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Appendix I. Advantages of Borrowing from the Central Bank

Appendix I. Advantages of Borrowing from the Central Bank »

Source: Limiting Central Bank Credit to the Government : Theory and Practice

Series: Occasional Papers

Author(s): Carlo Cottarelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 1993

ISBN: 9781557753588

Keywords: central bank, current account, monetary policy, inflation, central banks

This appendix addresses two issues. First, under what conditions borrowing from the central bank is more convenient for the government than borrowing from the market. Second, under...

Appendix II Relevance of Institutional Constraints

Appendix II Relevance of Institutional Constraints »

Source: Limiting Central Bank Credit to the Government : Theory and Practice

Series: Occasional Papers

Author(s): Carlo Cottarelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 1993

ISBN: 9781557753588

Keywords: central bank, current account, monetary policy, inflation, central banks

The issue of whether institutional constraints, including those on central bank credit, can be effective in preserving central bank independence has always been highly controversial...

Appendix III Central Bank Credit to the Government in 57 Countries

Appendix III Central Bank Credit to the Government in 57 Countries »

Source: Limiting Central Bank Credit to the Government : Theory and Practice

Series: Occasional Papers

Author(s): Carlo Cottarelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 1993

ISBN: 9781557753588

Keywords: central bank, current account, monetary policy, inflation, central banks

This appendix presents some factual information on how formal constraints on central bank credit to the government are regulated in a sample of 57 countries. The sample includes all...

Coordinating Public Debt and Monetary Management During Financial Reforms

Coordinating Public Debt and Monetary Management During Financial Reforms »

Source: 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

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...

I. Introduction

I. Introduction »

Source: Limiting Central Bank Credit to the Government : Theory and Practice

Series: Occasional Papers

Author(s): Carlo Cottarelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 1993

ISBN: 9781557753588

Keywords: central bank, current account, monetary policy, inflation, central banks

It is in this city of Khan-balik that the Great Khan has his mint; and it is so organized that you might well say that he has mastered the art of alchemy… [H]e has money made for him… out of the...

II. Inflation, Central Bank Independence, and Government Financing

II. Inflation, Central Bank Independence, and Government Financing »

Source: Limiting Central Bank Credit to the Government : Theory and Practice

Series: Occasional Papers

Author(s): Carlo Cottarelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 1993

ISBN: 9781557753588

Keywords: central bank, current account, monetary policy, inflation, central banks

Central bank independence of political power is usually advocated as a remedy against the alleged inflationary bias of governments. 4 This bias is explained by two arguments (Cuki...

III. An Ideal Model

III. An Ideal Model »

Source: Limiting Central Bank Credit to the Government : Theory and Practice

Series: Occasional Papers

Author(s): Carlo Cottarelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 1993

ISBN: 9781557753588

Keywords: central bank, current account, monetary policy, inflation, central banks

A good starting point for discussing the ideal constraints on central bank credit to the government is the “Maastricht model”—which the governments of the EC have proposed to regulate the relations between t...

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...

The Maastricht Inflation Criterion
			: How Unpleasant Is Purgatory?

The Maastricht Inflation Criterion : How Unpleasant Is Purgatory? »

Volume/Issue: 2006/154

Series: IMF Working Papers

Author(s): Ales Bulir , and Jaromír Hurník

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2006

DOI: http://dx.doi.org/10.5089/9781451864144.001

ISBN: 9781451864144

Keywords: ERM2, Maastricht inflation criterion, new EU member countries, monetary policy, central bank, monetary fund, national bank, International Monetary Arrangements and Institutions,

The Maastricht inflation criterion, designed in the early 1990s to bring "high-inflation" EU countries in line with "low-inflation" countries prior to the introduction of the euro, poses challenges for both new EU...

IV. Formal Constraints in Practice

IV. Formal Constraints in Practice »

Source: Limiting Central Bank Credit to the Government : Theory and Practice

Series: Occasional Papers

Author(s): Carlo Cottarelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 1993

ISBN: 9781557753588

Keywords: central bank, current account, monetary policy, inflation, central banks

This section discusses how the recommendations described above should be modified to take account of the “imperfections” characterizing a number of economies. Although some of the situations discussed may be...