| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2805 |
| DP2805 Expectations and the Stability Problem for Optimal Monetary Policies | |
| Seppo Honkapohja; George W. Evans | |
| 发表日期 | 2001-04-06 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | Can Europe's post-war experience with fixed exchange rates be useful for today's emerging market countries? A new conventional wisdom suggests that the answer is negative, that in today's world of huge capital flows the only choice is between freely floating exchange rates and hard pegs. The Paper argues to the contrary, that Europe's strategy has much to recommend it. Most European countries have identified trade integration as a key objective, and considered that exchange rate stability was a prerequisite for establishing a level-playing field. The survival of the regime was made possible by widespread financial repression. There is no evidence that such a strategy stunted growth, quite the contrary in fact. Nor is it the case that this strategy is impossible today for other small open economies. |
| 主题 | International Macroeconomics |
| 关键词 | Liberalization Sequencing Exchange rate regimes Currency crises |
| URL | https://cepr.org/publications/dp2805 |
| 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/531810 |
| 推荐引用方式 GB/T 7714 | Seppo Honkapohja,George W. Evans. DP2805 Expectations and the Stability Problem for Optimal Monetary Policies. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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