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 110
... efficiency from equity . This is the essence of idea c ) of H5 . It introduces the notion that money affects all the variables contributing to social welfare and the welfare of individuals comprising that society . Such a statement ...
... efficiency from equity . This is the essence of idea c ) of H5 . It introduces the notion that money affects all the variables contributing to social welfare and the welfare of individuals comprising that society . Such a statement ...
Page 112
... efficiency gains , which arise from the elimination of transaction costs and uncertainty inherent in exchange rate ... efficiency gains are expected to lead the Community to a new growth path . Yet Baldwin ( 1991 ) has quantified the one ...
... efficiency gains , which arise from the elimination of transaction costs and uncertainty inherent in exchange rate ... efficiency gains are expected to lead the Community to a new growth path . Yet Baldwin ( 1991 ) has quantified the one ...
Page 174
... efficiency of capital determining the rate of interest , it is truer ( though not a full statement of the case ) to say that it is the rate of interest which determines the marginal efficiency of capital " . Yet assume an increase in ...
... efficiency of capital determining the rate of interest , it is truer ( though not a full statement of the case ) to say that it is the rate of interest which determines the marginal efficiency of capital " . Yet assume an increase in ...
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