The European Monetary System

Francesco Giavazzi (Edited by), Stefano Micossi (Edited by), Marcus Miller (Edited by)

9780521389051, Cambridge University Press

Paperback, published 25 August 1989

448 pages
23 x 15.4 x 2.7 cm, 0.674 kg

"...it should be said that Francesco Giavazzi, Stefano Micossi and Marcus Miller have edited an interesting volume to be recommended to anyone interested in the study of the EMS." Journal of International Economics

The European Monetary System (EMS) has, since its inception in 1979, provided a fascinating example of policy co-ordination in practice. As concern about exchange-rate instability and global economic imbalances has grown, both academic researchers and policy-makers have looked to the EMS for lessons about co-operation on a wider scale. This volume contains the papers and proceedings of an October 1987 conference organised by the Centre for Economic Policy Research in co-operation with the Banca d'Italia and the Centro Interuniversitario di Studi Teorici per la Politica Economica (STEP). The conference brought together distinguished academics and practitioners from eleven European central banks. The papers offer a timely summary of current research, while the concluding panel discussion provides a valuable perspective on the concerns of policy-makers. This will be the definitive publication on the EMS for some years to come, and hence a basic reference for anyone interested in the international monetary system and policy co-ordination.

List of figures
List of tables
Preface
1. Introduction Niels Thygesen
Part I. The International Environment: 2. The European Monetary System, the dollar and the yen Rudiger Dornbusch
Discussion Robert Triffin
Discussion Charles Wyplosz
Part II. Disinflation, External Adjustment and Cooperation: 3. Monetary discipline and cooperation in the European Monetary System: a synthesis Jacques Melitz
Discussion José Vinals
4. The role of the exchange-rate regime in a disinflation: empirical evidence on the European Monetary System Francesco Giavazzi and Alberto Giovannini
Discussion William Branson
5. Inflation and the European Monetary System Susan M. Collins
Discussion Jean-Jacques Rey
6. Economic growth and exchange rates in the European Monetary System: their trade effects in a changing external environment Stefano Vona and Lorenzo Bini Smaghi
Discussion David Begg
Part III. Exchange Rates, Capital Mobility and Monetary Coordination: 7. Exchange rates, interest rates, capital controls and the European Monetary System: assessing the track record Michael J. Artis and Mark P. Taylor
Discussion Emil-Maria Claassen and Eric Perée
8. The stability and sustainability of the European Monetary System with perfect capital markets John Driffill
Discussion Daniel Gros
9. Competitiveness, realignment, and speculation: the role of financial markets Maurice Obstfeld
Discussion Marcus Miller
Discussion Herakles Polemarchakis
10. Interventions, sterilisation and monetary policy in European Monetary System countries, 1979–87 Cristina Mastropasqua, Stefano Micossi and Roberto Rinaldi
Discussion Wolfgang Rieke
11. Monetary policy coordination within the European Monetary System: is there a rule? Massimo Russo and Giuseppe Tullio
Discussion Lucas Papademos
Part IV. The Future of the European Monetary System: 12. The European Monetary System: a long-term view Tommaso Padoa-Schioppa
13. A new phase in the European Monetary System – exchange-rate constraint, capital liberalisation and policy coordination
a report of the conference panel discussion Lamberto Dini, Peter Kenen, Rainer Masera, Wolfgang Rieke, Luigi Spaventa and Jacques Waitzenegger
Index.

Subject Areas: Monetary economics [KCBM]