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Rules for International Monetary Stability: Past, Present, and Future

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by Michael D. Bordo
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Rules for International Monetary Stability: Past, Present, and Future by Michael D. Bordo

Since the end of the Great Recession in 2009 the central banks of the advanced countries have taken unprecedented actions to reflate and stimulate their economies. There have been significant differences in the timing and pace of these actions. These independent monetary policy actions have had significant spillover effects on the economies and monetary policy strategies of other advanced countries. In addition the monetary policy actions and interventions of the advanced countries have had a significant impact on the emerging market economies leading to the charge of 'currency wars.' The perceived negative consequences of spillovers from the actions of national central banks has led to calls for international monetary policy coordination. The arguments for coordination based on game theory are the same today as back in the 1980s, which led to accords which required that participant countries follow policies to improve global welfare at the expense of domestic fundamentals. This led to disastrous consequences. An alternative approach to the international spillovers of national monetary policy actions is to view them as deviations from rules based monetary policy. In this view a return to rules based monetary policy and a rolling back of the " global great deviation" by each country's central bank would lead to a beneficial policy outcome without the need for explicit policy coordination. In this book we report the results from a recent conference which brought together academics, market participants, and policy makers to focus on these issues. The consensus of much of the conference was on the need for a classic rules based reform of the international monetary system.

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Ebook Details
Pages: 200
Size: 4.9 MB
Publisher: Hoover Institution Press
Date published:   2017
ISBN: 9780817920562 (DRM-EPUB)
9780817920586 (DRM-PDF)

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This product is listed in the following category:

Nonfiction > Business & Economics > Money & Monetary Policy

This author has products in the following categories:

Nonfiction > Business & Economics > Finance
Nonfiction > Political Science > Public Policy > Economic Policy
Nonfiction > Political Science > Economic Conditions
Nonfiction > Business & Economics > Banks & Banking
Nonfiction > Business & Economics > Economics > Macroeconomics
Nonfiction > Business & Economics > Money & Monetary Policy

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06/27/2017
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