| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP616 |
| DP616 Monetary Policy in Stage Two of EMU | |
| Thomas O'Connell; Michael Moore | |
| 发表日期 | 1992-01-06 |
| 出版年 | 1992 |
| 语种 | 英语 |
| 摘要 | As Stage Two of European Monetary Union (EMU) in Europe develops, a major issue is the coordination of monetary policies. Member countries of the European Monetary System (EMS) will have to align their domestic source moneys. This paper argues that for this purpose, the Treasury and central bank in each country needs to be consolidated. The implications of this are that external financing of budget deficits becomes part of domestic money creation. This concept is set in a steady-state version of the Girton-Roper framework for the monetary approach to the balance of payments. The theory is tested for a number of European countries using the Johansen procedure. |
| 主题 | International Macroeconomics |
| 关键词 | Domestic expansion Economic and monetary union External financing of budget deficits |
| URL | https://cepr.org/publications/dp616 |
| 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/529770 |
| 推荐引用方式 GB/T 7714 | Thomas O'Connell,Michael Moore. DP616 Monetary Policy in Stage Two of EMU. 1992. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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