< partial and incomplete >

General

Dabrowski, M. [forthcoming]: “Is there a room for a national monetary policy in the era of globalization?”, in: B. Slay and M. Dabrowski (eds.): Beyond Transition, M. E. Sharpe, Inc., forthcoming

Eichengreen, Barry (1996): Globalizing Capital: A History of the International Monetary System, Princeton University Press.

Goodhart, Charles A.E. 1995. The Central Bank and the Financial System, MIT Press, Cambridge.  

Lane, P. (1999). "The New Open Economy Macroeconomics: A Survey." 

Rodrik, Dani (1999). Governing the Global Economy: Does One Architectural Style Fit All?  

Central bank independence

Albanesi, S., V.V. Chari, and L.J. Christiano (2001). "How Severe is the Time Inconsistency Problem in Monetary Policy?" NBER Working Paper 8139 (Feb.).

Alesina, Alberto and Lawrence Summers (1993). "Central Bank Independence and Macroeconomic performance: Some Comparative Evidence," Journal of Money, Credit, and Banking, Vol. 25, No. 2 (May), pp. 151-162.

Alesina, Alberto and Roberta Gatti (1995). "Independent Central Banks: Low Inflation at No Cost?" American Economic Review, Vol. 85, No. 2 (May), pp. 196-200.

al-Nowaihi, A. and P. Levine (1994). "Can Reputation Resolve the Monetary Policy Credibility Problem?" Journal of Monetary Economics 33, 355-380.

Bagheri, F.M. and N. Habibi (1998), "Political Institutions and Central Bank Independence: A Cross-country Analysis," Public Choice 96, 187-204.

Barro, R. J. and D. Gordon (1983). "Rules, Discretion, and Reputation in a Positive Model of Monetary Policy," Journal of Monetary Economics, 12, 101-121.

Bernhard, William, Lawrence Broz and William Roberts Clark (2002). "The Political Economy of Monetary Institutions: An Introduction," International Organization, 56:4 (Fall), pp. 693-723.

Berger, Helge, Jakob de Haan, and Sylvester C.W. Eijffinger (2001). "Central Bank Independence: An Update of Theory and Evidence," Journal of Economic Surveys, pp. 3-40.

Campillo, Marta and Jeffrey A. Miron (1997). "Why does Inflation Differ Across Countries?" In C.D. Romer and D.H. Romer (eds.), Reducing Inflation: Motivation and Strategy [Chicago: University of Chicago Press].

Clark, William Roberts (2000). "Capital Mobility, Central Bank Independence, and Political Control of the Economy" (NYU, Dept of Politics). 

Crosby, M., 1998. "Central Bank Independence and Output Variability," Economics Letters, 60, 67-75.

Cukierman, A. (1992). Central Bank Strategy, Credibility, and Independence. Cambridge, MA: MIT Press.

Cukierman, A., S.B. Webb and B. Neyapti (1992). "Measuring the Independence of Central Banks and Its Effects on Policy Outcomes," World Bank Economic Review, 6, 353-398.

Cukierman, A. and S.B. Webb (1995). "Political Influence on the Central Bank: International Evidence," World Bank Review 9, 397-423. 

De Haan, J. and van‘t Hag, G.J. (1995). "Variation in Central Bank Independence Across Countries: Some Provisional Empirical Evidence," Public Choice 85, 335-351.

Eijffinger, S.C.W. and M. Hoeberichts (1998). "The Trade Off between Central Bank Independence and Conservativeness," Oxford Economic Papers, 50, 397-411.

Eijffinger S.C.W., M. van Rooij and E. Schaling (1997). "Central Bank Independence: A Panel Data Approach," Public Choice, 89, 163-182.

Forder, J. (1996). "On the Assessment and Implementation of `Institutional' Remedies," Oxford Economic Papers, 48, 39-51.

Forder, J. (1998a). "Central Bank Independence – Conceptual Clarifications and an Interim Assessment," Oxford Economic Papers, 50, 307-334.

Forder, J. (1998b). "The Case for an Independent Central Bank: A Reassessment of Evidence and Sources," European Journal of Political Economy, 14, 53-72.

Forder, J. (1999). "Central Bank Independence: Reassessing the Measurements," Journal of Economic Issues, 33, 23-40.

Fry, M.J. (1998). "Assessing Central Bank Independence in Developing Countries: Do Actions Speak Louder Than Words?" Oxford Economic Papers, 50, 512-529.

Fuhrer, J.C. (1997). "Central Bank Independence and Inflation Targeting: Monetary Policy Paradigms for the Next Milennium?" New England Economic Review, 1/2, 19-36.

Grilli, V., D. Masciandaro and G. Tabellini (1991). "Political and Monetary Institutions and Public Financial Policies in the Industrial Countries," Economic Policy, No. 13, 341-392.

Haan, J. de and G.J. van 't Hag (1995). "Variation in Central Bank Independence Across Countries: Some Provisional Empirical Evidence," Public Choice 85, 335-351.

Haan, J. de and W. Kooi (2000). "Does Central Bank Independence Really Matter? New Evidence for Developing Countries Using a New Indicator," Journal of Banking and Finance, 24, 643-664.

Hayo, Bernd (1998). "Inflation Culture, Central Bank Independence and Price Stability," European Journal of Political Economy 14, 241-263.

Hayo, Bernd and Carsten Hefeker (2001). "Do We Really Need Central Bank Independence? A Critical Re-examination." 

Herrendorf, B. (1998). "Inflation Targeting as a Way of Precomitment," Oxford Economic Papers, 50, 431-448.

Herrendorf, B. and B. Lockwood (1997). "Rogoff’s ‘Conservative’ Central Banker Restored," Journal of Money, Credit, and Banking, 29, 476-495.

Loungani, K.P. and N. Sheets (1997). "Central Bank Independence, Inflation, and Growth in Transition Economies," Journal of Money, Credit, and Banking, 29, 381-399.

Lohmann, S. (1992). "Optimal Commitment in Monetary Policy: Credibility versus Flexibility," American Economic Review 32, 273-286.

Mangano, G. (1998). "Measuring Central Bank Independence: A Tale of Subjectivity and of its Consequences," Oxford Economic Papers 50, 468-492.

Maxfield, S. (1997). Gatekeepers of Growth, The International Political Economy of Central Banking in Developing Countries (Princeton, Princeton University Press).

McCallum, B. (1995). "Two Fallacies Concerning Central-bank Independence," American Economic Review 82, 273-286.

Moser, P. (1999). "Checks and Balances, and the Supply of Central Bank Independence," European Economic Review 43, 1569-1593.

Posen, A.S. (1993). "Why Central Bank Independence Does Not Cause Low Inflation." In R. O’Brian (ed.), Finance and the International Economy 7, The Amex Bank Review Prize Essays, Oxford: Oxford University Press, 40-65.

Posen, A. (1995). "Declarations are not Enough: Financial Sector Sources of Central Bank Independence." In B. Bernanke and J. Rotemberg (eds.), NBER Macroeconomic Annual 1995, Cambridge: MIT Press.

Posen, A. (1998). "Central Bank Independence and Disinflationary Credibility. A Missing Link?" Oxford Economic Papers 50, 335-359.

Posen, Adam S. (2002). "Six Practical Views of Central Bank Transparency," Institute for International Economics (May). 

Rogoff, K. (1985). "The Optimal Degree of Commitment to an Intermediate Monetary Target," Quarterly Journal of Economics, 100, 1169-1190.

Sikken, B.J. and J. de Haan (1998). "Budget Deficits, Monetization and Central-Bank independence in Developing Countries," Oxford Economic Papers 50, 493-511.

Spiegel, M.M. (1998). "Central Bank Independence and Inflation Expectations: Evidence from British Index-linked Gilts," FRB of San Francisco Economic Review, No. 1, 3-14.

Sturm, J-E. and J. de Haan (2001). "Inflation in Developing Countries: Does Central Bank Independence Matter? New Evidence Based on a New Data Set." <their new turnover variable is available here>

Temple, J. (1998). "Central Bank Independence and Inflation: Good News and Bad News," Economics Letters 61, 215-219.

Walsh, C.E. (1997). "Inflation and Central Bank Independence: Is Japan Really an Outlier?" Bank of Japan Monetary and Economic Studies 15, 89-117.

Financial crises [including banking]

Caprio, Gerard Jr., and Daniella, Klingebiel 1996. “Bank Insolvencies: Cross Country Experience”, Policy Research Paper No. 1620, World Bank, Washington D.

Demirguc-Kunt, Asli, and Enrica Detragiache (1997), The Determinants of Banking Crises: Evidence from Developing and Developed Countries, IMF Working Paper 97/106, Washington D.C.: International Monetary Fund, September 1997.

Demirguc-Kunt, Asli and Detragiache, Enrica 1998. “The Determinants of Banking Crises in Developing and Developed Countries”, IMF Staff Papers, Vol. 45, No. 1, IMF, Washington D.C.

Demirgüç-Kunt, Aslı and Detragiache, Enrica 2000. “Does Deposit Insurance Increase Banking System Stability?”, IMF Working Paper 2000/03.

Demirgüç-Kunt, Aslı and Detragiache, Enrica 2001. “Financial Liberalization and Financial Fragility”, in Financial Liberalization: How Far, How Fast, edited by Gerard Caprio, Patrick Honohan and Joseph E. Stiglitz, Cambridge University Press, Cambridge, 96-122.

Frankel, Jeffrey A., and Andrew K. Rose (1996), Currency Crashes in Emerging Markets: Empirical Indicators, NBER WP no.5437, Cambridge, Massachusetts: National Bureau of Economic Research, January 1996.

Freixas, Xavier; Giannini, Curzio; Hoggarth, Glenn; Soussa, Farouk  2000. ”Lender of Last Resort: What Have We Learned Since Bagehot?”, Journal of Financial Services Research, 18:1, 63-84.

Freixas, Xavier; Parigi, Bruno M.; Rochet, Jean-Charles 2000. “Systemic Risk, Interbank Relations, and Liquidity Provisions of the Central Bank”, Journal of Money, Credit, and Banking, Vol. 32, No. 3, 611-638.

Garcia-Herrero, Alicia (1997), Banking Crises in Latin America in the 1990s: Lessons from Argentina, Paraguay, and Venezuela, IMF Working Paper 97/140, Washington D.C: International Monetary Funds, October 1997.

Goldstein, Morris, and Philip Turner (1996), Banking Crises in Emerging Economies: Origins and Policy Options, BIS Economic Papers no. 46, Bank for International Settlements, Monetary and Economics Department.

Gonzales-Hermosillo, Brenda, Ceyla Pazarbasioglu, and Robert Billings (1997), Determinants of Banking System Fragility: A Case Study of Mexico, IMF Staff Papers vol. 44, no. 3, pp. 295 – 314, Washington D.C: International Monetary Funds.

Hardy, Daniel, and Pazarbasioglu, Ceyla 1998. Leading Indicators of Banking Crises: Was Asia Different?, IMF Working Paper 1998/91, Washington D.C.

Hellmann, Thomas F., Murdock, Kevin C., and Stiglitz, Joseph E 2000. “Liberalization, Moral Hazard in Banking, and Prudential Regulation: Are Capital Requirements Enough?”, American Economic Review, March, 147-163.

Honohan, Patrick (1997), Banking System Failures in Developing and Transition Countries: diagnosis and Prediction, BIS WP no. 39, Bank for International Settlements, Monetary and Economics Department.Institute for Economic and Social Research, Faculty of Economics, University of Indonesia (LPEM-U).

Kaminsky, Graciela L., and Reinhart, Carmen M. 1999. “The Twin Crises: The Causes of Banking and Balance-of-Payments Problems”, The American Economic Review,Vol.89, No.3, 471-500.

Mishkin, F.S. (1996), Understanding Financial Crises: A Developing Country Perspective, NBER WP no.5600, Cambridge, Massachusetts: National Bureau of Economic Research.

Mondschean, Thomas S. and Opiela, Thiomothy P. 1999. “Bank Time Deposit Rates and Market Discipline in Poland: The Impact of State Ownership and Deposit Insurance Reform”, Journal of Financial Services Research, 15:3, 179-196.

Rossi, Marco, 1999. Financial Fragility and Economic Performance in Developing Economies: Do Capital Controls, Prudential Regulation and Supervision Matter?, IMF Working Paper 1999/66.

Sachs, Jeffrey, Aaron Tornell, and Andres Velasco (1996), Financial Crises in Emerging Markets: The Lessons from 1995, NBER WP no. 5576, Cambridge, Massachusetts: National Bureau of Economic Research, May 1996.

Sundararajan, V., and Baliiio, T. (Eds.), 1991, Banking Crises: Cases and Issues, Washington: International Monetary Fund.

Talley, Samuel H., and Mas, Igracio 1990. “Deposit Insurance in Developing Countries”, The World Bank Policy, Research, and External Affairs Working Paper No. 548, World Bank, Washington D.C.  

World Bank conference on deposit insurance [June 2000]

World Bank data base on deposit insurance    

Quote from F.D. Roosevelt, “On the Banking Crisis” (March 12, 1933):

It needs no prophet to tell you that when the people find that they can get their money -- that they can get it when they want it for all legitimate purposes -- the phantom of fear will soon be laid. People will again be glad to have their money where it will be safely taken care of and where they can use it conveniently at any time. I can assure you that it is safer to keep your money in a reopened bank than under the mattress.

                 http://www.americanrhetoric.com/speeches/fdrfirstfiresidechat.html

Currency [general]

Bayoumi, Tam and Barry Eichengreen (1996). "Operationalizing the Theory of Optimum Currency Areas." CEPR Discussion Paper 1484 (Oct.). 

McCallum, Bennett T. (1999). "Theoretical Issues Pertaining to Monetary Unions," NBER Working Paper, No. 7393 (Oct.).

Obstfeld, Maurice (1994): “The Logic of Currency Crisis”, NBER Working Paper, No. 4640, September

Rose, A. K. [2000]: “One Money, One Market: Estimating the Effect of Common Currencies on Trade”, Economic Policy, vol. 15, No. 30 (April), pp. 7-46.  

Alesina, Alberto and Robert Barro (2002). “Currency Unions,” Quarterly Journal of Economics, Vol. 117, No. 2 (…), pp. 409-436.

_____________________________, and Silvana Tenreyro (2003), “Optimal Currency Areas.” In Mark Gertler and Kenneth Rogoff, eds., NBER Macroeconomic Annual 2002. Cambridge, MA: MIT Press.

Allaire et al. (1999). “Dissenting views on target zones for the G-3 currencies.” In Safeguarding Prosperity in a Global Financial System: The Future International Financial Architecture. Report of an Independent Task Force of the Council on Foreign Relations. New York. http://www.fe.unl.pt/~jbmacedo/courses/novaforum/IFATaskForce.html

Antweiler, Werner (2002). “Currencies of the World,” University of British Columbia (Nov. 4). Accessed on 8/1/2003 at: http://pacific.commerce.ubc.ca/xr/currency_table.html.

Arize, A., T. Osang, and D. Slottje (2000). “Exchange rate volatility and foreign trade: Evidence from thirteen LDCs,” Journal of Business and Economics Statistics, Vol. 18, No. 1.

Baccheta, P. and E. van Wincoop (1998). “Does Exchange Rate Stability Increase Trade and Capital Flows?” Federal Reserve Bank of New York, Working Paper No. 9818.

____________________________ (2000). “Does Exchange Rate Stability Increase Trade and Welfare?” American Economic Review, Vol. 90, No. 5, pp. 1093-1109.

____________________________ (2002). “A Theory of the Currency Denomination of International Trade.” Federal Reserve IFDP Working Paper No. 747 (July).

Baliño, Tomás J., Adam Bennett, and Eduardo Borensztein (1999). “Monetary Policy in Dollarized Economies.” IMF Occasional Paper 171.

Bank for International Settlements (2002). Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity 2001: Final Results. http://www.bis.org/publ/rpfx02t.pdf

Barro, Robert J. (1999).  “Let the Dollar Reign From Seattle to Santiago,” Wall Street Journal, Mar. 8,  A.18

_____________ and David B. Gordon (1983). “Rules, Discretion, and Reputation in a Model of Monetary Policy,” Journal of Monetary Economics, Vol. X, No. y (July), pp. 101-121.

Bartley, Robert L. (2003). “Does the Global Economy Need a Global Currency?” Wall Street Journal (June 30). [reports on conference hosted by Mundell]

Beddoes, Zanny Minton (1999). “The international financial system,” Foreign Policy, Iss. 116 (Fall), pp. 16-27.

Bergsten, C. Fred (1997), “The Impact of the Euro on Exchange Rates and International Policy Cooperation,” in Paul Masson, Thomas Krueger and Bart Turtelboom, eds., EMU and the International Monetary System. Washington, D.C.: International Monetary Fund, pp. 17-48.

Bernanke, Ben and Frederic Mishkin (1997). “Inflation Targeting: A New Framework for Monetary Policy?” Journal of Economic Perspectives, Vol. 11, No. 2 (Winter), pp. 97-116.

_____________, Thomas Laubach, Frederic Mishkin, and Adam Posen (1999). Inflation Targeting: Lessons for International Experience. Princeton, NJ: Princeton University Press.

Bindseil, Ulrich (2001). “A Coalition-Form Analysis of the ‘One-Country-One-Vote’ Rule in the Governing Council of the European Central Bank,” International Economic Journal, Vol. 15, No. 1 (Spring), pp. 141-164.

Bird, Graham (1979). “The Benefits of Special Drawing Rights for Less Developed Countries,” World Development. Vol. 7, No. 3 (March), pp. 281-90.

_________________ (1988). “An Analysis of the Welfare Gains from Special Drawing Rights.” In Graham Bird, Managing global money: Essays in international financial economics. London: Macmillan Press, pp. 115-23. <Previously Published: 1978.>

Black, S. W. (1991). ‘Transaction costs and vehicle currencies,’ Journal of International Money and Finance, vol. 10, pp. 512-526.

Bogetic, Zeljko (2000). “Seigniorage sharing under dollarization,” Central Banking, Vol. 10, No. 4, p. 77-87.

Boughton, James M. (1992). “The CFA Franc: Zone of Fragile Stability in Africa,” Finance & Development,  Vol. 29, No. 4 (Dec.), pp. 34-36.

Broda, Christian (2001). “Terms of Trade and Exchange Rate Regimes in Developing Countries,” American Economic Review, May.

_____________ and John Romalis (2003). “Identifying the Effect of Exchange Rate Volatility on the Composition and Volume of Trade.” University of Chicago, Graduate School of Business (July). http://gsbwww.uchicago.edu/fac/john.romalis/research/erv_trade.pdf

Buiter, Willem H. (2000). “Optimal Currency Areas: Why Does the Exchange Rate Regime Matter?” CEPR Discussion Paper: 2366 (Jan.).

Caballero, Ricardo and Victorio Corbo (1989). “The Effect of Real Exchange Rate Uncertainty on Exports: Empirical Evidence,” World Bank Economic Review, Vol. 3, pp. 263-278.

Calvo, Guillermo, Leonard Leiderman, and Carmen Reinhart (1996). “Inflows of Capital to Developing Countries in the 1990s,” Journal of Economic Perspectives, Vol. 10, No. 2 (Spring), pp. 126-.

Camdessus, Michel (1999). “International Financial and Monetary Stability: A Global Public Good?” Remarks at the IMF/Research Conference on Key Issues in Reform of the International Monetary and Financial System, Washington, D.C. (May).

Canzoneri, Matthew B., Robert E. Cumby, Behzad T. Diba (2002). “The Need for International Policy Coordination: What's Old, What's New, What's Yet to Come?” NBER Working Paper No. 8765 (Feb.).
 

__________________, Vittorio U. Grilli, and Paul R. Masson, eds. (1992). Establishing a Central Bank: Issues in Europe and Lessons from the US. Cambridge, UK: Cambridge University Press.

__________________, and Carol Ann Rogers (1990). "Is Europe an Optimal Currency Area?" American Economic Review, Vol. 80 (June), pp. 419-33.

Chang, Roberto and Andres Velasco (2002). “Dollarization: Analytical Issues.” NBER Working Paper No. 8838 (March).

Chowdhury, A.R. (1993). “Does Export Volatility Depress Trade Flows? Evidence from Error-

Correction Models,” Review of Economics and Statistics, Vol. 74, No. 4 (…), pp. 700-6.

Chrystal, K. Alec (1977). “Demand for International Media of Exchange,” American Economic

Review, Vol. 67, No. 5. (Dec.), pp. 840-850.

Clarida, Richard (1999). “G-3 exchange rate relationships: A recap of the record and a review

of proposals for change.” NBER Working Paper 7434 (Dec).

______________, Jordi Galí and Mark Gertler (2002). “A simple framework for international

monetary policy analysis,” Journal of Monetary Economics, Vol. 49, Iss. 5 (July), pp.

879-904.

Cohen, Benjamin (2002). "U.S. Policy on Dollarization: A Political Analysis ," Geopolitics.

Collings, Frances d'A., and others (1978). "The Rand and the Monetary Systems of Botswana,

Lesotho, and Swaziland." Journal of Modern African Studies, v. 16, no. 1 (March),

pp. 97-121.

Cooper, Richard N. (1984). “A monetary system for the future,” Foreign Affairs, Vol. 63, Iss. 1

(Fall), pp. 166-185.

________________ (1987). “The Evolution of the International Monetary Fund toward a World

Central Bank.” In The international monetary system: Essays in world economics.

Cambridge, Mass. and London: MIT Press. p 239-57. Previously Published: 1983

Cukierman, Alex (1992). Central Bank Strategy, Credibility, and Independence: Theory and

Evidence. Cambridge, MA: MIT Press.

Dedola, Luca and Sylvain Leduc (1999). “On Exchange Rate Regimes, Exchange Rate

Fluctuations, and Fundamentals.” Federal Reserve Bank of Philadephia, Working Paper

99-16.

De Nicolo, Gianni, Patrick Honohan, and Alain Ize (2003). “Dollarization of the Banking System:

Good or Bad?” World Bank Working Paper No. 3116 (August).

Dowd, Kevin (2001). “Central Banks: Who Needs Them?” Policy Options (May), pp. 37-40.

Eatwell, John (2000). “A World Financial Authority.” In Joseph Bisignano, William Hunter, and

George Kaufman, eds., Global financial crises: Lessons from recent events. Boston, Dordrecht and London: Kluwer Academic, pp. 373-88.

Economist, The (1998). “One World, One Money” (24 September).

Eichengreen, Barry (1997). European Monetary Unification: Theory, Practice, and Analysis.

Cambridge, MA: MIT Press, 1997.

________________ (1998). Globalizing Capital: A History of the International Monetary System. Princeton: Princeton University Press.

________________ (2000). “Solving the Currency Conundrum,” Economic Notes, Vol. 29, No. 3

(Nov.), pp. 315-39.

________________, and Ricardo Hausmann (2003). “Debt Denomination and Financial Instability

in Emerging Market Economies: Editors’ Introduction.” To appear in Barry Eichengreen

and Ricardo Hausmann, eds., Debt Denomination and Financial Instability in Emerging

Market Economies.

________________, Ricardo Hausmann and Ugo Panizza (2003). “The Mystery of Original Sin.”

To appear in Barry Eichengreen and Ricardo Hausmann, eds., Debt Denomination and

Financial Instability in Emerging Market Economies.

Eichengreen, Barry, James Tobin, and Charles Wyplosz (1995). "Two Cases for Sand in the

Wheels of International Finance," Economic Journal, Vol. 105 (Jan.), pp. 162-72.

Esquivel, Gerardo and Felipe Larraín B. (200x). “The Impact of G-3 Exchange Rate Volatility on

Developing Countries.” G-24 Discussion Paper No. 16 (Jan.). http://www.g24.org/LarrainE.pdf

Federal News Service (1999). “Joint Hearing of the Economic Policy Subcommittee and the

International Trade and Finance Subcommittee of the Senate Banking, Housing and

Urban Affairs Committtee, on the Subject of Official Dollarization in Emerging-Market

Countries” (April 22).

Fischer, Stanley and Guy Debelle (1994). "How Independent Should a Central Bank Be?" In

Jeffrey Fuhrer, ed., Goals, Guidelines, and Constraints Facing Monetary Policymakers,

Federal Reserve Bank of Boston, Conference Series No. 38.

Flood, Robert P., and Andrew Rose (1995). “Fixing exchange rates: A virtual quest for

            fundamentals,” Journal of Monetary Economics, Vol. 36, pp. 3-37.

Frankel, Jeffrey and Andrew Rose (1998). “The Endogenity of the Optimum Currency Area

            Criterion”, Economic Journal, Vol. 108 (July 1998), pp. 1009-1025.

_____________________________ (2002). “An Estimate of the Effect of Common Currencies on

Trade and Income,” Quarterly Journal of Economics, Vol. 117, No. 2 (May), pp.

437-466.

______________, E. Stein, and S. Wei, S. (1995). “Trading blocs and the Americas: The Natural,

the Unnatural and the Super-natural,” Journal of Development Economics, Vol. 47,

pp. 61-95.

______________, Sergio Schmukler, and Luis Servén (2002). “Global Transmission of Interest

Rates: Monetary Independence and Currency Regime.” NBER Working Paper No. 8828

(March).

Frankman, Myron (2002). “Beyond the Tobin Tax: Global Democracy and a Global Currency,”

Annals of the American Academy of Political and Social Science, Vol. 581 (May),

pp. 62-73.

Galí, Jordi and Tommaso Monacelli (2002). “Monetary Policy and Exchange Rate Volatility in a

Small Open Economy.” NBER Working Paper No. 8905 (April).

http://papers.nber.org/papers/w8905.pdf

Garber, Peter M., and Mark P. Taylor (1995). "Sand in the Wheels of Foreign Exchange Markets:

A Skeptical Note," Economic Journal, Vol. 105 (January), pp. 173-81.

Ghosh, Atish R and Holger C. Wolf (1994). “How Many Monies? A Genetic Approach to Finding

Optimum Currency Areas.” NBER Working Paper No. 4805 (July).

Giovannini, A. and B. Turtelboom (1994). "Currency Substitution." In Frederick Van Der Ploeg,

ed., The Handbook of International Macroeconomics. Oxford UK: Blackwell. pp. 390-

436.

Goldstein, Morris and Philip Turner (1996). “Banking Crises in Emerging Economies: Origins and

Policy Options.” B.I.S. Economic Papers No. 46 (Oct.).

Grassman, S. (1973). “A Fundamental Symmetry in International Payments Patterns,” Journal

of International Economics, Vol. 3, pp. 105-116.

Grubel, Herbert G. (1999). "The Case for the Amero: The Economics and Politics of a

North American Monetary Union," Critical Issues Bulletin, Fraser Institute,

Vancouver

________________ (2000). “Basic Methods for Distributing Special Drawing Rights and the

Problem of International Aid,” Journal of Finance, Vol. 27, No. 5 (Dec.), pp. 1009-22.

Hakkio, Craig S. (1993). “The dollar's international role,” Contemporary Economic Policy,

Vol. 11, Iss. 2 (April), pp. 62-76.

Hau, Harold (2002), “Real Exchange Rate Volatility and Economic Openness: Theory and

Evidence,” Journal of Money, Credit and Banking, Vol. 34, No. 3, pp. 611-630.

Hausmann, Ricardo (1999). “Should there by five currencies or one hundred and five?” Foreign

Policy, Iss. 166 (Fall), pp. 65-80.

Hoffman, Ellen (1991). “One World, One Currency?” Omni, Vol. 13, Iss. 9 (June), pp. 50-55.

International Monetary Fund (2001). “The Decline of Inflation in Emerging Markets: Can It Be

Maintained?” World Economic Outlook, May, pp. 116-144.

________________________ (2002). Annual Report on Exchange Rate Arrangements and

Restrictions. Washington, D.C.: International Monetary Fund.

_____________________ (2003). Annual Report of the Executive Board for the Financial Year

Ended April 30, 2003. Washington, D.C.: International Monetary Fund.

Islam, Faisal (2001). “The euro will also be used in West Africa, South America, the Pacific,

and Eastern Europe,” The Observer (Oct. 18).

Ize, Alain and Eduardo Levy-Yeyati. 1998. "Dollarization of Financial Intermediation: Causes and

Policy Implications." International Monetary Fund Working Paper WP/98/28, March.

Johnson, Martin and Daniel Pick (1997). “Currency Quandry: The Choice of Invoicing Currency

under Exchange Rate Uncertainty,” Review of International Economics, Vol. 5, No. 1

(…), pp. 118-128.

Kamin, Steven and Neil Ericsson (2003). “Dollarization in Post-hyperinflationary Argentina,”

Journal of International Money and Finance, Vol. 22, No. 2 (April), pp. 185-211.

Kaminsky, Graciela and Carmen Reinhart (1999). “The Twin Crises: The Causes of Banking and

Balance of Payments Problems,” American Economic Review, Vol. 89, No. 3 (…), pp.

471-500.

Kenen, Peter B. (1983). “Use of SDRs to Supplement or Substitute for Other Means of

Finance” [see full reference in Cooper, p. 18]

Keynes, John Maynard (1987[1943]). “Proposals for an International Clearly Union,” Cmd 6437 

    York: St. Martin's Press, pp. 147-178.

King, Mervyn (2002). “The Inflation Target Ten Years On.” Speech delivered to the London

School of Economics (Nov. 19).

Kobrin, Stephen J. (1997). “Electronic cash and the end of national markets,” Foreign Policy,

Summer, pp. 65-76.

Krugman, Paul (1980). "Vehicle Currencies and the Structure of International Exchange,"

Journal of Money, Credit and Banking, v. 12, August: 513-526.

_____________ (1984). "The International Role of the Dollar: Theory and Prospect." In John

Bilson and Richard S. Martson, eds. Exchange Rate Theory and Practice. Chicago:

University of Chicago Press: 261-278.

_____________ (1999). “MONOMONEY MANIA: Why fewer currencies aren't necessarily better,”

            Slate (April 15).

Kunz, Diane B.  (1995). “The fall of the dollar order,” Foreign Affairs, Vol. 74, Iss. 4 (July),

pp. 22-7.

Kydland, … and … Prescott (19xx).

Lambert, Michael and Kristen Stanton (2001). “Opportunities and Challenges of the U.S. Dollar

as an Increasingly Global Currency: A Federal Reserve Perspective,” Federal Reserve

Bulletin, Vol. 87, No. 9 (Sept.), pp. 567-575.

Lane, Philip R. (1999). “The New Open Economy Macroeconomics: A Survey,” Journal of

International Economics, vol. 54, pp. 235-266.

Mark, Nelson B. (1995). “Exchange rates and fundamentals: Evidence on long-horizon predictability,” American Economic Review, Vol. 85, pp. 201-218,

McCallum, Bennett T. (1999). "Theoretical Issues Pertaining to Monetary Unions," NBER Working Paper, No. 7393 (Oct.).

McKenzie, Michael D. (1999). “The Impact of Exchange Rate Volatility on International Flows,” Journal of Economic Surveys, Vol. 13, No. 1, pp. 71-106.

McKinnon R (1999). Euroland and East Asia in a dollar-based international monetary system:

Mundell revisited. Stanford, CA, Stanford University Working Paper 99–020.  

Meese, Richard, and Kenneth Rogoff (1983a). “Empirical exchange rate models of the

            seventies: Do they fit out of sample?” Journal of International Economics, Vol. 14,

pp. 3-24

Meese, Richard, and Kenneth Rogoff (1983b). “The out-of-sample failure of exchange rate

            models: Sampling error or misspecification?” In J. Frenkel, ed., Exchange rates and

            International Macroeconomics (Chicago: University of Chicago Press).

Melvin, Michael and Bettina Peiers (1996). “Dollarization in Developing Countries: Rational

Remedy or Domestic Dilemma?” Contemporary Economic Policy, Vol. 14, No. 3 (July),

pp. 30-40.

Mendoza, Enrique G. (200x). “Why Should Emerging Economies Give up National Currencies: A

Case for 'Institutions Substitution'.” NBER Working Paper No. 8950.

Mishkin, Frederic (2000). "What Should Central Banks Do?" Federal Reserve Bank of St. Louis

             Review, Vol. 82, No. 6 (Nov/Dec.), pp. 1-14.

Moreno-Villalaz, Juan Luis. 1999. "Lessons from the Monetary Experience of Panama: A Dollar

Economy with Financial Integration," Cato Journal, v. 18, no. 3, Winter, pp. 421-39.

Moshirian, Fariborz (2001). “Financial Systems in the New Millennium,” Journal of

Multinational Financial Management, Vol. 11, Nos. 4-5 (Oct.-Dec.), pp 315-20.

Abstract

This article highlights some of the issues raised in 11 articles that were selected from papers presented at the 13th Australasian Finance and Banking Conference in Sydney in December 2000. It also analyses those factors contributing to the global financial market and the evolution of the international institutions. The paper highlights the significance of effective international institutions in contributing to the process of globalisation in the new millennium. It also places emphasis on the role of an international single currency and a World Central Bank in an attempt to further advance the process of financial market integration and increase in efficiency of financial resource allocation at the global level.

Mullineux, A W. (1987). International money and banking: The creation of a new order.

            New York: New York University Press, distributed by Columbia University Press.

Mundell, Robert A. (1961), “A Theory of Optimal Currency Areas,” American Economic Review,

            Vol. 51, No. 4, pp. 657-665.

________________ (1995). “The International Monetary System: The Missing Factor,” Journal of

Policy Modeling, Vol. 17, No. 5 (Oct.), pp. 479-92.

________________ (2000). “Currency Areas, Exchange Rate Systems and International Monetary

Reform,” Journal of Applied Economics, Vol. III, No. 2 (Nov.), pp. 217-256.

Nitsch, V. (2002). “Honey, I Shrunk the Currency Union Effect on Trade,” World Economy,

forthcoming.

Obstfeld, Maurice (1995). “International currency experience: New lessons and lessons

relearned,” Brookings Papers on Economic Activity, No. 1, pp. 119-221.

________________ and Kenneth Rogoff ( 2000). “Do We Really Need a New International

Monetary Compact?” NBER Working Paper No. 7864 (August).  à seems to have been

published as:

__________________________________ (2002). “Global Implications of Self-Oriented National

Monetary Rules,” Quarterly Journal of Economics, Vol. 117, No. 2 (May), pp. 503-35.

Porter, Richard and Ruth Judson (1996). “The Location of U.S. Currency: How Much Is Abroad?”

            Federal Reserve Bulletin, Vol. 82, No. 10 (Oct.), pp. 883-903.

Portes, Richard and Hélène Rey (1998). “The Emergence of the Euro as an International

Currency.” NBER Working Paper No. 6424 (Feb.).

Rogoff, Kenneth (1985). “Can International Monetary Coordination Be Counterproductive?”

Journal of International Economics, Vol. 18, pp. 199-217.

______________ (2001). "Why Not a Global Currency?" American Economic Review, Vol. 91, No.

2 (May), pp. 243-247.

Rohter, Larry (2000). “Using the Dollar To Hold the Line; U.S. Currency Becomes Ecuador's,”

New York Times, Jan. 18, p. C1.

Rose, Andrew (2000). “One money, one market: the effect of common currencies on trade,”

Economic Policy No. 30 (April), pp. 7-33.

  ____________ and Charles Engel (2002). “Currency Unions and International Integration,”

Journal of Money, Credit and Banking, Vol. 34, No. 4 (Nov.), pp. 1067-89.
 

Sachs, Jeffrey and Felipe Larrain (1999). “Why dollarization is more straitjacket than salvation,”

Foreign Policy, Iss. 119 (Fall), pp. 80-93.

Seitz, F. (1995). "The Circulation of the Deutsche Mark Abroad." Discussion paper, Deutsche

Bundesbank.

 Selcuk, Faruk (2003). “Currency Substitution: New Evidence from Emerging Economies,”

            Economics Letters, Vol. 78, No. 2 (Feb.), pp. 219-24.

Schmitt-Grohé, Stephanie and Martín Uribe (1999). “Dollarization and Seignorage: How Much is

at Stake?” (University of Pennsylvania Working Paper, July).

Schuler, Kurt (2000). “Basics of Dollarization.” Joint Economic Committee Staff Report (Jan).

[Updated from July 1999].

Shiller, Robert (1998). “Indexed Units of Account: Theory and Assessment of Historical

Experience.” NBER Working Paper No. 6356 (Jan.).

Spiegel, Mark M. and Diego Valderrama (2003). “Currency Boards, Dollarized Liabilities, and

Monetary Policy Credibility.” Federal Reserve Bank of San Francisco Working Paper 2003-07

(May).  

Stasavage, David (1997). “The CFA Franc Zone and Fiscal Discipline,” Journal of African

Economies, Vol. 6, No. 1 (March), pp. 132-67.

Taglioni, Daria (2002). “Exchange Rate Volatility as a Barrier to Trade: New Methodologies and

Recent Evidence,” Économie Internationale, Iss. 89-90, pp. 227-259.

http://www.cepii.fr/francgraph/publications/ecointern/rev8990/rev8990taglioni.pdf

Tavlas, George S. (1997). “The International Use of the U.S. Dollar: An Optimum Currency Area

Perspective,” World Economy, Vol. 20, No. 6 (Sept.), pp. 709-47.

_______________ (1998). “The International Use of Currencies: The U.S. Dollar and the Euro,”

Finance & Development, Vol. 35, No. 2 (June), pp. 46-49.

Thygesen, Niels (1990). “Monetary Management in a Monetary Union,” Mimeo, University of

Copenhagen.

Tobin, James (1998). “Financial Globalization: Can National Currencies Survive?” Keynote

Address, Annual World Bank Conference on Development Economics, Washington, D.C.

(April).

Tori, Cynthia Royal (1997). “Monetary Unions and the Effects of Seigniorage Sharing,” Journal

of Macroeconomics, Vol. 19, No. 1 (Winter), pp. 193-204.

Trejos, Alberto and Randall Wright. 1995. "Toward a Theory of International Currency: A Step

Further." Federal Reserve Bank of Philadelphia Research Working Paper 95/14, May.

Uribe, Martin (1997). “Hysteresis in a Simple Model of Currency Substitution,” Journal of

Monetary Economics, Vol. 40, No. 1 (Sept.), pp. 185-202.

von Furstenberg, George M. (2002a). “25th Annual Lecture of the Geneva Association: One

Region, One Money: Implications of Regional Currency Consolidation for Financial

Services,” Geneva Papers on Risk and Insurance: Issues and Practice, Vol. 27, No. 1

(Jan.), pp 5-28.

_______________________ (2002b).”One Region, One Money?” Annals of the American

Academy of Political and Social Science, Vol. 579 (Jan.), pp. 106-22.

________________________ (2001). “Pressures for Currency Consolidation in Insurance and

Finance: Are the Currencies of Financially Small Countries on the Endangered List?”  Journal of Policy Modeling, Vol. 23, No. 3 (April), pp. 321-31. April 2001.

Wachtel, Howard (2003). “…,” Le Monde Diplomatique (Oct.), pp. x-xx.

Williamson, John (1987). “Bancor and the Developing Countries: How Much Difference Would It

Have Made?” In A.P. Thirlwall, ed., Keynes and economic development: The Seventh

Keynes Seminar held at the University of Kent at Canterbury, 1985.  New York: St.

Martin's Press, pp. 92-106.

Wyplosz, Charles (1997). “EMU” Why and How It Might Happen,” Journal of Economic

Perspectives, Vol. 11 (Fall), pp. 3-22.

Currency substitution (inc. international currencies)

Akçay, O. Cevdet, C. Emre Alper and Meral Karasulu (1997). "Currency substitution and exchange rate instability: The Turkish case." European Economic Review, v. 41, nos. 3-5, April: 827-835. (Turkey)  

Barnett, Richard C. and Mun S. Ho (1996). "Sunspots, Currency Substitution, and Inflationary Finance." Journal of International Economics, v. 41, no. 1-2, August: 73-93.  

Bacchetta, Philippe and Eric van Wincoop (2002). "A Theory of the Currency Denomination of International Trade"
Federal Reserve IFDP # 2002-747  (December).

Berg, A. and E. Borensztein (2000). “The Choice of Exchange Rate Regime and Monetary Target in Highly Dollarized Economies." IMF Working Paper.  

Calvo, G. and C. Rodriguez (1977). "A Model of Exchange Rate Determination Under Currency Substitution and Rational Expectations", Journal of Political Economy, 85, 617-624.

Calvo, G. and C. Végh (1992). "Currency Substitution in Developing Countries: An Introduction", Working Paper Nº 92/40, International Monetary Fund, May.

Canzoneri, Matthew B. and Behzad T. Diba (1992). "The Inflation Discipline of Currency Substitution." European Economic Review, v. 36, no. 4, May: 827-45.

Canzoneri, Matthew B. and Behzad T. Diba (1993). "Currency Substitution and Exchange Rate Volatility in the European Community." Journal of International Economics, v. 35, no. 3-4, November: 351-65.

Chang, R. (1994). “Endogenous Currency Substitution and Inflationary Finance," Journal

Money, Credit and Banking. 26, 903-916.

Cuddington, John (1983). "Currency Substitutability, Capital Mobility and Money Demand", Journal of International Money and Finance, 2, 111-133.

Cuddington, John (1989). "Review of ‘Currency Substitution: Theory and Evidence from Latin America" by V.A. Canto and G. Nickelburg. Journal of Money, Credit and Banking 21, 267-271.

Dowd, K. and D. Greenaway (1993). "Currency Substitution, Network Externalities and Switching Costs: Towards an Alternative View of Optimum Currency Areas", The Economic Journal 103, 1180-89.

Fischer, S. (1982). “Seigniorage and the Case for a National Money." Journal of Political

Economy. 90, 295-313.

Giovannini, A. and B. Turtelboom (1994). "Currency Substitution." In Frederick Van Der Ploeg, ed., The Handbook of International Macroeconomics, pp. 390-436. Oxford UK: Blackwell.

Imrohoroglu, S. (1994). "GMM Estimates of Currency Substitution between the Canadian Dollar and the US Dollar," Journal of Money, Credit and Banking, 26 (4), 792-807.

Imrohoroglu, Selahattin (1996). "International Currency Substitution and Seigniorage in a Simple Model of Money," Economic Inquiry, v. 34, no. 3, July: 568-78.

Krugman, P. (1980). ‘Vehicle currencies and the structure of international exchange.’ Journal of Money, Credit and Banking, vol. 12, no.3, pp. 513-526.

Krugman, P. (1984). "The international role of the dollar: theory and prospect". In J. F. Bilson and R.C. Martson, eds., Exchange Rate in Theory and Practice  Chicago: University of Chicago Press.

McKinnon, R. I.  (1982). "Currency substitution and the instability in the world dollar standard", American Economic Review 72, 320-333.

Melvin, Michael and Jerry Ladman (1991). "Coca Dollars and the Dollarization of South America." Journal of Money, Credit and Banking, v. 23, no. 4, November: 752-63.

Melvin, Michael and Bettina Peiers (1996). "Dollarization in Developing Countries: Rational Remedy or Domestic Dilemma?" Contemporary Economic Policy, v. 14, no. 3, July: 30-40.

Mizen, Paul (1996). "The Behavior of Foreign Currency Holdings During Currency Crises: Causes and Consequences," Open Economies Review, v. 7, Supplement 1: 651-73.

Mizen, Paul and Eric J. Pentecost, eds. (1996). The Macroeconomics of International Currencies: Theory, Policy and Evidence. Cheltenham, UK and Lyme, NH: Edward Elgar.

Mongardini, Joannes and Johannes Mueller (2000). "Ratchet Effects in Currency Substitution: An Application to the Kyrgyz Republic." IMF Staff Papers, v. 47, no. 2: 218-37.

Mourmouras, Alex and Steven H. Russell (2000). "Smuggling, Currency Substitution and Unofficial Dollarization: A Crime-Theoretic Approach.” International Monetary Fund Working Paper WP/00/176, October.

Rogers, J. (1992). "Convertibility Risk and Dollarisation in Mexico: a Vector-Autorregressive Analysis", Journal of International Money and Finance, 11, 188-207.

Rogers, J. (1992). "The Currency Substitution Hypothesis and Relative Money Demand in Mexico and Canada", Journal of Money, Credit and Banking, 24 (3), 300-318.

Rojas-Suarez, L. (1992), "Currency Substitution and Inflation in Peru", Working Paper Nº 92/33, International Monetary Fund, May.

Sahay, Ratna and Carlos A. Vegh (1995). "Dollarization in Transition Economies," Finance and Development, v. 32, no. 1, March: 36-39.

Sahay, Ratna and Carlos A. Vegh (1995). "Dollarization in Transition Economies: Evidence and Policy Implications." International Monetary Fund Working Paper 95/96, September.

Sahay, Ratna and Carlos A. Vegh (1996). "Dollarization in Transition Economies: Evidence and Policy Implications." In Paul Mizen and Eric J. Pentecost, eds. The Macroeconomics of International Currencies: Theory, Policy and Evidence. Cheltenham, UK and Lyme, NH: Edward Elgar.

Savastano, Miguel A. (1992). "The Pattern of Currency Substitution in Latin America: An Overview", Revista de Analisis Economico, 7, 29-72.

Scacciavillani, Fabio (1995). "Exchange Rate Movements, Inflation Expectations, and Currency Substitution in Turkey." International Monetary Fund Working Paper 95/111, November.

Selçuk, Faruk (1994). "Currency Substitution in Turkey." Applied Economics, v. 26, no. 5, May: 509-18.

Selcuk, Faruk (2003). “Currency Substitution: New Evidence from Emerging Economies,”  Economics Letters, Vol. 78, No. 2 (Feb.), pp. 219-24.

Sibert, Anne and Lihong Liu (1998). "Government Finance with Currency Substitution," Journal of International Economics, v. 44, no. 1, February: 155-172.

Siklar, Ilyas. 1998. "Currency Substitution and Seigniorage Revenue in a Developing Country: The Turkish Case," Yapi Kredi Economic Review, v. 9, no. 1, June: 3-14.

Smith, C. (1995). "Substitution , Income and Intertemporal Effects in Currency-Substitution Models", Review of International Economics, 3 (1), 53-59.

Sturzenegger, Federico (1992). "Currency Substitution and the Regressivity of Inflationary Taxation", Revista de Analisis Economico, 7, 177-192.

Uribe, Martin (1997). “Hysteresis in a Simple Model of Currency Substitution," Journal of Monetary Economics, 40(1), 185-202.

• A cash in advance model in which domestic currency is always in circulation, and there is a reduction in the cost of using foreign currency as it is used in the economy.

Van Aarle, Bas and Nina Budina (1996). "Currency Substitution and Seigniorage in Eastern Europe," Journal of Policy Reform, v. 1, no. 3: 279-98

Végh, Carlos (1989). " The optimal inflation tax in the presence of currency substitution", Journal of Monetary Economics 24, 139-146.

Végh, Carlos A (1995). "Inflationary Finance and Currency Substitution in a Public Finance Framework," Journal of International Money and Finance, v. 14, no. 5, October: 679-693. 

Capital flows

Calvo, Guillermo A. and Carmen M. Reinhart (1999), When Capital Inflows Come to a Sudden Stop: Consequences and Policy Options, http://www.bsos.umd.edu/econ/ciecpp.htm

Maurice Obstfeld (1998). "The Global Capital Market: Benefactor or Menace?" NBER Working Paper No. 6559 (May)

Rodrik, Dani and Andres Velasco (1999). Short-Term Capital Flows: Consequences (and causes) thereof.  Published in Annual World Bank Conference on Development Economics 1999. 

Yenturk, Nurhan 1999. “Short-Term Capital Inflows and Their Impact on Macroeconomic Structure: Turkey in the 1990s”, The Developing Economies, Vol.37, No.1, 89-113.

Bank structure and supervision 

Thorsten Beck, Asli Demirguc-Kunt and Ross Levine (2003). "Bank Concentration and Crises." Paper presented @ World Bank conference.

Claessens, Stijn, Demirguc-Kunt, Asli and Harry Huizinga, 2001. "How Does Foreign Entry Affect Domestic Banking Markets?" Journal of Banking and Finance, 25(5), ...

Demirgüç-Kunt, Asl2, Levine, Ross and Hong-Ghi Min, 1998. "Opening to Foreign Banks: Issues of Stability, Efficiency, and Growth," in Proceedings of the Bank of Korea Conference on The Implications of Globalization of World Financial Markets, Seoul: Bank of Korea.

World Bank data on bank concentration. 

World Bank research group on foreign bank entry. 

Hyperinflation

Petrovic, Pavle; Bogetic, Zeljko; Vujosevic, Zorica. The Yugoslav Hyperinflation of 1992-1994: Causes, Dynamics, and Money Supply Process.. [Journal Article] Journal of Comparative Economics. Vol. 27 (2). p 335-53. June 1999.

Cooper, Russell W; Kempf, Hubert. Dollarization and the Conquest of Hyperinflation in Divided Societies.. [Journal Article] Federal Reserve Bank of Minneapolis Quarterly Review. Vol. 25 (3). p 3-12. Summer 2001.

Petrovic, Pavle; Mladenovic, Zorica. Money Demand and Exchange Rate Determination under Hyperinflation: Conceptual Issues and Evidence from Yugoslavia.. [Journal Article] Journal of Money, Credit & Banking. Vol. 32 (4). p 785-806. Part 1 Nov. 2000.

Fane, George; Nash, John. Georgia's Economic Collapse, 1991-1994: The Role of State Orders and Inflation.. [Journal Article] Journal of Policy Reform. Vol. 2 (3). p 247-67. 1998.

Wang, Jian-Ye. The Georgian Hyperinflation and Stabilization.. [Working Paper] International Monetary Fund Working Paper: WP/99/65. p 32. May 1999.

Engsted, Tom. Money Demand during Hyperinflation: Cointegration, Rational Expectations, and the Importance of Money Demand Shocks.. [Journal Article] Journal of Macroeconomics. Vol. 20 (3). p 533-52. Summer 1998.

Petrovic, Pavle; Vujosevic, Zorica. The Monetary Dynamics in the Yugoslav Hyperinflation of 1991-1993: The Cagan Money Demand.. [Journal Article] European Journal of Political Economy. Vol. 12 (3). p 467-83. November 1996.

Engsted, Tom. The Classic European Hyperinflations Revisited: Testing the Cagan Model Using a Cointegrated VAR Approach.. [Journal Article] Economica. Vol. 61 (243). p 331-43. August 1994.

The Cagan model of hyperinflation under rational expectations, no bubbles and stationary velocity shocks has the implication that real balances cointegrate with money growth. In a reexamination of the classic European hyperinflations, I find support for this cointegrating property, which gives evidence against the assumption made in most previous studies that velocity shocks follow a random walk. Based on a cointegrated VAR model, I reject statistically, for four of the six hyperinflations, the exact rational expectations Cagan model; but at the same time I find evidence of a substantial forward-looking element in agents' demand for real balances, in the sense that a large part of the predictable movement in money growth is incorporated in agents' demand for money.

Monetary policy and financial innovation

Stojanovic,

Costa Storti, Claudia and Paul de Grauwe (2001). "Monetary Policy in a Cashless Society." CEPR Discussion Paper No. 2696 (Feb.). 

Helleiner, Eric (1998). "Electronic Money: A Challenge to the Sovereign State?" Journal of International Affairs, Vol. 51, No. 2 (Spring), pp. 387-409.

Kobrin, Stephen J. (1997). "Electronic Cash and the End of National Markets," Foreign Policy, Vol. 107 (Summer), pp.65-77.

McCallum, Bennett (2003). "Monetary Policy in Economies with Little or No Money." NBER Working Paper No. 9838 (July).

Sebastien Lotz, Guillaume Rocheteau (2002). "On the launching of a new currency," Journal of Money, Credit, and Banking. Vol. 34, Iss. 3, Part 1 (Aug.), pp. 563-89.

Developing Countries

Cukierman, Alex (1992). Central Bank Strategy, Credibility, and Independence. Cambridge, MA" MIT Press.

_______________, Steven B. Webb, and Bilin Neyapti (1992). "Measuring the Independence of Central Banks and Its Effect on Policy Outcomes," The World Bank Economic Review,Vol. 6, No. 3 (Sept.)

Debelle, Guy, Paul Masson, Miguel Savastano, and Sunil Sharma, "Inflation Targeting as a Framework for Monetary Policy," Economic Issues 15 (Washington:  International Monetary Fund, 1998).

Fry, Maxwell J. (1998) "Assessing Central Bank Independence in Developing Countries: Do Actions Speak Louder Than Words?" Oxford Economic Papers. Vol. 50 (3). p 512-29. July 1998.

Ghatak, Subrata (1995). Monetary economics in developing countries / New York : St. Martin's Press,

Grabel, Ilene (1998). "Coercing Credibility: Neoliberal Policies and Monetary Institutions in Developing and Transitional Economies." In Arestis, Philip Sawyer, Malcolm C., eds., The political economy of central banking.  Cheltenham, U.K. and Northampton, Mass.: Elgar. pp 83-100. 

Grabel, Ilene (2000). "The Political Economy of 'Policy Credibility': The New-Classical Macroeconomics and the Remaking of Emerging Economies," Cambridge Journal of Economics. Vol. 24 (1). p 1-19. (January). 

Hossain, Aktar and Anis Chowdhury (1996). Monetary and financial policies in developing countries : growth and stabilization. London/New York : Routledge.

Levine, R., 1997, "Financial Development and Growth: Views and Agenda", Journal of Economic Literature, 35: 688-726.

Masson, Paul, Miguel Savastano and Sharma Sunil (1997). "The Scope for Inflation Targeting in Developing Countries." IMF Working Paper No. 97/130 (October).

Emerging market/transition economies

Bank for International Settlements (1999).

Blejer, Mario and Marko Skreb (eds.) (1999). Central Banking, Monetary Policies, and the Implications for Transition Economies [Kluwer Academic Publishers].

Blejer, Mario and Marko Skreb (eds.)  (2002). Financial Policies in Emerging Markets. Cambridge, MA: MIT Press.

1. Financial Vulnerability and Exchange Rate in Emerging Markets: An Overview / Mario I. Blejer and Marko Skreb -- I. New Evidence on Financial Policies and the Impact on Emerging Markets. 2. Original Sin, Passthrough, and Fear of Floating / Ricardo Hausmann, Ugo Panizza and Ernesto Stein. 3. Banking Crises in Emerging Markets: Presumptions and Evidence / Barry Eichengreen and Carlos Arteta. 4. International Financial Crises: The Role of Reserves and SDR Allocations / J. Onno de Beaufort Wijnholds and Arend Kapteyn -- II. The Euro and Financial Policies in Central and Eastern Europe. 5. The Eastern Enlargement of the EU and the Case for Unilateral Euroization / Jacek Rostowski. 6. The Costs and Benefits of Euroization in Central and Eastern Europe before or instead of EMU Membership / D. Mario Nuti. 7. Currency Substitution, Unofficial Dollarization, and Estimates of Foreign Currency Held Abroad: The Case of Croatia / Edgar L. Feige, Michael Faulend, Velimir Sonje and Vedran Sosic.

Bofinger, Peter. (1996). "The Economics of Orthodox Money-Based Stabilisations (OMBS): The Recent Experience of Kazakhstan, Russia and the Ukraine.," European Economic Review. Vol. 40, Nos. 3-5 (April), pp 663-71. 

Calvo, G. A,, 1996, "Capital Flows and Macroeconomic Management: Tequila Lessons", International Journal of Finance & Economics, 1, 207-224.

Calvo, Guillermo A., and Manmohan S. Kumar (1994), "Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies", Staff Papers, International Monetary Fund, Vol. 41, No. 2 (June), pp 314–349.

Denisova, I (1999). "Credit channel of monetary transmission: the role of industrial inter-enterprise arrears."

Dvorsky, Sandra (2000). "Measuring Central Bank Independence in Selected Transition Countries and the Disinflation Process." Bank of Finland Discussion Paper No. 13/2000. 

Eichengreen, Barry, and Rose, Andrew K. 1998. Staying Afloat While the Wind Shifts: External Factors and Emerging-Market Banking Crises, NBER Working Paper No. 6370.

Ene, R. and J. Rostowski [forthcoming]: Assessing Dollarization: an Application to Latin America and Central and Eastern Europe, in: B. Slay and M. Dabrowski (eds.): Beyond Transition, M. E. Sharpe, Inc., forthcoming.

Fry, Maxwell J. "Central Banking and Economic Development." In Blejer, Mario I. Skreb, Marko, eds., Central banking, monetary policies, and the implications for transition economies. Boston; Dordrecht and London: Kluwer Academic. p 89-139. 1999.

Gavin, Michael and Hausmann, Ricardo 1996. “The Roots of Banking Crises: The Macroeconomic Context”, in Banking Crises in Latin America edited by Ricardo Hausmann and Liliana Rojas-Suarez, The Inter-American Development Bank, Washington D.C.,27-64. 

Glick, Reuven and Hutchison, Michael M. 2001. “Banking and Currency Crises: How Common Are Twins?”, in in Financial Crises in Emerging Markets edited by Glick, Reuven; Moreno, Ramon; Spiegel Mark M., Cambridge University Press, Cambridge, 35-69.

Glick, Reuven; Moreno, Ramon; Spiegel Mark M. 2001. “Financial Crises in Emerging Markets: An Introductory Overview”, in Financial Crises in Emerging Markets edited by Glick, Reuven; Moreno, Ramon; Spiegel Mark M., Cambridge University Press, Cambridge, 1-30.

Goldstein, Morris and Turner, Philip 1996. Banking Crises in Emerging Economies: Origins and Policy Options, BIS Economic Paper No. 46, Bank for International Settlements, Basle, Swithzerland.

Gonzalez-Hermosillo, Brenda, Pazarbasioglu, Ceyla and Billing, Robert 1997. “Determinants of Banking System Fragility: A Case Study of Mexico”, IMF Staff Papers, Vol.44, No.3, 295-314.  

Jones, Jiri and Frederic S. Mishkin (2003). "Inflation Targeting in Transition Countries: Experience and Prospects." NBER WP W9667. 

Kamin, Steven, Philip Turner and Jozef Van ’t dack* (1998). "The transmission mechanism of monetary policy in emerging market economies: an overview." Overview paper for BIS Policy Paper No. 3.

Kutan, Ali and Josef Brada (2000). "Evolution of Monetary Policy in Transition Economies," St. Louis Fed Economic Review. 

Maliszewski, Wojciech S. (2000). "Central bank independence in Transition Economies." Mimeo, LSE. 

Masson, Paul Robert (1999). "Monetary and Exchange Rate Policy of Transition Economies of Central and Eastern Europe after the Launch of EMU." IMF Policy Discussion Papers, No. 99/5.

McKinnon (1991), The Order of Economic Liberalization: Financial Control in the Transition to a Market Economy,Baltimore: Johns Hopkins University Press.

Mishkin, Frederic S. (2000). "Inflation Targeting in Emerging Market Countries," American Economic Review (May 2000), Vol. 90, #2: 105-109. (view PDF)

Frederic S. Mishkin and Miguel Savastano, "Monetary Policy Strategies for Latin America," Journal of Development Economics, 66 (October 2001): 415-444. (view PDF)

Frederic S. Mishkin and Miguel Savastano, "Monetary Policy Strategies for Emerging Market Countries: Lessons from Latin America," Comparative Economic Studies (June 2002, forthcoming). (view PDF)

Rojas-Suarez, Liliana and Weisbrod, Steven R. 1997. “Toward an Effective Financial Regulatory and Supervisory Framework for Latin America: Dealing with Transition”, in Safe and Sound Financial Systems: What Works for Latin America edited by Liliana Rojas-Suarez, The Inter-American Development Bank, Washington D.C., 35-74.

Sundararajan, Linda, Arne Petersen, and Gabriel Sensenbrenner, eds. (1997). Central Bank Reform in the Transition Economies (IMF book). 

Tornell, Aaron and Frank Westermann (2002). "The Credit Channel in Middle Income Countries." NBER WP 9355.

Wagner, Helmut (1998). "Central Banking in Transition Economies," IMF Working Paper 98/126.

Europe and European Union

Eichengreen, Barry (1997). European monetary unification : theory, practice, and analysis. Cambridge, Mass. : MIT Press, c1997. 

Barry Eichengreen and Fabio Ghironi (1995).  European Monetary Unification: The Challenges Ahead. CEPR Discussion Paper 1217 (July). 

Barry Eichengreen and Heather D Gibson (2001). Greek Banking at the Dawn of the New Millennium. CEPR Discussion Paper 2791.

Svensson, Lars E.O. (1999b), "Monetary Policy Issues for the Eurosystem," Carnegie-Rochester Conferences Series on Public Policy 51-1, 79-136.

• Great bibliography (with links) compiled by David Cleeten [Oberlin] 
• Excellent syllabus of Matt Canzoneri

ABDELAL, Rawi. "The politics of monetary leadership and followership: stability in the European monetary system since the currency crisis of 1992." Political Studies 46, 2 (June 1998): 236-259.

APEL, Emmanuel. European monetary integration: 1958-2002. New York: Routledge, 1998.

ARESTIS, Philip, Andrew BROWN and Malcom SAWYER. The Euro: evolution and prospects. Northampton: E. Elgar, 2001.

ARTIS. M. and Bernhard WINKLER. "The stability pact: safeguarding the credibility of the European Central Bank." CEPR Discussion Paper No. 1688, 1997.

ARTIS, M. and W. ZHANG. "International business cycles and the ERM: is there a European business cycle?" International Journal of Finance and Economic 2 (1997): 1-16.

----------. "On identifying the core of EMU: an exploration of some empirical criteria." CEPR Discussion Paper No. 1689, 1997.

----------. "Core and periphery in EMU: a cluster analysis." EUI Working Paper RSC No.98/37, 1998.

BAIMBRIDGE, Mark and Philip WHYMAN (eds.). Economic and Monetary Union in Europe: theory, evidence, and practice. Northampton: E. Elgar, 2001.

BAKKER, F.P. The liberalization of capital movements in Europe: the Monetary Committee and financial integration, 1958-1994. Boston: Kluwer, 1996.

BEGG, David K. et al. (eds.). EMU: prospects and challenges for the euro. Malden: Blackwell, 1998.

BRENTFORD, Philip. "Constitutional aspects of the independence of the European Central Bank." International and Comparative Law Quarterly 47, 1 (1998): 75-116.

BRITTON, Andrew. Monetary regimes of the twentieth century. New York: Cambridge University Press, 2001.

---------- and David MAYES. Achieving monetary union in Europe. London: Sage, 1992.

BARKIN, Noah and Adam COX (eds.). EMU explained: the impact of the euro. London: Kogan Page, 1998.

BARRELL, Ray. and John WHITLEY (eds.). Macroeconomic policy coordination in Europe: the ERM and monetary union. London: Sage, 1992.

BAYOUMI, Tamim and Barry EICHENGREEN. Shocking aspects of European monetary unification. Berkeley: Center for German and European Studies, University of California, 1992.

----------. One money or many?: analyzing the prospects for monetary unification in various parts of the world. Princeton, International Finance Section, Department of Economics, Princeton University, 1994.

BISHOP, Graham et al. (eds.). User guide to the euro. London: Federal Trust, 1996.

BOGNETTI, G. (ed.). "What bank model for Europe?" special issue of Annals of Public and Cooperative Economics 64, 1 (1993)

BONEFELD, Werner (ed.). The politics of Europe. Monetary Union and class. New York: Palgrave, 2001.

BUITER, Willelm and Richard MARSTON (eds.). International economic policy coordination. New York: Cambridge University Press, 1985.

BUITER, Willem, Giancarlo CORSETTI and Nouriel ROUBINI. "Excessive deficits: sense and nonsense in the Treaty of Maastricht." Economic Policy 16 (1993): 58-60.

BUITER, Willelm, Giancarlo CORSETTI and Paolo PESENTI. Financial markets and European monetary cooperation: the lessons of the 1992-93 exchange rate mechanism crisis. New York: Cambridge University Press, 1998.

----------. Interpreting the ERM crisis: country-specific and systemic issues. Princeton: International Finance Section, Department of Economics, Princeton University, 1998.

CAMERON, David. "Transnational relations and the development of European Economic and Monetary Union" in Thomas Risse-Kappen (ed.), Bringing transnational relations back in: non-state actors, domestic structures, and international institutions. New York: Cambridge University Press, 1995, pp. 37-78.

CAMPANELLA, Miriam. "The European monetary union and its virtuous dynamic." ECSA Review 8, 2 (1995): 16-20.

CANZONERI, Matthew, Vittorio GRILLI and Paul MASSON (eds.). Establishing a central bank for Europe: issues in Europe and lessons from the US. New York: Cambridge University Press, 1992.

CANZONERI Matthew and Behzad DIBA. Currency substitution and exchange rate volatility in the European Community. Berkeley: Center for German and European Studies, University of California, 1992.

CARTOU, Louis. La politique monétaire de la C.E.E. Paris: A. Colin, 1970.

CHICK, Victoria. "Some scenarios for money and banking in the EC and their regional implications." in Ingrid H. Rima (ed.). The political economy of global restructuring. Vol. II, Brookfield: E. Elgar, 1993, pp. 190-200.

COBHAM, David and George ZIS (eds.). From EMS to EMU: 1979 to 1999 and beyond. New York: St. Martin's Press, 1999.

COFFEY, Peter. Europe and money. London: Macmillan, 1977.

----------. The euro: a handbook. New York: Continuum, 2001.

----------. The European monetary system: past, present and future. Boston: Kluwer, 1984, 1987.

--------- and John PRESLEY. "Monetary developments within the European Community: 1970, a year of achievement." Loughborough Journal of Social Studies 10 (1970)

----------. European monetary integration. New York: St. Martin's Press, 1971.

----------. Europe: towards a monetary union. London, Fabian Society, 1972.

COLLIGNON, Stefan. Europe's monetary future. Rutherford: Fairleigh Dickinson University Press, 1994.

----------- (ed.). European monetary policy. London: Pinter, 1997.

COULBOIS, Paul. "European monetary integration and international monetary reform." Millennium: Journal of International Studies 2, 3 (1973): 24-32.

CRAWFORD, Malcom. One money for Europe? The economics and politics of EMU. New York: St. Martins's Press, 1996.

CROUCH, Colin (ed.). After the euro: shaping institutions for governance in the wake of European monetary union. Oxford: Oxford University Press, 2000.

CROWLEY, Patrick. "EMU, Maastricht and the 1996 IGC." Contemporary Economic Policy 14, 2 (1995): 41-55.

CURRIE, David. The pros and cons of EMU. London: HM Treasury, 1997.

DAIFFIL, John and Massimo BEBER (eds). A currency for Europe. London: Lothian Foundation, 1991.

DEANE, Marjorie and Robert PRINGLE. The central banks. New York: Viking, 1995.

De BONDT, Gabe J. Financial structure and monetary transmission in Europe: a cross-sountry study. Northampton: E. Elgar, 2000.

DÖRSCH, Hans, Marc MICHIELS et Jean-Victor LOUIS. L'union économique et monétaire, 1970-1973. Bruxelles: Éditions de l'Université de Bruxelles, 1977.

DE CECCO, Marcello (ed.). International economic adjustment: small countries and the European monetary system. New York: St. Martin's Press, 1983.

DE CECCO, Marcello and Alberto GIOVANNINI (eds.). A European central bank? Perspectives on monetary unification after ten years of EMS. New York: Cambridge Univ. Press, 1989.

DE CECCO, Marcello and Jean-Paul FITOUSSI (eds.). Monetary theory and economic institutions (proceedings of a conference held by the International Economic Association at Fiesole, Florence, Italy). New York: St Martin's Press, 1987.

DE GRAUWE, Paul. The economics of monetary integration. New York: Oxford Univ.Press, 1992, 1994, 1997.

----------. The economics of monetary union. New York: Oxford Univ.Press, 2000.

---------- (ed.) The political economy of monetary union. Northampton: E. Elgar, 2001.

---------- and Theo PEETERS (eds.). The ECU and European monetary integration. Basingstoke: Macmillan Press, 1989.

DE GRAUWE, Paul and Lucas PAPADEMOS (eds.). The European monetary system in the 1990s. London: Longman, 1990

DE GRAUWE, Paul and Vladimir LAVRAC (eds.). Inclusion of Central European countries in the European Monetary Union. Boston: Kluwer, 1999.

DE HAAN, Jakob. "The European Central Bank: independence, accountability, and strategy. A review." Public Choice 93 (1997): 395-426. a

DE HAAN, Jakob and Fabian ANTENBRINK. "Democratic accountability and central bank independence: a response to Elgie." West European Politics 23, 3 (2000) 179-190.

Africa

Azam, Jean-Paul (1999). "Institutions for Macroeconomic Stability in Africa," Journal of African Economies, Vol. 8 (Dec.), p:6-29

Boughton, James M. (1993). ``The Economics of the CFA Franc Zone.'' In Policy Issues in the Operation of Currency Unions, edited by Paul R. Masson and Mark P. Taylor. Cambridge: Cambridge University Press. 

Canetti, Elias and Joshua Greene (1991). "Monetary Growth and Exchange Rate Depreciation as Causes of Inflation

in African Countries." Mimeo, IMF and CERAF [December]. 

Deaton, A., and R. Miller, 1996, International commodity prices, macroeconomic performance and

politics in Sub-Saharan Africa, Journal of African Economies 5 (Supp.), 99-191.

Fielding, David, 1994, "Money Demand in Four African Countries," Studies, Vol. 21, No. 2, pp. 3–37.

Fielding , David and Kalvinder Shields (2000). Is the Franc Zone an Optimal Currency Area? University of Leicester Working Paper 00/1.  

Fielding , David and Kalvinder Shields (2002). Currency Unions and International Integration: Evidence from the CFA and the ECCU. University of Leicester Working Paper 02/8 

Ghartey, Edward E. Monetary Dynamics in Ghana: Evidence from Cointegration, Error Correction Modelling, and Exogeneity.. [Journal Article] Journal of Development Economics. Vol. 57 (2). p 473-86. December 1998.

Hoffmaister, A. W., J. E. Roldos, and P. Wickham (1998). "Macroeconomic fluctuations in Sub-Saharan Africa," International Monetary Fund Staff Papers 45, 132-161.

Honohan, Patrick  and Philip R. Lane (2000). "Will the Euro Trigger More Monetary Unions in Africa?" World Bank Policy Research Working Paper No. 2393 (July). 

Honohan, Patrick and Stephen A. O'Connell (1997). "Contrasting Monetary Regimes in Africa". IMF Working Paper Working Paper No. 97/64 [May]. << contains good references >> 

Kalulumia, Pene; Yourougou, Pierre (1997). "Money and Income Causality in Developing Economies: A Case Study of Selected Countries in Sub-Saharan Africa," Journal of African Economies. Vol. 6 (2). p 197-230. July.

McPherson, Malcolm F. (2000). "Seignorage in Highly Indebted Developing Countries." EAGER, African Economic Policy Discussion Paper No. 58 (July). 

Nachega, Jean-Claude (2001). "A Cointegration Analysis of Broad Money Demand in Cameroon." International Monetary Fund Working Paper: WP/01/26 (March). 

van der Merwe, E. J.  (1999). Monetary policy operating procedures in South Africa [BIS paper].

Middle East

Muhammed Al-Jasser and Ahmed Banafe (1999). Monetary policy operating procedures in Saudi Arabia [BIS paper]

Asia

Philippe Aghion, Philippe Bachetta and Abhijit Banerjee  (1999). "A Simple Model of Monetary Policy and Currency Crisis."

Bayoumi, Tam, Barry Eichengreen, Paolo Mauro (2000). "On Regional Monetary Arrangements for ASEAN." CEPR Discussion Paper 2411 (April). abstract

Dekle, Robert  and Mahmood Pradhan (1997). "Financial Liberalization and Money Demand in ASEAN Countries: Implications for Monetary Policy" IMF Working Paper 97/36 (March). Full Text in PDF format. 

Goldfajn, Ilan  and Taimur Baig (1998). "Monetary Policy in the Aftermath of Currency Crises: the Case of Asia" (Oct.)

Kim , Sungmin and Won-Tai Kim (1999). Recent developments in monetary policy operating procedures: the Korean case [BIS paper]

Monetary Authority of Singapore (1999). Monetary policy operating procedures in Singapore [BIS paper]. 

Reddy , Y. V (1999). Monetary policy operating procedures in India [BIS paper]. 

Japan

Alan Ahearne; Joseph Gagnon; Jane Haltmaier; Steve Kamin (2002). "Preventing Deflation: Lessons From Japan's Experience in the 1990s," Federal Reserve Division of International Finance Discussion Paper 2002-729 (June). Full paper (255 KB PDF)

Cargill, Thomas, et al (1997). The Political Economy of Japanese Monetary Policy [Cambridge, MA: MIT Press].

Journal of Japanese and International Economies, Special Issue: Monetary Policy in a Low Inflation Environment (Dec. 2000).

Krugman, Paul (1999). "It's Baack: Japan's Slump and the Return of the Liquidity Trap," Brookings Papers on Economic Activity 2:1998

Posen, Adam and Ryoichi Mikitani [2000]. Japan's Financial Crisis and Its Parallels to US Experience. Washington, DC: IIE.