G2TT
来源类型Discussion paper
规范类型论文
来源IDDP616
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
URLhttps://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.
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