Measuring Capital Mobility: The Degree of Direct Money Market Integration

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Chapter 6 in Money Markets and Politics, 2003 from Edward Elgar Publishing

Abstract: The dramatic evolution of financial markets in the 1980s and 1990s, accompanied by increasing institutional integration between nations (most notably in the EU), have fostered a widespread belief that governments – particularly those of small economies – have essentially lost the power to pursue sovereign, independent economic policies. At the same time, it is widely assumed that the loss of monetary-policy control is a major opportunity cost for a country adopting a rigid exchange-rate regime or, in the European context, for countries joining the EMU This book sheds light on these arguments.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2003
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