DOCSLIB.ORG

CURRICULUM VITAE of the GOVERNOR Name: Ignazio Visco Date of Birth

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
CURRICULUM VITAE of the GOVERNOR Name: Ignazio Visco Date of Birth CURRICULUM VITAE OF THE GOVERNOR Name: Ignazio Visco Date of birth: 21 November 1949 Nationality: Italian Marital status: married, three daughters Career at the Bank of Italy Nov. 2011-present Governor (appointed on 1 November 2011; mandate renewed on 1 November 2017) Jan. 2007-Oct. 2011 Deputy Director General Mar. 2006-Dec. 2006 Managing Director for Economic Research Mar. 2004-Mar. 2006 Managing Director for International Affairs 1990-1997 Head of the Structural Economic Analysis Department 1972-1990 Economist and Senior Economist Education 1981 Ph.D. in Economics, University of Pennsylvania 1974 M.A. in Economics, University of Pennsylvania 1971 Degree in Economics, University of Rome "La Sapienza" Honours, academic awards and scholarships Honours, academic awards and scholarships 2018 Emeritus Professor, Honorary Degree, University of Rome "Tor Vergata" 2016 Honorary degree in Statistics for Decision Making, University of Naples Federico II 2015 Master's Degree (Hons) in Statistical and Actuarial Studies, University of Trieste 2011 Cavaliere di Gran Croce, Order of Merit of the Italian Republic 2007 Grande Ufficiale, Order of Merit of the Italian Republic 1/5 2006 "Best in Class" Prize: Faculty of Economics, University of Rome "La Sapienza" 1982 Leontief Award for Best Dissertation in Quantitative Economics: Eastern Economic Association 1975-1976 Marco Fanno Scholarship: Mediocredito Centrale 1973-1974 Luigi Einaudi Fellowship: Ente "Luigi Einaudi'' for Monetary, Banking and Financial Studies 1972-1973 Bonaldo Stringher Scholarship: Bank of Italy 1972 Postgraduate Scholarship: Ministry of Education Positions held in other institutions (in the capacity of Governor of the Bank of Italy) 2013-present Insurance Supervisory Authority (IVASS), Chairman of the Joint Directorate 2011-present European Central Bank (ECB), Member of the Governing Council and General Council 2011-present European Systemic Risk Board (ESRB), Member of the General Board 2011-present G7 and G20, Governor - Head of Delegation, Central Bank of Italy 2011-present Bank for International Settlements (BIS), Member of the Board of Directors 2011-present International Bank for Reconstruction and Development (IBRD) - International Development Association (IDA) - International Finance Corporation (IFC) - Multilateral Investment Guarantee Agency (MIGA) - Asian Development Bank (ADB), Governor for Italy on the Boards of Governors 2011-present International Monetary Fund (IMF) - Inter-American Development Bank (IADB), Alternate Governor for Italy 2011-present FSB, Member of the Steering Committee, and since September 2016, Chair of Standing Committee on Budget and Resources (SCBR) 2011-present Member of the Italian Financial Stability Committee Academic positions 1992 Visiting Professor of Economic Policy, University of Rome "La Sapienza" 1984-1986 Visiting Professor of Econometrics, University of Rome" La Sapienza" 1978 (Oct.-Dec.) Visiting Scholar, Stanford Research Institute, Washington, D.C. 1975-1976 Fellow, Econometric Research Unit, Department of Economics, University of Pennsylvania 2/5 Other roles 2016-present CEBRA - Central Bank Research Association, Member of the Senior Council 2009-2011 G7 and G20, Central Bank Deputy 2006-2011 BIS, Alternate Member of the Board of Directors 2006-2012 EU, Member of the Economic and Financial Committee 2005-2012 International Center for Monetary and Banking Studies, Chairman of the Scientific Council 2005-2012 OECD, Member of the Working Party No. 3 2004-2007 Italian insurance and financial group (SACE), Member of the Advisory Committee 2004-2006 G10, Central Bank Deputy for Italy 2004-2005 Asian Development Bank (ADB), Alternate Governor and Head of the Italian Delegation at the 37th and 38th Annual Meetings of the Board of Governors (Republic of Korea and Turkey) 2004-2005 IMF, World Bank Group - Member of the Italian delegation 2004-2011 ESCB, Member of the International Relations Committee International Relations Committee; 2009-2010, Chair 2004-2006 Adriano Olivetti Institute of Studies on Economic and Business Management (ISTAO), Member of the Board of Directors 2003-2007 Marshall Memorial Fellowship Program run by the German Marshall Fund, Member of the Italian Selection Committee 2002-2003 ISAE, Institute of Economic Studies and Analysis (ISAE), Member of the Scientific Committee on Monitoring Italy 2002 Formez-Rosselli Foundation for the Project on Public Administration and Economic Activity, Member of the Advisory Committee 1999-2002; Bellagio Group on the International Economy, Member 2004-2011 1999-2002 Center for Strategic and International Studies, Member of the Commission on Global Aging 1998-2002 G10, Committee of Deputies - Observer 1997-2002 OECD, Chief Economist and Head of the Economics Department 1996-2004 Raffaele Mattioli Lectures Series organized by the Banca Commerciale Italiana in association with Bocconi University, Member of the Scientific Committee 1996 ISTAT, Third National Conference of Statistics at the National Statistics Institute, Member of the Scientific Committee 1995-1997 EU, Economic Policy Committee, Member 1995-1997 Committee for Policy and Coordination of Statistical Information at the Public Administration Department of the Prime Minister's Office, Member 3/5 1995-1997 OECD, Ad Hoc Group of High Level Monetary Experts, Member 1995 Marco Fanno and Roberto Olivetti Fellowships Assocation run by the Central Institute for Medium-Term Credit (Mediocredito Centrale), Member of the Management Committee 1994-2001 ENI, Enrico Mattei Foundation, Member of the Scientific Advisory Board 1994-1998 National Research Council (CNR), Member of the National Consulting Committee for Economics, Sociology and Statistics 1993 Italian Ministry of Foreign Trade, Member of the Committee on Foreign Trade Monitoring 1992-1997 National Council for Economy and Labour (CNEL), Member of the Scientific Committee on the Distribution and Re-distribution of Income 1991-1997 Inter-University Center of Econometrics, Member of the Scientific Committee 1991-1992 OECD, Member of the Economic Policy Committee 1991-1992 Italian Statistical Society, Member of the Scientific Committee on Statistic and Econometric Methods 1988-1995 CESPEL, Bocconi University, Member of the Management Committee 1988-1991 Italian Ministry for Industry and Trade, Member of the Committee on Price Monitoring 1988 Econometric Society, Member of the Programme Committee for the European Meeting 1986-1987 National Research Council (CNR), Project on the Structure and Evolution of the Italian Economy (Sub-Project No. 3), Director of the Unit on Tariffs, Indirect Taxes and Public Intervention on Prices of Goods and Services of the National Research Council 1983-1985 "DESEC Project" (Seasonal Adjustment of Economic Time Series), Centre for Specialization and Agricultural Economic Research on the South of Italy, Member of the Scientific Committee 1982-1984 Ministry of Public Education, Member of the Committee for the Revision of University Courses in Economics and Business 1978-1980 Central Statistics Institute, Member of the Scientific Committee on the Seasonal Adjustment of Time Series Fellow of the Italian Statistical Society, the Italian Economists' Society, the Italian Social Sciences Council, the American Economic Association and of the European Economic Association. Editorial positions: 2001-2012 Member of the Advisory Group on Publications in Economics: "Il Mulino" 2001-2005 Member of the Policy Board: "Journal of Industry, Competition and Trade" 4/5 1991-1997 Director of the following Bank of Italy publications: "Bollettino economico", "Economic Bulletin", "Contributi all'analisi economica", "Supplementi al Bollettino statistico", "L'economia italiana: principali indicatori" 1987-2011 Co-editor and Member of the Editorial Advisory Board: "Politica economica" 1986-1991 Associate editor: "European Economic Review" 1984-1987 Member of the Editorial Committee for the following Bank of Italy publications: "Contributi all'analisi economica", "Temi di discussione" (Working Papers) 5/5 .
Load more

Recommended publications
  • OECD, "Seminar on Capital Movements Agenda,"
    PROGRAMME SEMINAR ON OPEN AND ORDERLY CAPITAL MOVEMENTS Does global co-operation matter? 25 October 2016, OECD, Paris Organised by the OECD in co-operation with Germany (Federal Ministry of Finance) as the upcoming G20 Presidency Open and orderly capital movements: does global co-operation matter? An open, transparent and orderly global system of capital flows underpins global growth and stability. In light of the increasingly interconnected global economy, faced with episodes of heightened capital flows volatility, significant value is attached to credible commitment mechanisms to rules-based and co-operative approaches to capital flows that send a positive signal of a predictable policy agenda. This type of framework will help countries maintain markets’ confidence and continue to attract the long-term, high-quality capital needed to support inclusive growth and sustainable development. The OECD Code of Liberalisation of Capital Movements (the Code) provides such a framework. As an instrument that encourages co-operation, it has provided a tried and tested process for global dialogue for over 50 years. The Code is used by the 35 OECD countries, including emerging economies, as well as by non-OECD countries. Four non-OECD countries have applied for adherence since it was opened to all in 2012. It is a living instrument adaptable to countries at different levels of development, through built-in flexibility clauses that allow temporary suspension of liberalisation commitments in times of economic and financial disturbance. Over time, Adherents have developed a body of well-established jurisprudence on the implementation of the Code’s rights and obligations and the conformity of individual country measures.
    [Show full text]
  • Risk and Regulation Monthly November 2020 Contents
    CENTRE for REGULATORY STRATEGY EMEA Risk and Regulation Monthly November 2020 Contents CONTENTS HIGHLIGHTS COVID-19 BANKING CAPITAL MARKETS INVESTMENT MANAGEMENT CENTRAL BANK OF IRELAND OTHER CONTACTS Highlights In Ireland, the Central Bank published the outcome of its thematic review of fund management companies. It was found that a significant number of firms have not fully implemented the framework for governance, management and oversight in fund management companies. The European Commission published a consultation on AIFMD. This ask respondents whether fund delegation rules should be accompanied with quantitative criteria or a list of core functions that cannot be delegated. For a full list of COVID-19 related regulatory, monetary and fiscal policy initiatives, please see our report available here. COVID-19 Speech by Pablo Hernández de Cos, Governor of the Bank of Spain, on EU Spain's experience with risks and ECB vulnerabilities in the corporate sector as a result of the COVID-19 crisis Speech by Philip R. Lane, Member of the Executive Board at the ECB, on the Speech by Luigi Federico Signorini, ECB’s monetary policy in the pandemic Deputy Governor at the Bank of Italy on mobilising private finance for a Interview of Christine Lagarde, green recovery and hence “building President of the ECB on the role of the back better” ECB in non-normal times Macroprudential bulletin covering the Speech by Randal K Quarles, Vice usability of capital buffers Chairman for Supervision of the Board of Governors of the Federal Reserve ECB -
    [Show full text]
  • Ignazio Visco: the fi Nancial Crisis and Economists’ Forecasts
    Ignazio Visco: The fi nancial crisis and economists’ forecasts Commencement address by Mr Ignazio Visco, Deputy Director General of the Bank of Italy, to the students of the Master in Public Economics at the Faculty of Economics, La Sapienza University, Rome, 4 March 2009. While I alone am responsible for the views put forward in this paper, I wish to thank Fabio Busetti, Michele Caivano, Eugenio Gaiotti, Alberto Locarno, Sergio Nicoletti Altimari, Patrizio Pagano, Fabio Panetta and Stefano Siviero for discussions on its various parts and for their practical assistance. The original speech, which contains various links to the documents mentioned, can be found on the Bank of Italy’s website. 1. Introduction T IS PERHAPS early to draw lessons from the crisis that has hit the global economy. The crisis appears severe and widespread, its effects far-reaching and long-lasting. IMeasures of various kinds have been taken or are in the process of being taken regarding monetary policy, the use of public resources and the revision of rules and institutions on which the proper functioning of the markets and the operation of fi nancial intermediaries depend. The present is undoubtedly a period of maximum efforts on the part of economic policy and overall political action, efforts that are directly proportional to the seriousness of the crisis. But this is also a moment in which the interpretative models used in analyzing our economies start being reconsidered and attempts are being made at identifying the reasons underlying the failures of markets, economic policies and economists’ forecasts. Besides, this is also necessary in order to better defi ne interventions – global, substantial, focused and lasting – aimed at overcoming the crisis and, as far as possible, preventing, with the design of new rules, new institutions and new policies, such serious instability from occurring again.
    [Show full text]
  • POLICY INSIGHT No.68 December 2013
    abcd a POLICY INSIGHT No.68 December 2013 The aftermath of the crisis: Regulation, supervision and the role of central banks Ignazio Visco Governor, Bank of Italy Introduction trillion at the end of 2006, 700 at the end of 2007 and still 700 trillion in December 2012. The financial crisis has brought to the fore a number of issues. It has been severe and Financial deepening, by allowing greater widespread, and has affected many economies diversification of risk and making finance in different and long-lasting ways. Maintaining accessible to larger numbers of countries and firms, financial stability has once again become a major can be instrumental to broadening economic concern of policymakers and central banks are development. But there is a risk that finance turns heavily involved in this endeavour. A clear need into an end in itself, with consequences that can has emerged for a substantial overhaul in financial be more damaging as the system becomes more regulation and supervision, also considering that interconnected and the potential for externalities the financial system of tomorrow will most likely increases. be rather different from the one that has developed over the last two decades. Scepticism has grown At the same time, the interaction between about the role of finance in the economic system, monetary policy and financial stability becomes and especially its apparent separation from, if not more relevant as heightened financial complexity conflict with, the real economy. We should take amplifies the widespread non-linearities in the stock of what has gone wrong, and in so doing dynamics of financial and economic variables, and reflect on the way forward – as it is already taking the consequences of interconnections between the shape – as well as on how to better link our theories financial and the real side of the economy.
    [Show full text]
  • 8-11 July 2021 Venice - Italy
    3RD G20 FINANCE MINISTERS AND CENTRAL BANK GOVERNORS MEETING AND SIDE EVENTS 8-11 July 2021 Venice - Italy 1 CONTENTS 1 ABOUT THE G20 Pag. 3 2 ITALIAN G20 PRESIDENCY Pag. 4 3 2021 G20 FINANCE MINISTERS AND CENTRAL BANK GOVERNORS MEETINGS Pag. 4 4 3RD G20 FINANCE MINISTERS AND CENTRAL BANK GOVERNORS MEETING Pag. 6 Agenda Participants 5 MEDIA Pag. 13 Accreditation Media opportunities Media centre - Map - Operating hours - Facilities and services - Media liaison officers - Information technology - Interview rooms - Host broadcaster and photographer - Venue access Host city: Venice Reach and move in Venice - Airport - Trains - Public transports - Taxi Accomodation Climate & time zone Accessibility, special requirements and emergency phone numbers 6 COVID-19 PROCEDURE Pag. 26 7 CONTACTS Pag. 26 2 1 ABOUT THE G20 Population Economy Trade 60% of the world population 80 of global GDP 75% of global exports The G20 is the international forum How the G20 works that brings together the world’s major The G20 does not have a permanent economies. Its members account for more secretariat: its agenda and activities are than 80% of world GDP, 75% of global trade established by the rotating Presidencies, in and 60% of the population of the planet. cooperation with the membership. The forum has met every year since 1999 A “Troika”, represented by the country that and includes, since 2008, a yearly Summit, holds the Presidency, its predecessor and with the participation of the respective its successor, works to ensure continuity Heads of State and Government. within the G20. The Troika countries are currently Saudi Arabia, Italy and Indonesia.
    [Show full text]
  • Rivista Trimestrale Dell'acri
    2019 2-3 2-3 Anno LXVII - n. 2-3 aprile-settembre 2019 Rivista trimestrale dell’ACRI - Associazione di Fondazioniedi Casse di Risparmio Spa Poste Italiane Spa Sped. in abb. post. 70% DCB Roma - com. 20 lett. c - Art.2legge 662 del 23/12/96 - Filiale di Roma - Romanina Editor Nicola Mattoscio (University of Chieti-Pescara) Administrative Editor Giorgio Righetti (ACRI, Rome) Editorial Board Adriano Giannola (University of Naples “Federico II”) Gino Gandolfi (ACRI, Rome) Valentino Larcinese (London School of Economics) Antonio Patuelli (ABI, Rome) Dominick Salvatore (Fordham University of New York) Pasquale Lucio Scandizzo (University of Rome “Tor Vergata”) «Il Risparmio Review» is included in JEL on CD, e-JEL and Econlit, the electronic indexing and abstracting service of the American Economic Association Anno LXVII2/3 – n. aprile-settembre 2019 Rivista trimestrale dell’ACRI - Associazione di Fondazioni e di Casse di Risparmio Spa Redazione: Via del Corso, 267 - 00186 Roma Tel. 06.68.18.43.87 - Fax 06.68.18.42.23 [email protected] www.ilrisparmioreview.it www.acri.it Codice ISSN 0035-5615 (print) Codice ISSN 1971-9515 (online) Le opinioni espresse negli articoli firmati o siglati impegnano unicamente la responsabilità dei rispettivi Autori. La riproduzione dei testi è consentita, purché ne venga citata la fonte. SOMMARIO 95ª GIORNATA MONDIALE DEL RISPARMIO Risparmio è sostenibilità. Scelte di oggi per immaginare il domani 95th WORLD SAVINGS DAY Savings means sustainability. Choosing today to feed the future Gli interventi di: FRANCESCO PROFUMO 7 ANTONIO PATUELLI 23 IGNAZIO VISCO 31 ROBERTO GUALTIERI 49 ARTICOLI ANTONIO PEZZUTO I vincoli di bilancio nell’Unione Europea European union budget constraints 65 3 95ª GIORNATA MONDIALE DEL RISPARMIO 95th World Savings Day Risparmio è sostenibilità.
    [Show full text]
  • Permanent Members of the ESRB General Board
    Permanent members of the ESRB General Board Voting Members Non-voting Members Chair of the ESRB General Board Mario Draghi President European Central Bank Sonnemannstraße 20 60314 Frankfurt am Main Germany First Vice-Chair of the ESRB General Board (voting member as Governor of the Bank of England) Mark Carney Governor Bank of England Threadneedle Street London EC2R 8AH United Kingdom Second Vice-Chair of the ESRB General Board (voting member as Chairman of the ESAs Joint Committee) Andrea Enria Chairman European Banking Authority Tower 42 (level 18) 25 Old Broad Street London EC2N 1HQ United Kingdom 1 Permanent members of the ESRB General Board Voting Members Non-voting Members Chair of the Advisory Scientific Committee Richard Portes Professor of Economics London Business School Sussex Place London NW1 4SA United Kingdom Vice-Chair of the Advisory Scientific Committee Javier Suárez CEMFI Casado del Alisal 5 28014 Madrid Spain Vice-Chair of the Advisory Scientific Committee Marco Pagano Department of Economics University of Napoli Federico II Via Cintia Monte S. Angelo 80126 Napoli Italy Chair of the Advisory Technical Committee (voting member as Governor of the Sveriges Riksbank) Stefan Ingves Governor Sveriges Riksbank Brunkebergstorg 11 103 37 Stockholm Sweden 2 Permanent members of the ESRB General Board Voting Members Non-voting Members Austria Ewald Nowotny Helmut Ettl Governor Executive Director Oesterreichische Nationalbank Österreichische Finanzmarktaufsicht (FMA) Otto-Wagner-Platz 3 1090 Vienna Otto-Wagner-Platz 5 Austria 1090
    [Show full text]
  • Digital Transformation of the Retail Payments Ecosystem European Central Bank and Banca D’Italia Joint Conference
    Digital transformation of the retail payments ecosystem European Central Bank and Banca d’Italia joint conference 30 November and 1 December 2017 Rome, Italy programme Thursday, 30 November 2017 08:00 Registration and coffee 09:00 Welcome remarks Ignazio Visco, Banca d’Italia Introductory speech Yves Mersch, European Central Bank Topic I – Digital evolution of retail payments 09:45 Panel discussion: Digital evolution of retail payments – a global scan from a central bank perspective Panellists: Veerathai Santiprabhob, Bank of Thailand Reinaldo Le Grazie, Banco Central do Brasil Denis Beau, Banque de France Francois E. Groepe, South African Reserve Bank Moderator: Yves Mersch, European Central Bank 11:00 Coffee break 2 11:30 Keynote speech: The impact of digital innovation on banking and payments Chris Skinner, Fintech commentator and author 12:00 Panel discussion: How to foster innovation and integration in retail payments Panellists: Massimo Cirasino, World Bank Group Luisa Crisigiovanni, Altroconsumo Elie Beyrouthy, American Express Pierre Petit, European Central Bank Javier Santamaría, European Payments Council Moderator: Paolo Marullo Reedtz, Banca d’Italia 13:15 Lunch break 14:30 Academic session: On the way to a digital retail payments ecosystem – drivers and inhibitors Are instant retail payments becoming the new normal? Lola Hernández (co-authors Monika E. Hartmann, Mirjam Plooij and Quentin Vandeweyer), European Central Bank 3 The future of digital retail payments in Europe: a role for central bank issued crypto cash? Ruth Wandhöfer,
    [Show full text]
  • Ignazio Visco : the G20 Techsprint 2021 on Sustainable Finance
    Ignazio Visco: The G20 TechSprint 2021 on sustainable finance Address by Mr Ignazio Visco, Governor of the Bank of Italy, at the G20 TechSprint 2021 – Presentation Event, Rome, 7 May 2021. * * * I am very pleased to share with you today the presentation of this year’s G20 TechSprint initiative. The world is currently facing some very difficult challenges – the attempt to end the pandemic, the effort to eradicate extreme poverty, the fight against climate change – and the G20 is working intensely to address them, by identifying and implementing shared, coordinated and equitable responses. This year Italy holds the Presidency of the G20 at a time in which the world economy is slowly recovering from the devastating impact of the Covid-19 crisis. The Italian Presidency aims at addressing this challenge by steering and encouraging global policy makers to strengthen cooperation and step up their efforts to promote a transformative recovery leading to a more inclusive and sustainable economy and society. In order to foster this recovery, both national and international policymakers must pay particular attention to two main factors: technological progress and climate change. The former is rapidly transforming our economies and societies. In the financial sector, in particular, new entrants such as Fintech and Insurtech companies are shaking up the market with new business models, new processes and products. As a response to these entrants, financial services firms are looking to modern technologies such as machine learning and artificial intelligence to increase automation, deliver cost reductions, increase efficiency and gain a competitive advantage. These technological solutions and the use of digital platforms have lowered entry barriers for alternative payment providers and pose new challenges for existing service providers such as banks or credit card circuits.
    [Show full text]
  • The G20 Under Italy's Leadership in 2021
    The G20 under Italy’s leadership in 2021 Keynote speech by Ignazio Visco Governor of the Bank of Italy The Global Foundation – Rome Roundtable 2020 “Which way the world after the pandemic? Our inclusive human future” Virtual meeting, 16-17 November 2020 Your Excellences, Ladies and Gentlemen, it is a great pleasure to join the 2020 virtual edition of the Rome Roundtable meeting. I would like to thank the Secretary General Steve Howard for giving me the opportunity to address such a distinguished group of guests and the Chairman Rob Knott for his kind introduction. Next year Italy will chair the Group of Twenty (G20) for the first time since it started its gatherings in 1999. Our Presidency, not unlike the one that is about to conclude, takes hold under exceptional circumstances. The Covid-19 pandemic, a human tragedy, has triggered an economic collapse that is unprecedented in recent history. According to the latest IMF projections, global activity will contract by 4.4 per cent this year, the worst result since World War II. At the time of the global financial crisis, in their Statement at the 2009 Pittsburgh Summit, G20 Leaders designated the Group to be the “premier forum for our international economic cooperation”. Global financial stability was then in danger; that crisis had sizeable costs, but coordinated actions succeeded in halting a more costly spiral and, also through the work of the Financial Stability Board (FSB), making our financial systems more resilient. Today’s pandemic crisis brings to the fore another extremely dangerous challenge that must be addressed with ever closer cooperation across countries.
    [Show full text]
  • 27- Alogoskoufis, George S., (1992), "Fiscal Policies
    - 27- REFERENCES Alogoskoufis, George S., (1992), "Fiscal Policies, Devaluations, and Exchange Rate Regimes: The Stabilization Programmes ofIreland and Greece," Economic and Social Review, No.3, Vol. 23 pp. 225-46. Ball, Laurance (1993), "What Determines the Sacrifice Ratio?" NBER Working Paper No. 4306 (March). Bini Smaghi, L. and S. Micossi, (1989), "Managing Exchange Markets in the EMS with Free Capital," Banca Nazionale del Lavoro Quarterly Review, (June). Calvo, Guillermo, (1986), "Temporary Stabilization: Predetermined Exchange Rates," Journal ofPolitical Economy, No. 94, pp. 148-66. _ and Carlos Vegh, (1994), "Stabilization Dynamics and Backward-Looking Contracts," Journal ofDevelopment Economics, Vol. 43 (February) pp. 59-84. Dornbusch, Rudiger, (1989), "Ireland's Disinflation: Credibility, Debt, and Unemployment: Ireland's Failed Stabilization," Economic Policy: A European Forum, No.8, (April), pp.I73-210. Drazen, Allan and Elhanan Helpman, (1988), "Stabilization with Exchange Rate Management under Uncertainty," Economic Effects of the Government Budget, (Cambridge, Massachusetts and London: MIT Press), pp. 310-27. Easterly, William, (1996), "When is Stabilization Expansionary?" Economic Policy: A European Forum, No. 22, (April), pp. 67-107. Froot, Kenneth and Kenneth Rogoff, (1991), "The EMS, the EMU, and the Transition to a Common Currency." NBERMacroeconomics AnnualI99I, (Cambridge & London: MIT Press), pp. 269-317. Giavazzi, Francisco and Marco Pagano, (1990), "Can Severe Fiscal Contractions be Expansionary? Tales of Two
    [Show full text]
  • The Future of Money by Ignazio Visco Governor of the Bank of Italy
    Back to The Future of Money by Ignazio Visco Governor of the Bank of Italy Panel discussion of the Andrew Crockett Memorial Lecture by Mark Carney Online event, Bank for International Settlements Monday 28 June 2021 • Let me first thank the BIS for the kind invitation and let me congratulate Mark Carney for providing, as usual, a very insightful perspective on a key question for the future of central banks. • I will start with a quote: “Looking to the next few decades, technological advances combined with fairly dramatic economic and social changes could create conditions for the emergence of new, virtual forms of money and credit. On the positive side these digital forms of money could help to create more efficient and more global economies and societies. On the negative side tomorrow’s new forms of money could make it easier to engage in anti-competitive behaviour; exacerbate exclusion and inequality; foster economic volatility; facilitate criminal activity; and even undermine the effectiveness of macroeconomic policy.” • These are not sentences written a few years ago, when we started to give special attention to the development of instruments such as crypto-assets, stable-coins and central bank digital currencies. It is the opening of the foreword to a book titled The Future of Money, published in 2002, which brought together a series of papers presented at an “OECD Forum for the Future” meeting held in Luxembourg exactly 20 years ago. • In all honesty, as the OECD Chief economist, back then I was more concerned with the pressing conjunctural and structural economic and policy problems that we were facing at the time, globally and within the OECD member countries.
    [Show full text]