Alberto Giovannini

Alberto Giovannini is Associate Professor at the Columbia University Graduate School of Business.

  • The Debate on Money in Europe

    Alberto Giovannini

    Recent years have witnessed one of the most exciting and wide-ranging debates in monetary economics as some of the largest and richest European countries decide whether to replace their national moneys with a common currency. This collection by one of the leading experts on the subject touches on all the major points in that debate.

    Recent years have witnessed one of the most exciting and wide-ranging debates in monetary economics as some of the largest and richest European countries decide whether to replace their national moneys with a common currency. This collection by one of the leading experts on the subject touches on all the major points in that debate. Written from 1985 to 1992, the essays address in a clear and cogent manner such topics as the transition to a European monetary system, the design and functioning of a European Central Bank, currency reform, capital inflow, and exchange rate. Alberto Giovannini's ideas have often influenced the debate on European money in academic and policy circles. In 1985, Giovannini was writing about a possible European monetary union before anyone else, and the European Commission subsequently adopted his reasoning in its report recommending a unified currency. His work inspired the fiscal restraints on individual countries that became an important element in the Maastricht Treaty. And he accurately predicted the exchange rate crisis in Europe a year before it happened. All of this groundbreaking work is included here. Although most of the chapters have been previously published, two are new, and two are significantly revised (most were written in 1990-1992). An introduction reviews the European situation up the summer of 1994.

    • Hardcover $12.75 £10.99
  • Limiting Exchange Rate Flexibility

    The European Monetary System

    Francesco Giavazzi and Alberto Giovannini

    This book provides the first in depth analysis of the European Monetary System (EMS), the only lasting experiment of this kind.

    Events of recent years have exacerbated the dissatisfaction with the performance of flexible exchange rates, and prompted a number of proposals to limit exchange rate fluctuations among industrialized countries. This book provides the first in depth analysis of the European Monetary System (EMS), the only lasting experiment of this kind. The book's careful blend of theory and empirical analysis supports the view that, in Europe, nominal exchange rate targets have had significant real effects. Its detailed description of European economic institutions shows why exchange rate fluctuations are perceived as especially harmful. Giavazzi and Giovannini explain the institutional features of the EMS and describe how central banks run the system in practice. They offer an illuminating analysis of European capital controls and show how such regulations have guaranteed the survival of the EMS in a period characterized by unprecedented dollar fluctuations.The authors point out the lessons to be drawn from this experience with the EMS for the more general problem of reforming the international monetary system. Their forceful arguments are backed by analysis of such important issues as the determinants of international capital flows and international portfolio diversification, and the role of credibility and expectations in disinflation.

    • Hardcover $35.00