The European Monetary System [Paperback]

The European Monetary System has, since its inception in 1979, provided a fascinating example of policy coordination in practice. As concern about exchange-rate instability and global economic imbalances has grown, both academic researchers and policy makers have looked to the EMS for lessons about cooperation on a wider scale. This volume contains the papers and proceedings of a conference organized by the Centre for Economic Policy Research in cooperation with the Banca d'Italia and the Centro Interuniversitario di Studi Teorici per la Politica Economica. The conference brought together distinguished academics and central bankers offering a timely summary of current research on the European Monetary System, while the concluding panel discussion provides a valuable perspective on the concerns of policy-makers.List of figures; List of tables; Preface; 1. Introduction Niels Thygesen; Part I. The International Environment: 2. The European Monetary System, the dollar and the yen Rudiger Dornbusch; Discussion Robert Triffin; Discussion Charles Wyplosz; Part II. Disinflation, External Adjustment and Cooperation: 3. Monetary discipline and cooperation in the European Monetary System: a synthesis Jacques Melitz; Discussion Jos? Vinals; 4. The role of the exchange-rate regime in a disinflation: empirical evidence on the European Monetary System Francesco Giavazzi and Alberto Giovannini; Discussion William Branson; 5. Inflation and the European Monetary System Susan M. Collins; Discussion Jean-Jacques Rey; 6. Economic growth and exchange rates in the European Monetary System: their trade effects in a changing external environment Stefano Vona and Lorenzo Bini Smaghi; Discussion David Begg; Part III. Exchange Rates, Capital Mobility and Monetary Coordination: 7. Exchange rates, interest rates, capital controls and the European Monetary System: assessing the track record Michael J. Artis and Mark P. Taylor; Discussion Emil-Maria Claassen and Eric Per?e; 8. The stability and sl“*