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KFG working paper      
The Consolidation of the Anglo-Saxon/European Consensus on Price Stability
Krampf, Arie ;  Kolleg-Forschergruppe The Transformative Power of Europe <Berlin>

HaupttitelThe Consolidation of the Anglo-Saxon/European Consensus on Price Stability
TitelzusatzFrom International Coordination to a Rule-Based Monetary Regime
AutorKrampf, Arie
Institution/KörperschaftKolleg-Forschergruppe The Transformative Power of Europe <Berlin>
Seitenzahl35 S.
Schriftenreihe
KFG working paper      
KFG working paper
Report-Nr.47
DDC332 Finanzwirtschaft
Auch erschienen in
ZusammenfassungDuring 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.
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Fachbereich/EinrichtungFB Politik- und Sozialwissenschaften
Arbeitsbereich/InstitutKolleg-Forschergruppe "The Transformative Power of Europe"
Erscheinungsjahr2012
Dokumententyp/-SammlungenBuch
SpracheEnglisch
Rechte Nutzungsbedingungen
Erstellt am02.12.2012 - 20:03:47
Letzte Änderung23.01.2014 - 16:23:00
 
Statische URLhttp://edocs.fu-berlin.de/docs/receive/FUDOCS_document_000000015390
ISSN1868-7601
Zugriffsstatistik
 

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