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- W2078904965 abstract "Recent research in contract theory views ownership as a substitute for complete contracts. Here, this approach is applied to monetary integration. Countries face a coordination problem conducting monetary policy. Negative spillovers ensure uncoordinated policy generates too high inflation. Ex ante, policy makers can undertake politically costly economic reform. This has a positive spillover because it improves the outcome of the monetary policy game. Ex‐post contracting over policy may be possible, but it supposed that ex‐ante contracting over reform and monetary policy is not. This paper analyses when monetary union is a good substitute for this inability to commit." @default.
- W2078904965 created "2016-06-24" @default.
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- W2078904965 date "1999-01-01" @default.
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- W2078904965 title "Monetary Integration and Economic Reform" @default.
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- W2078904965 doi "https://doi.org/10.1111/1468-0297.00392" @default.
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