The Euro as a Stabilizer in the International Economic System PDF Download
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Author: Robert A. Mundell
Publisher: Springer Science & Business Media
ISBN: 1461544572
Category : Business & Economics
Languages : en
Pages : 460
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Book Description
The introduction of the euro was an important event for the world economy and the international political system. For the first time in history, a substantial group of European countries-eleven of the fifteen members of the European Union including three members of the G-7-have voluntarily agreed to replace their national currencies with a single currency. The euro area has already become established as the second largest currency area in the world and will therefore become a major player in the international monetary system. The creation of the euro poses a number of interesting questions. Will the euro be a strong or a weak currency? Will the euro challenge the leading position hitherto held by the United States dollar and would sharing of the burdens and advantages of reserve currency status improve or worsen the stability of the international monetary system? How will the euro affect US relations with Europe? Does the formation of the euro intensify European integration in other fields? Is a bi-polar international monetary system viable? These and other issues motivated the Luxembourg Institute for European and International Studies and the Pierre Werner Foundation to organize an international conference in Luxembourg on December 3-4, 1998, on the eve of the birth of the euro. At the outset we were aware that the issue of the euro went far beyond pure economics. Money, after all, is too important a subject to be left to economists.
Author: Robert A. Mundell
Publisher: Springer Science & Business Media
ISBN: 1461544572
Category : Business & Economics
Languages : en
Pages : 460
Get Book Here
Book Description
The introduction of the euro was an important event for the world economy and the international political system. For the first time in history, a substantial group of European countries-eleven of the fifteen members of the European Union including three members of the G-7-have voluntarily agreed to replace their national currencies with a single currency. The euro area has already become established as the second largest currency area in the world and will therefore become a major player in the international monetary system. The creation of the euro poses a number of interesting questions. Will the euro be a strong or a weak currency? Will the euro challenge the leading position hitherto held by the United States dollar and would sharing of the burdens and advantages of reserve currency status improve or worsen the stability of the international monetary system? How will the euro affect US relations with Europe? Does the formation of the euro intensify European integration in other fields? Is a bi-polar international monetary system viable? These and other issues motivated the Luxembourg Institute for European and International Studies and the Pierre Werner Foundation to organize an international conference in Luxembourg on December 3-4, 1998, on the eve of the birth of the euro. At the outset we were aware that the issue of the euro went far beyond pure economics. Money, after all, is too important a subject to be left to economists.
Author: Miguel Otero-Iglesias
Publisher: Routledge
ISBN: 1317636767
Category : Political Science
Languages : en
Pages : 280
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Book Description
This book analyses how financial elites in key dollar-holding emerging markets perceive the contest between the euro and the dollar for global currency status. It also assesses how far the Eurozone has gone in challenging US hegemony in monetary affairs through the prism of these elites. Drawing on Chartalist and Constructivist theories of money, the author provides a systematic approach to studying global currency dynamics and presents extensive original empirical data on financial elites in China, Saudi Arabia, the UAE and Brazil. The author demonstrates, amongst other things, how the gradual ascendance of a structurally flawed currency like the euro has highlighted the weaknesses of the dollar ad how the euro has demonstrated that sovereignty sharing in monetary affairs is possible and that the international monetary system can be a multicurrency and multilateral system. In this highly innovative and important book, Otero-Iglesias shows the importance of studying financial elites in Brazil, China and the GCC countries in order to understand the full impact, material and ideational, of the euro in the transformation of the IMS. It will be vital reading for students and scholars of International Political Economy, International Economics, International Finance, Economic History, Economic Sociology, International Relations, Comparative Political Economy and Comparative Politics.
Author: Ms.Dominique Simard
Publisher: International Monetary Fund
ISBN: 1451935366
Category : Business & Economics
Languages : en
Pages : 58
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Book Description
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Author: Kenneth Dyson
Publisher: OUP Oxford
ISBN: 0191549177
Category : Political Science
Languages : en
Pages : 496
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Book Description
With Economic and Monetary Union (EMU) the European Union is embarked on a major historic political project of formidable technical complexity. In January 2009 the Euro Area will be ten years old. What does the evidence from the first decade tell us about the significance of the euro for the EU and its member states? This book brings together a range of recognized academic specialists to examine the main political aspects of this question. How, and in what ways, has the euro Europeanized states (members and non-members), their institutions, policies and politics? What have been its effects on the location and use of power? Has the euro generated convergence or divergence? What political patterns can be identified? The book offers the first, in-depth and systematic political analysis of the first decade of the euro. It places the euro in its global and European contexts; offers a set of case studies of its effects on a representative sample of EU member states ('Anglo-Saxon', old 'D-Mark Zone', east central European and Baltic, Mediterranean, and Nordic); and looks at three key sectors (financial markets, wages and collective bargaining, and welfare reform). The book contributes to Europeanization studies, comparative political economy, and studies of Economic and Monetary Union (EMU). It will be of major interest to students of the European Union and European integration, comparative European politics, and area and 'country' studies.
Author: Astrid Boening
Publisher: Springer Science & Business Media
ISBN: 3642324126
Category : Political Science
Languages : en
Pages : 261
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Book Description
This two-volume project provides a multi-sectoral perspective over the EU's external projections from traditional as well as critical theoretical and institutional perspectives, and is supported by numerous case studies covering the whole extent of the EU’s external relations. The aim is to strive to present new approaches as well as detailed background studies in analyzing the EU as a global actor. Volume 1: The first volume “Theoretical and Institutional Approaches to the EU’s External Relations” addresses the EU's overall external post-Lisbon Treaty presence both globally and regionally (e.g. in its "neighborhood"), with a special emphasis on the EU’s institutional framework. It also offers fresh and innovative theoretical approaches to understanding the EU’s international position. - With a preface by Alvaro de Vasoncelos (former Director European Union Institute for Security Studies) Volume 2: The second volume “Policies, Actions and Influence of the EU’s External Relations”, examines in both quantitative and qualitative contributions the EU's international efficacy from a political, economic and social perspective based on a plethora of its engagements.
Author: Benjamin J. Cohen
Publisher: Routledge
ISBN: 1136845887
Category : Political Science
Languages : en
Pages : 210
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Book Description
Can the euro challenge the supremacy of the U.S. dollar as a global currency? From the time Europe’s joint money was born, many have predicted that it would soon achieve parity with the dollar or possibly even surpass it. In reality, however, the euro has remained firmly planted in the dollar’s shadow. The essays collected in this volume explain why. Because of America’s external deficits and looming foreign debt, the dollar can never be as dominant as it once was. But Europe’s money is unable to mount an effective challenge. The euro suffers from a number of critical structural deficiencies, including an anti-growth bias that is built into the institutions of the monetary union and an ambiguous governance structure that sows doubts among prospective users. As recent events have demonstrated, members of the euro zone remain vulnerable to financial crisis. Moreover, lacking a single voice, the bloc continues to punch below its weight in monetary diplomacy. The world seems headed toward a leaderless monetary order, with several currencies in contention but none clearly dominant. This collection distils the views of one of the world’s leading scholars in global currency, and will be of considerable interest to students and scholars of international finance and international political economy.
Author: Bertelsmann Stiftung
Publisher: Verlag Bertelsmann Stiftung
ISBN: 3867936005
Category : Business & Economics
Languages : en
Pages : 144
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Book Description
The recent euro crisis and the dramatic increase of unemployment in some euro countries have triggered a renewed interest in a fiscal capacity for the European Union to stabilize the economy of its member states. One of the proposed instruments is a common European unemployment insurance. In this book Sebastian Dullien from the HTW Berlin provides and evaluates a blueprint for such a scheme. Building on lessons from the unemployment insurance in the United States of America, he outlines how a European unemployment benefit scheme could be constructed to provide significant stabilization to national business cycles, yet without strongly extending social protection in Europe. Macroeconomic stabilization effects and payment flows between countries are simulated and options, potential pitfalls and existing concerns discussed.
Author: L. Talani
Publisher: Springer
ISBN: 0230349455
Category : Business & Economics
Languages : en
Pages : 262
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Book Description
This book gives a detailed account of the primacy of the City of London, both as a domestic actor and as a global financial centre. It focuses on whether the hegemonic position of the City of London can be threatened by the globalization process and how this relates to its role as an international money laundering centre.
Author: Michael Carlberg
Publisher: Springer Science & Business Media
ISBN: 3642104762
Category : Business & Economics
Languages : en
Pages : 302
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Book Description
This book studies the strategic interactions between monetary and fiscal policies in the world economy. The world economy consists of two regions, say Europe and America. The policy makers are the central banks and the governments. The policy targets are low inflation, low unemployment, and low structural deficits. There are demand shocks, supply shocks, and mixed shocks. There are regional shocks and common shocks. This book develops a series of basic, intermediate, and more advanced models. Here the focus is on the Nash equilibrium. The key questions are: Given a shock, can policy interactions reduce the existing loss? And to what extent can they do so? Another topical issue is policy cooperation. To illustrate all of this there are a lot of numerical examples. The present book is part of a larger research project on European Monetary Union, see the references given at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association, at the International Conference on Macroeconomic Analysis, at the International Institute of Public Finance, and at the International Atlantic Economic Conference. Other parts were presented at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Göttingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macroeconomics in Freiburg, at the Research Seminar on Economics in Kassel, and at the Passau Workshop on International Economics.
Author: Michael Carlberg
Publisher: Springer Science & Business Media
ISBN: 3540927514
Category : Business & Economics
Languages : en
Pages : 263
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Book Description
This book studies the strategic policy interactions in a monetary union. The leading protagonists are the European Central Bank and national governments. The target of the ECB is low inflation in Europe. The targets of a national government are low unemployment and a low structural deficit. There are demand shocks, supply shocks, and mixed shocks. There are country-specific shocks and common shocks. This book develops a series of basic, intermediate, and more advanced models. Here the focus is on the Nash equilibrium. The key questions are: Given a shock, can policy interactions reduce the existing loss? And to what extent can they do so? Another topical issue is policy cooperation. To illustrate all of this there are a lot of numerical examples. The present book is part of a larger research project on European Monetary Union, see the references given at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association, at the International Conference on Macroeconomic Analysis, at the International Institute of Public Finance, and at the International Atlantic Economic Conference. Other parts were presented at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Göttingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macroeconomics in Freiburg, at the Research Seminar on Economics in Kassel, and at the Passau Workshop on International Economics.
