Monetary Integration And Economic Reform  

Oleh:

Sibert, Anne

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 109 no. 452 (Jan. 1999), page 78-93.
Fulltext: 78.pdf (208.27KB)

Isi artikel

Recent research in contract theory views ownership as a substitute for complete contracts. Here, this approach is applied to monetary integration. Countries face a coordination problem conducting monetary policy. Negative spillovers ensure uncoordinated policy generates too high in¯ation. Ex ante, policy makers can undertake politically costly economic reform. This has a positive spillover because it improves the outcome of the monetary policy game. Ex-post contracting over policy may be possible, but it supposed that ex-ante contracting over reform and monetary policy is not. This paper analyses when monetary union is a good substitute for this inability to commit.

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