Recent analysis by political economists of monetary institution                  determinants in different countries has been limited by the fact that exchange rate                  regimes and central bank institutions are studied in isolation from each other,                  without examining how one institution affects the costs and benefits of the other.                  By contrast, the contributors to this volume analyze the choice of exchange rate                  regime and level of central bank independence together; the articles (originally                  published in a special issue of International Organization) constitute a second                  generation of research on the determinants of monetary institutions. The                  contributors consider both economic and political factors to explain a country's                  choice of monetary institutions, and examine the effect of political processes in                  democracies, including interest group pressure, on the balance between economic and                  distributional policy.

The Political Economy of Monetary Institutions (International Organization Special Issues) PDF

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