Deciding On Monetary Integration
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Deciding On Monetary Integration
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Author : Andrew Powell
language : en
Publisher:
Release Date : 2011
Deciding On Monetary Integration written by Andrew Powell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
We develop a simple, n-country model to consider the costs and benefits of joining a monetary union. Our factor-OCA framework encompasses different approaches and allows us to consider the optimal composition of a monetary union for all the potential members. We illustrate the model in practice with various simulations and we develop two empirical applications based on expanding EMU and on whether there would be a benefit to deepening Nafta to be a monetary union. While some commentators have called for a one-world currency, we find full monetary integration has costs for some countries and benefits for others, perhaps explaining why this remains a controversial issue.
Deciding To Enter A Monetary Union
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Author : Mr.Ruy Lama
language : en
Publisher: International Monetary Fund
Release Date : 2012-10-02
Deciding To Enter A Monetary Union written by Mr.Ruy Lama and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-10-02 with Business & Economics categories.
This paper evaluates the role of trade and financial linkages in the decision to enter a monetary union. We estimate a two-country DSGE model for the U.K. economy and the euro area, and use the model to compute the welfare trade-offs from joining the euro. We evaluate two alternative scenarios. In the first one, we consider a reduction of trade costs that occurs after the adoption of a common currency. In the second, we introduce interest rate spread shocks of the same magnitude as the ones observed during the recent debt crisis in Europe. The reduction of trade costs generates a net welfare gain of 0.9 percent of life-time consumption, while the increased interest rate spread volatility generates a net welfare cost of 2.9 percentage points. The welfare calculation suggests two ways to preserve the welfare gains in a monetary union: ensuring fiscal and financial stability that reduces macroeconomic country risk, and increasing wage flexibility such that the economy adjusts to external shocks faster.
The Case For European Monetary Integration
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Author : James C. Ingram
language : en
Publisher: Princeton, N.J. : International Finance Section, Princeton University
Release Date : 1973
The Case For European Monetary Integration written by James C. Ingram and has been published by Princeton, N.J. : International Finance Section, Princeton University this book supported file pdf, txt, epub, kindle and other format this book has been release on 1973 with Currency question categories.
Monetary Integration And Dollarization
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Author : Matias Vernengo
language : en
Publisher: Edward Elgar Publishing
Release Date : 2006-01-01
Monetary Integration And Dollarization written by Matias Vernengo and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-01-01 with Business & Economics categories.
This book brings together an impressive and diverse group of authors to discuss its central theme: whether or not the dollarized international monetary system is sustainable in the context of the global economy it helped create. In addition to its uniquely well-rounded and comprehensive coverage of the issues, this lively and highly readable volume provides an accurate assessment of the lack of consensus in the current debate. A must read for anyone interested in currency crises and the increasing vulnerability of the dollar. Jane D Arista, Director of Progams, Financial Markets Center, US This book deals with the economic consequences of monetary integration, which has long been dominated by the Optimal Currency Area (OCA) paradigm. In this model, money is perceived as having developed from a private sector cost minimization process to facilitate transactions. Not surprisingly, the book argues, the main advantage of monetary integration in the OCA context is the reduction of transaction costs, yet the validity of OCA to analyze processes of monetary integration seems to be limited at best. The contributors in this volume try to go beyond the OCA model and understand the political economy of monetary integration by comparing the European Monetary Union with the dollarization (formal and informal) process in Latin America. The contributors, many of whom are leading lights, reflect the disagreements and the changing views on the proper monetary arrangements in a globalized world and suggest that monetary integration and dollarization are not the solution for the great majority of countries around the world. Monetary Integration and Dollarization brings together mainstream and heterodox views of monetary integration and uses the European and North American experiences as a guide for the discussion of dollarization in developing countries. It will appeal to scholars, researchers and policy makers in the fields of financial and international economics.
The Economics Of Monetary Integration
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Author : Paul de Grauwe
language : en
Publisher: Oxford University Press, USA
Release Date : 1992
The Economics Of Monetary Integration written by Paul de Grauwe and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Business & Economics categories.
"This expositive textbook on monetary integration looks at the costs and benefits of monetary union in Europe. The author examines such topical issues as whether there is a good economic case for countries to have separate currencies, and whether a nation increases its welfare when it abolishes its national currency and adopts the currency of a wider area. This leads naturally to questions concerning the size of an optimal monetary area - should this include the EC, the whole of Europe, or the whole world?" "The first part of the book focuses on complete monetary unions in which a common currency is substituted for national currencies. The second part looks at incomplete monetary unions and analyzes the operation of monetary systems in which national monetary authorities maintain their national currencies but agree to fix their exchange rates. This leads to an analysis of the European Monetary System and also examines the issues relating to the transition to a full monetary system." "The book combines comprehensive exposition with discussion of recent historical events and theory and will prove invaluable to students."--BOOK JACKET.Title Summary field provided by Blackwell North America, Inc. All Rights Reserved
Monetary Integration
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Author : Warner Max Corden
language : en
Publisher: Princeton, N.J. : International Finance Section, Princeton University
Release Date : 1972
Monetary Integration written by Warner Max Corden and has been published by Princeton, N.J. : International Finance Section, Princeton University this book supported file pdf, txt, epub, kindle and other format this book has been release on 1972 with Business & Economics categories.
Regional Monetary Integration
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Author : Peter B. Kenen
language : en
Publisher: Cambridge University Press
Release Date : 2007-11-26
Regional Monetary Integration written by Peter B. Kenen 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 2007-11-26 with Business & Economics categories.
This book surveys the prospects for regional monetary integration in various parts of the world. Beginning with a brief review of the theory of optimal currency areas, it goes on to examine the structure and functioning of the European Monetary Union, then turns to the prospects for monetary integration elsewhere in the world - North America, South America, and East Asia. Such cooperation may take the form of full-fledged monetary unions or looser forms of monetary cooperation. The book emphasizes the economic and institutional requirements for successful monetary integration, including the need for a single central bank in the case of a full-fledged monetary union, and the corresponding need for multinational institutions to safeguard its independence and assure its accountability. The book concludes with a chapter on the implications of monetary integration for the United States and the US dollar.
Economic And Monetary Integration And The Aggregate Demand For Money In The Ems
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1990-03-01
Economic And Monetary Integration And The Aggregate Demand For Money In The Ems written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990-03-01 with Business & Economics categories.
This study shows that the aggregate demand for M1 in the group of countries participating in the Exchange Rate Mechanism (ERM) of the European Monetary System can be expressed as a stable function of ERM-wide income, inflation, interest rates, and the exchange rate of the European Currency Unit (ECU) vis-à-vis the U.S. dollar. A notable feature of the model is the rapid elimination of monetary disequilibria, in contrast with most single-country estimates which tend to find implausibly slow adjustment. These results are suggestive: if robust, they would indicate that, even at the present stage of economic and monetary integration, a European central bank could, in principle, implement monetary control more effectively than the individual national central banks.
The Eurozone Experience
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Author : Franco Praussello
language : en
Publisher: FrancoAngeli
Release Date : 2012
The Eurozone Experience written by Franco Praussello and has been published by FrancoAngeli this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Business & Economics categories.
Aspects Of European Monetary Integration
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Author : Alison M. S. Watson
language : en
Publisher: Palgrave Macmillan
Release Date : 1997
Aspects Of European Monetary Integration written by Alison M. S. Watson and has been published by Palgrave Macmillan this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Business & Economics categories.
Providing valuable insights into the Economic and Monetary Union debate, this book is designed to give readers a thorough knowledge of the nature of the convergence criteria which states must meet in order to qualify for accession to the future Economic and Monetary Union of Europe.