The European Monetary System

by Edited by Francesco Giavazzi , Stefano Micossi , Marcus Miller

• ISBN13: 9780521389051
• ISBN10: 0521389054
• Edition: Reprint
• Format: Paperback
• Copyright: 1989-08-25
• Publisher: Cambridge University Press

Summary

The European Monetary System (EMS) has, since its inception in 1979, provided a fascinating example of policy coordination in practice. As concern about exchange-rate instability and global economic imbalances has grown, both academic researchers and policymakers have looked to the EMS for lessons about cooperation on a wider scale. This volume contains the papers and proceedings of an October 1987 conference organised by the Centre for Economic Policy Research in cooperation with the Banca d'Italia and the Centro Interuniversitario di Studi Teorici per la Politica Economica (STEP). The conference brought together distinguished academics and practitioners from eleven European central banks. The papers offer a timely summary of current research, while the concluding panel discussion provides a valuable perspective on the concerns of policymakers. This will be the definitive publication on the EMS for some years to come, and hence a basic reference for anyone interested in the international monetary system and policy coordination.

Table of Contents

List of figures

List of tables

Preface

1. Introduction Niels Thygesen

Part I. The International Environment: 2. The European Monetary System, the dollar and the yen Rudiger Dornbusch

Discussion Robert Triffin

Discussion Charles Wyplosz

Part II. Disinflation, External Adjustment and Cooperation: 3. Monetary discipline and cooperation in the European Monetary System: a synthesis Jacques Melitz

Discussion José

Vinals

4. The role of the exchange-rate regime in a disinflation: empirical evidence on the European Monetary System Francesco Giavazzi and Alberto Giovannini

Discussion William Branson

5. Inflation and the European Monetary System Susan M. Collins

Discussion Jean-Jacques Rey

6. Economic growth and exchange rates in the European Monetary System: their trade effects in a changing external environment Stefano Vona and Lorenzo Bini Smaghi

Discussion David Begg

Part III. Exchange Rates, Capital Mobility and Monetary Coordination: 7. Exchange rates, interest rates, capital controls and the European Monetary System: assessing the track record Michael J. Artis and Mark P. Taylor

Discussion Emil-Maria Claassen and Eric Peré

e

8. The stability and sustainability of the European Monetary System with perfect capital markets John Driffill

Discussion Daniel Gros

9. Competitiveness, realignment, and speculation: the role of financial markets Maurice Obstfeld

Discussion Marcus Miller

Discussion Herakles Polemarchakis

10. Interventions, sterilisation and monetary policy in European Monetary System countries, 1979-87 Cristina Mastropasqua, Stefano Micossi and Roberto Rinaldi

Discussion Wolfgang Rieke

11. Monetary policy coordination within the European Monetary System: is there a rule? Massimo Russo and Giuseppe Tullio

Discussion Lucas Papademos

Part IV. The Future of the European Monetary System: 12. The European Monetary System: a long-term view Tommaso Padoa-Schioppa

13. A new phase in the European Monetary System - exchange-rate constraint, capital liberalisation and policy coordination

a report of the conference panel discussion Lamberto Dini, Peter Kenen, Rainer Masera, Wolfgang Rieke, Luigi Spaventa and Jacques Waitzenegger

Index.