ENGLISH

Monetary Policy Instruments for European Monetary Union

By Prof. Dr. Lukas Menkhoff (auth.)

Book information

Publisher
Springer-Verlag Berlin Heidelberg
Year
1997
ISBN
978-3-642-08287-0, 978-3-662-03412-5
DOI
10.1007/978-3-662-03412-5
Language
english
Format
PDF
Filesize
3 MB (3531273 bytes)
Edition
1
Pages
155\159
Orientation
yes
Scanned
yes
Time added
2013-08-01 04:00:00
Economics general; Finance/Investment/Banking

Description

The future European Central Bank needs monetary policy instruments which have yet to be agreed. At present, the range of instruments is very heterogeneous in the potential member states. This book offers a systematic analysis of the issue, considering general theoretical arguments as well as the concrete institutional situation in European countries. Taking the Bundesbank's instruments as the starting point, their rationale is discussed against the background of experience elsewhere. The theoretical and empirical treatment leads to several competing concepts. Taking the three goals of monetary efficiency, fair competition and decentralization establishes a strong case for the use of "standing facilities" and to a lesser extend "reserve requirements", albeit modified and brought up-to-date.

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