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| The Consolidation of the Anglo-Saxon/European Consensus on Price Stability Krampf, Arie |
| Haupttitel | The Consolidation of the Anglo-Saxon/European Consensus on Price Stability |
| Titelzusatz | From International Coordination to a Rule-Based Monetary Regime |
| Autor | Krampf, Arie |
| Seitenzahl | 35 S. |
| Schriftenreihe | KFG working paper |
| Report-Nr. | 47 |
| URL des Originaldokuments | URL >> |
| Fachbereich/Einrichtung | FB Politik- und Sozialwissenschaften |
| Arbeitsbereich/Institut | Kolleg-Forschergruppe "The Transformative Power of Europe" |
| Erscheinungsjahr | 2012 |
| Dokumente | pdf-Datei
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| DDC | 332 Finanzwirtschaft |
| Dokumententyp/-Sammlungen | Monographie/Text |
| Medientyp/Format | Text |
| Abstract | During the 1990s, a consensus consolidated among policy makers and economists worldwide regarding the desirability of very low inflation targeting. So far, this process has been explained on the basis of a domestic-functional thesis, according to which commitment to very low inflation provides local economic gains with no costs. In this paper, I present an alternative explanation, according to which the global norm of very low inflation targeting was consolidated as a political solution to the problem of exchange rate misalignment and volatility. I argue that policy makers in Germany and the US believed that convergence of monetary policies and inflation rates, in addition to liberalization of financial markets, will stabilize exchange rates without the need for direct coordination. The paper employs the theory of liberal intergovernmentalism as a benchmark to explain the choice of the European and the G-5/7 countries to establish a low-inflation rule-based international monetary regime. The paper concludes that the regime of very low inflation targeting was consolidated as a politically viable solution to a political problem rather than as an economic best practice. Furthermore, it concludes that the norm of very low inflation targeting was a “corer solution” that neglected the problem of exchange rate stability. |
| Inhalt | 1. Introduction 5 2. Domestic Stability or International Coordination 7 3. State Preferences and Institution Design 10 3.1 Domestic Factors 10 3.2 International Factors 12 3.3 Method 13 4. From Non-Coordination to Direct Negotiation 14 4.1 Non-Coordination Period 14 4.2 Direct Negotiation and Country-Specific Recommendation 15 4.3 Coordination and Surveillance 17 4.4 Obstacle of Coordination 18 5. The EU: From the EMS to the EMU 19 5.1 The Delors Report: Framing the Problem 19 5.2 The EU and Inflation Targeting 20 5.3 The EU as the a Promoter of Central Bank Independence 21 6. The BIS and the IMF Research Department 22 6.1 The BIS 22 6.2 IMF Research Department 23 7. The Internationalization of the Norm of Price Stability Targeting 24 7.1 World Economic Outlook: Institutionalization of the Norm of Inflation Targeting 25 8. Analysis and Conclusion 26 Literature 29 Appendix 34 |
| Sprache | Englisch |
| Rechte | Nutzungsbedingungen |
| Identifier | 1868-7601 (ISSN) |
| Zugriffstatistik | |
| Statische URL | http://edocs.fu-berlin.de/docs/receive/FUDOCS_document_000000015390 |
| Erstellt am | 02.12.2012 - 21:03:47 |
| Letzte Änderung | 02.12.2012 - 21:06:04 |
