* 91 5 30 *
3 4 12 19 22 28 2
Central Bank system currency board system dollarization system free banking system Kurt Schuler 155 3
game theory independence transparency accountability 4
31 0 M M P P 0 2 A =10 u=6-1 0 C =10 u=9 2 1 B =0 u=3 1 3 D =0 u=6 =0 1 1 =10 0 0 u= 60 2 u> 9-1 0 u< 5
Grilli, Masciandaro, and Tabelliri GMT Cukierman 6
Grilli, Masciandaro, and Tabelliri GMT index 7
8
Eijffinger, Sylvester, and Geraats ESG index 9
feedback rule ) Bennett T. McCallum GNP GNP 10
11
headline CPI core CPI disinflation 12
1998 1999 2000 2001 13
4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0-0.5 4.1 3.2 3.7 3.6 3.1 3.1 0.9 1.0 1.7 1.1 1.2 0.2 1.3 0.6 0.0 0.1 14
intermediate targeting inflation targeting 15
16
1980 17
8.50% : 2.70% 12.30% 3.90% 2.50% 2.83% 3.70 13% 18
e-finance e-broking financial consolidation 19
20
seigniorage revenues 21
22
23
24
25
26
27
(2002),, 6 (2001),,,, 8 (2001),,, 4, Cecchetti, Stephen G., Hans Genberg and Sushil Wadhwani (2002), Asset Prices in a Flexible Inflation Targeting Framework, presented at the conference on Asset Price Bubbles: Implications for Monetary, Regulatory, and International Policies, organized jointly by the Federal Reserve Bank of Chicago and the World Bank, April 22-24. 28
Cukierman, Alex (1992), Central Bank Strategy, Credibility, and Independence, Cambridge, Mass., MIT Press. Eijefinger, Sylvester C. W., and Jakob De Haan (1996), The Political Economy of Central Bank Independence, Special Papers in International Economics No. 19, Princeton University, May. Eijefinger, Sylvester C. W., and Petra M. Geraats (2002 ), How Transparent are Central Banks, Centre for Economic Policy Research, Jan.. English, William B. (2001), Financial Consolidation and Monetary Policy, presented at the Financial Innovation and Monetary Transmission Conference, Federal Reserve Bank of New York, April. Ferguson, Roger W., Jr. (2001), Understanding Financial Consolidation, remarks at the International Banking and Financial Systems Conference, Italy, Mar. 9. 29
Grilli, Vittorio, Donato Masciandaro, and Guido Tabellini (1991), Political and Monetary Institutions and Public Financial Policies in the Industrial Countries, Economic Policy, 13, pp. 341-392. Group of Ten (2001), Consolidation in the Financial Sector, Jan.. Hawkins, John (2001), Electronic Finance and Monetary Policy, in Electronic Finance:A New Perspective and Challenges, BIS Paper No. 7, Nov.. IMF (1999), Safeguarding Macroeconomic Stability at Low Inflation, World Economic Outlook, Oct., pp. 92-126. Mishkin, Frederic S. (2001), The Transmission Mechanism and the Role of Asset Prices in Monetary Policy, NBER Working Paper 8617, Dec.. Mojon, Benoit (2000), Financial Structure and the Interest Rate Channel of ECB Monetary Policy, European Central Bank Working Paper No. 40, Nov.. Schuler, Kurt (1996), Should Developing Countries Have Central Banks? Research Monograph No. 52, London: Institute of Economic Affairs. 30