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《World Economics and Politics》 2012-01
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State Autonomy,Central Bank Independence and International Monetary Cooperation:The Political Logic of Germany's Choice in International Monetary Policy

Tian Ye Zhang Xiaobo Tian Ye,Associate Professor,School of International Studies,Renmin University of China;Zhang Xiaobo,Research Intern,Suzhou Research Institute,Renmin University of China.  
The literature of political economy shows that government can enhance the credibility of monetary policy commitments by delegating an independent central bank to regulate it.But in political process,an independent central bank can also act as a veto-player which will restrict the autonomy of state (government).From the perspective of "structure-induced equilibria",if there is inconformity between state preference and central bank preferences,the political institution can decide which one will be converted to the authoritative behavior.Usually the institution of domestic politics can be hardly changed,and a state can alter the existing equilibria between central bank and government by participating in international institutions and negotiations,which will move towards enhancing the state autonomy.As one of the highest independent central banks,the Bundesbank feared that the European monetary cooperation would make it difficult to achieve its aim for domestic currency stability and therefore was reluctant to accept currency integration at the expense of Mark.However,German federal government has overcome the objections from Bundesbank and promoted the establishment of European Monetary System and European Monetary Union by using its informational advantages and legitimacy in the international institutions and negotiations.
【Fund】: 国家社会科学基金项目“参与国际合作机制和维护国家自主性的关系研究”(批准号:08CGJ001)的资助
【CateGory Index】: D751.6;F835.16
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【Co-citations】
Chinese Journal Full-text Database 6 Hits
1 LI Dong-peng(The School Office,Jilin Institute of Chemical Technology,Jilin City 132022,China);Economic Globalization and National Sovereignty[J];Journal of Jilin Institute of Chemical Technology;2012-08
2 Bai Guangyu and Zhuang Rui(Institute of International Economy,University of International Business and Economics, Beijing 100029,China);Two Major Flaws of European Integration Uncovered by Sovereign Debt Crisis——Enlightenment to East Asia Integration[J];Journal of Guangdong University of Finance;2011-06
3 ;当前世界主要货币国际化经验研究[J];Foreign Economic Relations & Trade;2012-12
4 ;欧元的地位、困境与启示[J];Special Zone Economy;2010-10
5 FAN Guang-yin School of Public Administration, Suzhou University, Suzhou 215000, China;Models and Methods of the Macro-analysis of China’s Real Estate Policy:A Case Study of the Real Estate Policy in 1998-2009[J];Journal of Tongji University(Social Science Section);2010-01
6 Zhang Hong-mei Wang Li-xiang Xu Yan-qiu;Indication of the Performance of the Euro-zone for China to Join Monetary Cooperation in East Asia[J];Asia-Pacific Economic Review;2008-02
【Co-references】
Chinese Journal Full-text Database 10 Hits
1 Dai Jinping1 Zhang Huaning2;Research on Unconventional Monetary Policy in United States after the Crisis[J];Finance & Economics;2010-06
2 Chen Lei Hou Peng;Quantitative Easing,Liquidity Spillover and Emerging Markets Inflation[J];Finance & Economics;2011-10
3 Wu Yikang;"Deutschlandfrage" und die Entwicklung der europischen Integration[J];Deutschland-Studien;2011-04
4 Chen Suquan;The Role Analysis of the G20 in the Global Governance Architecture[J];Around Southeast Asia;2010-10
5 Xiang Weixing Liu Xiaoxin;Dollar Standard: Its Problems and Sustainability[J];Studies of International Finance;2009-04
6 Dong Yanling Chen Lin Sun Xiaodan Wang Feifei;Super-sovereign Currency:Evolution of Theories and Practices[J];Studies of International Finance;2010-04
7 Xiang Weixing Wang Da;Shocks of the Configuration Change of International Capital Flows to Emerging Market Countries:Analysis based on the Global Financial Crisis[J];Studies of International Finance;2011-07
8 Huang Meibo & Hu Jianmei;International Macroeconomic Policy Coordination and the Institutionalisation of G20[J];International Forum;2011-01
9 Zhao Long;Agenda-setting and Global Governance: a Collision of Values in Crisis[J];International Forum;2011-04
10 Huang Yiping;Debt Risks,Quantitative Easing and China's Inflation[J];International Economic Review;2011-01
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