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By Robert Pringle, Stephen F. Frowen

The Bundesbank is among the world's strongest and winning principal banks, remarkable for its independence within the behavior of economic coverage and for its good fortune within the success of relative fee balance almost during the post-war period. This choice of essays by way of the President of the Bundesbank, via former and current Board contributors and through Heads of division in the Bundesbank supply an extraordinary within perception into its operations. the person contributions to this quantity clarify the historic, criminal and institutional foundation of German inner and exterior financial coverage and spotlight the ambitions of the German vital financial institution and its position within the financial system as a complete. The position of the Deutschmark as one of many best overseas transaction, reserve and funding currencies is mentioned intimately. scholars of financial administration and the banking neighborhood during the international will profit significantly from a research of this distinct quantity.

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Extra resources for Inside the Bundesbank

Sample text

On the other hand, the central bank commits itself in this respect and also renders itself accountable. Thus monetary targets offer a chance to build up credibility and to impose a certain discipline on the decision-makers. Unlike other major central banks and in spite of repeated difficulties, the Bundesbank has adhered to monetary targeting for more than 20 years. Today monetary targeting has become a symbol of Germany's 'stability culture'. This continuity of monetary policy strategy has been facilitated by the stability of the financial sector and financial relationships in Germany.

References Deutsche Bundesbank (1990) 'The monetary union with the German Democratic Republic', Monthly Report, vol. 42, no. 7 (July), pp. 13--28. Gawel, E. (1994) Die deutsch-deutsche Wiihrungsunion - Verlauf und geldpolitische Konsequenzen (Intra-German monetary Union - Development and Monetary Policy Consequences), Baden-Baden: Nomos, p. 149 ff. Hefeker, C. (1994) 'German Monetary Union, the Bundesbank and the EMS Collapse', Banca Nazionale del Lavoro Quarterly Review, pp. 379-98. 4 Monetary Policy: Targets and Instruments Peter Schmid Viewed over the long term, prices have risen at a considerably slower pace in Germany than in comparable major industrial countries.

Cushioning the slump in production and employment in East Germany by transfer payments, financing the necessary infrastructure measures and constructing an efficient administration led to a dramatic rise in public sector debt. Whereas the public authorities had still recorded a slight surplus in 1989, the budget deficit in 1991 was just over 3 per cent of GDP. High deficit spending displayed the effect of a largescale pump-priming programme in the Keynesian mould. At the same time, there was an exceptionally sharp rise in the money stock.

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