International Political Economy: Perspectives on Global Power and Wealth, Fourth Edition
270 17 EMU: Why and How It Might Happen CHARLES WYPLOSZ One of the more striking events of recent international monetary history ...
Charles Wyplosz 271 depreciate by 2 percent this year. This is known as the interest parity condition: it implies that integrate ...
272 EMU: Why and How It Might Happen of price stability. From the very beginning, Europe’s future currency would have to be as s ...
Charles Wyplosz 273 The three criteria proposed in the literature are those features which make adjustment through exchange rate ...
274 EMU: Why and How It Might Happen passed the currency area tests a century ago? And had it failed, all things considered, was ...
Charles Wyplosz 275 the fiscal targets more difficult to achieve and by undermining public support. The situation is now a gambl ...
276 EMU: Why and How It Might Happen Yet Europe is not alone in adopting quantitative limits for fiscal policy. How does it work ...
Charles Wyplosz 277 fiscal misbehavior becomes a strictly national issue with no union-wide implication and fiscal restraint is ...
278 EMU: Why and How It Might Happen suggest more instability. First, if the U.S. dollar has been acting as a market leader on e ...
Charles Wyplosz 279 situation is not sustainable because it entails a fundamental contradiction. On one hand, the Bundesbank der ...
280 18 The Obsolescence of Capital Controls? Economic Management in an Age of Global Markets JOHN B.GOODMAN AND LOUIS W.PAULY Jo ...
John B.Goodman and Louis W.Pauly 281 them. And in the rare instances where governments have fallen back on controls, their tempo ...
282 The Obsolescence of Capital Controls? markets influenced firm behavior and reframed the issue of capital controls for govern ...
John B.Goodman and Louis W.Pauly 283 international capital movements originally articulated at Bretton Woods remained intact. St ...
284 The Obsolescence of Capital Controls? pool of funds increased in size, technological changes reduced the time it took to tra ...
John B.Goodman and Louis W.Pauly 285 international capital mobility. Governments concerned with the issue of national competitiv ...
286 The Obsolescence of Capital Controls? foreign direct investment abroad began to be liberalized in 1952, and residents were a ...
John B.Goodman and Louis W.Pauly 287 became a deficit of DM 10.5 billion in 1979. Capital inflows suddenly dried up; indeed, cap ...
288 The Obsolescence of Capital Controls? In the same vein, financial institutions, which had adapted well to the restrictivenes ...
John B.Goodman and Louis W.Pauly 289 amounted to husbanding and rationing scarce national resources. With an export- oriented ec ...
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