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Author : Kenneth Froot
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (129 download)
Download or read book The EMS, the EMU, and the transition to a common currency written by Kenneth Froot and published by . This book was released on 1991 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (63 download)
Download or read book The EMS, the EMU, and the Transition to a Common Currency written by and published by . This book was released on 1991 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Enrique Alberola Ila
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.F/5 ( download)
Download or read book Convergence Bands written by Enrique Alberola Ila and published by . This book was released on 1994 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 124 pages
Book Rating : 4.:/5 (321 download)
Download or read book The Road to EMU written by and published by . This book was released on 1992 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kenneth Froot
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.:/5 (318 download)
Download or read book The EMS, the EMU, and the Transition to a Common Currency written by Kenneth Froot and published by . This book was released on 1991 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: When central banks are about to relinquish control over their exchange rate and enter into a currency union, the reptutational costs to devaluation are very low. As with any finite-horizon game, the endpoint affects the earlier expectations of private agents, here causing them to demand higher interest rates and higher wages from countries whose currencies are relatively weak. In looking at the countries within the EMS, we find that Italian long-term interest rates as well as price and wages levels relative to Germany show evidence of growing gaps We also find that the real appreciation of the lira appears to be predominantly due to increases in relative Italian government spending, and not to relatively rapid Italian productivity growth. Taken together, this evidence suggests that convergence within the EMS may have peaked. Furthermore, moving forward the date of currency union may in the short run increase both the growth of the gaps and the need for exchange-rate realignment.
Author : Robert Chote
Publisher : Centre for Economic Policy Research
ISBN 13 : 9781898128083
Total Pages : 122 pages
Book Rating : 4.1/5 (28 download)
Download or read book The Road to Emu written by Robert Chote and published by Centre for Economic Policy Research. This book was released on 1994-02-01 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Report from CEPR and the Paolo Baffi Centre for Monetary and Financial Economics focuses on the key issues involved in Stage II of Europe's transition to economic and monetary union. These issues include the degree of prior economic convergence required for EMU to succeed; whether the risk of currency realignments during the transition, the abolition of exchange controls, or continued economic integration may destabilize the Exchange Rate Mechanism of the EMS and possibly jeopardize the convergence that has occurred already; the functions of the proposed European Monetary Institute in Stage II; and the proposed constitution and responsibilities of the European System of Central Banks during Stage III. Based on a conference held in Milan in September 1991, organized by CEPR and the Paolo Baffi Centre, this Report includes an extended essay by Edward Balls on the issues discussed at the conference and non-technical, accessible summaries of the individual papers for the non-specialist. CEPR books are not available through Brookings in the UK and Europe.
Author : Barry J. Eichengreen
Publisher :
ISBN 13 :
Total Pages : 66 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Crisis in the EMS and the Transition to EMU written by Barry J. Eichengreen and published by . This book was released on 1993 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Paul R. Masson
Publisher : International Monetary Fund
ISBN 13 : 1451844581
Total Pages : 40 pages
Book Rating : 4.4/5 (518 download)
Download or read book Evaluating the EMS and EMU Using Stochastic Simulations written by Mr.Paul R. Masson and published by International Monetary Fund. This book was released on 1993-03-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Evaluations of European monetary integration using model simulations have given conflicting results, and the paper attempts to elucidate the reasons for the differences. Several features stand out: how to model realignments; how monetary policy is set for individual countries or for Europe; and how large are risk premium shocks in exchange markets. We quantify the effects of different assumptions relating to these features using MULTIMOD.
Author : Paul J.J. Welfens
Publisher : Springer Science & Business Media
ISBN 13 : 3642975402
Total Pages : 374 pages
Book Rating : 4.6/5 (429 download)
Download or read book European Monetary Integration written by Paul J.J. Welfens and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: EC monetary integration was reinforced in the 1980s when macroeconomic convergence and a dominant role of the German Bundesbank created the basis for relatively stable exchange rates and increasing EC trade volumes. Reduced capital controls and rising capital mobility as well as German unification caused shifts and shocks which undermined EMS stability in a critical period - the transition to EMU in accord with the Maastricht Treaty which called for further increasing monetary integration. The analysis focuses on these issues, the EMS crisis of 1992/93, the topic of optimum currency areas and the problem of fiscal policies/regional stabilization in Europe, the US and Canada. This book gives an assessment of the EMS developments and shows how financial market liberalization as well as the EC 1992 project affect the process of economic and monetary union.
Author : D. C. Kruse
Publisher : Butterworth-Heinemann
ISBN 13 : 1483192377
Total Pages : 285 pages
Book Rating : 4.4/5 (831 download)
Download or read book Monetary Integration in Western Europe written by D. C. Kruse and published by Butterworth-Heinemann. This book was released on 2014-05-12 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary Integration in Western Europe: EMU, EMS and Beyond discusses the origins of the Economic Monetary Union, (the European Monetary System is the forerunner of the EMU), and the integration of the European Community starting from the Treaty of Rome. The Treaty provides most of the elements necessary for a monetary union. The Community attempts to formulate a systematic, coherent approach to monetary integration as contained in the Barre Report. The Barre Report proposes that progress in two areas, coordinating economic policies and instituting a system of mutual financial assistance, is essential. In the Hague Summit, the heads of state want to enlarge and closely integrate the members of the Community. A commission under Luxembourg Prime Minister and Finance Minister, Pierre Werner prepares the plan for the EMU. On March 22, 1971, the Six member states approve the adoption of the EMU in several stages, and formally launch the EMU project. The Six have as goals to promote exchange rate stability within the Community, to coordinate economic polies through consultation procedures, to settle structural differences through Community policies, and to liberalize the movement of goods, services, and the factors of production. Economists, sociologists, professors in economics, and policy makers involved in international economics, particularly with the EU, will find the book valuable.
Author : Ramona Kraft
Publisher : GRIN Verlag
ISBN 13 : 3638685896
Total Pages : 18 pages
Book Rating : 4.6/5 (386 download)
Download or read book The creation of the European Monetary Union (EMU) written by Ramona Kraft and published by GRIN Verlag. This book was released on 2007-04-16 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2006 in the subject Economics - Monetary theory and policy, grade: 1,4, Dublin City University (Business School), course: Course EU Politics, language: English, abstract: The creation of the European and Monetary Union (EMU) has been one of the most determined and successful projects carried out by the European Union (EU) – and it is still in progress since eleven EU-countries are, following the Maastricht treaty, legally required to join the Eurozone as soon as they meet the convergence criteria. The reasons for the creation of EMU have been widely discussed among scholars; some focus on the request for political integration that would resulted from an EMU, some claim that the EMU was established to promote growth and investment. The assignment will hence “discuss how the creation of EMU was both an economic and politically driven process”. Chapter 1 outlines events and agreements which indirectly led to the EMU. Chapter 2 assesses the Delors Report and the Stability and Growth Pact (SGP) which affect EMU directly . Chapter 3 concludes by analysing the mentioned 30-year process leading to the EMU and gives a brief outlook. This approach has been chosen because it is essential to study the historical events leading to the Delors Report and finally the Treaty on European Union (TEU) in order to analyse the creation of EMU.
Author : David K. H. Begg
Publisher : Centre for Economic Policy Research
ISBN 13 : 9781898128267
Total Pages : 102 pages
Book Rating : 4.1/5 (282 download)
Download or read book EMU, Getting the End Game Right written by David K. H. Begg and published by Centre for Economic Policy Research. This book was released on 1997 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by a team of distinguished European academics, this report looks at the final stage of Europe's transition to a monetary union.
Author : Michele Fratianni
Publisher :
ISBN 13 :
Total Pages : 80 pages
Book Rating : 4.X/5 (2 download)
Download or read book From EMS to EMU written by Michele Fratianni and published by . This book was released on 1992 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Tamim Bayoumi
Publisher : International Monetary Fund
ISBN 13 : 1451846282
Total Pages : 20 pages
Book Rating : 4.4/5 (518 download)
Download or read book Who Needs Bands? Exchange Rate Policy Before Emu written by Mr.Tamim Bayoumi and published by International Monetary Fund. This book was released on 1995-04-01 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two issues are discussed. The first is which countries might benefit from entry into EMU before the millennium. Germany and her immediate neighbors appear the most likely to gain; however, our knowledge is too uncertain to say whether all, some, or no countries would reap net economic benefits. The second issue is how to avoid exchange rate instability in the transition to EMU. Experience from earlier exchange rate regimes suggests that an early announcement the parities at which different currencies would enter EMU could reduce such instability if governments were willing to accept the required limitations on domestic policies.
Author : Hartwin Maas
Publisher : GRIN Verlag
ISBN 13 : 3640144287
Total Pages : 25 pages
Book Rating : 4.6/5 (41 download)
Download or read book Should UK enter the EMU written by Hartwin Maas and published by GRIN Verlag. This book was released on 2008-08-25 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2005 in the subject Business economics - Economic Policy, grade: 1,2, Arnhem Business School (Arnhem Business School), course: International Economics, language: English, abstract: Since the beginning of the idea of the European Monetary Union (EMU), UK had a negative attitude towards a single monetary policy with a single currency. This antipathy was amplified on the one hand by the withdrawal of the European Exchange Rate Mechanism in 1992 caused by different economic policies, oil price rises and German unification and on the other hand by the launch of the EMU in 1999. In fact the UK government starts to work towards cooperation with the EMU by setting specific goals. But before taking further steps, the criteria of the Maastricht Treaty have to be fulfilled and the five economic tests assessed by the UK government have to be passed. Since 1997 the UK has made real progress towards meeting the five economic tests. Although there are arguments that in a long term the payback of joining EMU offset the costs, the benefits are too low and the costs too high at the moment. The idea of one currency in Europe has been around for many years. But according to Pitchford the true launching of the EMU process dates from the Werner Committee which was set up in 1970 and submitted its final report, called 'the Werner Report', in February 1971. The first major step for the implementation of the Werner plan was the European 'currency snake' in 1972. Through this arrangement the fluctuations between participants' exchange rates should be limited to ± 2.25%. However, this process was not effective because of the collapse of the Bretton-Woods regime which determined a fixed exchange rate in terms of gold. The UK joined the snake system just for one month. A further step was the creation of the European Monetary System (EMS) in 1979. The main objective of this system was to create monetary stability in Europe. This should be realized by the fixed rates between the currencies of the participating countries which where settled on their value against the European Currency Unit (ECU4). The UK did not join in the EMS and was still remote at the time of Delors Report in 1989.
Author : David A. Currie
Publisher :
ISBN 13 :
Total Pages : 128 pages
Book Rating : 4.3/5 ( download)
Download or read book The Pros and Cons of EMU written by David A. Currie and published by . This book was released on 1997 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Lorenzo Bini Smaghi
Publisher :
ISBN 13 :
Total Pages : 86 pages
Book Rating : 4.:/5 (321 download)
Download or read book The Transition to EMU in the Maastricht Treaty written by Lorenzo Bini Smaghi and published by . This book was released on 1994 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:
