Monetary Integration and Dollarization: No Panacea
Edward Elgar Publishing, Jan 1, 2006 - Business & Economics - 320 pages
This book brings together an impressive and diverse group of authors to discuss its central theme: whether or not the dollarized international monetary system is sustainable in the context of the global economy it helped create. In addition to its uniquel
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adjustment aggregate demand American Argentina argued assets balance of payments banking system Brazil Bretton Woods business cycle Canada Canadian dollar capital flows cent central bank changes common currency credibility crises crisis currency board current account deficit debt depreciation devaluation developing countries developing economies domestic financial effects Eichengreen emerging markets employment euro European eurozone exchange rate regime exports external financial markets financial system fiscal policy fixed exchange rates flexible floating foreign exchange funds global gold growth illegal immigration important increase inflation targeting inflows institutions interest rates international financial investment Latin America lending liabilities liquidity macroeconomic Mexican Mexico monetary integration monetary policy monetary system monetary union Mundell NAFTA optimal currency area output period political problems real exchange rate region relative rency result risk sector seigniorage shocks short-term surges tion trade deficit United variables volatility wages
Page 19 - When exercising the powers and carrying out the tasks and duties conferred upon them by this Treaty and the Statute of the ESCB, neither the ECB, nor a national central bank, nor any member of their decision-making bodies shall seek or take instructions from Community institutions or bodies, from any government of a Member State or from any other body.
Page 19 - In order to achieve the objectives of the ESCB and to carry out its tasks, the ECB and the national central banks may: - operate in the financial markets by buying and selling outright (spot and forward) or under repurchase agreement, and by lending or borrowing claims and marketable instruments, whether in Community or in non-Community currencies, as well as precious metals: - conduct credit operations with credit institutions and other market participants, with lending being based on adequate collateral.
Page 19 - The ECB shall establish general principles for open market and credit operations carried out by itself or the national central banks, including for the announcement of conditions under which they stand ready to enter into such transactions.