Policy Issues in the Operation of Currency Unions
Paul R. Masson, Mark P. Taylor
Cambridge University Press, Sep 23, 1993 - Business & Economics - 310 pages
This book provides an overview as well as the latest research on currency unions--geographical areas throughout which a single currency circulates as the medium of exchange. The issues discussed are central to debates on Economic and Monetary Union in Europe, and the future of Eastern Europe. In addition to a specially written survey chapter by the editors, it contains previously unpublished contributions by leading researchers in the field, discussing real and potential currency unions in the United States, the former Soviet Union, Europe and Africa.
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a survey of the issues
Private capital markets and adjustment in a currency
The economics of the CFA franc zone
Is Europe an optimum currency area?
Labor markets and European monetary unification
adjustment aggregate AisR asymmetric shocks average Bayoumi Britain capital markets capital-market integration CFA franc zone changes coefficients cointegration common currency consumption convergence correlation costs currency substitution currency union debt deficits discussed domestic economic and monetary effects Eichengreen equation ESCB estimated Europe European Community European countries European Monetary System evidence ex-Soviet Union excess returns external factor fiscal federalism fiscal policy important industrial inflation inter-regional interest rates International Monetary Fund issue Italy labor income labor mobility long-run Long-short macroeconomic Masson member countries migration monetary policy monetary union national central banks optimal Optimum Currency Areas output percent personal income price stability ratio real exchange rate real exchange-rate regional unemployment regressions relative republics sample period seigniorage significant Soviet spillovers Spread Foreign statistics suggests trade transfers Treaty unemployment rates unification United variables wages