9780521134071

External Constraints on Macroeconomic Policy

by
  • ISBN13:

    9780521134071

  • ISBN10:

    0521134072

  • Edition: 1st
  • Format: Paperback
  • Copyright: 2010-03-18
  • Publisher: Cambridge University Press
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Summary

This volume contains the proceedings of a conference on "Macroeconomic Policy and the External Constraint" held by the Centre for Economic Policy Research and the Bank of Greece in Athens in May 1990. The papers consider the implications of the external constraint for the design of stabilization policies in the European economies under the fixed exchange-rate regime of the EMS and in the aftermath of the abolition of intra-EC capital flows. The volume includes cross-country studies of savings and investment, fiscal policy, unemployment, incomes policies, and business cycle fluctuations, and also a historical study of the macroeconomic policies pursued by European governments in the 1930s. The volume also contains a study of the effects of the exchange-rate constraint on France and Germany, and a series of country studies of the effects of the external constraint on macroeconomic policy in Denmark, Spain, Greece, the Netherlands and the UK. The volume concludes with a panel discussion on "The Impact of Monetary Union on Macroeconomic Policy in Europe."

Table of Contents

List of figures
List of tables
Preface
Introduction
Global financial integration and current account inbalances
The solvency constraint and fiscal policy in an open economy
Relaxing the external constraint: Europe in the 1930s
External constraints on European unemployment
France and Germany in the EMS: the exchange rate constraint
The external constraint in the UK
Savings, investment, government finance, and the current account: the Dutch experience
Fiscal deficits, seigniorage, and external debt: the case of Greece
Macroeconomic policy, external targets, and constraints: the case of Spain
Macroeconomic policy and the external constraint: the Danish experience
Index
Table of Contents provided by Publisher. All Rights Reserved.

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