an open economy David Currie and Paul Levine
Relaxing the external constraint: Europe in the 1930s Barry Eichengreen
External constraints on European unemployment George Alogoskoufis and Christopher Martin
France and Germany in the EMS: the exchange rate constraint Daniel Cohen and Charles Wyplosz
The external constraint in the UK Charles R. Bean
Savings, investment, government finance, and the current account: the Dutch experience Hugo A. Keuzenkamp and Frederick van der Ploeg
Fiscal deficits, seigniorage, and external debt: the case of Greece George Alogoskoufis and Nicos Christodoulakis
Macroeconomic policy, external targets, and constraints: the case of Spain Juan J. Dolado and JosT Vi±als
Macroeconomic policy and the external constraint: the Danish experience S°ren Bo Nielsen and J°rgen S°ndergaard
Index
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521405270
ISBN-10: 0521405270
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 408
Published: 26th July 1991
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 20.4 x 15.9  x 2.7
Weight (kg): 0.77