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 84
... speculative attacks in times when the central bank is running a monetary policy divergent from money demands and at the same time , international capital mobility aids self- fulfilling speculation . " What is the effect of speculation ...
... speculative attacks in times when the central bank is running a monetary policy divergent from money demands and at the same time , international capital mobility aids self- fulfilling speculation . " What is the effect of speculation ...
Page 165
... speculative and precautionary motives ; uncertainty causes expectations to be volatile and the equilibrium to be ... speculative motives dictate . Then , socially desirable investment becomes subordinate to speculation . Such a situation ...
... speculative and precautionary motives ; uncertainty causes expectations to be volatile and the equilibrium to be ... speculative motives dictate . Then , socially desirable investment becomes subordinate to speculation . Such a situation ...
Page 173
... speculative motives , it is of interest to know the relation between the three motives and changes in the money supply , in income and in the rate of interest . The total amount of cash ( M ) held is divided into two components : M1 and ...
... speculative motives , it is of interest to know the relation between the three motives and changes in the money supply , in income and in the rate of interest . The total amount of cash ( M ) held is divided into two components : M1 and ...
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