Revitalizing the Inner City: A Holistic Approach
In: The review of black political economy: analyzing policy prescriptions designed to reduce inequalities, Volume 24, Issue 2-3, p. 185-192
ISSN: 1936-4814
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In: The review of black political economy: analyzing policy prescriptions designed to reduce inequalities, Volume 24, Issue 2-3, p. 185-192
ISSN: 1936-4814
In: International organization, Volume 52, Issue 1, p. 87-120
ISSN: 0020-8183
Dieser Artikel untersucht die institutionellen Vorbedingungen für das Ausmaß der Auswirkungen der weltweit ansteigenden Kapitalmobilität auf die Unabhängigkeit nationaler Geld- und Finanzpolitik. Insbesondere vor Wahlen ist in vielen Ländern eine expansive Geldpolitik, mit entsprechenden Auswirkungen auf die Inflations- und Zinsentwicklung, zu beobachtung. Zeitreihenuntersuchungen zeigen, daß dieses "opportunistische" Verhalten der jeweiligen Regierungen um so geringer ausgeprägt ist, je mehr eine Regierung feste Wechselkurse beibehält und je höher die Unabhängigkeit der jeweiligen Zentralbank ausfällt. (SWP-Clv)
World Affairs Online
In: International organization, Volume 52, Issue 1, p. 87-120
ISSN: 1531-5088
The effect of increased capital mobility on the national control of macroeconomic policy continues to be a topic of debate. Empirical contributions to this debate share the assumption that domestic macroeconomic policy is driven by either partisan or countercyclical motivations, and that the effects of international financial flows have roughly similar effects in all countries. This article reevaluates the integration hypothesis in a framework in which manipulations of the macroeconomy derive from opportunistic motivations. The article emphasizes the ways in which prior institutional choices effect the way these motivations are translated into actions. Evidence from individual country and pooled time-series tests suggests that opportunistic cycles are less likely to occur when (1) a government maintains a fixed exchange rate in the presence of highly mobile capital or (2) when the central bank enjoys above-average independence.