This paper discusses changes in public debt management under economic and monetary union (EMU) and its implications for monetary policy. With the advent of EMU, government securities have been redenominated in euros. The speculative demand and the demand for portfolio diversification related to exchange rate variation have disappeared. Common euro denomination has made liquidity and default-risk the distinguishing dimensions of government securities issued by EMU member states.
- ISBN10 1898128502
- ISBN13 9781898128502
- Publish Date 28 January 2000
- Publish Status Out of Print
- Out of Print 9 April 2014
- Publish Country GB
- Imprint Centre for Economic Policy Research
- Edition 3rd ed.
- Format Paperback (US Trade)
- Pages 52
- Language English