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. |
From inside the book
Results 1-3 of 18
Page 116
... financial assets held in different currencies will not be perfectly substitutable , an indispensable condition for full integration . Financial integration itself calls for monetary convergence . In principle , sovereignty in monetary ...
... financial assets held in different currencies will not be perfectly substitutable , an indispensable condition for full integration . Financial integration itself calls for monetary convergence . In principle , sovereignty in monetary ...
Page 169
... asset accepted as a means of exchange . One such property is money's unique potential power of being incorporated in any ... financial assets calls for a theory that would explain the factors at work . 169 c) Keynes's properties of money.
... asset accepted as a means of exchange . One such property is money's unique potential power of being incorporated in any ... financial assets calls for a theory that would explain the factors at work . 169 c) Keynes's properties of money.
Page 229
... assets denominated in ECUs . All ECU denominated assets are issued by the ECU issuing country . The holding of these ... financial innovation has not been efficiency externalities but ' excessive ' seigniorage externalities . In our M - C- M ...
... assets denominated in ECUs . All ECU denominated assets are issued by the ECU issuing country . The holding of these ... financial innovation has not been efficiency externalities but ' excessive ' seigniorage externalities . In our M - C- M ...
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