By Chris Milner, Nick Snowden
ISBN-10: 0312079788
ISBN-13: 9780312079789
ISBN-10: 1349224537
ISBN-13: 9781349224531
ISBN-10: 1349224553
ISBN-13: 9781349224555
Reconsiders the present account within the context of built-in international capital markets. The case of the united kingdom gets specific emphasis with financing and competitiveness concerns totally appraised.
Read or Download External Imbalances and Policy Constraints in the 1990s: Papers of the Fifteenth Annual Conference of the International Study Group PDF
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Extra info for External Imbalances and Policy Constraints in the 1990s: Papers of the Fifteenth Annual Conference of the International Study Group
Example text
Offsetting this argument, however, is the fact that, even at the low oil prices prevailing before the Gulf crisis, Britain was receiving an important source of transitory income. When the oil price was high prior to 1986, I argued that Britain should be saving half the oil revenues and investing them primarily abroad through the medium of a current account surplus. I would not argue that on the basis of recent oil prices, but to go to the other extreme and argue for targeting a current account deficit would seem justified only if investment were actually higher than in the European neighbours with whom Britain ought to be catching up.
2 The EMS without exchange controls: effects of 4 per cent annual increase in money growth for two years. ,,'" ... -~ ...... ,. ; ~ - 0 " " " ... M' . . . ~. -2 Inflation Nominal SR interest rate -4 _. _. (~·:·. :. ~~~~~~» . ••. 3 The EMS with exchange controls: effects of 4 per cent annual increase in money growth for two years. 42 ERM and EMU - Survival, Costs and Prospects frustration is the exchange rate and its sympathetic link with interest rates. 3, can at least cut this link. Interest rates now move in line with domestic monetary conditions only, so with this reflation they rise less and may fall, which reduces the immediate deflationary effect on output compared with the nocontrol case.
These include Collins (1987), de Grauwe (1987), Giavazzi and Giovannini (1989), Ungerer et at. (1986). Vaubel (1989) offers a useful summary of these and of a number of other German studies (in German, for details see Vaubel) in the following negative terms: To sum up: the exchange rate mechanism of the EMS does not seem to have contributed to reducing nominal effective exchange rate variations, inflation and inflation differences of the member currencies, or to increasing intra-ERM trade, investment and growth in the member countries.
External Imbalances and Policy Constraints in the 1990s: Papers of the Fifteenth Annual Conference of the International Study Group by Chris Milner, Nick Snowden
by Edward
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