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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...

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...

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...

Limiting Central Bank Credit to the Government
			: Theory and Practice

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

DOI: http://dx.doi.org/10.5089/9781557753588.084

ISBN: 9781557753588

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

This paper examines central bank independence with reference to the constraints on central bank credit to the government, focusing on how such credit should be regulated. It discusses why credit should be contsrain...

Front Matter

Front Matter »

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 paper examines central bank independence with reference to the constraints on central bank credit to the government, focusing on how such credit should be regulated. It discusses why credit should be contsrain...

V. Conclusions

V. Conclusions »

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 paper has discussed (1) why central bank credit to the government should be constrained; (2) what forms of such credit should be constrained; and (3) how those constraints should be implemented....