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A Strategy for Renormalizing Fiscal and Monetary Policies in Advanced Economies

A Strategy for Renormalizing Fiscal and Monetary Policies in Advanced Economies »

Volume/Issue: 2009/22

Series: IMF Staff Position Notes

Author(s): Carlo Cottarelli , and José Vinãls

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 September 2009

DOI: http://dx.doi.org/10.5089/9781455278459.004

ISBN: 9781455278459

Keywords: Fiscal policy, Global financial crisis, policy response, fiscal stimulus, fiscal sustainability, debt sustainability, exit strategies, monetary policy, central bank balance sheet, financial sector support

In response to the worst economic crisis since the 1930s, government budgets and central banks have provided substantial support for aggregate demand and for the financial sector. In the process, fiscal balances ha...

Coordinating Public Debt and Monetary Management During Financial Reforms

Coordinating Public Debt and Monetary Management During Financial Reforms »

Volume/Issue: 1992/84

Series: IMF Working Papers

Author(s): Sérgio Leite

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1992

DOI: http://dx.doi.org/10.5089/9781451954395.001

ISBN: 9781451954395

Keywords: central bank, government securities, public debt, monetary management

The paper analyzes the interplay between public debt and monetary management during financial reforms, and provides suggestions on collaboration between the central bank and the treasury to achieve common objective...

Credibility. Capital Controls, and the EMS

Credibility. Capital Controls, and the EMS »

Volume/Issue: 1989/9

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1989

DOI: http://dx.doi.org/10.5089/9781451927030.001

ISBN: 9781451927030

Keywords: inflation, monetary policy, money supply, central bank, monetary shock

A common rationale for EMS membership is that it enhances the credibility of a central bank’s commitment to stable monetary growth. In this paper we consider this idea in the light of two features of the sys...

European Financial Integration and Revenue from Seignorage
			: The Case of Italy

European Financial Integration and Revenue from Seignorage : The Case of Italy »

Volume/Issue: 1989/41

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 May 1989

DOI: http://dx.doi.org/10.5089/9781451976298.001

ISBN: 9781451976298

Keywords: inflation, central bank, rate of inflation, real interest rate, monetary base

Financial integration is likely to entail EEC-wide convergence in both inflation rates and bank reserve requirements, thereby lowering some governments’ seignorage revenues. These revenue losses, however, ma...

Exchange Rate Appreciation As a Signal of a New Policy Stance

Exchange Rate Appreciation As a Signal of a New Policy Stance »

Volume/Issue: 1991/32

Series: IMF Working Papers

Author(s): Georg Winckler

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1991

DOI: http://dx.doi.org/10.5089/9781451845068.001

ISBN: 9781451845068

Keywords: exchange rate, central bank, inflation, real exchange rate, exchange rate commitment

It is shown in a game theoretic framework that it may pay off to signal a “conservative” policy stance--giving a high priority to price stability--by appreciating the exchange rate. Such an appreciati...

Financial Stability and Fiscal Crises in a Monetary Union

Financial Stability and Fiscal Crises in a Monetary Union »

Volume/Issue: 2001/200

Series: IMF Working Papers

Author(s): Samir Jahjah

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2001

DOI: http://dx.doi.org/10.5089/9781451874358.001

ISBN: 9781451874358

Keywords: central bank, monetary union, fiscal policy, International Monetary Arrangements and Institutions, National Budget, Deficit, and Debt: General,

The main tasks of central banks are to secure price and financial stability. These objectives can, in times of crises, conflict with one another, and the central bank may have to renounce one of them in order to se...

Monetary Policy Under EMU
			: Differences in the Transmission Mechanism?

Monetary Policy Under EMU : Differences in the Transmission Mechanism? »

Volume/Issue: 2001/102

Series: IMF Working Papers

Author(s): Benedict Clements , Zenon Kontolemis , and Joaquim Levy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2001

DOI: http://dx.doi.org/10.5089/9781451852615.001

ISBN: 9781451852615

Keywords: Transmission Mechanism, inflation, monetary transmission, central bank, monetary transmission mechanism, Prices, Business Fluctuations, and Cycles: Forecasting and Simulation, Monetary Policy, Central Banking

This study identifies differences in the monetary policy transmission mechanism across the countries in the euro area. It is argued that part of the differences in the response of economic activity to monetary poli...

Negative Monetary Policy Rates and Portfolio Rebalancing: Evidence from Credit Register Data

Negative Monetary Policy Rates and Portfolio Rebalancing: Evidence from Credit Register Data »

Volume/Issue: 2019/44

Series: IMF Working Papers

Author(s): Margherita Bottero , Camelia Minoiu , José-Luis Peydro , Andrea Polo , Andrea Presbitero , and Enrico Sette

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2019

DOI: http://dx.doi.org/10.5089/9781498300858.001

ISBN: 9781498300858

Keywords: Bank credit, Reserve requirements, Interest rates on loans, Central banks, Bank liquidity, Negative interest rates, portfolio rebalancing, bank lending channel, liquidity management, Eurozone crisis

We study negative interest rate policy (NIRP) exploiting ECB's NIRP introduction and administrative data from Italy, severely hit by the Eurozone crisis. NIRP has expansionary effects on credit supply-- -and hence...

Reserve Requirementson Bank Deposits a+L558s Implicit Taxes
			: A Case Study of Italy

Reserve Requirementson Bank Deposits a+L558s Implicit Taxes : A Case Study of Italy »

Volume/Issue: 1992/18

Series: IMF Working Papers

Author(s): Lazaros Molho

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 1992

DOI: http://dx.doi.org/10.5089/9781451843583.001

ISBN: 9781451843583

Keywords: reserve requirement, deposit rate, central bank, money market

This paper analyzes the quasi-fiscal effects of Italy’s relatively high bank reserve requirements, against the background of growing pressure to align them with those of other EC countries. The paper develop...

Reserve Requirements and Monetary Management
			: An Introduction

Reserve Requirements and Monetary Management : An Introduction »

Volume/Issue: 1993/35

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 1993

DOI: http://dx.doi.org/10.5089/9781451978445.001

ISBN: 9781451978445

Keywords: reserve requirements, reserve requirement, central bank, monetary control

Reserve requirements are widely used by central banks as a means to improve monetary control, an instrument for policy implementation, a source of revenue, and a safeguard of bank liquidity. The effectiveness of re...