Credibility Without Rules
( Occasional Papers )
Publication series ： Occasional Papers
Author： Mr. Carlo Cottarelli Curzio Giannini
Publisher： INTERNATIONAL MONETARY FUND
Publication year： 1997
E-ISBN: 9781451992267
P-ISBN(Paperback): 9781557756442
Subject： F821.0 monetary policy
Language： ENG
Disclaimer: Any content in publications that violate the sovereignty, the constitution or regulations of the PRC is not accepted or approved by CNPIEC.
Description
During the last 25 years, monetary practice in most countries has increasingly been characterized by the attempt to achieve credibility of purpose while expanding the freedom of monetary authorities in controlling policy instruments. Thus, the world has moved toward monetary frameworks in which, through appropriate institutional devices, a better trade-off between credibility of goals and flexibility of instruments could be achieved. This attempt, surveyed in this paper, has taken many forms, depending on the countries economic, institutional, and cultural specificities.