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Author : Anonim
Publisher : Peterson Institute
Page : 237 pages
File Size : 51,8 Mb
Release : 2009
Category : Electronic
ISBN : 9780881325584
Author : Benjamin J. Cohen
Publisher : Routledge
Page : 210 pages
File Size : 48,8 Mb
Release : 2012-11-12
Category : Political Science
ISBN : 9781136845888
Can the euro challenge the supremacy of the U.S. dollar as a global currency? From the time Europe’s joint money was born, many have predicted that it would soon achieve parity with the dollar or possibly even surpass it. In reality, however, the euro has remained firmly planted in the dollar’s shadow. The essays collected in this volume explain why. Because of America’s external deficits and looming foreign debt, the dollar can never be as dominant as it once was. But Europe’s money is unable to mount an effective challenge. The euro suffers from a number of critical structural deficiencies, including an anti-growth bias that is built into the institutions of the monetary union and an ambiguous governance structure that sows doubts among prospective users. As recent events have demonstrated, members of the euro zone remain vulnerable to financial crisis. Moreover, lacking a single voice, the bloc continues to punch below its weight in monetary diplomacy. The world seems headed toward a leaderless monetary order, with several currencies in contention but none clearly dominant. This collection distils the views of one of the world’s leading scholars in global currency, and will be of considerable interest to students and scholars of international finance and international political economy.
Author : Max Guderzo,Andrea Bosco
Publisher : Firenze University Press
Page : 268 pages
File Size : 46,6 Mb
Release : 2016
Category : Business & Economics
ISBN : 9788866559658
A Monetary Hope for Europe. This book studies the euro in a global perspective and opens a new series edited by the Jean Monnet European Centre of Excellence of the University of Florence, Verso l'unificazione europea. Most of the chapters have been written by economists who met and discussed their diverse views at a multi-disciplinary conference organized by the Centre in May 2013 under the title The euro and the struggle for the creation of a new global currency: Problems and perspectives in the building of the political, financial and economic foundations of the European federal government. The list of contributors also includes historians as well as European and international law academics. Their essays have been revised on the basis and against the backdrop of an ongoing crisis of both the euro and the whole European project in the last years and months. The volume aims to provide useful data and interpretations to improve knowledge on the euro and the European Union in their economic, historical, juridical and political perspectives. --
Author : David Marsh
Publisher : Yale University Press
Page : 361 pages
File Size : 49,7 Mb
Release : 2009-01-01
Category : Business & Economics
ISBN : 9780300127300
Drawing on more than one hundred interviews with leading figures associated with the Euro and scores of secret documents from international archives, the author underscores the Euro's importance for the global economy, in particular for U.S. and British economic and political agendas.
Author : David Marsh
Publisher : Yale University Press
Page : 632 pages
File Size : 42,8 Mb
Release : 2011-08-23
Category : Business & Economics
ISBN : 9780300173901
This book is the first comprehensive political and economic account of the birth and development of the Euro. Today the Euro is the supranational currency for sixteen European countries and the world's second-largest reserve currency. David Marsh tells the story of the rivalries, intrigues, and deal making that brought about a currency for Europe, and he analyzes the achievements and shortcomings of its first decade of existence. While the Euro represents a remarkable triumph of political will, great pressures are building on the single currency. Drawing on more than 100 interviews with leading figures associated with the Euro, and scores of secret documents from international archives, Marsh underscores the Euro's importance for the global economy, in particular for U.S. and British economic and political agendas. Hidden facts and fresh insights from The Euro --How the legacy of France and Germany's tortuous relations affects the Euro--Why the United Kingdom is unlikely to accept the Euro before 2025--The impact on the Euro of the U.S. credit crisis--How the Euro has rebounded against the aspirations of its founders--How Italy and Spain have massively lost competitiveness--Why radical changes must be adopted to prevent a European upheaval
Author : David Marsh
Publisher : Yale University Press
Page : 0 pages
File Size : 46,8 Mb
Release : 2011-08-23
Category : Business & Economics
ISBN : 9780300176742
Drawing on more than one hundred interviews with leading figures associated with the Euro and scores of secret documents from international archives, the author documents the rise and fall of the Euro and the conflicts that have arisen from bail-out packages to countires in default.
Author : Veronika Minkova
Publisher : GRIN Verlag
Page : 19 pages
File Size : 53,9 Mb
Release : 2011-09-28
Category : Political Science
ISBN : 9783656016540
Essay from the year 2010 in the subject Politics - International Politics - Topic: European Union, grade: 1,3, King`s College London, language: English, abstract: After the first decade of the advent of the euro, analysts have examined the prospect of the European common currency to become not only regional currency, but also its usage to spread internationally. Not only has the euro proved to be more than a powerful symbol of collective identity, but it has also provided price stability, it has been a shelter against currency crises and it has attracted new member states that wish to join the euro area. However, this positive landscape has changed in the face of the global financial crisis and the Greek budgetary crisis. Many have seen the euro only as ‘a fair weather currency’ arguing that confluence of factors facilitates the euro’s deficiency of becoming ‘bad weather currency’ such as economic divergence and internal imbalances between member states. The first section of the essay discusses the benefits and costs of issuing an international currency. By applying the three attributes of money to the euro, the second section reviews the euro’s performance as a medium of exchange, unit of account and store of value. The final section identifies factors which hinder the European common currency’s success as an international currency. These factors include: inertial forces characterising the financial markets, governance design of EMU, member states’ internal imbalances, fragmentation of financial markets, non-economic limitations and the European Union’s discouraging stance towards the euro’s international status.
Author : Pier Carlo Padoan
Publisher : Edward Elgar Publishing
Page : 240 pages
File Size : 44,8 Mb
Release : 2001-01-01
Category : Business & Economics
ISBN : 1782544038
'Monetary Union, Employment and Growth provides a thorough and well-developed analysis of the macroeconomic and microeconomic implications of the single currency.' - Terrence Casey, Journal of European Area Studies 'This book offers an in-depth discussion of two highly topical European issues - the single currency and unemployment - making it suitable for professional economists and post-graduate students in economics, international relations and European studies.' - European Access There exists a twofold relationship between the factors affecting adoption of a single currency in Europe, employment, and growth. On one hand, the operation of the euro will be hindered if rigidities in labour and product markets persist - hence low employment and slow growth may be a cause of poor performance of the single currency. On the other hand, the functioning of the euro will affect future patterns of European employment. Pier Carlo Padoan and his distinguished group of contributing authors go beyond the common European-based debates to consider the impact of the euro as a global currency on the evolution of European labour, product, and regional markets.
Author : Olena Rabtsun
Publisher : LAP Lambert Academic Publishing
Page : 88 pages
File Size : 43,9 Mb
Release : 2011-12
Category : Electronic
ISBN : 384659962X
The 10th anniversary of the single European currency, celebrated in 2009, provided a good occasion to examine the developments of the euro over the decade it existed, and to assess its advances with regard to becoming a global currency. The paper comprises five parts, which include both theoretical and empirical analysis. Section I introduces the notion of a global currency, its main benefits and the economic pre-requisites for gaining this status. Section II provides an overview of the existing literature on the question of the euro's role in the global economy and its potential international dominance. Section III introduces an empirical assessment of the euro's world-wide use, and establishes certain predictions of potential future changes. Section IV presents a case-study of the use of the euro in both public and private spheres in two EU neighbouring countries (Ukraine and Russia) - a review having no comprehensive equivalent at the moment. Section V concludes.
Author : Morrison Bonpasse
Publisher : Unknown
Page : 408 pages
File Size : 51,7 Mb
Release : 2006-04
Category : International finance
ISBN : 0977842606
This 2014 Edition of THE SINGLE GLOBAL CURRENCY - COMMON CENTS FOR THE WORLD is the fifth book of this name, and it updates the text of the original 2006 edition. The 2007, 2008 and 2009 editions included the original edition together with an annual update appendix. Future editions are planned in five year increments for 2019 and 2024, the latter date being the 80th anniversary of the 1944 Bretton Woods Conference. The book is for all readers around the world, as every human being in our increasingly globalized world has an interest in achieving the goal of a Single Global Currency. What the people of the world want and deserve is stable money, so that the money they earn, save and invest today will be worth almost the same tomorrow. The Single Global Currency will provide that stability. It is the common cents/sense currency for our increasingly globalized world. The current multicurrency global monetary system is volatile and extremely risky as $5.3 trillion worth of currencies are traded every trading day on the global foreign exchange markets. Currencies crises are a continuing threat. Avoiding the effects and risks of currency fluctuations and rapid flows of cross-currency capital were the primary goals of the International Monetary Fund at its 1945 creation, and the Single Global Currency will solve both problems. The Single Global Currency will be managed by a Global Central Bank within a Global Monetary Union. Since 1999, the primary model for this "3-G" system has been the euro which is managed by the European Central Bank within the European Monetary Union. Beginning with 12 member countries, the eurozone now has 18 members and continues to grow toward its full potential of all the members of the growing European Union, which now number 28. Creation of a Single Global Currency is not a new idea or goal, but is now feasible thanks to automation and the increasing interdependence of the world's peoples. The potential benefits of a Single Global Currency are staggering: - Worldwide asset values will increase by about $10 trillion. - Worldwide GDP will increase by $trillions. - Global trade will increase by $trillions. - Annual FX trading transaction costs of $300 billion will be avoided. - Global currency/payments imbalances will be eliminated. - Currency crises will be eliminated. - Currency speculation will be eliminated. - The need for unproductive foreign exchange reserves will be eliminated. Currently, the 193 members of the United Nations use 140 currencies for their international and domestic transactions. The 50+ members without their own national currencies are using the currencies of monetary unions of which they are members, or they are using ("izing") the currencies of other countries or monetary unions. As existing monetary unions in Europe, the Caribbean and Africa are expanded, and as new monetary unions are created in Africa, the Americas, Asia and the Mid-East, the number of currencies will continue to decline. At some "tipping point," perhaps after a merger of large currencies, the largest monetary union currency will likely be designated as the world's Single Global Currency. This process can be accelerated when individuals, nations and global institutions openly declare their support for a Single Global Currency and they initiate the necessary steps toward that goal. Such steps will include a global internet-based naming process for the new currency and a timeline for implementation. There is little question that the world is moving toward a Single Global Currency. The remaining question is When? The global challenge will be to achieve the Single Global Currency with a smooth transition from the existing multicurrency system. It is hoped that this book, and the work of the Single Global Currency Association (www.singleglobalcurrency.org) will help move the world in that direction.
Author : Barry Eichengreen,Arnaud Mehl,Livia Chitu
Publisher : Princeton University Press
Page : 270 pages
File Size : 40,8 Mb
Release : 2019-02-26
Category : Business & Economics
ISBN : 9780691191867
A powerful new understanding of global currency trends, including the rise of the Chinese yuan At first glance, the history of the modern global economy seems to support the long-held view that the currency of the world’s leading power invariably dominates international trade and finance. But in How Global Currencies Work, three noted economists overturn this conventional wisdom. Offering a new history of global finance over the past two centuries and marshaling extensive new data to test current theories of how global currencies work, the authors show that several national monies can share international currency status—and that their importance can change rapidly. They demonstrate how changes in technology and international trade and finance have reshaped the landscape of international currencies so that several international financial standards can coexist. In fact, they show that multiple international and reserve currencies have coexisted in the past—upending the traditional view of the British pound’s dominance before 1945 and the U.S. dollar’s postwar dominance. Looking forward, the book tackles the implications of this new framework for major questions facing the future of the international monetary system, including how increased currency competition might affect global financial stability.
Author : Mr.Tobias Adrian,Mr.Tommaso Mancini Griffoli
Publisher : International Monetary Fund
Page : 20 pages
File Size : 50,5 Mb
Release : 2019-07-15
Category : Business & Economics
ISBN : 9781498324908
This paper marks the launch of a new IMF series, Fintech Notes. Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically. The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and the global economy. The Rise of Digital Money analyses how technology companies are stepping up competition to large banks and credit card companies. Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar. This paper identifies the benefits and risks and highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins. The paper also highlights the risks associated with e-money: potential creation of new monopolies; threats to weaker currencies; concerns about consumer protection and financial stability; and the risk of fostering illegal activities, among others.
Author : Matthias Matthijs,Mark Blyth
Publisher : Oxford University Press, USA
Page : 369 pages
File Size : 55,5 Mb
Release : 2015
Category : Business & Economics
ISBN : 9780190233242
'The Future of the Euro' is an attempt by political economists to analyse the fundamental causes of the euro crisis, determine how it can be fixed, and consider what likely futures lie ahead for the currency. The book makes three interrelated arguments that emphasize the primacy of political over economic factors. It concludes that any successful long-term solution to the euro's predicament must start with the political foundations of markets.
Author : Paola Subacchi
Publisher : Columbia University Press
Page : 252 pages
File Size : 44,6 Mb
Release : 2016-11-22
Category : Business & Economics
ISBN : 9780231543262
Many of the world's major economies boast dominant international currencies. Not so for China. Its renminbi has lagged far behind the pound, the euro, and the dollar in global circulation—and for good reason. China has long privileged economic policies that have fueled development at the expense of the renminbi's growth, and it has become clear that the underpowered currency is threatening China's future. The nation's leaders now face the daunting task of strengthening the currency without losing control of the nation's economy or risking total collapse. How are they approaching this challenge? In The People's Money, Paola Subacchi introduces readers to China's monetary system, mapping its evolution over the past century and, particularly, its transformation since Deng Xiaoping took power in 1978. Subacchi revisits the policies that fostered the country's economic rise while at the same time purposefully creating a currency of little use beyond China's borders. She shows the key to understanding China's economic predicament lies in past and future strategies for the renminbi. The financial turbulence following the global crisis of 2008, coupled with China's ambitions as a global creditor and chief economic power, has forced the nation to reckon with the limited international circulation of the renminbi. Increasing the currency's reach will play a major role in securing China's future.
Author : Miguel Otero-Iglesias
Publisher : Routledge
Page : 280 pages
File Size : 43,8 Mb
Release : 2014-09-19
Category : Political Science
ISBN : 9781317636762
This book analyses how financial elites in key dollar-holding emerging markets perceive the contest between the euro and the dollar for global currency status. It also assesses how far the Eurozone has gone in challenging US hegemony in monetary affairs through the prism of these elites. Drawing on Chartalist and Constructivist theories of money, the author provides a systematic approach to studying global currency dynamics and presents extensive original empirical data on financial elites in China, Saudi Arabia, the UAE and Brazil. The author demonstrates, amongst other things, how the gradual ascendance of a structurally flawed currency like the euro has highlighted the weaknesses of the dollar ad how the euro has demonstrated that sovereignty sharing in monetary affairs is possible and that the international monetary system can be a multicurrency and multilateral system. In this highly innovative and important book, Otero-Iglesias shows the importance of studying financial elites in Brazil, China and the GCC countries in order to understand the full impact, material and ideational, of the euro in the transformation of the IMS. It will be vital reading for students and scholars of International Political Economy, International Economics, International Finance, Economic History, Economic Sociology, International Relations, Comparative Political Economy and Comparative Politics.
