Preface. Part I: Surveys. 1. Varieties of Monetary Reforms; P.L. Siklos. 2. Optimal Currency Areas: a Fresh Look at the Traditional Criteria; P.R. Masson, M.P. Taylor. Part II: Exchange Rate Management. 3. Exchange Rate Pegging as a Disinflation Strategy: Evidence from the European Monetary System; R.C.K. Burdekin, J.R. Westbrook, T.D. Willett. 4. How Much to Commit to an Exchange Rate Rule: Balancing Credibility and Flexibility; A. Cukierman, M.A. Kiguel, N. Liviatan. Part III: Central Bank Independence. 5. Central Bank Dependence and Inflation Performance: an Exploratory Data Analysis; F.H. Capie, T.C. Mills, G.E. Wood. 6. Political Effects on Central Bank Behaviour: Some International Evidence; D.R. Johnson, P.L. Siklos. 7. Reputation, Central Bank Independence and the ECB; M. Fratianni, Haizhou Huang. 8. An Institutional Analysis of the Proposed European Central Bank with Comparisons to the U.S. Federal Reserve Systems; N. Beck. Part IV: Country Studies. 9. Monetary Union and Monetary Policy: a Review of the German Monetary Union; J. von Hagen. 10. Designing a Central Bank in a Federal System: the Deutsche Bundesbank, 1957--1992; S. Lohmann. 11. Rules, Discretion, and Central Bank Independence: the German Experience 1880--1989; B. Eschweiler, M.D. Bordo. 12. The Origins of the Monetary Union in the United States; A.J. Rolnick, B.D. Smith, W.E. Weber. 13. On the Coyne--Rasminsky Directive and Responsibility for Monetary Policy in Canada; T.K. Rymes. 14. Crippled Monetary Policy in Transforming Economies: Why Central Bank Independence does not Restore Control; I. Ábel, J.P. Bonin, P.L. Siklos. Index.
In a single volume, this book treats the theoretical, empirical, and case studies approaches to the implementation of monetary reforms and discusses specific countries' experiences with these approaches. The analyses are not restricted to central bank or exchange rate reforms, but consider all the principal tools of monetary reforms in this volume.
The first section surveys and examines the types of monetary reforms. The second and third sections examine the pros and cons of exchange rate management and central bank independence. The final section of the book presents case studies on monetary and central bank experiences in Germany, the United States, Canada and Hungary.
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