Monetary Unions

Author : Juan E. Castañeda,Alessandro Roselli,Geoffrey E. Wood
Publisher : Routledge
Page : 271 pages
File Size : 53,5 Mb
Release : 2020-03-16
Category : Business & Economics
ISBN : 9781000036794

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The Economics of Monetary Unions by Juan E. Castañeda,Alessandro Roselli,Geoffrey E. Wood Pdf

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.

Author : Forrest Capie,Geoffrey E Wood
Publisher : Routledge
Page : 209 pages
File Size : 41,6 Mb
Release : 2003-09
Category : Business & Economics
ISBN : 9781134420254

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Monetary Unions by Forrest Capie,Geoffrey E Wood Pdf

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.

Author : John F Chown
Publisher : Routledge
Page : 402 pages
File Size : 41,5 Mb
Release : 2003-02-27
Category : Business & Economics
ISBN : 9781134473021

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A History of Monetary Unions by John F Chown Pdf

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

Author : Alberto Alesina,Robert J. Barro
Publisher : Hoover Institution Press
Page : 99 pages
File Size : 43,9 Mb
Release : 2013-11-01
Category : Business & Economics
ISBN : 9780817928469

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Currency Unions by Alberto Alesina,Robert J. Barro Pdf

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.

Author : Harold James
Publisher : Harvard University Press
Page : 324 pages
File Size : 55,6 Mb
Release : 2012-11-19
Category : Business & Economics
ISBN : 9780674070943

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Making the European Monetary Union by Harold James Pdf

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.

Author : Paul de Grauwe,Jacques Melitz
Publisher : MIT Press
Page : 376 pages
File Size : 47,7 Mb
Release : 2005
Category : Business & Economics
ISBN : STANFORD:36105114515971

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Prospects for Monetary Unions After the Euro by Paul de Grauwe,Jacques Melitz Pdf

Monetary integration is a hot topic since the success of the euro. This book looks at the future prospects for the eurozone and at the potential for similar schemes in other parts of the world.

Author : Anonim
Publisher : Unknown
Page : 399 pages
File Size : 49,9 Mb
Release : 2024-06-26
Category : Electronic
ISBN : 9780199271405

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Von Furstenberg:mon Unio Har Pegs C by Anonim Pdf

Author : Hubert Kempf
Publisher : Springer Nature
Page : 457 pages
File Size : 44,6 Mb
Release : 2022-04-22
Category : Business & Economics
ISBN : 9783030932329

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Monetary Unions by Hubert Kempf Pdf

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.

Author : Paul R. Masson,Mark P. Taylor
Publisher : Cambridge University Press
Page : 340 pages
File Size : 43,5 Mb
Release : 1993-09-23
Category : Business & Economics
ISBN : 0521434556

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Policy Issues in the Operation of Currency Unions by Paul R. Masson,Mark P. Taylor Pdf

An overview and the latest research on single currency areas in Europe, the US, and the former USSR.

Author : Paul de Grauwe
Publisher : Oxford University Press, USA
Page : 293 pages
File Size : 46,9 Mb
Release : 2007
Category : Business & Economics
ISBN : 9780199297801

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Economics of Monetary Union by Paul de Grauwe Pdf

The seventh edition of 'Economics of Monetary Union' provides a concise analysis of the theories and policies relating to monetary union. De Grauwe analyses the costs and benefits associated with having one currency as well as the practical workings and current issues involved with the Euro. In the first part of the book the author considers the implications of joining a monetary union through discussion based on an economic cost-benefit analysis. The second part of the book looks at the reality of monetary unions by analysing Europe's experiences, such as how the European Central Bank was designed to conduct a single monetary policy. The seventh edition has been revised to include more discussion of monetary unions outside Europe and, to reflect this fast-moving area, updated coverage of new member states in transition and an updated discussion of the stability pact. Online Resource Centre An online resource centre, featuring supplements for lecturers including PowerPoint slides and an instructor manual, has been updated for this edition.

Author : Peter B. Kenen,Ellen E. Meade
Publisher : Cambridge University Press
Page : 199 pages
File Size : 50,8 Mb
Release : 2007-11-26
Category : Business & Economics
ISBN : 9781139466035

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Regional Monetary Integration by Peter B. Kenen,Ellen E. Meade Pdf

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.

Author : Patrick Honohan,Fadi Hassan,Davide Romelli
Publisher : Edward Elgar Publishing
Page : 1280 pages
File Size : 40,6 Mb
Release : 2020-07-31
Category : Electronic
ISBN : 1788975421

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Currency Unions by Patrick Honohan,Fadi Hassan,Davide Romelli Pdf

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.

Author : Mr.Tamim Bayoumi,Mr.Eswar Prasad
Publisher : International Monetary Fund
Page : 28 pages
File Size : 52,8 Mb
Release : 1996-08-01
Category : Business & Economics
ISBN : 9781451955163

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Currency Unions, Economic Fluctuations, and Adjustment by Mr.Tamim Bayoumi,Mr.Eswar Prasad Pdf

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.

Author : Bob Hancké
Publisher : Oxford University Press
Page : 147 pages
File Size : 46,8 Mb
Release : 2013-04-25
Category : Business & Economics
ISBN : 9780199662098

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Unions, Central Banks, and EMU by Bob Hancké Pdf

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.

Author : Paul de Grauwe
Publisher : Oxford University Press, USA
Page : 276 pages
File Size : 44,9 Mb
Release : 2003
Category : Business & Economics
ISBN : STANFORD:36105113643014

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Economics of Monetary Union by Paul de Grauwe Pdf

The market leader and the main specialist book in this area, De Grauwe has built on the success of the previous edition and thoroughly revised and updated this new edition of 'Economics of Monetary Union'. The book covers all the key issues relating to monetary union and will fit with bothundergraduate and postgraduate Economics modules. Clear and concise, it covers the costs and benefits of monetary union in part one and the present workings of the European monetary union in part two. Student friendly and well structured, the book is split into two parts. The first part examines the theory of optimal currency and the costs and benefits of joining a monetary union and the second part looks at the workings of the present monetary union in Europe. De Grauwe applies then appliesthese issues to real life case study examples.NEW IN THIS EDITIONNew, current topics have been added to the book including:- the problems of monetary unification in Latin America and Asia- the transition problems towards EMU for the UK and Central Europe - an analysis of dollarization.- an evaluation of the monetary policies of the European Central BankCase studies analysing the costs and benefits of EMU for the UK and Central Europe.WEB SITEThis book now has a brand new text supporting web site with Power point slides and lecture notes which accompany and enhance the main text.