Download or read book The Economics of Monetary Unions written by Juan E. Castañeda and published by Routledge. This book was released on 2020-03-16 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, a historical analysis of the precedents of the euro is examined within the context of the current issues affecting the Eurozone and the long-term effects of the institutional changes implemented since 2010. The book begins by placing the Eurozone challenges in the historical context of previous monetary unions, drawing on the experience of the gold standard. It then specifically focuses on the problems arising from the running of permanent trade imbalances within the Eurozone. The authors explore the advantages and disadvantages of being a member of the Eurozone and attempt to measure the optimality of a currency area by the calculation of an index on internal macroeconomic asymmetries. They address the proposals recently made in favour of a fiscal union in the Euro zone; including the economic and political feasibility of fiscal transfers in the Eurozone. The final two papers discuss whether the monetary union is in fact more than just that, and whether it will lead inevitably to some form of political union if it is to survive. With chapters by leading experts from both Europe and the UK, this book will appeal to students in Economics, Finance, Politics, EU integration and European studies; as well as academics and professional economists doing research in EU integration, the Euro zone, monetary history and monetary and banking unions in Europe, the UK and elsewhere.
Download or read book Making the European Monetary Union written by Harold James and published by Harvard University Press. This book was released on 2012-11-19 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: Europe’s financial crisis cannot be blamed on the Euro, Harold James contends in this probing exploration of the whys, whens, whos, and what-ifs of European monetary union. The current crisis goes deeper, to a series of problems that were debated but not resolved at the time of the Euro’s invention. Since the 1960s, Europeans had been looking for a way to address two conundrums simultaneously: the dollar’s privileged position in the international monetary system, and Germany’s persistent current account surpluses in Europe. The Euro was created under a politically independent central bank to meet the primary goal of price stability. But while the monetary side of union was clearly conceived, other prerequisites of stability were beyond the reach of technocratic central bankers. Issues such as fiscal rules and Europe-wide banking supervision and regulation were thoroughly discussed during planning in the late 1980s and 1990s, but remained in the hands of member states. That omission proved to be a cause of crisis decades later. Here is an account that helps readers understand the European monetary crisis in depth, by tracing behind-the-scenes negotiations using an array of sources unavailable until now, notably from the European Community’s Committee of Central Bank Governors and the Delors Committee of 1988–89, which set out the plan for how Europe could reach its goal of monetary union. As this foundational study makes clear, it was the constant friction between politicians and technocrats that shaped the Euro. And, Euro or no Euro, this clash will continue into the future.
Download or read book Monetary Unions written by Forrest Capie and published by Routledge. This book was released on 2003-09 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Economic and Monetary Union (EMU) has prompted much discussion. This book stands back and considers the relevant theory or what lessons might be drawn from other unions that have been formed as well as looking at EMU directly.
Download or read book The Eastern Caribbean Economic and Currency Union written by Mr.Alfred Schipke and published by International Monetary Fund. This book was released on 2013-04-10 with total page 546 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Eastern Caribbean Economic and Currency Union (OECS/ECCU) is one of four currency unions in the world. As in other parts of the world in the aftermath of the global economic and financial crisis, the region is at a crossroads, facing the major challenges of creating jobs, making growth more inclusive, reforming the banking system, and managing volatility, while grappling with high public debt and persistent low economic growth. Policymakers have the critical task of implementing strong reforms to strengthen the monetary union while also laying the foundation for accelerating growth. This Handbook provides a comprehensive analysis of the key issues in the OECS/ECCU, including its organization and economic and financial sector linkages, and provides policy recommendations to foster economic growth.
Download or read book A History of Monetary Unions written by John F Chown and published by Routledge. This book was released on 2003-02-27 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this comprehensive historical overview, the author writes about monetary unions with an admirable completeness and covers such themes as:*The Gold Standard*Monetary Unions in Countries and Areas from Latin America to The British Empire to Japan and Korea with many in between*EMU and its Policy Ramifications*the CFA Franc Zone in the former Frenc
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 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 Currency Unions written by Alberto Alesina and published by Hoover Institution Press. This book was released on 2013-11-01 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt: Currency Unions reviews the traditional case for flexible exchange rates and "countercyclical"—that is, expansionary during recessions and contractionary in booms—monetary policy, and shows how flexible exchange rate regimes can better insulate the economy from such real disturbances as terms-of-trade shocks. The book also looks at the pitfalls of flexible exchange rates—and why fixed rates, particularly full dollarization—might be a more sensible choice for some emerging-market countries. The contributors also detail the factors that determine the optimal sizes of currency unions, explain how currency union greatly expands the volume of international trade among its members, and examine the recent implementation of dollarization in Ecuador.
Download or read book Monetary Unions written by Hubert Kempf and published by Springer Nature. This book was released on 2022-04-22 with total page 457 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook explains the notion of monetary union, highlighting the key concepts, procedures, and challenges involved. The book is organized in three parts. In the first part, the reader learns about monetary issues, like definitions and typology of monetary unions, rationale of monetary unions, monetary policy, monetary institutional matters. The second part is devoted to fiscal matters and the interplay between fiscal and monetary policies, such as deficits, transfers, public debt sustainability issues, fiscal policy, policy mix. The last part focuses on other distinct but related issues, necessary to complete the union: banking and fiscal unions, structural adjustments in a monetary union. It ends with a chapter on the fate of monetary unions: how they develop, mature and sometimes dissolve. The book addresses students at undergraduate and graduate level, interested in a better understanding of international macroeconomics and monetary unions, as well as policy-makers, practitioners and economists in central banks, ministries of economics, economic institutions and banks.
Download or read book Von Furstenberg mon Unio Har Pegs C written by and published by . This book was released on with total page 399 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Handbook of the History of Money and Currency written by Stefano Battilossi and published by Springer. This book was released on 2020-03-13 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook provides a comprehensive overview of state-of-the-art research in the field of monetary and financial history. The authors comprise different generations of leading scholars from universities worldwide. Thanks to its unrivaled breadth both in time (from antiquity to the present) and geographical coverage (from Europe to the Americas and Asia), the volume is set to become a key reference for historians, economists, and social scientists with an interest in the subject. The handbook reflects the existing variety of scholarly approaches in the field, from theoretically driven macroeconomic history to the political economy of monetary institutions and the historical evolution of monetary policies. Its thematic sections cover a wide range of topics, including the historical origins of money; money, coinage, and the state; trade, money markets, and international currencies; money and metals; monetary experiments; Asian monetary systems; exchange rate regimes; monetary integration; central banking and monetary policy; and aggregate price shocks.
Download or read book Currency Unions Economic Fluctuations and Adjustment written by Mr.Tamim Bayoumi and published by International Monetary Fund. This book was released on 1996-08-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the sources of disturbances to output in the United States and a set of EU countries and analyzes labor market adjustment mechanisms in these two economic areas. Comparable datasets comprising 1-digit sectoral data for eight U.S. regions and eight European countries are constructed and used to compare the degree of industrial diversification and the relative importance of different sources of shocks to output growth. Both areas are found to be subject to similar overall disturbances although a disaggregated perspective reveals some important differences. The major difference, however, is in labor market adjustment. Interregional labor mobility appears to be a much more important adjustment mechanism in the United States, which has a more integrated labor market than the EU.
Download or read book Policy Issues in the Operation of Currency Unions written by Paul R. Masson and published by Cambridge University Press. This book was released on 1993-09-23 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: An overview and the latest research on single currency areas in Europe, the US, and the former USSR.
Download or read book Unions Central Banks and EMU written by Bob Hancké and published by OUP Oxford. This book was released on 2013-04-25 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the crisis of EMU through the lenses of comparative political economy. It retraces the development of wage-setting systems in the core and peripheral EMU member states, and how these contributed to the increasing divergence between creditor and debtor states in the late 2000s. Starting with the construction of the Deutschmark bloc, through the Maastricht process of the 1990s, and into the first decade of EMU, this book analyzes how labour unions and wage determination systems adjusted in response to monetary integration and, in turn, influenced the shape that monetary union would eventually take. Before the introduction of the Euro, labour unions were disciplined by central banks and governments, after social conflict in the north of the continent and with the use of social pacts in the others. Since controlling inflation had become the main goal of macro-economic policy, national central banks acted as a backstop to keep militant unions and profligate governments under control. Public sector wages thus were subordinated to manufacturing wages, a set-up policed by export sector unions, aided by the central bank. With the introduction of the single currency, the European Central Bank replaced the national central banks and, as a result, their capacity to control labour unions disappeared. The strong links between wages in the public sector unions and wages in the manufacturing export sector weakened dramatically in many countries, wage inflation re-emerged, and the stage was set for the current account divergences at the basis of the crisis of EMU.
Download or read book Currency Unions written by Patrick Honohan and published by Edward Elgar Publishing. This book was released on 2020-07-31 with total page 1280 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past twenty years have seen two waves of research on currency unions, prompted by the early experience of the European Economic and Monetary Union and by the existential crisis experienced by the euro area as a part of the global financial crisis. Alongside an original introduction, this important collection assembles key papers exploring a range of themes in these two waves of research, including subtopics such as reassessment of optimal currency area theory, new views on the policy choices, and the past and present experience of various currency unions. With a concluding section that addresses the question of complementary institutions going beyond an inflation-focused central bank, this two-volume collection provides an ample and comprehensive overview of currency unions.
Download or read book A Guide to the Euro written by Jay H. Levin and published by South Western Educational Publishing. This book was released on 2002 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this concise and comprehensive introduction to Europe's currency, Levin explains both the historical and political background as well as the economic underpinnings of monetary integration in contemporary Europe.
Download or read book Program Design in Currency Unions written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2018-03-16 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Despite a long history of program engagement, the Fund has not developed guidance on program design in members of currency unions. The Fund has engaged with members of the four currency unions—the Central African Economic and Monetary Community, the Eastern Caribbean Currency Union, the European Monetary Union, and the West African Economic and Monetary Union—under Fund-supported programs. In some cases, union-wide institutions supported their members in undertaking adjustment under Fund-supported programs. As such, several programs incorporated—on an ad hoc basis—critical policy actions that union members had delegated. Providing general guidance on program design for members in a currency union context would fill a gap in Fund policy and help ensure consistent, transparent, and evenhanded treatment across Fund-supported programs. This paper considers two options on when and how the Fund should seek policy assurances from union-level institutions in programs of currency union members. Option 1 would involve amending the Conditionality Guidelines, which would allow the use of standard conditionality tools with respect to actions by union-level institutions. Option 2—which staff prefers—proposes formalizing current practices and providing general guidance regarding principles and modalities on policy assurances from union-level institutions in support of members’ adjustment programs. Neither option would infringe upon the independence (or legally-provided autonomy) of union-level institutions, since the institutions would decide what measures or policy actions to take—just as any independent central bank or monetary authority does, for example, in non-CU members."
