| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1962 |
| DP1962 Does Exchange Rate Stability Increase Trade and Capital Flows? | |
| Philippe Bacchetta; Eric van Wincoop | |
| 发表日期 | 1998-09-30 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | The paper explores the case for monetary and fiscal unification. Monetary policy suffers from an inflation bias because the monetary authorities are not able to commit. With international risk-sharing in a fiscal union, fiscal discipline suffers from moral hazard. An inflation target alleviates the inflation bias but weakens fiscal discipline. In a monetary union, however, this adverse effect on fiscal discipline is weaker. This advantage of monetary unification may outweigh the disadvantage of not being able to employ monetary policy to stabilize country-specific shocks. While monetary unification may thus be optimal, international risk-sharing may be undesirable because it weakens fiscal discipline. |
| 主题 | International Macroeconomics |
| 关键词 | Fiscal discipline Fiscal transfer scheme Inflation targets Monetary union Moral hazard |
| URL | https://cepr.org/publications/dp1962 |
| 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/531093 |
| 推荐引用方式 GB/T 7714 | Philippe Bacchetta,Eric van Wincoop. DP1962 Does Exchange Rate Stability Increase Trade and Capital Flows?. 1998. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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