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Veto Players and the Choice of Monetary Institutions

  • Economics
  • Political Science


It is indisputable that the government s economic institutions areimportant. Scholars have focused considerable attention on theimplications of exchange-rate regimes, the relative independence ofcentral banks, open versus closed capital markets, and the in uence ofthe structure of labor markets on economic policy and economicperformance. An innovative body of literature in the last decade hasmoved beyond a consideration of the effects of economic institutions toconsider why governments choose some institutional forms over others.That literature usually discusses the choices in isolation. Thecontributors to this volume present a second generation of scholarshipthat addresses the interaction of these institutional choices and, inparticular, the joint choice of a level of central bank independence(CBI) and the exchange-rate regime.

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