The European Monetary System And European Monetary Union
When the European Monetary System (EMS) was created in 1978, economists on both sides of the Atlantic predicted its inevitable and early failure. But today EMS is alive and well, continuing to defy conventional economic wisdom.
Professors Fratianni and von Hagen address three questions raised by the success of EMS: how it was created, how it works, and how it may evolve into a full-fledged monetary union. They answer these questions in the context of international economics, explaining why countries with very different rates of inflation might be willing to link their currencies and exploring the choice between a currency union, in which several countries adopt the same money, and an exchange-rate union. They also seek to understand whether members of the European Community should all adopt the same currency. If so, what kind of adjustment process would be best - a gradual transition or a fast one?
Their presentation is always clear and evenhanded, a model of empirical research and theoretical sophistication. This is an essential book for scholars of European integration in particular and of international political economy in general.
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Principles and Issues of European Monetary Unification
A Description of the European Monetary System
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The European Monetary System and European Monetary Union
Michele Fratianni,Jurgen Von Hagen
No preview available - 2021
achieve adjustment arrangement asymmetric average Belgium benefits Bundesbank capital central bank changes Chapter commitment common conditional cooperative cost credibility currency debt demand shock Denmark depends distribution domestic dominance economic EEMU effects employment EMS countries estimates European exchange rates exchange-rate expectations final fiscal fiscal policy fixed exchange rates flexible France French functions gains German given greater growth higher implies important increase independence indicates individual inflation rates institutional integration interest interest rate interpretation interventions Italian Italy lower March monetary authority monetary policy monetary union Netherlands non-EMS Note output parameter participating percent period policy coordination political positive preference price stability realignments reduced regime regional relative remain Report requires response rules share shocks shows significant Source stage strategy suggests supply Table tests uncertainty United variables variance weak