The Debt Burden and Its Consequences for Monetary Policy

by Guillermo Calvo (Editor), Mervyn King (Editor)

Overview

In all countries debt and deficits of the public sector are at the heart of economic policy debate. Debt and deficits pose major problems, all the more pressing in Europe because of the Maastricht criteria for entry into European Monetary Union. And in the developing world debt has been associated with major financial crises. This volume, arising from an International Economic Association conference at the Bundesbank, sees academics and policy makers debate the key issues and their implications in theory and practice.

Product Details

ISBN-13:	9780333641408
Publisher:	Palgrave Macmillan UK
Publication date:	11/24/1997
Series:	International Economic Association Series
Edition description:	1998
Pages:	292
Product dimensions:	5.51(w) x 8.50(h) x (d)

Table of Contents

The International Economic Association - List of Participants and Contributors - Abbreviations and Acronyms - Introduction; M.King & G.Calvo - PART 1: OVERVIEW PAPERS - Debt and Monetary Policy: The Policy Issues; R.Dornbusch - Discussion; M.King - Debt, Cash Flow and Inflation Incentives: A Swedish Example; M.Persson , T.Persson & L.E.O. Svensson - Discussion; J.Campbell - PART 2: THE STRUCTURE AND MATURITY OF DEBT - Optimal Funding Policy; R.J.Barro - Discussion; F.Giavazzi - Global Government Securities Markets: Economics and Politics of Recent Market Microstructure Reforms; R.S.Kroszner - Discussion; J.Pitchford - PART 3: DEBT AND DOMESTIC MONETARY POLICY - Control of the Public Debt: A Requirement for Price Stability?; M.Woodford - Discussion; W.Perraudin - Towards a Political-Economic Theory of Domestic Debt; A.Drazen - Discussion; T.Ito - PART 4: DEBT AND INTERNATIONAL FINANCIAL MARKETS - Varieties of Capital-Market Crises; G.A.Calvo - Discussion; A.Razin - Debt and Exchange Rates; P.Kugler - Discussion; C.Bean - PART 5: DEBT AND MONETARY UNION - Credibility, Seigniorage and Government Debt in a Monetary Union; B.Huber - Discussion; A.Giovannini - Deficits, Debt and European Monetary Union: Some Unpleasant Fiscal Arithmetic; G.Winckler, E.Hochreiter & P.Brandner - Discussion; J.von Hagen - Index

Editorial Reviews

Proceedings of a March 1996 conference, offering papers and discussions in five sections dealing with different aspects of monetary and fiscal policy interactions. Part I comprises overview papers, Part II deals with the neglected topic of the optimal composition and maturity structure of public debt, and Part III discusses the connection between debt and domestic monetary policy. Part IV examines the influence of liquid international capital markets on the optimal fiscal policy of countries open to such markets, and Part V analyzes the interaction between fiscal and monetary policy in the context of a monetary union. Annotation c. by Book News, Inc., Portland, Or.

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