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 12
... internalised by the currency used for the settlement of debt . They are shared variables in nature entering the utility and cost functions . Under the price level externalities , we denote the notion that any act of a user or of a ...
... internalised by the currency used for the settlement of debt . They are shared variables in nature entering the utility and cost functions . Under the price level externalities , we denote the notion that any act of a user or of a ...
Page 247
... internalise the learning and technology externalities , though as the market expanded , the social economies and unequal values externalities became operational . The efficiency and organisational externalities were partly internalised ...
... internalise the learning and technology externalities , though as the market expanded , the social economies and unequal values externalities became operational . The efficiency and organisational externalities were partly internalised ...
Page 248
... internalised by the ECU What types of money externalities does the ECU internalise in the first stage of EMU ? Since the first stage of EMU fits well the givens of the Aristotelian Middle Stage , it is unlikely that the ECU will internalise ...
... internalised by the ECU What types of money externalities does the ECU internalise in the first stage of EMU ? Since the first stage of EMU fits well the givens of the Aristotelian Middle Stage , it is unlikely that the ECU will internalise ...
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