Optimal Currency Areas And The Euro Volume I
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Optimal Currency Areas And The Euro Volume I
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Author : Johannes Kabderian Dreyer
language : en
Publisher: Springer Nature
Release Date : 2020-06-12
Optimal Currency Areas And The Euro Volume I written by Johannes Kabderian Dreyer and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-12 with Business & Economics categories.
This book analyses business cycles synchronization in the Euro Area (EA), one of the 3 criteria that define Optimal Currency Areas (OCAs). Even before its launch, economists questioned whether the EA has what it takes to become an OCA. The onset of the sovereign debt crisis in 2010 confirmed the challenges relating to its construction. But did the EA change over time, and what key drivers may be necessary in the future to strengthen the common currency?
The Theory Of Optimal Currency Areas Pros And Cons Of The Eurozone
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Author : Thorsten Mannherz
language : en
Publisher: GRIN Verlag
Release Date : 2017-10-17
The Theory Of Optimal Currency Areas Pros And Cons Of The Eurozone written by Thorsten Mannherz and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-17 with Business & Economics categories.
Seminar paper from the year 2016 in the subject Economics - Finance, grade: 1,7, University of applied sciences, Cologne, course: Economics, language: English, abstract: On the 1st of January 1999, 11 European countries adopted the Euro as their official currency. A new Economic and Monetary Union with more than 300 million citizens was born. Sharing a common currency offers several advantages for countries, firms and citizens like enhanced cross-border trade, a better price transparency or the disappearance of foreign exchange rate risks. However, a Monetary Union also comes with constraints like the loss of exchange rate regime of its members which is an important instrument to fight adverse shocks. In order to minimize economic risks for its members and to foster the economic stability of the future European EMU, the European Union member states agreed to meet the Euro Convergence Criteria as a requirement to adopt the Euro. During the negotiations about the necessary criterion, the theory of Optimal Currency Areas – a theory which has its origin in the Bretton Woods era – was deliberately reincarnated by economists to verify whether or not the Eurozone can become a successful EMU. Until today the (traditional) OCA theory is often used by the literature and also by politicians to evince fundamental flaws of the Eurozone. This assignment investigates the Eurozone in the light of the theory of Optimal Currency Areas. In the first part of this assignment the main contributors to the theory of Optimal Currency Areas are enumerated and its most significant factors are explained. The second part applies the listed factors to the Eurozone in order to determine whether or not a specific criterion is fulfilled by the European EMU. A summary and conclusion complete this essay.
Optimal Currency Areas And The Euro Volume Ii
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Author : Johannes Kabderian Dreyer
language : en
Publisher: Palgrave Pivot
Release Date : 2023-09-28
Optimal Currency Areas And The Euro Volume Ii written by Johannes Kabderian Dreyer and has been published by Palgrave Pivot this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-09-28 with Business & Economics categories.
This book is the second of three volumes that uses the theory of Optimal Currency Areas (OCAs) and applied econometric techniques to provide the reader with a compact analysis of the Euro area, its evolution and future perspectives. Each volume of the series is dedicated to one of the three critical criteria for an OCA: 1) business cycle synchronization, 2) factor mobility and 3) the existence of a risk sharing system. This second volume deals with the criterion of factor mobility. The authors investigate and discuss whether there are signs of labor and capital mobility that have helped dampen economic shocks among the regions of the Euro during its short history. The book is of interest to a wide range of researchers in financial economics, macroeconomics and economic policy.
The Economics Of Common Currencies
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Author : Harry G. Johnson
language : en
Publisher: Routledge
Release Date : 2013-07-18
The Economics Of Common Currencies written by Harry G. Johnson and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-07-18 with Business & Economics categories.
Gathering together the papers presented at the Madrid Conference on Optimum Currency Areas in 1970 this volume represents one of the first complete surveys of the theory and policy implication of monetary integration. The book discusses: the economics of fixed exchange rates relevant to monetary relations within an integrated monetary area the evolution of economic doctrine and a survey of optimum currency area theory problems of policy co-ordination within a currency area relevance of the monetary-fiscal policy mix problems of monetary union in developing countries the book predicted the establishment of an European currency but presented the case for greater flexibility of exchange rates as an alternative to currency unification.
Optimum Currency Areas
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Author : Mr.Leonardo Leiderman
language : en
Publisher: International Monetary Fund
Release Date : 1997-06-17
Optimum Currency Areas written by Mr.Leonardo Leiderman 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 1997-06-17 with Business & Economics categories.
Robert Mundell's pioneering theory of optimum currency areas is revisited, with experts from the IMF, the BIS, the European Investment Bank, academia, European think tanks, and the Bank of Israel looking at its current practical applications, especially in the context of the forthcoming European Economic and Monetary Union (EMU). Robert Mundell himself offers an update to help in assessing the implications and consequences of EMU.
The Economics Of The Monetary Union And The Eurozone Crisis
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Author : Manuel Sanchis i Marco
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-09-06
The Economics Of The Monetary Union And The Eurozone Crisis written by Manuel Sanchis i Marco 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 2013-09-06 with Business & Economics categories.
A regulatory idea conducted this work: the need to connect the economic rationale of the theory of currency areas with the current EU institutional frame of the European monetary unification process. The latter includes the recent revamping of fiscal rules of the Stability and Growth Pact, and calls for enhancing ‘flexicurity’ in EU labour markets. The lack of EU political leadership is a dead-weight loss to build a genuine economic and monetary union, and risks to blow-up the whole project. Further, it undermines the internal macroeconomic logic of a single currency like the euro, and gives a prominent non-democratic role to financial markets. As it happened in the past with the gold-standard, the euro condemns today the peripheral countries to a deflationary process which might last for a decade. A more pro-European approach is needed with both sides of the system (core and periphery) making the required adjustment efforts, though in the opposite way, to save the eurozone and Europe. “The theory of optimal currency areas remains the essential framework to understand the design failures of the eurozone. In order to understand these dramatic economic developments that grip the eurozone, Sanchis i Marco’s book is the right one at the right time. He does a superb job in explaining this theory and in making it relevant for our understanding of the problems faced by the eurozone. The last two chapters of the book turn towards an analysis of the crisis of the euro and how to get out of this crisis. By suggesting a path out of the crisis, Professor Sanchis i Marco leaves us with some hope for the future for Spain and other eurozone countries.” Prof. Paul De Grauwe, London School of Economics
European Monetary Union And Exchange Rate Dynamics
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Author : Paul J. J. Welfens
language : en
Publisher: Springer Science & Business Media
Release Date : 2001
European Monetary Union And Exchange Rate Dynamics written by Paul J. J. Welfens 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 2001 with Business & Economics categories.
The creation of the European Central Bank and the Euro have brought new challenges to EU integration and economic policy. This book looks into issues of monetary and factor market policies. The analysis also presents new theoretical and empirical research on the - transitory - decline of the Euro. Issues of exchange rate policy and international economic relations also are addressed.
Currency Unions
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Author : Patrick Honohan
language : en
Publisher: Edward Elgar Publishing
Release Date : 2020-07-31
Currency Unions written by Patrick Honohan 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 2020-07-31 with categories.
The past twenty years have seen two waves of research on currency unions, prompted by the early experience of the European Economic and Monetary Union and by the existential crisis experienced by the euro area as a part of the global financial crisis. Alongside an original introduction, this important collection assembles key papers exploring a range of themes in these two waves of research, including subtopics such as reassessment of optimal currency area theory, new views on the policy choices, and the past and present experience of various currency unions. With a concluding section that addresses the question of complementary institutions going beyond an inflation-focused central bank, this two-volume collection provides an ample and comprehensive overview of currency unions.
China As An Optimum Currency Area Something To Learn For The European Monetary Union
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Author : Philipp Müller
language : en
Publisher: GRIN Verlag
Release Date : 2013-02-14
China As An Optimum Currency Area Something To Learn For The European Monetary Union written by Philipp Müller and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-02-14 with Business & Economics categories.
Bachelor Thesis from the year 2012 in the subject Economics - Monetary theory and policy, grade: 2,0, Frankfurt School of Finance & Management, language: English, abstract: The main objective of this thesis is to find out whether the PRoC is an OCA and what does it mean for the EMU. Based on the differences between the two currency areas, I would like to discuss whether there are any lessons that are worthwhile to be learned from the PRoC by the EMU to face better current and future crises. Therefore, the thesis is organized as follows. Section 2 provides an overview of the theoretical framework which this bachelor thesis is based on, namely the theory of OCA. Section 3 explains the methodology of my empirical study and describes the used data set. Section 4 examines the PRoC as an OCA. I evaluate each criterion on the basis of my own empirical study or available literature. After I briefly analyzed the Euro Crisis in section 5, I compare the EMU with the PRoC on the basis of OCA criteria followed by a discussion why there are differences and whether the EMU could improve conditions as a common currency area by learning from the PRoC. Section 6 concludes my findings and relate them to my opening questions of this introduction.
The Euro
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Author : Jesper Jespersen
language : en
Publisher: Springer
Release Date : 2016-11-21
The Euro written by Jesper Jespersen and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-11-21 with Business & Economics categories.
This book takes a close look at macroeconomic imbalances within the Eurozone and explores the profound consequences the introduction of the European Monetary Union (EMU) has had on Euro area countries. Particular attention is given to balance of payments deficits and surpluses, and the profound difficulties of rebalancing the Euro area. Throughout the chapters, the author argues that the EMU has failed to support an optimal currency area with the correct institutional arrangements due to misunderstandings at a macroeconomic level. The author also sheds light on the stability pact and the resulting macroeconomic trap which has left a number of Eurozone countries with devastatingly high rates of unemployment. The book argues that by disregarding important macroeconomic imbalances, Euro-monetarists have derailed the entire Eurozone project to such an extent that it is at risk of falling apart. Key chapters discuss the establishment of the EMU from a Euro-realist perspective and the role of the European Central Bank in rebalancing financial markets. The concluding chapter looks ahead to the future of the Euro and proposes necessary institutional solutions to the macroeconomic problems it is currently facing. Scholars and students with an interest in the current economic disarray within the Eurozone will find this work thought-provoking and highly informative.