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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...

Credibility and Exchange Rate Management in Developing Countries

Credibility and Exchange Rate Management in Developing Countries »

Source: Credibility and Exchange Rate Management in Developing Countries

Volume/Issue: 1991/87

Series: IMF Working Papers

Author(s): Pierre-Richard Agénor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1991

ISBN: 9781451850925

Keywords: exchange rate, inflation, fixed exchange rate, real exchange rate, nominal exchange rate

The paper examines the role of credibility in the conduct of exchange rate policy in developing countries, The analysis is based on a model in which policymakers are concerned about inflation and external competiti...

I Economic Prospects and Policies

I Economic Prospects and Policies »

Source: World Economic Outlook, October 1995

Series: World Economic Outlook

Author(s): International Monetary Fund. Research Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 October 1995

ISBN: 9781557754677

Keywords: debt, interest, payments, deficits, inflation

Underlying trends in the world economy are encouraging in many respects (Chart 1), with economic policies contributing importantly to the favorable performance and prospects of most countries....

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...

II The World Economy in 1995–96

II The World Economy in 1995–96 »

Source: World Economic Outlook, October 1995

Series: World Economic Outlook

Author(s): International Monetary Fund. Research Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 October 1995

ISBN: 9781557754677

Keywords: debt, interest, payments, deficits, inflation

Developments in financial markets during the past eighteen months and signs of a softening of growth in the industrial countries since the beginning of 1995 have highlighted the sensitivity of financial mark...

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...

III Financial Market Turmoil and Economic Policies in Industrial Countries

III Financial Market Turmoil and Economic Policies in Industrial Countries »

Source: World Economic Outlook, October 1995

Series: World Economic Outlook

Author(s): International Monetary Fund. Research Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 October 1995

ISBN: 9781557754677

Keywords: debt, interest, payments, deficits, inflation

Bond yields and exchange rates have posted relatively large movements over the past year and a half. During 1994. long-term interest rates rose between 175 and 500 basis points across the industrial countrie...