The European Monetary System And European Monetary UnionWhen the European Monetary System (EMS) was created in 1978, economists on both sides of the Atlantic predicted its inevitable and early failure. But today EMS is alive and well, continuing to defy conventional economic wisdom. Professors Fratianni and von Hagen address three questions raised by the success of EMS: how it was created, how it works, and how it may evolve into a full-fledged monetary union. They answer these questions in the context of international economics, explaining why countries with very different rates of inflation might be willing to link their currencies and exploring the choice between a currency union, in which several countries adopt the same money, and an exchange-rate union. They also seek to understand whether members of the European Community should all adopt the same currency. If so, what kind of adjustment process would be best - a gradual transition or a fast one? Their presentation is always clear and evenhanded, a model of empirical research and theoretical sophistication. This is an essential book for scholars of European integration in particular and of international political economy in general. |
Contents
Principles and Issues of European Monetary Unification | 1 |
A Description of the European Monetary System | 11 |
4 | 27 |
Copyright | |
13 other sections not shown
Other editions - View all
The European Monetary System And European Monetary Union Michele Fratianni,Jurgen Von Hagen Limited preview - 2019 |
The European Monetary System And European Monetary Union Michele Fratianni,Jurgen Von Hagen Limited preview - 2019 |
The European Monetary System and European Monetary Union Michele Fratianni,Jürgen von Hagen No preview available - 2021 |
Common terms and phrases
achieve adjustment asymmetric average Banca d'Italia Belgium Bundesbank capital changes commitment to price Community conditional variances convergence cooperative covariance credibility currency debt deficit Delors Report demand shock Denmark disciplinary view disinflation domestic Economic and Monetary EEMU effects EMS countries EMS membership EMSI EMSII Europe European central bank European Monetary System exchange-rate exchange-rate uncertainty fiscal policy fixed exchange rates flexible exchange rates foreign exchange market France Fratianni German dominance Giavazzi Giovannini Grauwe growth rate Hagen HECU important incentive increase inflation rates institutional integration interest rate interpretation interventions Italian Italy long-run low-inflation MARSP member countries monetary authorities monetary base monetary policy monetary union Netherlands non-EMS countries output parameter percent policy coordination policymakers political Pre-EMS price stability real exchange rates realignments reduced regime relative seigniorage side payments significant supply shock symmetric EMS Table U.S. dollar variables
References to this book
La globalización del capital: historia del sistema monetario internacional Barry Eichengreen No preview available - 2000 |
A Concise History of European Monetary Integration: From EPU to EMU Horst Ungerer No preview available - 1997 |