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Monetary and Fiscal Coordination in Small Open Economies

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  • Mr. Rupert D Worrell

Abstract

This paper is concerned with the design of institutional arrangements for low inflation in small open economies. In the real world of information asymmetries, uncertain expectations and changeable preferences, it is not enough to create an autonomous and publicly accountable central bank. In addition, the central bank and the treasury must work together on the design, implementation, monitoring and, when necessary, the revision of macroeconomic policy, and on providing the public with information on ongoing economic developments and interpretation of the macroeconomic strategy.

Suggested Citation

  • Mr. Rupert D Worrell, 2000. "Monetary and Fiscal Coordination in Small Open Economies," IMF Working Papers 2000/056, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2000/056
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    Cited by:

    1. Mr. Rupert D Worrell, 2003. "A Currency Union for the Caribbean," IMF Working Papers 2003/035, International Monetary Fund.
    2. Michal Jurek & Pawel Marszalek, 2015. "Policy alternatives for the relationship between ECB monetary and financial policies and new member states," Working papers wpaper112, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    3. Aggarwal, Raj & Simmons, Walter, 2008. "Common stocastic trends among Caribbean currencies: Evidence from Guyana, Jamaica, and Trinidad and Tobago," Journal of Economics and Business, Elsevier, vol. 60(3), pages 277-289.
    4. Pablo Mendieta Ossio & Hugo Rodriguez Gonzales, 2005. "Interacción de la política fiscal con la política monetaria en el MERCOSUR y países asociados," Revista de Análisis del BCB, Banco Central de Bolivia, vol. 8(1), pages 49-97, December.

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