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Coordination And Crisis In Monetary Unions
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Book Synopsis Coordination and Crisis in Monetary Unions by : Mark Aguiar
Download or read book Coordination and Crisis in Monetary Unions written by Mark Aguiar and published by . This book was released on 2014 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: We characterize fiscal and monetary policy in a monetary union with the potential for rollover crises in sovereign debt markets. Member-country fiscal authorities lack commitment to repay their debt and choose fiscal policy independently. A common monetary authority chooses inflation for the union, also without commitment. We first describe the existence of a fiscal externality that arises in the presence of limited commitment and leads countries to over borrow; this externality rationalizes the imposition of debt ceilings in a monetary union. We then investigate the impact of the composition of debt in a monetary union, that is the fraction of high-debt versus low-debt members, on the occurrence of self-fulfilling debt crises. We demonstrate that a high-debt country may be less vulnerable to crises and have higher welfare when it belongs to a union with an intermediate mix of high- and low-debt members, than one where all other members are low-debt. This contrasts with the conventional wisdom that all countries should prefer a union with low-debt members, as such a union can credibly deliver low inflation. These findings shed new light on the criteria for an optimal currency area in the presence of rollover crises.
Book Synopsis Lectures In International Finance: Crisis, Coordination, Currency Unions, And Debt by : Paul R Masson
Download or read book Lectures In International Finance: Crisis, Coordination, Currency Unions, And Debt written by Paul R Masson and published by World Scientific Publishing Company. This book was released on 2007-03-12 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a good basis for a graduate course in international finance. It also serves as a reference source for professional economists. Though other good surveys and handbooks are available, they are too extensive to serve as a graduate textbook. In many cases they are outdated, as there has been an explosion of work on the issues over the last decade, stimulated by events such as the Asian crises of 1997 and 1998, the creation of the Euro zone in 1999, and Argentina's 2001 default. This book covers up-to-date developments on these issues.
Book Synopsis Currencies, Crises, Fiscal Policy, and Coordination by : Paul R. Masson
Download or read book Currencies, Crises, Fiscal Policy, and Coordination written by Paul R. Masson and published by World Scientific. This book was released on 2011 with total page 355 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides an integrated compilation of selected major articles published by the author in several fields of international finance. These include contributions to the understanding of currency crises and financial contagion, the evolution of exchange rate regimes, the interaction between national fiscal policies and regional monetary unions, and the effect of uncertainty on the gains from international economic policy coordination. The author spent most of his career doing research at established institutions (the Bank of Canada, OECD, and IMF), and these articles emerged from the need to understand the major economic policy issues of the day. In the book's introduction, the author discusses the motivation for these contributions and the unifying themes that emerged, while a concluding chapter provides his personal reflections and suggestions about promising avenues for further research.
Author :Andrew J. Hughes Hallett Publisher :Springer Science & Business Media ISBN 13 :1475747381 Total Pages :222 pages Book Rating :4.4/5 (757 download)
Book Synopsis Challenges for Economic Policy Coordination within European Monetary Union by : Andrew J. Hughes Hallett
Download or read book Challenges for Economic Policy Coordination within European Monetary Union written by Andrew J. Hughes Hallett and published by Springer Science & Business Media. This book was released on 2013-06-29 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: The launch of European Monetary Union (EMU) marked the beginning of a new era, and its establishment has proved an impressive success at the technical, legal, and procedural level. After all, EMU has accelerated economic and political integration in the European Union and tied the economies of the Member States closer together. However, the performance of the euro, high unemployment rates, uneven output and investment growth, and the issue of structural reforms that have yet to be tackled have raised questions about the performance of EMU in practice. There is a general consensus on the justification for economic policy coordination. The existing literature on economic policy coordination, however, seems far from able to provide robust conclusions about how to organize the necessary interaction of institutions and policies. Therefore, there seems to be a case for re-examining the subject under the new framework set by EMU. The objective of such a reassessment is to enhance the understanding of what type of coordination and what institutional setting for policy coordination can be expected to be most favorable. Challenges for Economic Policy Coordination within European Monetary Union provides an intellectually stimulating contribution to the ongoing debate.
Book Synopsis Making the European Monetary Union by : Harold James
Download or read book Making the European Monetary Union written by Harold James and published by Harvard University Press. This book was released on 2012-11-19 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: Europe’s financial crisis cannot be blamed on the Euro, Harold James contends in this probing exploration of the whys, whens, whos, and what-ifs of European monetary union. The current crisis goes deeper, to a series of problems that were debated but not resolved at the time of the Euro’s invention. Since the 1960s, Europeans had been looking for a way to address two conundrums simultaneously: the dollar’s privileged position in the international monetary system, and Germany’s persistent current account surpluses in Europe. The Euro was created under a politically independent central bank to meet the primary goal of price stability. But while the monetary side of union was clearly conceived, other prerequisites of stability were beyond the reach of technocratic central bankers. Issues such as fiscal rules and Europe-wide banking supervision and regulation were thoroughly discussed during planning in the late 1980s and 1990s, but remained in the hands of member states. That omission proved to be a cause of crisis decades later. Here is an account that helps readers understand the European monetary crisis in depth, by tracing behind-the-scenes negotiations using an array of sources unavailable until now, notably from the European Community’s Committee of Central Bank Governors and the Delors Committee of 1988–89, which set out the plan for how Europe could reach its goal of monetary union. As this foundational study makes clear, it was the constant friction between politicians and technocrats that shaped the Euro. And, Euro or no Euro, this clash will continue into the future.
Book Synopsis New Issues in Regional Monetary Coordination by : Martina Metzger
Download or read book New Issues in Regional Monetary Coordination written by Martina Metzger and published by Springer. This book was released on 2005-11-29 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book argues for a new conceptual framework that analytically distinguishes between North-South monetary co-ordination, which involves an international key currency, and South-South arrangements between economies all marked by external indebtedness and the resulting macroeconomic instabilities ('original sin'). In this light, the book analyzes different types of monetary co-ordination, ranging from ad hoc exchange rate policy agreements to projects of a common supranational currency, and it examines selected regional cases in Eastern Europe, North and South America, Africa and Asia.
Book Synopsis On the Logic of Fiscal Policy Coordination in a Monetary Union by : Oliver Landmann
Download or read book On the Logic of Fiscal Policy Coordination in a Monetary Union written by Oliver Landmann and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Legal Study of Economic and Monetary Unions by : Lorenzo Saviane
Download or read book A Legal Study of Economic and Monetary Unions written by Lorenzo Saviane and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The specific objective of this paper written in English is to in analyzing the most recent developments in the relationship between the Economic and European Monetary Union and the corresponding Sub-Saharan Unions. Indeed, this relationship has evolved profoundly over time: from a climate of domination colonial has shifted to a relationship of a strictly monetary nature that links the European currency to those of West and Central Africa. The first chapter is devoted to the concepts of currency and monetary sovereignty. Indeed, in both Unions, the concept of state sovereignty, particularly that of monetary sovereignty, has been and is at the center of political and social debate. The Unions in question have in fact in common, ex plurimis, the establishment of a single currency, a set of rules to converge the policies macroeconomic policies of member states, a set of similar institutions and a single market. In the second chapter, there follows an in-depth analysis of the context of the Eurozone. After the establishment of a common market and a system to foster the convergence of economic policies, member states began to consider it complementary and necessary to converge their their monetary policies. In 1998, the euro, the European Central Bank and the EMU. However, even at its inception, the EMU had some flaws: first and foremost, the fact that it was based on strong monetary coordination, but fragile convergence of economic policies. Later, when the Great Depression came to Europe, the fragility of the EMU emerged. The absence of fiscal union resulted in the rapid extension of the crisis from one member states to another, exacerbating the vicious link between banks and governments. The post-crisis legal framework aims to establish at the same time a system for providing financial assistance to member states that request it and a system to strengthen the economic pillar of EMU and resolve its hindering asymmetry. The third chapter, meanwhile, is devoted to the different regional groupings present in sub-Saharan Africa. Since the colonial period, France has used all means at its disposal to keep its currency area intact. When early 1990s the European EMU was taking shape, it served as a model for the renewal of the legal framework of the free zone. In each regional grouping a system of macroeconomic convergence was established accompanied by a plan to centralize fiscal and monetary policies. The subsequent establishment of the euro changed geopolitical relations determining the new pegging of the CFA franc to the euro and no longer to the franc French franc. Nevertheless, the CFA franc remained under the exclusive jurisdiction of the France. A thorough description of the characteristics of the CFA franc follows. The agreements signed with France by each regional grouping define in fact the principles to be respected. These can be summarized in four pillars fundamental: a fixed exchange rate, free movement of capital, free convertibility of currency and the pooling of foreign exchange reserves. In addition, for each central bank in the free zone, an "operating account" was opened at the Treasury French Treasury an "operating account" through which the credit and liabilities of each regional grouping. The most controversial feature of the system is the fixed exchange rate. According to critics, it deprives the countries of the free area countries of their monetary sovereignty, and is therefore considered the main cause of the fragility and stagnation of the area's economy. For this and other reasons, the CFA franc is at the center of political debate in the free zone countries, and the sentiment of the need for radical reform is growing. The UEMOA, as part of ECOWAS, has begun to consider the possibility of establishing a new national currency, the Echo. However, the feasibility of a currency union is subject to a careful assessment of economic and political conditions. Similarly, the debate on the establishment of a new currency is also strong in CEMAC, but the project is far from becoming a reality. The outbreak of the COVID-19 pandemic has had a strong impact throughout the the entire world. In the eurozone and the free zone, it has affected the Unions in different ways, showing their fragilities. The European EMU responded by demonstrating the strength of its economic and monetary policy coordination. Similarly, the free zone countries are experiencing a turning point, as a reform concrete and radical reform of the CFA franc system finally seems feasible, also to successfully overcome the economic crisis. Relations with France have never been more difficult, but the creation of a new monetary union is essentially tied to strong political will, which is what the sub-Saharan countries most urgently needed by sub-Saharan countries.
Book Synopsis EU Law of Economic & Monetary Union by : Fabian Amtenbrink
Download or read book EU Law of Economic & Monetary Union written by Fabian Amtenbrink and published by Oxford University Press. This book was released on 2020-05-21 with total page 1808 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presenting a sweeping analysis of the legal foundations, institutions, and substantive legal issues in EU monetary integration, The EU Law of Economic and Monetary Union serves as an authoritative reference on the legal framework of European economic and monetary union. The book opens by setting out the broader contexts for the European project - historical, economic, political, and regarding the international framework. It goes on to examine the constitutional architecture of EMU; the main institutions and their legal powers; the core legal provisions of monetary and economic union; and the relationship of EMU with EU financial market and banking regulation. The concluding section analyses the current EMU crisis and the main avenues of future reform.
Book Synopsis Economic and Monetary Union at Twenty by : David Howarth
Download or read book Economic and Monetary Union at Twenty written by David Howarth and published by Routledge. This book was released on 2023-09-25 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The contributions to this book examine the two main asymmetries of the Euro Area as they have intensified during the second decade of Economic and Monetary Union (EMU): the first between monetary union (more supranational governance) versus 'economic' union (less centralised governance); the second between those Euro Area member states of the so-called 'core' and those of the 'periphery'. EMU stands as one of the European Union's (EU) flagship integration achievements. Set up in 1999, with the large majority of EU member states at the time, EMU was described as 'asymmetrical' even prior to its start. From the outset, it involved asymmetrical integration in monetary and 'economic' union. Although a major element of the blueprint that paved the way for the final stage of EMU, the concept of 'economic' union was insufficiently developed. The second decade of the single currency gave rise to a second asymmetry, namely one between those Euro Area member states of the 'core' and those of the 'periphery'. The ten contributions to this volume speak to one or both of these asymmetries, covering the major political, political economy and policy dimensions of EMU and the ongoing debates about necessary policy and institutional reforms to overcome these asymmetries and bolster Euro Area stability. The outbreak of the Coronavirus (Covid-19) Crisis in 2020 created unprecedented socio-economic challenges for Euro Area member states, heightening the perceived urgency of reform. The chapters in this book were originally published as a special issue of the Journal of European Integration.
Book Synopsis Coordination of Monetary and Fiscal Policies by : International Monetary Fund
Download or read book Coordination of Monetary and Fiscal Policies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1998-03-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.
Book Synopsis The Euro and the Crisis by : Nazaré da Costa Cabral
Download or read book The Euro and the Crisis written by Nazaré da Costa Cabral and published by Springer. This book was released on 2016-11-30 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes the effects of the recent crisis and evaluates potential solutions to the gridlock that is currently dominating the Eurozone and the European Union, concerning both the monetary policy and the budgetary and fiscal policy. The timely study highlights the main challenges that European political leaders will face in the months to come. Furthermore, its interdisciplinary approach embraces economic, financial and legal perspectives, so as to ensure the global coherence and comprehensiveness of its content. The contributors to this volume are prominent experts from the areas of Economics, Finance, Law, and Political Science, offering readers a multifaceted view of the topics discussed.
Book Synopsis Economic Policy Coordination in the Economic and Monetary Union by : Jørgen Mortensen
Download or read book Economic Policy Coordination in the Economic and Monetary Union written by Jørgen Mortensen and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Lectures in International Finance by : Paul R. Masson
Download or read book Lectures in International Finance written by Paul R. Masson and published by World Scientific. This book was released on 2007 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sixteen-year-old Keysha Kendall is a judge's signature away from foster care when she's sent to live with the father she never knew. Suddenly she has her own room in his big fancy house, a high-powered stepmother and a popular half brother who can introduce her to all the right people at her new school. But Keysha can't forget where she came from. And she won't let anyone else, either. Why should her father and his perfect family have it so easy when she and her mother had it so hard? And so Keysha hooks up with a rough crowd and does whatever she wants'until what she wants changes real fast'.
Download or read book Catching Capital written by Peter Dietsch and published by Oxford University Press. This book was released on 2015-07-01 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rich people stash away trillions of dollars in tax havens like Switzerland, the Cayman Islands, or Singapore. Multinational corporations shift their profits to low-tax jurisdictions like Ireland or Panama to avoid paying tax. Recent stories in the media about Apple, Google, Starbucks, and Fiat are just the tip of the iceberg. There is hardly any multinational today that respects not just the letter but also the spirit of tax laws. All this becomes possible due to tax competition, with countries strategically designing fiscal policy to attract capital from abroad. The loopholes in national tax regimes that tax competition generates and exploits draw into question political economic life as we presently know it. They undermine the fiscal autonomy of political communities and contribute to rising inequalities in income and wealth. Building on a careful analysis of the ethical challenges raised by a world of tax competition, this book puts forward a normative and institutional framework to regulate the practice. In short, individuals and corporations should pay tax in the jurisdictions of which they are members, where this membership can come in degrees. Moreover, the strategic tax setting of states should be limited in important ways. An International Tax Organisation (ITO) should be created to enforce the principles of tax justice. The author defends this call for reform against two important objections. First, Dietsch refutes the suggestion that regulating tax competition is inefficient. Second, he argues that regulation of this sort, rather than representing a constraint on national sovereignty, in fact turns out to be a requirement of sovereignty in a global economy. The book closes with a series of reflections on the obligations that the beneficiaries of tax competition have towards the losers both prior to any institutional reform as well as in its aftermath.
Book Synopsis Sovereign Risk and Belief-Driven Fluctuations in the Euro Area by : Giancarlo Corsetti
Download or read book Sovereign Risk and Belief-Driven Fluctuations in the Euro Area written by Giancarlo Corsetti and published by International Monetary Fund. This book was released on 2013-11-06 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sovereign risk premia in several euro area countries have risen markedly since 2008, driving up credit spreads in the private sector as well. We propose a New Keynesian model of a two-region monetary union that accounts for this “sovereign risk channel.” The model is calibrated to the euro area as of mid-2012. We show that a combination of sovereign risk in one region and strongly procyclical fiscal policy at the aggregate level exacerbates the risk of belief-driven deflationary downturns. The model provides an argument in favor of coordinated, asymmetric fiscal stances as a way to prevent selffulfilling debt crises.
Book Synopsis Prospects for Monetary Cooperation and Integration in East Asia by : Ulrich Volz
Download or read book Prospects for Monetary Cooperation and Integration in East Asia written by Ulrich Volz and published by MIT Press. This book was released on 2010 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: East Asian countries were notably uninterested in regional monetary integration until the late 1990's, when the Asian financial crisis revealed the fragility of the region's exchange rate arrangements and highlighted the need for a stronger regional financial architecture. Since then, the countries of East Asia have begun taking steps to explore monetary and financial cooperation, establishing such initiatives as regular consultations among finance ministers and central bank governors and the pooling of foreign exchange reserves. In this book Ulrich Volz investigates the prospects for monetary cooperation and integration in East Asia, using state-of-the-art theoretical and empirical tools to analyze the most promising policy options. --
