Monetary policy and financial innovations in five industrial countries : the U.K., the U.S.A., West Germany, France and Japan

vii 4.10 OLS-estimation results for the West German real demand for money from 1981 to 1987 (1st quarter) 4.11 Results of the Chow-test for alternative estimates for West Germany: 1980 (4th quarter) 5.1 The shifting structure of French sectoral financial surpluses and deficits, 1979-88 5.2 Gross issues in the French bond market, 1972-89 5.3 Net bond issues/GOP in West Germany, Front Matter....Pages i-xiv National Monetary Policy in an Open World Economy....Pages 1-15 Federal Reserve Policy since October 1979: A Justified Response to Financial Innovations?....Pages 16-31 The Control of Monetary Aggregates in the Federal Republic of Germany under Changing Conditions....Pages 32-58 Financial Innovations and the Stability of the Demand for Money in Germany since 1974....Pages 59-81 The Effects of Financial Innovation and Deregulation on French Monetary Policy....Pages 82-100 Monetary Control in Japan....Pages 101-119 Financial Innovation: A View from the Bank of England....Pages 120-128 Capital Flows and Exchange Rates: Some Implications....Pages 129-141 British Monetary Policy: October 1990....Pages 142-159 Back Matter....Pages 161-171 The objective of this present volume is to analyse the response to the developments and the consequences for the conduct of monetary policy in five industrial countries. Also considered is the stability of hitherto established relationships between economic variables on which the reliability of monetary policy measures depends. The volume further covers some of the international aspects involved and the important implications of the emerging dominant and persistent flows of long-term capital across the exchanges.