Currency Competition

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Currency Competition And Foreign Exchange Markets

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Author : Philipp Hartmann
language : en
Publisher: Cambridge University Press
Release Date : 1998-12-10

Currency Competition And Foreign Exchange Markets written by Philipp Hartmann and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-12-10 with Business & Economics categories.

Currency Competition and Foreign Exchange Markets by Philipp Hartmann of the European Central Bank is a major theoretical and empirical study of international currencies, which focuses on the role which the Euro will play in the international monetary and financial system along with the US dollar and the Japanese yen. In contrast to much of the existing literature which approaches the subject from a macroeconomic perspective, Philipp Hartmann develops a theoretical model which uses game theory, time series and panel econometrics, and links financial markets analysis with transaction cost economics. The results of Currency Competition and Foreign Exchange Markets are presented with reference to political, historical and institutional considerations, and provide accessible answers to policy-makers, business people and scholars worldwide. The sections on Spread Estimation and Multiple Vehicles with Inter-Dealer Price and Entry Competition will be of particular use for finance professionals.

Currency Competition And Monetary Union

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Author : P. Salin
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

Currency Competition And Monetary Union written by P. Salin and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

Pascal Salin Many of the texts which have been used for the present book were presented as papers at a conference organized in Brussels by Michiel van Notten for the 1 Institutum Europaeum in December 1980on the subject of European Monetary Union and Currency Competition. However, this book is more than the mere proceedings of a conference. It aims at presenting the reader with an homogenous text, not a patchwork of papers, in spite of the large number of contributors. Though it would be absurd to pretend that these contributors -some of whom are prominent thinkers - agree on everything, their dissenting opinions do not go beyond the usual qualifications one may find in a book of which the final direction is quite clear, but where the requirement of intellectual strictness leads to the analysis of both the pros and the cons of a problem. It may also seem to some that this book deals with two different subjects, currency competition and monetary union, which have been joined together more or less randomly. We believe, however, that this impression will be dis pelled as soon as they commence reading. Both sections of the book deal with one and the same topic: the optimal organization of a monetary system. Present efforts to achieve European monetary unification all suffer from the same preju dices with respect to the organization of the monetary systems within each country and within the world as a whole.

Strategies For Currency Unification

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Author : Roland Vaubel
language : en
Publisher:
Release Date : 1978

Strategies For Currency Unification written by Roland Vaubel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1978 with EU categories.

Currency Competition And Monetary Union

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Author : P. Salin
language : en
Publisher: Springer
Release Date : 1984-05-31

Currency Competition And Monetary Union written by P. Salin and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984-05-31 with Business & Economics categories.

Pascal Salin Many of the texts which have been used for the present book were presented as papers at a conference organized in Brussels by Michiel van Notten for the 1 Institutum Europaeum in December 1980on the subject of European Monetary Union and Currency Competition. However, this book is more than the mere proceedings of a conference. It aims at presenting the reader with an homogenous text, not a patchwork of papers, in spite of the large number of contributors. Though it would be absurd to pretend that these contributors -some of whom are prominent thinkers - agree on everything, their dissenting opinions do not go beyond the usual qualifications one may find in a book of which the final direction is quite clear, but where the requirement of intellectual strictness leads to the analysis of both the pros and the cons of a problem. It may also seem to some that this book deals with two different subjects, currency competition and monetary union, which have been joined together more or less randomly. We believe, however, that this impression will be dis pelled as soon as they commence reading. Both sections of the book deal with one and the same topic: the optimal organization of a monetary system. Present efforts to achieve European monetary unification all suffer from the same preju dices with respect to the organization of the monetary systems within each country and within the world as a whole.

Can Currency Competition Work

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Author : Jesús Fernández-Villaverde
language : en
Publisher:
Release Date : 2016

Can Currency Competition Work written by Jesús Fernández-Villaverde and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Currency question categories.

Can competition among privately issued fiat currencies such as Bitcoin or Ethereum work? Only sometimes. To show this, we build a model of competition among privately issued fiat currencies. We modify the current workhorse of monetary economics, the Lagos-Wright environment, by including entrepreneurs who can issue their own fiat currencies in order to maximize their utility. Otherwise, the model is standard. We show that there exists an equilibrium in which price stability is consistent with competing private monies, but also that there exists a continuum of equilibrium trajectories with the property that the value of private currencies monotonically converges to zero. These latter equilibria disappear, however, when we introduce productive capital. We also investigate the properties of hybrid monetary arrangements with private and government monies, of automata issuing money, and the role of network effects.

Competition And Currency

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Author : Lawrence H. White
language : en
Publisher: NYU Press
Release Date : 1989-11

Competition And Currency written by Lawrence H. White and has been published by NYU Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989-11 with Business & Economics categories.

"Lawrence H. White deals with a major issue of the 1990s—reprivatization of money. He makes a cogent argument and presents evidence that private, competing currencies would provide more monetary stability than do central banks. Surprisingly enough, modern private money may emerge first in Eastern Europe, where the gap between the economy's need and the government's money is greates." —Richard Rahn, Vice President and Chief Economists, U.S. Chamber of Commerce. "Boldly, White makes a persuasive case for free banking....In time, we may well look back and regard Competition and Currency as crucial in the development of the economy and economic thought of the future." — The New York City Tribune "White is a leading analyst of a laissez-faire monetary system featuring a privately issued money supply. HIs perceptive insights force a rethinking of our present regulated monetary system and of what kind of reforms will remedy its defects. Avery worthwhile collection of essays for all students of monetary theory." —Philip Cagan, Columbia University "White is a leading analyst of a laissez-faire monetary system featuring a privately issued money supply. HIs perceptive insights force a rethinking of our present regulated monetary system and of what kind of reforms will remedy its defects. A very worthwhile collection of essays for all students of monetary theory." —Phillip Cagan, Columbia University "Newcomers to the literature...would be recommended to start with White's volume, where each paper is self-contained in its handling of particular aspects of free banking...Highly recommended as clear, well-argued expositions of the case for free banking, challenging assumptions common to much of monetary economics. It is particularly apposite that these assumptions be questioned at a time when institutional reform is so much on the agenda." —Sheila C. Dow, The Economic Journal

International Currency Competition And The Future Role Of The Single European Currency Final Report Of The Working Group European Monetary Union International Monetary System

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Author : ECU Institute
language : en
Publisher: Springer
Release Date : 1995-09-21

International Currency Competition And The Future Role Of The Single European Currency Final Report Of The Working Group European Monetary Union International Monetary System written by ECU Institute and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995-09-21 with Business & Economics categories.

This report--prepared For The ECU Institute by a group of eight economists from universities, private financial institutions, central banks and international institutions, all participating in a strictly private capacity--is an effort to Understand The factors that determine the international use of currencies, The present use of the world's major currencies, And The probable implications For The International Monetary System of the setting up in Europe of an Economic and Monetary Union (EMU) having a single currency (the ECU). The book shows that the EMU will greatly modify the design of the International Monetary System. By encouraging the development of a second key international currency that may challenge the dollar, it may transform the current system to a bipolar regime. By introducing a new, big player into the system, it may also increase the interest of the main participants in international coordination.

Currency Competition In A Fundamental Model Of Money

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Author : Gabriele Camera
language : en
Publisher:
Release Date : 2007

Currency Competition In A Fundamental Model Of Money written by Gabriele Camera and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.

The authors study how two fiat monies, one safe and one risky, compete in a decentralized trading environment. The equilibrium value of the two currencies, their transaction velocities and agents' spending patterns are endogenously determined. The authors derive conditions under which agents holding diversified currency portfolios spend the safe currency first and hold the risky one for later purchases. They also examine when the reverse spending pattern is optimal. Traders generally favor dealing in the safe currency, unless trade frictions and the currency risk is low. As risk increases or trading becomes more difficult, the transaction velocity and value of the safe money increases.

Hayek Currency Competition And European Monetary Union

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Author : Otmar Issing
language : en
Publisher:
Release Date : 2000

Hayek Currency Competition And European Monetary Union written by Otmar Issing and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.

In the 1999 IEA Hayek Memorial Lecture, reprinted in Occasional Paper 111, Otmar Issing, the eminent monetary economist and one of Europe's most influential central bankers, discusses currency competition and European Monetary Union. Professor Issing argues that choosing a '..Hayekian discovery process as a route to monetary union' would have been too risky. However, the introduction of the euro has triggered '..a kind of Hayekian discovery process' which gives more scope for the private sector to 'enhance the quality of the medium-of-exchange and store-of-value functions of money.' This Occasional Paper also includes commentaries by two other distinguished economists - Professors Lawrence H. White and Roland Vaubel - who criticise Professor Issing's views. There is then an Afterword by Issing.

Cryptocurrencies Currency Competition And The Impossible Trinity

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Author : Pierpaolo Benigno
language : en
Publisher:
Release Date : 2019

Cryptocurrencies Currency Competition And The Impossible Trinity written by Pierpaolo Benigno and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Cryptocurrencies categories.

We analyze a two-country economy with complete markets, featuring two national currencies as well as a global (crypto)currency. If the global currency is used in both countries, the national nominal interest rates must be equal and the exchange rate between the national currencies is a risk- adjusted martingale. We call this result Crypto-Enforced Monetary Policy Synchronization (CEMPS). Deviating from interest equality risks approaching the zero lower bound or the abandonment of the national currency. If the global currency is backed by interest-bearing assets, additional and tight restrictions on monetary policy arise. Thus, the classic Impossible Trinity becomes even less reconcilable.