Read e-book online Monetary Economics in the 1990s: The Henry Thornton PDF

By Forrest Capie, Geoffrey E. Wood

ISBN-10: 0312162197

ISBN-13: 9780312162191

ISBN-10: 1349252042

ISBN-13: 9781349252046

ISBN-10: 1349252069

ISBN-13: 9781349252060

This quantity is the second one number of the sequence of lectures, held each year at urban collage, London, in honour of Henry Thornton, the popular nineteenth Century financial economist. As with financial Economics within the Nineteen Eighties (0-333-46220-3), the essays through super eminent participants are wide-ranging in either topic and method yet all strengthen themes thought of through Henry Thornton over a century in the past and hyperlink old views to modern debates approximately monetary associations and financial economics.

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Additional resources for Monetary Economics in the 1990s: The Henry Thornton Lectures, Numbers 9–17

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Since representatives of several countries participate in the decisions, the rate of return on information about these issues is even lower than in domestic politics. This holds for the voters as well as the politicians they elect. The national politician has less of an incentive to monitor international organizations than to control his own civil servants. By monitoring international agencies, he would generate external benefits abroad which he cannot appropriate. Almost all public choice analyses of international economic policy have been concerned with international trade policy and development aid.

The incentive to delay adjustment runs directly counter to the objective laid down in Article 1 (vi) that the Fund should 'shorten the duration ... of disequilibrium in the international balances of payments of members'. 2 But the insurance is not actuarially fair because premia do not differ according to risk. From 1960 to 1982, 42 member countries accounted for 78 per cent of all standby and extended credits from the IMF (Vaubel, 1983). This is not an outcome to be expected if members had been hit by random accidents.

331-6. Feldstein, Martin S. (1977) 'Social Security and Private Savings: International Evidence in an Extended Life Cycle Model', in Martin S. Feldstein and Robert Inman (eds) The Economics of Public Services (London: Macmillan). Feldstein, Martin S. (1982) 'Government Deficits and Aggregate Demand', Jou1'1lal of MOlletmy Economics, 9, January, pp. 1-20. Hayashi, Fumio (1985) 'Tests for Liquidity Constraints: a Critical Survey', National Bureau of Economic Research, Working Paper No. 1720, October.

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Monetary Economics in the 1990s: The Henry Thornton Lectures, Numbers 9–17 by Forrest Capie, Geoffrey E. Wood


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