Aerdt C.F.J. Houben's Books

The Evolution of Monetary Policy Strategies in Europe

By: Aerdt C.F.J. Houben

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The Evolution of Monetary Policy Strategies in Europe

By: Aerdt C.F.J. Houben

Europe has a rich monetary history. Until recently, its many central banks assigned divergent priorities and pursued policy objectives via different routes. As a result, Europe's past provides fertile ground for those seeking practical guidance to the art ofcentral banking. The importance of this past gained a new dimension with the prospect of Economic and Monetary Union in 1999, as the participating countries were faced with the challenge of bridging their differences and forging a common monetary policy strategy that would apply throughout the new currency area. At the same time, these countries sought to build forth on the theretofore most successful central bank strategies, thereby maintaining a certain degree of policy continuity. Monetary policy strategy is at the core of central banking. This strategy determines how incoming information on economic developments is translated into monetary policy actions and how these policy actions are communicated to the public at large. In other words, the strategy fulfils the dual role ofimposing a structure on the internal policy-making process and ofproviding a vehicle for the external communication of this process. The design of a monetary policy strategy thus brings together key elements such as consistency and transparency - that together determine the effectiveness and credibility ofmonetary policy.

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366

Publisher

Springer Science & Business Media

Published Date

ISBN 10

1461544718

ISBN 13

9781461544715

Commercial Bank Debt Restructuring

The Experience of Bulgaria

By: Aerdt G. F. J. Houben

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Commercial Bank Debt Restructuring

The Experience of Bulgaria

By: Aerdt G. F. J. Houben

This paper reviews commercial bank debt restructuring based on the recent experience of Bulgaria. While the deal is shown to have generated substantial debt relief at a remarkably low cost, several lessons are drawn that may be of broader relevance to countries restructuring bank debt. As, from time to time, it has been suggested that Bulgaria should have held out for more favorable treatment, or that it should now seek further debt reduction, the likely costs of these options are identified. Looking ahead, key policy issues are discussed that will determine growth prospects and debt sustainability over the medium term. It is argued that the deal’s success remains to be underpinned in particular by judicious fiscal and debt management policies.

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International Monetary Fund

Published Date

ISBN 10

145197194X

ISBN 13

9781451971941

The Evolution of Monetary Policy Strategies in Europe

By: Aerdt C.F.J. Houben

Write a review Read reviews Take a Quiz Solve Book Puzzle

The Evolution of Monetary Policy Strategies in Europe

By: Aerdt C.F.J. Houben

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

366

Publisher

Springer Science & Business Media

Published Date

ISBN 10

1461544718

ISBN 13

9781461544715

Book's by Aerdt C.F.J. Houben

The Evolution of Monetary Policy Strategies in Europe

The Evolution of Monetary Policy Strategies in Europe

Commercial Bank Debt Restructuring

Commercial Bank Debt Restructuring

The Evolution of Monetary Policy Strategies in Europe

The Evolution of Monetary Policy Strategies in Europe

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