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Toward An Economic Theory of Multilateral Development Banking

Toward An Economic Theory of Multilateral Development Banking »

Source: Toward An Economic Theory of Multilateral Development Banking

Volume/Issue: 1993/40

Series: IMF Working Papers

Author(s): Gerd Schwartz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1993

ISBN: 9781451845891

Keywords: capital market, credit union, exogenous shocks, banking

This paper addresses an apparent lack of economic theory in the analysis of multilateral development bank (MDB) behavior. A simple comparative statics model that is adapted from the credit union literature is used...

The Design of EMU

The Design of EMU »

Source: The Design of EMU

Volume/Issue: 1997/99

Series: IMF Working Papers

Author(s): David Begg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1997

ISBN: 9781451852233

Keywords: European Monetary Union, credibility, asymmetric shocks, inflation, monetary policy, central bank, price stability, monetary union

Pursuit of price stability may, but need not, exacerbate output fluctuations. This paper discusses the monetary strategy of the European Central Bank, the intermediate targets that this should entail, and implicati...

Fiscal Federalism in Europe

Fiscal Federalism in Europe »

Source: Fiscal Federalism in Europe : Is it a Necessary Precondition for a Successful European Economic and Monetary Integration?

Volume/Issue: 1994/74

Series: IMF Working Papers

Author(s): Norbert Berthold

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1994

ISBN: 9781451849523

Keywords: monetary union, fiscal stabilization policies, fiscal federalism, fiscal stabilization

An important question in the process of European integration concerns the best institutional level for stabilization policies. The theory of fiscal federalism gives criteria for evaluating if fiscal stabilization p...

Characteristics of the Euro, the Demand for Reserves, and Policy Coordination Under EMU

Characteristics of the Euro, the Demand for Reserves, and Policy Coordination Under EMU »

Source: Characteristics of the Euro, the Demand for Reserves, and Policy Coordination Under EMU

Volume/Issue: 1997/58

Series: IMF Working Papers

Author(s): Paul Masson , and Bart Turtelboom

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1997

ISBN: 9781451847826

Keywords: inflation, monetary policy, monetary union, foreign exchange, inflation targeting

The success of European Economic and Monetary Union (EMU) will depend on the stability of the euro. The monetary policy framework is yet to be decided, but is likely to involve either money or inflation targeting....

Economic and Monetary Union in Europe and Constraintson National Budgetary Policies

Economic and Monetary Union in Europe and Constraintson National Budgetary Policies »

Source: Economic and Monetary Union in Europe and Constraintson National Budgetary Policies

Volume/Issue: 1990/60

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 1990

ISBN: 9781451965278

Keywords: monetary union, monetary policy, price stability, inflation, monetary fund

This paper reviews the pros and cons of institutionalized constraints limiting the freedom of national budgetary policies within an Economic and Monetary Union (EMU) in Europe. The issue is approached from three an...

Market-Based Fiscal Discipline in Monetary Unions

Market-Based Fiscal Discipline in Monetary Unions »

Source: Market-Based Fiscal Discipline in Monetary Unions : Evidence From the U.S. Municipal Bond Market

Volume/Issue: 1991/89

Series: IMF Working Papers

Author(s): Morris Goldstein , and Geoffrey Woglom

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1991

ISBN: 9781451851205

Keywords: bonds, bond, fiscal policy, fiscal discipline, municipal bond, Market-Based Fiscal Discipline in Monetary Unions:,

The concept of market-based fiscal discipline posits that a government which runs persistent, excessive fiscal deficits will face an increased cost of borrowing and eventually, a reduced availability of credit, and...

Consequences of the Economic and Monetary Union for the Coordination of Tax Systems in the European Union

Consequences of the Economic and Monetary Union for the Coordination of Tax Systems in the European Union »

Source: Consequences of the Economic and Monetary Union for the Coordination of Tax Systems in the European Union : Lessons from the U.S. Experience

Volume/Issue: 1998/115

Series: IMF Working Papers

Author(s): Howell Zee , and Vito Tanzi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1998

ISBN: 9781451943016

Keywords: Tax coordination, tax competition, economic union, tax rates, tax systems, tax system, taxation, corporate income tax

With the advent of the economic and monetary union in the European Union (EU), the economic landscape of the EU will bear a striking resemblance to that of the United States in terms of fundamental attributes such...

EMU, Adjustment, and Exchange Rate Variability1

EMU, Adjustment, and Exchange Rate Variability1 »

Source: EMU, Adjustment, and Exchange Rate Variability

Volume/Issue: 1998/50

Series: IMF Working Papers

Author(s): Luca Ricci , and Peter Isard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1998

ISBN: 9781451846942

Keywords: EMU, Exchange rate variability, exchange rate, monetary union, exchange rates, monetary policy

This paper uses a three-country, three-good, factor-specific model of trade with wage rigidities to investigate how European Monetary Union (EMU) is likely to affect exchange rate variability. Focusing on internati...

Currency Unions, Economic Fluctuations, and Adjustment

Currency Unions, Economic Fluctuations, and Adjustment »

Source: Currency Unions, Economic Fluctuations, and Adjustment : Some New Empirical Evidence

Volume/Issue: 1996/81

Series: IMF Working Papers

Author(s): Eswar Prasad , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1996

ISBN: 9781451955163

Keywords: Currency unions, economic fluctuations, labor market adjustment, labor market, dummy variables, explanatory power, labor markets

This paper examines the sources of disturbances to output in the United States and a set of EU countries and analyzes labor market adjustment mechanisms in these two economic areas. Comparable datasets comprising 1...

Will Fiscal Policy Be Effective Under EMU?

Will Fiscal Policy Be Effective Under EMU? »

Source: Will Fiscal Policy Be Effective Under EMU?

Volume/Issue: 1998/176

Series: IMF Working Papers

Author(s): M. Cangiano , and Eric Mottu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1998

ISBN: 9781451975550

Keywords: Economic Union, Policy Coordination, expenditure, central fiscal, fiscal authority, fiscal policies

European Economic and Monetary Union does not envisage creating a central fiscal authority. Monetary and exchange rate policies will be centralized, but fiscal policy will remain a national responsibility, in line...