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Appendix Country Data

Appendix Country Data »

Source: Credibility Without Rules

Series: Occasional Papers

Author(s): Carlo Cottarelli , and Curzio Giannini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 1997

ISBN: 9781557756442

Keywords: exchange rate, exchange rate regime, inflation, central bank, monetary policy

Information from Tables Information was collected for 100 countries (of which 22 were industrial countries according to the classification published in the IMF’s International Financ...

Credibility Without Rules

Credibility Without Rules »

Series: Occasional Papers

Author(s): Carlo Cottarelli , and Curzio Giannini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 1997

DOI: http://dx.doi.org/10.5089/9781557756442.084

ISBN: 9781557756442

Keywords: exchange rate, exchange rate regime, inflation, central bank, monetary policy

During the last 25 years, monetary practice in most countries has increasingly been characterized by the attempt to achieve credibility of purpose while expanding the freedom of monetary authorities in controlling...

Front Matter

Front Matter »

Source: Credibility Without Rules

Series: Occasional Papers

Author(s): Carlo Cottarelli , and Curzio Giannini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 1997

ISBN: 9781557756442

Keywords: exchange rate, exchange rate regime, inflation, central bank, monetary policy

During the last 25 years, monetary practice in most countries has increasingly been characterized by the attempt to achieve credibility of purpose while expanding the freedom of monetary authorities in controlling...

I. Introduction

I. Introduction »

Source: Credibility Without Rules

Series: Occasional Papers

Author(s): Carlo Cottarelli , and Curzio Giannini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 1997

ISBN: 9781557756442

Keywords: exchange rate, exchange rate regime, inflation, central bank, monetary policy

Grau, teurer Freund, ist alle Theorie, Und grun des Lebens goldner Baum. (Grey, dear Friend, is all theory, and green is life’s golden tree.)...

II. Degenerating Fiat Standard and Credibility

II. Degenerating Fiat Standard and Credibility »

Source: Credibility Without Rules

Series: Occasional Papers

Author(s): Carlo Cottarelli , and Curzio Giannini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 1997

ISBN: 9781557756442

Keywords: exchange rate, exchange rate regime, inflation, central bank, monetary policy

Institutions do not evolve in a piecemeal fashion for a number of reasons. First of all, adapting an institutional framework involves collective action at several levels (North (1990)). Second, and perhaps m...

III. The Post-Bretton Woods Era

III. The Post-Bretton Woods Era »

Source: Credibility Without Rules

Series: Occasional Papers

Author(s): Carlo Cottarelli , and Curzio Giannini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 1997

ISBN: 9781557756442

Keywords: exchange rate, exchange rate regime, inflation, central bank, monetary policy

Against the background of the preceding discussion, we now move to reviewing the actual evolution of monetary frameworks during 1970–94. Country Sample Information was gathe...

IV. Credibility Cum Discretion

IV. Credibility Cum Discretion »

Source: Credibility Without Rules

Series: Occasional Papers

Author(s): Carlo Cottarelli , and Curzio Giannini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 1997

ISBN: 9781557756442

Keywords: exchange rate, exchange rate regime, inflation, central bank, monetary policy

The shift toward greater discretion observed over the last 25 years may appear (at first view) somewhat disturbing, given the increased recognition in the economic literature that credibility is an important...

V. Monetary Anchors

V. Monetary Anchors »

Source: Credibility Without Rules

Series: Occasional Papers

Author(s): Carlo Cottarelli , and Curzio Giannini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 1997

ISBN: 9781557756442

Keywords: exchange rate, exchange rate regime, inflation, central bank, monetary policy

Despite the gradual shift toward discretion illustrated in the previous sections, rule-based frameworks have been very common. This section focuses on these frameworks and on their role as credibility-enhanc...

VI. Concluding Remarks

VI. Concluding Remarks »

Source: Credibility Without Rules

Series: Occasional Papers

Author(s): Carlo Cottarelli , and Curzio Giannini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 1997

ISBN: 9781557756442

Keywords: exchange rate, exchange rate regime, inflation, central bank, monetary policy

This paper has presented a study of the adaptation of monetary frameworks in the quarter of a century following the demise of Bretton Woods. The absence in this period of recognized worldwide ground rules fo...