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This paper examines central bank independence with reference to the constraints on central bank credit to the government, focusing on how such credit should be regulated. It discusses why credit should be contsrained, and in which forms, and how to implement those constraints.

International finance --- Bank loans --- Banks and banking, Central --- Credit --- 336.71 --- 336.711 --- 336.27 --- $?$95/03 --- banque centrale --- credits --- gestion de la dette --- AA* / International - Internationaal --- 333.111.0 --- 333.111.6 --- 333.111.1 --- 333.111.36 --- 336.302 --- 332.11 --- 330.05 --- Bank credit --- Loans --- Borrowing --- Finance --- Money --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Bankwezen --- centrale bank --- kredieten --- schuldbeheer --- Algemeenheden. Theoretische en beschrijvende studies. Centrale banken. --- Betrekkingen van de centrale banken met de overheid. Voorschotten aan de overheid. Monetaire financiering van de schatkist. --- Organieke wetten en statuten van centrale banken. --- Rijkskassier en kassier van andere openbare instellingen. --- Weerslag van de rijksschuld. --- Working papers --- Banks and banking, Central. --- Credit. --- Bank loans. --- 336.71 Bankwezen --- Algemeenheden. Theoretische en beschrijvende studies. Centrale banken --- Organieke wetten en statuten van centrale banken --- Rijkskassier en kassier van andere openbare instellingen --- Betrekkingen van de centrale banken met de overheid. Voorschotten aan de overheid. Monetaire financiering van de schatkist --- Weerslag van de rijksschuld --- Banks and Banking --- Exports and Imports --- Investments: General --- Money and Monetary Policy --- Industries: Financial Services --- Investments: Stocks --- Macroeconomics --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Central Banks and Their Policies --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- General Financial Markets: General (includes Measurement and Data) --- Current Account Adjustment --- Short-term Capital Movements --- Monetary Policy --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Banking --- Monetary economics --- Investment & securities --- International economics --- Central bank credit --- Bank deposits --- Securities --- Financial institutions --- Financial services --- Current account --- Balance of payments --- Monetary base --- Central bank autonomy --- Monetary expansion --- Monetary policy --- Financial instruments --- Money supply --- Stocks --- Hungary

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The euro crisis, Japan's sluggish economy, and partisan disagreements in the United States about the role of government all have at least one thing in common: worries about high levels of public debt. Nearly everyone agrees that public debt in many advanced economies is too high to be sustainable and must be addressed. There is little agreement, however, about when and how that addressing should be done--or even, in many cases, just how serious the debt problem is. As the former director of the International Monetary Fund's Fiscal Affairs Department, Carlo Cottarelli has helped countries across the globe confront their public finance woes. He also had direct experience in advising his own country, Italy, about its chronic fiscal ailments. In this straightforward, plain-language book, Cottarelli explains how and why excessive public debt can harm economic growth and can lead to crises such as those experienced recently in Italy and several other European countries. But Cottarelli also has some good news: reducing public debt often can be done without trauma and through moderate changes in spending habits that contribute to economic growth. His book focuses on positive remedies that countries can adopt to deal with their public debt, analyzing both the benefits and potential downsides to each approach, as well as suggesting which remedies might be preferable in particular situations. Too often, public debate about public debt is burdened by lies and myths. This book not only explains the basic facts about public debt but also aims to bring truth and reasoned nonpartisan analysis to the debate.

Debts, Public.

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The latest in a series of papers published by the International Monetary Fund on economies in transition examines the experience of disinflation in Central and Eastern Europe, the Baltics, Russia, and other countries of the former Soviet Union between 1993 and 1997. The paper reviews the economic policies underlying the dramatic drop in inflation during those years as well as other variables that facilitated the disinflation and notes that the adjustment of fiscal fundamentals as the driving force behind the disinflation, while nominal anchoring arrangements played a less prominent role. This was contrary to developments in countries, for example, in Latin America, that had experienced high inflation for a long period of time.

Money. Monetary policy --- Eastern and Central Europe --- Inflation (Finance) --- Economic stabilization --- Monetary policy --- -Monetary policy --- -Inflation (Finance) --- -Economic stabilization --- -Industrial productivity --- -Europa --- inflatie --- monetair beleid --- Oost-Europa --- 336.74 <4-11> --- politique monetaire --- inflation --- europe de l'est --- CIS / Commonwealth Of Independant States - Gos - Cei --- EEU / Central & Eastern Europe --- 333.844 --- 336.61 --- 338.70 --- 333.841 --- 331.33 --- 333.846.0 --- 330.05 --- 332.41 --- Productivity, Industrial --- TFP (Total factor productivity) --- Total factor productivity --- Industrial efficiency --- Production (Economic theory) --- Adjustment, Economic --- Business stabilization --- Economic adjustment --- Stabilization, Economic --- Economic policy --- Finance --- Natural rate of unemployment --- Monetary management --- Currency boards --- Money supply --- Geld. Geldwezen. Monetaire sector.--Oost-Europa --- oost europa --- Devaluatie en opwaardering. Stabilisering. J curve. --- Financieel beleid. --- Industrieën : Algemeenheden. Structuur en evolutie van de industrie. --- Inflatie. --- Structureel beleid. Reglementering. Dereglementering. Ordnungspolitik. --- Verband tussen het monetair, bank- en kredietbeleid en de economische ontwikkeling: algemeenheden. --- Working papers --- 336.74 <4-11> Geld. Geldwezen. Monetaire sector.--Oost-Europa --- Europa --- Structureel beleid. Reglementering. Dereglementering. Ordnungspolitik --- Inflatie --- Devaluatie en opwaardering. Stabilisering. J curve --- Verband tussen het monetair, bank- en kredietbeleid en de economische ontwikkeling: algemeenheden --- Financieel beleid --- Industrieën : Algemeenheden. Structuur en evolutie van de industrie --- Centraal-Europa --- Inflation (Finance) - Former Soviet Republics --- Inflation (Finance) - Europe, Eastern --- Economic stabilization - Europe, Eastern --- Monetary policy - Former Soviet republics --- Monetary policy - Europe, Eastern --- Economic stabilization - Former Soviet republics --- Exports and Imports --- Foreign Exchange --- Inflation --- Macroeconomics --- Price Level --- Deflation --- Fiscal Policy --- Current Account Adjustment --- Short-term Capital Movements --- Currency --- Foreign exchange --- International economics --- Disinflation --- Exchange rates --- Fiscal stance --- Price controls --- Prices --- Fiscal policy --- Government policy --- Balance of payments --- Russian Federation

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This paper provides a framework for evaluating the decision to enter a currency area, including the best timing for entry, and uses it to evaluate the assessment of the five tests for euro entry published by the U.K. Treasury in June 2003. The breadth and depth of its assessment is impressive by any standard. Nonetheless, this paper points at some areas that deserve to be explored further in future assessments. Covering these areas would not necessarily have changed the assessment's conclusion, namely that the case for entry is not yet "clear and unambiguous,." but it would have strengthened any conclusion reached. In addition, the paper highlights that in several areas relevant to the entry decision, the margin for uncertainty will remain significant, regardless of any reasonable attempt to reduce it.

Euro --- Monetary unions --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Money --- Exports and Imports --- Infrastructure --- Macroeconomics --- Real Estate --- Industries: Financial Services --- Macroeconomics and Monetary Economics: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Housing Supply and Markets --- Macroeconomics: Consumption --- Saving --- Wealth --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Financial Aspects of Economic Integration --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Property & real estate --- International economics --- Finance --- Housing prices --- Consumption --- Prices --- National accounts --- Economic integration --- Financial institutions --- Economics --- Saving and investment --- United Kingdom

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The stickiness of bank lending rates with respect to money market rates is often regarded as an obstacle to the smooth transmission of monetary policy impulses. Yet, no systematic measure of the different degree of lending rate stickiness across countries has been attempted. This paper provides such a measure. It also relates the different degree of lending rate stickiness to structural features of the financial system, such as the existence of barriers to competition, the degree of development of financial markets, and the ownership structure of the banking system. Thus, the paper provides further evidence on the relationship between structural financial policies and monetary policy, as well as on the relevance of credit markets for the monetary policy transmission mechanism. The role of administered discount rates in speeding up the. adjustment of lending rates is also discussed.

Bank credit --- Banking --- Banks and Banking --- Banks and banking --- Banks --- Central Banks and Their Policies --- Commercial banks --- Competition --- Credit --- Depository Institutions --- Discount rates --- Discount --- Finance --- Finance: General --- Financial institutions --- Financial Markets and the Macroeconomy --- Financial markets --- Financial services --- General Financial Markets: General (includes Measurement and Data) --- Interest Rates: Determination, Term Structure, and Effects --- Micro Finance Institutions --- Monetary economics --- Monetary Policy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Money and Monetary Policy --- Money market --- Money markets --- Money --- Mortgages --- United Kingdom