The Debt Burden and Its Consequences for Monetary Policy: Proceedings of a Conference Held by the International Economic Association at the Deutsche Bundesbank, ... Frankfurt, Germany (Iea Conference Volume)

In all countries debt and deficits of the public sector are at the heart of economic policy debate. Debt and deficits pose major problems, all the more pressing in Europe because of the Maastricht criteria for entry into European Monetary Union. And in the developing world debt has been associated with major financial crises. This volume, arising from an International Economic Association conference at the Bundesbank, sees academics and policy makers debate the key issues and their implications in theory and practice. Front Matter....Pages i-xxi Front Matter....Pages 1-1 Debt and Monetary Policy: The Policy Issues....Pages 3-27 Debt, Cash Flow and Inflation Incentives: A Swedish Example....Pages 28-66 Front Matter....Pages 67-67 Optimal Funding Policy....Pages 69-85 Global Government Securities Markets: Economics and Politics of Recent Market Microstructure Reforms....Pages 86-113 Front Matter....Pages 115-115 Control of the Public Debt: A Requirement for Price Stability?....Pages 117-158 Towards a Political-Economic Theory of Domestic Debt....Pages 159-178 Front Matter....Pages 179-179 Varieties of Capital-Market Crises....Pages 181-207 Debt and Exchange Rates....Pages 208-230 Front Matter....Pages 231-231 Credibility, Seigniorage and Government Debt in a Monetary Union....Pages 233-253 Deficits, Debt and European Monetary Union: Some Unpleasant Fiscal Arithmetic....Pages 254-282 Back Matter....Pages 283-292 The International Economic Association -- Introduction / Guillermo Calvo And Mervyn King -- 1. Debt And Monetary Policy: The Policy Issues / Rudi Dornbusch -- Discussion / Mervyn King -- 2. Debt, Cash Flow And Inflation Incentives: A Swedish Example / Mats Persson, Torsten Persson And Lars E.o. Svensson -- Discussion / John Campbell -- 3. Optimal Funding Policy / Robert J. Barro -- Discussion / Francesco Giavazzi -- 4. Global Government Securities Markets: Economics And Politics Of Recent Market Microstructure Reforms / Randall S. Kroszner -- Discussion / John Pitchford -- 5. Control Of The Public Debt: A Requirement For Price Stability? / Michael Woodford -- Discussion / William Perraudin. Edited By Guillermo Calvo And Mervyn King. Includes Bibliographical References And Index.