Front Matter

Front Matter

Carlo Cottarelli, and Curzio Giannini
Published Date:
December 1997
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    Credibility Without Rules? Monetary Frameworks in the Post-Bretton Woods Era

    Carlo Cottarelli and Curzio Giannini


    Washington DC

    December I997

    © 1997 International Monetary Fund

    Composition: Alicia Etchebarne-Bourdin

    Cataloging-in-Publication Data

    Cottarelli, Carlo

    Credibility without rules? : monetary frameworks in the Post-Bretton Woods era / Carlo Cottarelli and Curzio Giannini—Washington, DC : International Monetary Fund, 1997.

    p. cm. — (Occasional paper, ISSN 0251-6365 / International Monetary Fund; 154)

    ISBN 1-55775-644-9

    1. Monetary policy—History—20th century. 2. Monetary policy—Developing countries. 3. Banks and banking, Central. 4. International Monetary Fund. I. Giannini, Curzio. II. Title. III. Series: Occasional Paper (International Monetary Fund); no. 154.

    HG230.3.C65 1997

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    The following symbols have been used throughout this paper:

    • … to indicate that data are not available;
    • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
    • – between years or months (e.g., 1994–95 or January-June) to indicate the years or months covered, including the beginning and ending years or months;
    • / between years (e.g., 1994/95) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

    Minor discrepancies between constituent figures and totals are due to rounding.

    The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.


    This paper was prepared by Carlo Cottarelli, Division Chief in the European I Department of the IMF, and by Curzio Giannini, Deputy Director in the Research Department of the Banca d’Italia. Most of it was prepared during 1995, when Carlo Cottarelli was a member of the Monetary and Exchange Affairs Department of the IMF. A first draft of the paper was presented at the XI World Congress of the International Economic Association, held in Tunis, on December 18–22, 1995. The paper greatly benefited from comments and suggestions from William E. Alexander, Lorenzo Bini Smaghi, Manuel Guitián, Eduart Hochreiter, Arto Kovanen, Francesco Lippi, Gian Maria Milesi-Ferretti, Carlo Monticelli, Chrys Ryan, Massimo Roccas, and Daniele Terlizzese. David Driscoll and Martha Bonilla of the External Relations Department edited the manuscript for publication and coordinated production. The views expressed in the paper, as well as any errors, are the sole responsibility of the authors and should not be construed to be those of the Executive Directors of the IMF or any other members of the IMF or the Banca d’ltalia staff.

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