Download

Credibility Without Rules

Credibility Without Rules
Get Code Buy
Book
Share
Series:
Occasional Papers
Author(s):
Carlo Cottarelli, and Curzio Giannini
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
December 1997
DOI:
http://dx.doi.org/10.5089/9781557756442.084
ISBN:
9781557756442
ISSN:
0251-6365
Page:
101
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 policy instruments. Thus, the world has moved toward monetary frameworks in which, through appropriate institutional devices, a better trade-off between credibility of goals and flexibility of instruments could be achieved. This attempt, surveyed in this paper, has taken many forms, depending on the countries economic, institutional, and cultural specificities.
Front Matter

Front Matter

Author(s):
Carlo Cottarelli, and Curzio Giannini
Published Date:
December 1997
Share
  • ShareShare
Show Summary Details

Credibility Without Rules? Monetary Frameworks in the Post-Bretton Woods Era

Carlo Cottarelli and Curzio Giannini

INTERNATIONAL MONETARY FUND

Washington DC

December I997

© 1997 International Monetary Fund

Composition: Alicia Etchebarne-Bourdin

Cataloging-in-Publication Data

Cottarelli, Carlo

Credibility without rules? : monetary frameworks in the Post-Bretton Woods era / Carlo Cottarelli and Curzio Giannini—Washington, DC : International Monetary Fund, 1997.

p. cm. — (Occasional paper, ISSN 0251-6365 / International Monetary Fund; 154)

ISBN 1-55775-644-9

1. Monetary policy—History—20th century. 2. Monetary policy—Developing countries. 3. Banks and banking, Central. 4. International Monetary Fund. I. Giannini, Curzio. II. Title. III. Series: Occasional Paper (International Monetary Fund); no. 154.

HG230.3.C65 1997

Price: US$18.00

(US$15.00 to full-time faculty members and students at universities and colleges)

Please send orders to:

International Monetary Fund, Publication Services

700 19th Street, N.W., Washington, D.C. 20431, U.S.A.

Tel.: (202) 623-7430 Telefax: (202) 623-7201

E-mail: publications@imf.org

Internet: http://www.imf.org

Contents

The following symbols have been used throughout this paper:

  • … to indicate that data are not available;
  • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
  • – between years or months (e.g., 1994–95 or January-June) to indicate the years or months covered, including the beginning and ending years or months;
  • / between years (e.g., 1994/95) to indicate a crop or fiscal (financial) year.

“Billion” means a thousand million.

Minor discrepancies between constituent figures and totals are due to rounding.

The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.

Preface

This paper was prepared by Carlo Cottarelli, Division Chief in the European I Department of the IMF, and by Curzio Giannini, Deputy Director in the Research Department of the Banca d’Italia. Most of it was prepared during 1995, when Carlo Cottarelli was a member of the Monetary and Exchange Affairs Department of the IMF. A first draft of the paper was presented at the XI World Congress of the International Economic Association, held in Tunis, on December 18–22, 1995. The paper greatly benefited from comments and suggestions from William E. Alexander, Lorenzo Bini Smaghi, Manuel Guitián, Eduart Hochreiter, Arto Kovanen, Francesco Lippi, Gian Maria Milesi-Ferretti, Carlo Monticelli, Chrys Ryan, Massimo Roccas, and Daniele Terlizzese. David Driscoll and Martha Bonilla of the External Relations Department edited the manuscript for publication and coordinated production. The views expressed in the paper, as well as any errors, are the sole responsibility of the authors and should not be construed to be those of the Executive Directors of the IMF or any other members of the IMF or the Banca d’ltalia staff.

    Other Resources Citing This Publication

    look up citations for this publication in google scholar