...The chapter argues that, under a regime of unconventional monetary policies (UMPs) in the main advanced economies, major externalities are generated that make it undesirable for emerging market economies (EMEs) to sustain freely floating exchange rates with free capital mobility. In addition...

... monetary policies banking policies European Monetary Union macroeconomic performance Using the stability of the litas as a measure of our policy, we have earned public confidence that is very important. The Bank of Lithuania appreciates and treasures this confidence, and does not intend to take...

... Growth Interest rates Lithuania Ljubisa V Montenegro Output growth Serbia Competitiveness United Nations currency boards exchange rate regime monetary policies banking policies macroeconomic performance There are lots of projects in BH for which a “little bit” of CBBH finance may...

... monetary policies banking policies European Monetary Union macroeconomic performance Even if we only have eight kroons in circulation, we will have a D-Mark in our vaults to back them. —Siim Kallas, President of the Estonian Central Bank, 1992 In early 1992, newly independent Estonia...

... S Berlemann M Economic and Monetary Union EMU Eurozone Gulde Anne Marie Interest rates Miller J B Nenovsky N Saad M Carlson J Consumer confidence Dimitrova K Output growth Pegs Productivity Valev Neven currency boards exchange rate regime monetary policies banking policies...

... anchor for East Asian countries. Currency baskets would thus be a superior alternative. There are other reasons why currency baskets have appeal for East Asia. As mentioned, the enormous US “twin deficit” and the monetary policy easing after the 2008 credit crunch have caused increasing doubts about...

... to crisis because they are vulnerable to speculative attacks. Second, it is maintained that nonfloating regimes undermine a country’s monetary autonomy, at least in a situation without capital account restrictions. The chapter then shows why monetary policies directed at purely domestic targets...