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 43
... countries where seigniorage revenue is the highest are also the countries where the revenue from other forms of taxation is the lowest . Seigniorage still accounts for 7 per cent of total government revenue in Greece , 5 per cent in ...
... countries where seigniorage revenue is the highest are also the countries where the revenue from other forms of taxation is the lowest . Seigniorage still accounts for 7 per cent of total government revenue in Greece , 5 per cent in ...
Page 44
... countries had never committed themselves to full employment nor developed a welfare state . On the other hand , the ... countries , prices have fallen and made their tradeables competitive , in the group of peripheral countries , prices ...
... countries had never committed themselves to full employment nor developed a welfare state . On the other hand , the ... countries , prices have fallen and made their tradeables competitive , in the group of peripheral countries , prices ...
Page 92
... countries have an impact on the smaller countries . Hence interdependence means reciprocal dependence . The main theoretical consequence of high interdependence stems from the product markets . The prices of traded goods will be ...
... countries have an impact on the smaller countries . Hence interdependence means reciprocal dependence . The main theoretical consequence of high interdependence stems from the product markets . The prices of traded goods will be ...
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