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 3
An Application of the Fundamental Principles of Monetary Theory Georges Caravelis. problems ... payments , not only between Member States but also with respect to non ... financial institutions for the financing of public deficits , the ...
An Application of the Fundamental Principles of Monetary Theory Georges Caravelis. problems ... payments , not only between Member States but also with respect to non ... financial institutions for the financing of public deficits , the ...
Page 35
... issues associated with fixed exchange rates should ... payments disequilibria would become inter - regional disequilibria . For a country with chronic balance of payments difficulties , the single currency would do away with payments problems ...
... issues associated with fixed exchange rates should ... payments disequilibria would become inter - regional disequilibria . For a country with chronic balance of payments difficulties , the single currency would do away with payments problems ...
Page 266
... money supply , and equation ( 11 * ) that defines demand for money . In a world ... Payments System ) operated by the commercial banks ( see Borio and van der ... problems , and also that it will be difficult to establish any effective ...
... money supply , and equation ( 11 * ) that defines demand for money . In a world ... Payments System ) operated by the commercial banks ( see Borio and van der ... problems , and also that it will be difficult to establish any effective ...
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