CREDIBILITY, CAPITAL CONTROLS, AND THE EMS
成果类型：
Article
署名作者：
LANE, T; ROJASSUAREZ, L
刊物名称：
JOURNAL OF INTERNATIONAL ECONOMICS
ISSN/ISSBN：
0022-1996
DOI：
10.1016/0022-1996(92)90023-D
发表日期：
1992
页码：
321-337
关键词：
摘要：
A common rationale for membership in an exchange-rate arrangement such as the European Monetary System (EMS) is that it may enhance the credibility of a central bank's commitment to stable monetary growth. In this paper we consider this idea in the light of two other features of the EMS, namely the existence of exchange rate bands on the ongoing liberalization of capital controls. We find that capital controls themselves affect credibility in a way that depends on the exchange-rate bands. We also show that it is difficult to reconcile the non-zero width of the bands with the credibility-based interpretation of the EMS.