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 32
... growth of d cannot exceed the rate of growth of y and at the same time maintain constant the rate of growth of the by . Hence , d / y = ( b / y ) / y ( 1 ) Healey and Levine ( 1992 : 32 ) estimated equation ( 1 ) and found that if price ...
... growth of d cannot exceed the rate of growth of y and at the same time maintain constant the rate of growth of the by . Hence , d / y = ( b / y ) / y ( 1 ) Healey and Levine ( 1992 : 32 ) estimated equation ( 1 ) and found that if price ...
Page 33
... growth ( y ) as well as the debt level ( d / y ) . Equation ( 3 ) has been estimated by Healey and Levine ( 1992 : 33 ) : " ... solvency requires that , with a growth rate of 3 per cent and a real interest rate of 6 per cent , the ...
... growth ( y ) as well as the debt level ( d / y ) . Equation ( 3 ) has been estimated by Healey and Levine ( 1992 : 33 ) : " ... solvency requires that , with a growth rate of 3 per cent and a real interest rate of 6 per cent , the ...
Page 56
... growth and inflation . Cukierman , Webb and Neyapti ( 1992 : 383 ) looked at the first theme for all members of the World Bank and found that : a ) " Legal independence is an important and statistically significant determinant of price ...
... growth and inflation . Cukierman , Webb and Neyapti ( 1992 : 383 ) looked at the first theme for all members of the World Bank and found that : a ) " Legal independence is an important and statistically significant determinant of price ...
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