Financial Liberalization and Macroeconomic Stability / Edition 1

by Torben M. Andersen, Karl-Ove Moene

Overview

This volume examines the causes of the very volatile financial markets and exchange rate crises recently experienced, particularly in a number of European countries, and considers the implications for business cycle fluctuations and economic policy. It will attempt to clarify whether these developments can be attributed to further capital market liberalization, financial innovations, etc., or whether they are the product of business cycle changes in combination with shifts in the focus of economic policy towards less activism and low inflation. Issues related to the functioning of financial and exchange rate markets, the possibility of controlling these markets, the gains from liberalization and the implications for economic policy will also be covered.

Product Details

ISBN-13:	9780631203490
Publisher:	Wiley
Publication date:	08/04/1997
Series:	Scandinavian Journal of Economics
Pages:	162
Product dimensions:	6.00(w) x 9.10(h) x 0.42(d)

About the Author

Torben M. Andersen is the editor of Financial Liberalization and Macroeconomic Stability, published by Wiley. Karl Ove Moene is a Norwegian economist. He graduated from the University of Oslo in 1977, and an obtained his PhD in 1984. He was appointed professor at the University of Oslo in 1987.

Table of Contents

1. Contagious Currency Crises: First Tests: Barry Eichengreen (University of California, USA) and Andrew Rose (University of California, USA) and Charles Wyplosz (Graduate Institute of International Studies, Geneva).

2. The Credibility of a Fixed Exchange Rate - How Reputation is gained or Lost: Steinar Holden (University of Oslo, Norway) and Birger Vikoren (Norges Bank, Norway).

3. Would a Tobin Tax have Saved the EMS?: Olivier Jeanne (CERAS, Paris).

4. Financial Market Integration and Macroeconomic Volatility: Alan Sutherland (University of York, UK).

5. Monetary Integration in Europe: Implications for Real Interest Rates and Stock Markets: Matthew B. Canzoneri (Georgetown University, Washington, USA) and Harris Dellas (Catholic University of Leuven, Belgium).

6. Exchange Rate versus Price Level Targets and Output Stability: Asbjorn Rodseth (University of Oslo, Norway).

7. Does Financial Deregulation Cause a Consumption Boom?: Jonas Agell (University of Uppsala, Sweden) and Lennart Berg (University of Uppsala, Sweden).

8. Inviting Excess Volatility? Opening Up a Small Stock Market to International Investors: Peter Sellin (Sveriges Riksbank, Sweden).