Hidden Bibliographic Details
| Other authors / contributors: | International Monetary Fund.
IMF Institute.
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| ISBN: | 1283516616
9781283516617
9781451918939
1451918933
146239910X
9781462399109
1452748020
9781452748023
9786613829061
6613829064
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| Notes: | Cover title.
"December 2001"--Page 1
At head of title: IMF Institute.
Includes bibliographical references (pages 22-25).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | The main tasks of central banks are to secure price and financial stability. These objectives can, in times of crises, conflict with one another, and the central bank may have to renounce one of them in order to secure the other. In a monetary union, this trade-off can be exacerbated by the presence of highly indebted countries or by the risk of loose fiscal policies. This paper offers a simple theoretical model that captures the trade-off. Different fiscal institutions are compared in order to evaluate their impact on the conduct of monetary policy. More specifically, the fiscal criteria of the Maastricht Treaty and the Pact for Stability and Growth in Europe are analyzed in light of this model. Fiscal mechanisms exist to help prevent or minimize the risk of fiscal crises and the corresponding risk of central bank financing and inflation.
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| Other form: | Print version: Jahjah, Samir. Financial stability and fiscal crises in a monetary union. [Washington, D.C.] : International Monetary Fund, ©2001
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| Standard no.: | 10.5089/9781451918939.001
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