Normal view MARC view

Is there a safe passage to EMU? Evidence on capital controls and a proposal

Author: Eichengreen, B. ; Rose, A. K. ; Wyplosz, CharlesINSEAD Area: Economics and Political Science Series: Working Paper ; 94/58/EPS Publisher: Fontainebleau : INSEAD, 1994.Language: EnglishDescription: 41 p.Type of document: INSEAD Working Paper Online Access: Click here Abstract: This paper provides evidence on the effects of capital controls. We show that controls have been associated with significant differences in macroeconomic behavior, especially in monetary policy. While they have not prevented speculative attacks, they have provided the breathing space needed to organize orderly realignments. We also provide evidence on the channels through which speculative attacks operate, showing that bank lending to nonresidents is a key transmission mechanism. We conclude with a discussion of measures that mimic some of the effects of controls as a way of easing the transition to European Monetary Union. Non-interest-bearing deposit requirements on lending to nonresidents are proposed as a third-best route to monetary union
Tags: No tags from this library for this title. Add tag(s)
Log in to add tags.
Item type Current location Collection Call number Status Date due
INSEAD Working Paper Digital Library
PDF Available

This paper provides evidence on the effects of capital controls. We show that controls have been associated with significant differences in macroeconomic behavior, especially in monetary policy. While they have not prevented speculative attacks, they have provided the breathing space needed to organize orderly realignments. We also provide evidence on the channels through which speculative attacks operate, showing that bank lending to nonresidents is a key transmission mechanism. We conclude with a discussion of measures that mimic some of the effects of controls as a way of easing the transition to European Monetary Union. Non-interest-bearing deposit requirements on lending to nonresidents are proposed as a third-best route to monetary union

Digitized

There are no comments for this item.

Log in to your account to post a comment.
Koha 3.18 - INSEAD Library Catalogue
Library Home | Contact Us | What's Koha?