| Financial Liberalization and Macroeconomic Stability Contributor(s): Andersen, Torben M. (Editor), Moene, Karl-Ove (Editor) |
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ISBN: 0631203494 ISBN-13: 9780631203490 Publisher: Wiley-Blackwell OUR PRICE: $37.53 Product Type: Paperback Published: August 1997 Annotation: Many advanced countries have recently deregulated their markets and international capital movements have been liberalized. Over the same period, we have also experienced volatile financial markets and exchange rate crises, particularly in a number of European countries. This naturally raises the question of whether financial liberalization has affected macroeconomic stability and, if so, through which channels. As capital markets are liberalized, exchange rate crises may become more contagious. Empirical evidence indicates that this has been underlying the recent crises in the European currency market. This phenomenon has renewed interest in the fundamental factors determining credibility of exchange rate policies and whether a Tobin tax on foreign exchange transactions could mute speculative pressure and stabilize the international monetary system. This volume brings together theoretical and empirical contributions addressing these issues. |
| Additional Information |
| BISAC Categories: - Business & Economics | Finance - General - Business & Economics | Economics - Macroeconomics - Business & Economics | Accounting - General |
| Dewey: 332.094 |
| LCCN: 97010260 |
| Series: Scandinavian Journal of Economics |
| Physical Information: 0.47" H x 5.98" W x 9.05" (0.5 lbs) 162 pages |
| Descriptions, Reviews, Etc. |
| Publisher Description: 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. |