Detail EMU : A Story of Success if The Rules of The Game are Followed   Oleh:  Vanthoor, Wim F. V. Jenis: Article from Bulletin/Magazine Dalam koleksi: Journal of Asian Economics vol. 9 no. 2 (1998), page 193-206. Topik: rules; story of rules; game Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ50.2 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel In preparing this paper for today, I knew that a review of the political and economic issues of EMU in Europe has little to do with an analysis of the Asian financial markets which is the topic of this meeting. Nevertheless I've tried to make it clear that the relationship between the two items is to be found in stable money. Over a long period of time inflation rates varied widely across Europe due to divergent monetary and fiscal policies. For that reason there was, notably in the 1970 s no alternative to letting flexible exchange rates take care of these differences. Some countries did make heavy use of the exchange rate instrument. But in practice, floating exchange rates did not behave exactly in a textbook manner but tended to overshoot. As a result, exchange rates did not just offset the differences in inflation but sometimes made them bigger. It then became clear that a better control over the European business cycle was only possible by bringing the inflation performance in line. And in order to achieve this, monetary and fiscal policies had to converge. From that moment on price stability went hand in hand with exchange rate stability despite the fact that within the ERM, fluctuation margins had meanwhile been considerably widened. Although for the time being some South Asian countries have, for good reasons, taken recourse to floating rates, this should not keep the monetary authorities from their commitment to sound macroeconomic policies, which still forms the basis for economic stability, thereby reinforcing the confidence of both foreign and domestic investors in the financial markets. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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