کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
9725871 1477849 2005 15 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
A model of monetary unification under asymmetric information
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
A model of monetary unification under asymmetric information
چکیده انگلیسی
This paper investigates the incentives of a central bank in a country whose currency is the anchor of a monetary union. It is shown that if actual monetary policies of the central bank cannot be perfectly observed, then, the central bank comes to have an incentive to give a larger weight to its own country's interests at the expense of partner countries. The analysis then derives a deterrence condition such that the anchor country's central bank has no incentive to renege. This model will explain the behavior of the Bundesbank in July 1992 and the succeeding secession of Italy and the UK from the Exchange Rate Mechanism (ERM).
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Economics & Finance - Volume 14, Issue 1, 2005, Pages 1-15
نویسندگان
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