Managing exchange markets in the EMS with free capital
This paper discusses the EMS in a number of sections. Section 1 examines the potential effects of full capital mobility on the sovereignty of national policy making. Section 2 looks at the history of exchange rate management (ERM) within the system to date, and Section 3 considers the role of moneta...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Associazione Economia civile
2013-11-01
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| Series: | PSL Quarterly Review |
| Subjects: | |
| Online Access: | https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/11120 |
| Summary: | This paper discusses the EMS in a number of sections. Section 1 examines the potential effects of full capital mobility on the sovereignty of national policy making. Section 2 looks at the history of exchange rate management (ERM) within the system to date, and Section 3 considers the role of monetary policy within the ERM. Sections 4 and 5 discuss the future viability of the system in terms of recent changes. In conclusion (Section 6) it is noted that the pressures of short-term capital flows, given free capital, will entail a further loss of monetary autonomy for member countries.
JEL: F36, E52, F32
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| ISSN: | 2037-3635 2037-3643 |