| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP385 |
| DP385 Financial Market Integration, Macroeconomic Policy and the EMS | |
| William H. Branson | |
| 发表日期 | 1990-03-01 |
| 出版年 | 1990 |
| 语种 | 英语 |
| 摘要 | The new and prospective entrants to the EC join an economic environment that itself is undergoing rapid change. The combination of the European Monetary System (EMS) and the integration of European financial markets in 1992 will alter substantially the environment of monetary and fiscal policy in Europe. This paper reviews the constraints placed on macroeconomic policy and the remaining options, in a system that appears to be integrating with regard to monetary, but not fiscal, policy. We begin by noting that integration is taking place at a time when the countries in Europe have large and persistent current account imbalances, and discuss the conditions under which these will be automatically financed within Europe. |
| 主题 | International Macroeconomics |
| 关键词 | European monetary system Financial integration Financial markets Fiscal policy Intermediation |
| URL | https://cepr.org/publications/dp385 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529540 |
| 推荐引用方式 GB/T 7714 | William H. Branson. DP385 Financial Market Integration, Macroeconomic Policy and the EMS. 1990. |
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