Reforming Britain's Economic and Financial Policy

Towards Greater Economic Stability

H. Treasury

• Publisher: Palgrave Macmillan
• Year: 2001
• Print ISBN:
  9780333966105
• eBook ISBN:
  9780230599833
• Topic: Economics
• Subtopic: Macroeconomics
• Index: Economics

In recent years the UK's macroeconomic policy framework has undergone a period of radical reform so as to deliver the economic stability necessary to achieve high levels of growth and employment. This book provides a comprehensive account of these reforms, which constitute a new and innovative approach to policy making. Radical changes to the monetary policy framework, the fiscal policy framework, the regime for public spending and financial regulation are presented. Together they represent a coherent strategy to deliver economic stability and benefits to the wider economy. As well as providing an unprecedented insight into UK Government economic policy, the book takes the reader through the intellectual foundations of policy reform and the translation of these to applied policy making. Reforming Britain's Economic and Financial Policy contains a foreword by the Chancellor, Gordon Brown.

Table of contents

• Cover
• Contents
• List of Tables
• List of Figures
• Foreword
• Introduction
• 1 Lessons from Past Policy Experience
• 2 Overview: Key Principles for PolicyMaking in an Open Economy
• 3 The New Monetary PolicyFramework
• 4 The Benefits of Maintaining Lowand Stable Inflation
• 5 The Specification of theInflation Target
• 6 The UK Model of Central BankIndependence: An Assessment
• 7 Reforms to Financial Regulation
• 8 An Overview of the New FiscalPolicy Framework
• 9 Understanding the Fiscal Rules
• 10 Analysing UK Fiscal Policy
• 11 The Public Finances and theEconomic Cycle
• 12 Planning and Controlling PublicSpending
• 13 Resource Accounting and Budgeting
• 14 Assessing Long-Term Sustainability
• 15 The Public Sector Balance Sheet
• 16 Debt Management: Theory andPractice
• 17 Reforming the InternationalFinancial Architecture
• 18 The EU Macroeconomic Framework
• 19 An Assessment of the NewMacroeconomic Policy Framework
• Notes
• Bibliography
• Index