Implications of Globalization for Monetary Policy

Helmut Wagner

No 17 in SUERF Studies from SUERF - The European Money and Finance Forum, currently edited by Natacha Valla

Abstract: This paper argues that the implications of globalization for monetary policy come mainly through two channels: On the one hand, the many structural changes, which are associated with the globalization process, cause an increase in uncertainty surrounding monetary policy. This leads to an increase in uncertainty about how to interpret macroeconomic data/indicators and about the monetary transmission mechanism. On the other hand, by strengthening the process of global economic integration, the globalization process increases international competition. Thereby, globalization forces market players to make structural adjustments or reforms which change the conditions or constraints under which monetary policy is implemented.

Keywords: Globalization; monetary policy (search for similar items in EconPapers)
JEL-codes: E5 F0 F4 (search for similar items in EconPapers)
Date: 2002
ISBN: 978-3-902109-09-5
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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