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 64
... theoretical value ( i.e. the rates that can be obtained by unbundling the currencies that constitute the ECU ) as well as the divergence between the actual rate of interest from its theoretical value . Until 1990 , it was assumed that ...
... theoretical value ( i.e. the rates that can be obtained by unbundling the currencies that constitute the ECU ) as well as the divergence between the actual rate of interest from its theoretical value . Until 1990 , it was assumed that ...
Page 103
... theoretical yield ( which is obtainable by buying securities in each of the currencies making up the ECU ) . After the first Danish referendum , the actual yields fell to nearly 70 basis points below the theoretical . This trend was ...
... theoretical yield ( which is obtainable by buying securities in each of the currencies making up the ECU ) . After the first Danish referendum , the actual yields fell to nearly 70 basis points below the theoretical . This trend was ...
Page 121
... theoretical conceptualisation of the first and second stage of EMU fully resembles Walras's conceptualisation of monetary theory based on bimetallism supplemented by a paper money . All Neo - Walrasian proposals either to reform the EMS ...
... theoretical conceptualisation of the first and second stage of EMU fully resembles Walras's conceptualisation of monetary theory based on bimetallism supplemented by a paper money . All Neo - Walrasian proposals either to reform the EMS ...
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