European Monetary Union: An Application of the Fundamental Principles of Monetary TheoryThis study applies five basic economic principles to the reasons underlying European economic and monetary union. It aims to explain why EMU was agreed to; when it would be realized; how the monetary unit would be established; which means should implement it; and what purpose it should serve. |
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Page 31
... capital inflows . As a consequence and in large part , they financed the US budget deficit at an interest rate lower than if capital controls had been in place . On the other hand , Mexico's debt was rendered unsustainable under high ...
... capital inflows . As a consequence and in large part , they financed the US budget deficit at an interest rate lower than if capital controls had been in place . On the other hand , Mexico's debt was rendered unsustainable under high ...
Page 82
... capital formation , pressures for protectionism and an upward push to world inflation . Of these four costs , the slow - down in the rate of capital formation is the most serious . This was emphasized in the Florence speech of the then ...
... capital formation , pressures for protectionism and an upward push to world inflation . Of these four costs , the slow - down in the rate of capital formation is the most serious . This was emphasized in the Florence speech of the then ...
Page 130
... capital could be separated into " pure capital " consisting of items : ( 9 ) raw materials and ( 10 ) stocks of inventories , and into " pure money " consisting of items : ( 11 ) cash holdings of consumers , ( 12 ) cash held by ...
... capital could be separated into " pure capital " consisting of items : ( 9 ) raw materials and ( 10 ) stocks of inventories , and into " pure money " consisting of items : ( 11 ) cash holdings of consumers , ( 12 ) cash held by ...
Contents
Treaty on economic and monetary union | 15 |
A monetarytheoretic approach to | 76 |
7 | 111 |
Copyright | |
9 other sections not shown
Common terms and phrases
anchor argued assets assumed assumption Bundesbank chapter Cipolla commodity money Community competitive confidence externalities convergence countries debt deficits demand determined economic effects efficiency equation equilibrium ESCB established European Monetary European Monetary System exchange rate expectations external economy fixed exchange rates function fund global growth H1 to H5 Hence Hicks income increase induced inflation instability instruments integration interdependence interest rate internalised investment Keynes Keynes's liquidity preference London marginal Member monetary institutions monetary policy monetary system monetary theory Monetary Union money externalities money process money supply national central banks Optimum Currency Areas parallel currency payments political price level externalities price stability private ECU production rate of interest reserves savings sector seigniorage seigniorage externalities service of availability single currency stage of EMU store of value systemic risk technological externalities theoretical theory of money Thygesen trade transaction costs Triffin Walras Walras's paper money