Frameworks for monetary stability : policy issues and country experiences / editors Tomas J.T. y Carlo Cottarelli.

Foreword, v -- Preface, vii -- Introduction / Tomás J. T. Baliño and Carlo Cottarelli, 1 -- I. The Choice of Monetary Regime -- 1. Rules or Discretion in Monetary Policy: National and International Perspectives / Manuel Guilián, 19 -- II. Flexibie Exchange Rates, Domestic Anchors, and Discretion -- 3. Implementation of Monetary Policy in Japan / Kuniho Sawamoto and Nobuyuki Ichikawa, 81 -- 4. The Design of US. Monetary Policy: Targets, Indicators, and Information Variables / Brian F. Madigan, 111 -- III. The Exchange Rate as Nominal Anchor -- 5. The ERM Experience / Mark E. L. Griffiths and Donogh C. McDonald, 139 -- 6. Exchange-Rate-Based Stabilizations in Argentina and Chile: A Fresh Look /
Miguel A. Kiguel and Nissan Liviatan, 162 -- 7. Currency Boards: Issues and Experiences / Adam G. G. Bennett, 186 -- 8. Building a Monetary Union in Europe / José Viñals, 213 -- IV Commodity Standards -- 9. In Search of a Monetary Anchor: Commodity Standards Re-examined / Warren Coats, 247 -- V. Central Bank Independence -- 10. The Maastricht Treaty, Independence of the Central Bank and Implementing Legislation / Robert C. Effros, 279 -- 11. Strengthening Central Bank Independence in Latin America / Carl-Johan Lindgren and Daniel E. Dueñas, 309 -- 12. Should an "Independent" Central Bank Control Foreign Exchange Policy? / Carlo Cottarelli, 330 -- VI Capital Movements -- 13. Capital Movements and Surveillance / Susan Schadler, 357 -- 14. Capital Account Convertibility: A New Model for Developing Countries / Peter Quirk, 373 -- VII. Techniques of Monetary Control: intermediate Targets, Instruments and Indicators -- 15. Money Versus Credit: The Role of Banks in the Monetary Transmission Process / William E. Alexander and Francesco Caramazza, 397 -- 16. Targets and Instruments of Monetary Policy in Hungary / Péter Bod, 423 -- 17. Reform of Monetary Instruments in Southeast Asia / Robert G. Carling, 443 -- 18. The Use of Indicators and of the Monetary Conditions Index in Canada / C. Freedman, 458 -- Vill Public Debt Management and Monetary Policy -- 19. Debt Management Techniques Under High Inflation: The Brazilian Experience / Carlos Augusto Dias de Carvalho, 479 -- 20. Developing the Money and Securities Markets in India / C. Rangaranjan, 511 -- IX Monetary Policy and Financial Structure -- 21. Adapting Central Banking to a Changing Environment / Tommaso Padoa-Schioppa, 529 -- 22. Financial Deregulation in Israel: Policy and Results / David Klein, 552 -- 23. Derivatives: The New Frontier in Finance / David FolkerIs-Landau, 574 -- 24. Linkages Between Payments System Reforms and Monetary Policy: The Recent Experience in Russia and Other Former Soviet Union Countries / V. Sundararajan and Gabriel Sensenbrenner, 611 -- 25. Postscript / Manuel Guitián, 655 -- Background Papers -- 26. Issues on Placing Banking Supervision in the Central Bank / José Tuya and Lorena Zamalloa, 663 -- 27. Government Versus Central Bank Securities in Developing / Marc Quintyn, 691 -- 28. Institutional and Operational Aspects of Central Bank Losses / Alfredo M, Leone, 738.