Download or read book European Economic and Monetary Integration and the Optimum Currency Area Theory written by Francesco P. Mongelli and published by . This book was released on 2008 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Optimum Currency Areas written by Mr.Leonardo Leiderman and published by International Monetary Fund. This book was released on 1997-06-17 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: Robert Mundell's pioneering theory of optimum currency areas is revisited, with experts from the IMF, the BIS, the European Investment Bank, academia, European think tanks, and the Bank of Israel looking at its current practical applications, especially in the context of the forthcoming European Economic and Monetary Union (EMU). Robert Mundell himself offers an update to help in assessing the implications and consequences of EMU.
Download or read book The Theory of Optimal Currency Areas Pros and Cons of the Eurozone written by Thorsten Mannherz and published by GRIN Verlag. This book was released on 2017-10-17 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2016 in the subject Economics - Finance, grade: 1,7, University of applied sciences, Cologne, course: Economics, language: English, abstract: On the 1st of January 1999, 11 European countries adopted the Euro as their official currency. A new Economic and Monetary Union with more than 300 million citizens was born. Sharing a common currency offers several advantages for countries, firms and citizens like enhanced cross-border trade, a better price transparency or the disappearance of foreign exchange rate risks. However, a Monetary Union also comes with constraints like the loss of exchange rate regime of its members which is an important instrument to fight adverse shocks. In order to minimize economic risks for its members and to foster the economic stability of the future European EMU, the European Union member states agreed to meet the Euro Convergence Criteria as a requirement to adopt the Euro. During the negotiations about the necessary criterion, the theory of Optimal Currency Areas – a theory which has its origin in the Bretton Woods era – was deliberately reincarnated by economists to verify whether or not the Eurozone can become a successful EMU. Until today the (traditional) OCA theory is often used by the literature and also by politicians to evince fundamental flaws of the Eurozone. This assignment investigates the Eurozone in the light of the theory of Optimal Currency Areas. In the first part of this assignment the main contributors to the theory of Optimal Currency Areas are enumerated and its most significant factors are explained. The second part applies the listed factors to the Eurozone in order to determine whether or not a specific criterion is fulfilled by the European EMU. A summary and conclusion complete this essay.
Download or read book European Economic and Monetary Integration and the Optimum Currency Area Theory written by Francesco Paolo Mongelli and published by . This book was released on 2008 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This essay follows the synergies and complementarities between European Economic and Monetary Union (EMU) and the optimum currency area (OCA) theory. Various advancements in economic theory and econometrics have made it possible to progress from the "early OCA theory" to a "new OCA theory". The balance of judgements has shifted in favour of monetary union: it is deemed to generate fewer costs and there is more emphasis on benefits. The "endogeneity of OCA" has further strengthened this consideration. Yet there is still no simple OCA test. When EMU made the leap to the Maastricht Treaty, the OCA theory could not deliver clear policy guidance. Plans for EMU went ahead as a follow-up of the Single Market Programme (SMP) with only limited direct input from the OCA theory."--Publication information page.
Download or read book The Economics of Common Currencies written by Harry G. Johnson and published by Routledge. This book was released on 2013-07-18 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gathering together the papers presented at the Madrid Conference on Optimum Currency Areas in 1970 this volume represents one of the first complete surveys of the theory and policy implication of monetary integration. The book discusses: the economics of fixed exchange rates relevant to monetary relations within an integrated monetary area the evolution of economic doctrine and a survey of optimum currency area theory problems of policy co-ordination within a currency area relevance of the monetary-fiscal policy mix problems of monetary union in developing countries the book predicted the establishment of an European currency but presented the case for greater flexibility of exchange rates as an alternative to currency unification.
Download or read book Inclusion of Central European Countries in the European Monetary Union written by Paul C. de Grauwe and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: The creation of the European Economic and Monetary Union (EMU) and the introduction of the euro is a historical event for the EU countries. The debates on the desirability of the EMU provoked a vast economic literature dealing with the theory of the optimum currency area, costs and benefits of the EMU, symmetric vs. asymmetric shocks, alternative mechanisms of adjustment in a monetary union and so forth. Until recently, for the Central European candidate countries for a full membership in the EU, these issues seemed to be too far away, as they concentrated on devising their own monetary and exchange rate systems suitable for their transition period. The challenges of the EMU for the Central European countries were practically not dealt with in both Western and Eastern economic literature. The present book aims to fill this gap, by focusing on the most direct issue of relevance for the Central European countries with respect to the EMU - why, how and when these countries are expected to join the EMU. The papers included in this volume study the relationship between the EU accession process of the Central European candidate countries and their involvement in the process of European monetary integration.
Download or read book Economic and Monetary Union in Europe written by Mark Baimbridge and published by Edward Elgar Publishing. This book was released on 2003 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: The introduction of a single currency within the European Union is without precedent in world history and will have far-reaching consequences for the future prosperity of the continent. This volume brings together contributions from leading specialists which explain and evaluate the most important implications of economic and monetary union. The work examines theoretical aspects of monetary integration, illustrates the historical lessons to be learned from these and discusses the resulting policy implications.
Download or read book Optimum currency area Is a fixed exchange rate regime more suitable than a flexible one written by Sofia Roth and published by GRIN Verlag. This book was released on 2018-06-04 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2011 in the subject Economics - Macro-economics, general, , language: English, abstract: This term paper outlines the theory of Optimum Currency Area (OCA), also known as an Optimal Currency Region (OCR). It also deals with the question under which conditions it is more suitable to have a fixed exchange rate regime or a flexible exchange rates regime in an OCA. The theory of OCA was developed in the early 1960s and deals with mixed, complicated issues of international macroeconomics and "emerged from the debate on the advantages and disadvantages of fixed versus flexible exchange rate regimes". Moreover the theory "attempts to answer the question under which circumstances it is beneficiary for a country or region to constitute a common currency area with other countries or region". This question was analyzed and contributed by the pioneered work of Mundell (1961). Other contributors at the beginning of this theory were McKinnon (1962) and Kenen (1969). Their cognition were based on founding’s by Friedman (1953) and Meade (1957).
Download or read book Europe and Money written by Peter Coffey and published by Springer. This book was released on 1977-06-17 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Regional Monetary Integration written by Peter B. Kenen and published by Cambridge University Press. This book was released on 2007-11-26 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book surveys the prospects for regional monetary integration in various parts of the world. Beginning with a brief review of the theory of optimal currency areas, it goes on to examine the structure and functioning of the European Monetary Union, then turns to the prospects for monetary integration elsewhere in the world - North America, South America, and East Asia. Such cooperation may take the form of full-fledged monetary unions or looser forms of monetary cooperation. The book emphasizes the economic and institutional requirements for successful monetary integration, including the need for a single central bank in the case of a full-fledged monetary union, and the corresponding need for multinational institutions to safeguard its independence and assure its accountability. The book concludes with a chapter on the implications of monetary integration for the United States and the US dollar.
Download or read book The Eurozone Experience written by Franco Praussello and published by FrancoAngeli. This book was released on 2012 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Optimum Currency Areas written by Mario I. Bléjer and published by . This book was released on 1997 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: Robert Mundell's pioneering theory of optimum currency areas is revisited, with experts from the IMF, the BIS, the European Investment Bank, academia, European think tanks, and the Bank of Israel looking at its current practical applications, especially in the context of the forthcoming European Economic and Monetary Union (EMU). Robert Mundell himself offers an update to help in assessing the implications and consequences of EMU.
Download or read book The Economics of Monetary Integration written by Paul de Grauwe and published by Oxford University Press, USA. This book was released on 1994 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Revised Second Edition covers recent events in the EMS, including the collapse of the ERM; includes fully updated empirical evidence; includes discussion of new theoretical developments such as target zone models and credibility testing; and introduces the political issues surrounding the move to monetary union. This popular textbook on monetary integration has now been fully revised and updated with expanded chapters on recent important events in the EMS, new empirical evidence, and coverage of further theoretical developments. This lucid and authoritative view will remain an invaluable undergraduate textbook. Professor De Grauwe focuses on the economic theory of monetary union, presents the costs and benefits of moving to a single currency, and provides a detailed presentation of the monetary system operating in Europe. This second edition introduces the student to the political issues surrounding monetary union, and Professor De Grauwe offers a critical analysis of the possibility of eventual European transition to full monetary union.
Download or read book The Road to Monetary Union written by Richard Pomfret and published by Cambridge University Press. This book was released on 2021-03-11 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Road to Monetary Union analyses in non-technical language the process leading to adoption of a common currency for the European Union. The monetary union process involved different issues at different times and the contemporary global background mattered. The Element explains why monetary union was attempted and failed in the 1970s, and why the process was restarted in 1979, accelerated after 1992 and completed for a core group of EU members in 1999. It analyzes connections between eurozone membership and Greece's sovereign debt crisis. It concludes with analysis of how the eurozone works today and with discussion of its prospects for the 2020s. The approach is primarily economic, while acknowledging the role of politics (timing) and history (path dependence). A theme is to challenge simplistic ideas (e.g. that the euro has failed) with fuller analysis of competing pressures to shape the nature of monetary union.
Download or read book European Monetary Union and Exchange Rate Dynamics written by Paul J.J. Welfens and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: The creation of the European Central Bank and the Euro have brought new challenges to EU integration and economic policy. This book looks into issues of monetary and factor market policies. The analysis presents new theoretical and empirical research on the current decline of the Euro. Issues regarding exchange rate policies and international economic relations are also addressed.
Download or read book Optimum Currency Areas A Monetary Union for Southern Africa written by Christian Sorgenfrei and published by Diplomica Verlag. This book was released on 2011-03 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the current situation in the European Monetary Union in mind, a Monetary Union in other parts of the world seems highly inadvisable. Nevertheless, Africa has some of the oldest Monetary arrangements in the world, dating back to the beginning of the 19th century. Is Africa particularly qualified for a Monetary Union? And furthermore, what features are necessary to make Monetary Arrangements between countries endurable? This study evaluates the prospects and the feasibility of a monetary union in the Southern African Development Community (SADC) from an economic point of view. Both the theory of optimum currency areas and the recent example of the European Monetary Union are employed to analyze the pros and cons of monetary unification. The theoretical implications are operationalized, first, by a broad analysis of economic and socio graphic data, and second, by estimating the degree of structural shock synchronization between SADC countries. Results obtained by an Autoregressive and Vector Autoregressive model indicate that a monetary union which includes all SADC members is neither desirable nor feasible in the foreseeable future. However, the study concludes that a small subset of countries, including South Africa, Namibia, Swaziland, Lesotho, Mozambique, Botswana and Zambia, could gain from forming a smaller monetary union.
Download or read book Monetary Aspects of Enlargement Central and Eastern Europe EMU and the ERM 2 written by Ulrich Machold and published by GRIN Verlag. This book was released on 2008 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2002 in the subject Economics - Monetary theory and policy, grade: 1.0 (A), Technical University of Berlin (-), 54 entries in the bibliography, language: English, abstract: A rough 50 years after its foundation, the European Union (EU) is preparing for the probably most ambitious challenge of its existence, the binding-back into the West of the once centrally-planned economies of Central and Eastern Europe (CEEC). Together with political and general economic efforts, European monetary integration also gains speed with as many as twelve CEEC queuing up for entry into the EU (not including Turkey, which has not yet officially begun entry negotiations), the first of them most likely joining the Union already two years after the physical introduction of the single currency, i.e. in 2004. Many of these countries are eager to also join Monetary Union (EMU) and show their ability to be ′good Europeans′ by adopting the Euro as soon as possible. Various statements by both CEEC-government officials and monetary authorities exemplify this very vividly. This implies that the enlargement of EMU is already a relevant issue. By the time it becomes acute, positions and perspectives of both applicants and current members should be clear, if unnecessary delays and political irritations are to be avoided. The body of literature on the subject is thus as large as the questions of when, how and on what terms CEEC-accession will take place are pressing, and becoming more so as time progresses. This study attempts to coherently examine the core issues related to EMU-enlargement, equally synthesising the various segmented approaches of the academic debate, and deduce normative conclusions as to what strategic outlook should seem appropriate to both CEEC and the current EMU-12: In what timeframe should accession most sensibly take place? How appropriate are the mechanics leading up to EMU, most prominently the Exchange Rate Mechanism (ERM-II) and the Maastr
