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 76
... examples of monetary unification might provide us with invaluable information but cannot answer why the structure ... example , Germany and Italy in the nineteenth century are interesting cases of monetary unification , demonstrating ...
... examples of monetary unification might provide us with invaluable information but cannot answer why the structure ... example , Germany and Italy in the nineteenth century are interesting cases of monetary unification , demonstrating ...
Page 206
... example is of the shared variable category . If one saves today , expecting to share in the consumption of the next generation , money is a coordinating device that internalises the expectations externality . This is reflected in ...
... example is of the shared variable category . If one saves today , expecting to share in the consumption of the next generation , money is a coordinating device that internalises the expectations externality . This is reflected in ...
Page 211
... example of this type of externalities is given by Mundell ( 1980 : 379 ) in his discussion of the EMF and of the ECU : Any new institution that is created is an attempt to internalize what used to be an externality in the system . The ...
... example of this type of externalities is given by Mundell ( 1980 : 379 ) in his discussion of the EMF and of the ECU : Any new institution that is created is an attempt to internalize what used to be an externality in the system . The ...
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