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Currency Substitution And The Demand For Money In Five European Union Countries
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Book Synopsis Currency Substitution and the Demand for Money in Five European Union Countries by : Julide Yildirim
Download or read book Currency Substitution and the Demand for Money in Five European Union Countries written by Julide Yildirim and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The high degree of economic integration has led to an increased degree of currency substitution in the EU countries, which could bring instability in national money demand functions while an EU-wide money demand function could be more stable. Currency substitution usually takes the form of cross border deposits (CBD), which are not included in the traditional monetary aggregates. Thus, extended monetary aggregates that include the relevant CBDs are defined in this study. In order to investigate the implications of currency substitution for the stability of the demand functions, the traditional and extended monetary aggregates for five EU countries are defined in addition to EU-wide monetary aggregates. The estimated EU-wide demand for extended money appears to be stable suggesting that there is scope for monetary policy at the European level. However, the stability of the area-wide aggregate has been impaired when the relevant CBDs are not included.
Book Synopsis Currency Substitution and the Demand for Money in the European Union by : Julide Yildirim
Download or read book Currency Substitution and the Demand for Money in the European Union written by Julide Yildirim and published by . This book was released on 1997 with total page 349 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Currency Substitution and Cross-Border Monetary Aggregation by : Mr.Timothy D. Lane
Download or read book Currency Substitution and Cross-Border Monetary Aggregation written by Mr.Timothy D. Lane and published by International Monetary Fund. This book was released on 1992-10-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is there a stable aggregate money demand relationship for Europe? If so, why, and if not, why not? These questions are important for the implementation of policy by a European central bank, as well as for the appropriate speed of transition to EMU. This paper addresses them in a multi-country empirical study of money demand for the G-7 countries during the period since 1973. It looks for evidence of currency substitution and tests the restrictions implied by cross-border aggregation within Europe.
Book Synopsis Money Demand Stability and Currency Substitution in Six European Countries, 1980-1992 by : Renato Filosa
Download or read book Money Demand Stability and Currency Substitution in Six European Countries, 1980-1992 written by Renato Filosa and published by . This book was released on 1995 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Currency Substitution and the Stability of the German Demand for Money Function Before and After the Fall of the Berlin Wall by : Gianna Boero
Download or read book Currency Substitution and the Stability of the German Demand for Money Function Before and After the Fall of the Berlin Wall written by Gianna Boero and published by . This book was released on 1996 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Currency Substitution in European Financial Markets by : Michael J. Artis
Download or read book Currency Substitution in European Financial Markets written by Michael J. Artis and published by . This book was released on 1995 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Money Demand in EU Countries by : F. X. Browne
Download or read book Money Demand in EU Countries written by F. X. Browne and published by . This book was released on 1997 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Currency Substitution and Cross-border Monetary Aggregation by : Timothy David Lane
Download or read book Currency Substitution and Cross-border Monetary Aggregation written by Timothy David Lane and published by . This book was released on 1992 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Money Demand in Europe by : Helmut Lütkepohl
Download or read book Money Demand in Europe written by Helmut Lütkepohl and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1999 a number of member states of the European Union will adopt a common currency. This change in the monetary system requires that a Eur opean Central Bank is set up and a common monetary policy is pursued. There is general agreement among those countries which are likely to join the common currency that price level stability has to be the ultimate objec tive of monetary po1icy. It is an open issue, however, what kind of policy is best suited for that purpose. The alternative strategies under discussion are a direct inflation targeting, an intermediate monetary targeting or a mixture of both. For these policy strategies a stable money demand relation is of cen tral importance. Therefore a workshop on Money Demand in Europe was organized at the Humboldt University in Berlin on October 10/11, 1997. This research conference brought together academic and central bank econo mists and econometricians predominantly from Europe to discuss issues on specification, estimation and, in particular, stability of money demand rela tions both in a single equation and in a systems framework. In this volume revised versions of the papers presented and discussed at the workshop are collected. The volume thereby gives an overview of money demand analysis in Europe on the eve of the introduction of the Euro in some European countries. It contributes to the discussion on a suitable monetary policy for the new European Central Bank.
Download or read book Journal of Applied Economics written by and published by . This book was released on 2003 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Money Demand Stability and Currency Substitution in XIX European Countries by : Renato Filosa
Download or read book Money Demand Stability and Currency Substitution in XIX European Countries written by Renato Filosa and published by . This book was released on 1995 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Currency Substitution in Developing Countries by : Guillermo A. Calvo
Download or read book Currency Substitution in Developing Countries written by Guillermo A. Calvo and published by . This book was released on 1992 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Debate on Money in Europe by : Alberto Giovannini
Download or read book The Debate on Money in Europe written by Alberto Giovannini and published by MIT Press. This book was released on 1995 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written from 1985 to 1992, the author's essays address such topics as the transition to a European monetary system, the design and functioning of a European Central Bank, curency reform, capital inflow, and exchange rates.
Book Synopsis Currency Substitution in Developing Countries by : Diana Brand
Download or read book Currency Substitution in Developing Countries written by Diana Brand and published by . This book was released on 1993 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Policy Issues in the Operation of Currency Unions by : Paul R. Masson
Download or read book Policy Issues in the Operation of Currency Unions written by Paul R. Masson and published by Cambridge University Press. This book was released on 1993-09-23 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: An overview and the latest research on single currency areas in Europe, the US, and the former USSR.
Book Synopsis Inflation and Wage Behaviour in Europe by : Paul de Grauwe
Download or read book Inflation and Wage Behaviour in Europe written by Paul de Grauwe and published by Oxford University Press. This book was released on 1996 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Maastricht Treaty makes the convergence of inflation rates one of the preconditions of European Monetary Union (EMU). The purpose of this study is to shed light on the mechanism underlying the processes that lead to convergence or divergence in national inflation rates. It examinesinflation and wage bahaviour in the European Monetary System (EMS), their determinants, and their implications for the credibility and sustainability of the system's exchange rate mechanism (ERM). Although the focus is on the EMS period, eleven of the twelve studies also review the background of the1970s. The contributors examine issues of monetary control, stability of national and ERM-wide money-demand function, the monetary policy of Germany - the pivotal country in the EMS - and its influence on the stability of the system after the fall of the Berlin Wall. As well as explaining how theEMS worked, the book also offers reasons for its breakdown in 1992-3 under the blow of exogenous shocks and growing policy conflict between member countries.The study identifies several causes of inflation and persistent inflation differentials in the EMS. Among the 'real' causes, particular attention is devoted to sectoral productivity shocks. In some countries, import price shocks, exogenous wage pushes, taxes, and government expenditure are bound tobe important factors. Since theses kinds of shock hit the various economies of the region differently, inflation differntials can persist for several years. The different policies of governments and central banks, and the fact the monetary policies have not always been consistent with the long-runmaintenance of fixed exchange rates, have also played a considerable role in explaining the persistance of inflation differentials.
Book Synopsis Can the euro ever be a global reserve currency? by : Veronika Minkova
Download or read book Can the euro ever be a global reserve currency? written by Veronika Minkova and published by GRIN Verlag. This book was released on 2011-09-28 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2010 in the subject Politics - Topic: European Union, grade: 1,3, King`s College London, language: English, abstract: After the first decade of the advent of the euro, analysts have examined the prospect of the European common currency to become not only regional currency, but also its usage to spread internationally. Not only has the euro proved to be more than a powerful symbol of collective identity, but it has also provided price stability, it has been a shelter against currency crises and it has attracted new member states that wish to join the euro area. However, this positive landscape has changed in the face of the global financial crisis and the Greek budgetary crisis. Many have seen the euro only as ‘a fair weather currency’ arguing that confluence of factors facilitates the euro’s deficiency of becoming ‘bad weather currency’ such as economic divergence and internal imbalances between member states. The first section of the essay discusses the benefits and costs of issuing an international currency. By applying the three attributes of money to the euro, the second section reviews the euro’s performance as a medium of exchange, unit of account and store of value. The final section identifies factors which hinder the European common currency’s success as an international currency. These factors include: inertial forces characterising the financial markets, governance design of EMU, member states’ internal imbalances, fragmentation of financial markets, non-economic limitations and the European Union’s discouraging stance towards the euro’s international status.
