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The Future of EMU : What Does the History of Monetary Unions Tell Us?

Bordo, Michael D. - 1999

The creation of EMU and the ECB has triggered a discussion of the future of EMU. Independent observers have pointed to a number of shortcomings or hazard areas' in the construction of EMU, such as the absence of a central lender of last resort function for EMU, the lack of a central authority...

Persistent link: https://www.econbiz.de/10012471419

A Long Term Perspective on the Euro

Bordo, Michael D. - 2008

This study grounds the establishment of EMU and the euro in the context of the history of international monetary cooperation and of monetary unions, above all in the U.S., Germany and Italy. The purpose of national monetary unions was to reduce transactions costs of multiple currencies and...

Persistent link: https://www.econbiz.de/10012464832

Social security programs and retirement around the world : reforms and retirement incentives

Börsch-Supan, Axel (ed.); Coile, Courtney (ed.) - National Bureau of Economic Research - 2020

"This ninth volume of the International Social Security series, which studies the social security and retirement experiences of 12 developed countries, examines the effects of pension reform on employment at older ages. In the two decades since the project began, a dramatic decline in men's...

Persistent link: https://www.econbiz.de/10012199929

Tales from the Bretton Woods

Bordo, Michael D. - 2014

An analogy has been made between the collapse of the Bretton Woods system in 1971 and the recent Eurozone crisis. The …However Bretton Woods is very different from the Eurozone in many dimensions. An even better analogy than BWS is a … Eurozone. In the early 1930s massive gold flows from the interior, hard hit by banking panics, to New York City were similar to …

Persistent link: https://www.econbiz.de/10012458395

A Fiscal Union for the Euro : Some Lessons from History

Bordo, Michael D. - 2011

The recent financial crisis 2007-2009 was the longest and the deepest recession since the Great Depression of 1930. The crisis that originated in subprime mortgage markets was spread and amplified through globalised financial markets and resulted in severe debt crises in several European...

Persistent link: https://www.econbiz.de/10012461278

Early Determinants of Work Disability in an International Perspective

Börsch-Supan, Axel - 2018

This paper studies the interrelated roles of health and welfare state policies in the decision to take up disability insurance (DI) benefits due to work disability (WD), defined as the (partial) inability to engage in gainful employment due to physical or mental illness. We exploit the large...

Persistent link: https://www.econbiz.de/10012480794

Do Enlarged Fiscal Deficits Cause Inflation : The Historical Record

Bordo, Michael D. - 2020

In this paper we survey the historical record for over two centuries on the connection between expansionary fiscal policy and inflation. As a backdrop, we briefly lay out several theoretical approaches to the effects of fiscal deficits on inflation: the earlier Keynesian and monetarist...

Persistent link: https://www.econbiz.de/10012482414

Monetary Policy Regimes and Economic Performance : The Historical Record

Bordo, Michael D. - 1997

Monetary policy regimes encompass the constraints or limits imposed by custom, institutions and nature on the ability of the monetary authorities to influence the evolution of macroeconomic aggregates. This paper surveys the historical experience of both international and domestic (national)...

Persistent link: https://www.econbiz.de/10012472613

Speculative Attacks on Pegged Exchange Rates : An Empirical Exploration with Special Reference to the European Monetary System

Eichengreen, Barry - 1994

This paper presents an empirical analysis of speculative attacks on pegged exchange rates in 22 countries between 1967 and 1992. We define speculative attacks or crises as large movements in exchange rates, interest rates, and international reserves. We develop stylized facts concerning the...

Persistent link: https://www.econbiz.de/10012474009

The ECU - An Imaginary or Embryonic Form of Money : What Can We Learn from History?

Bordo, Michael D. - 1987

We present historical examples of new forms of money that can be com- pared with the ECU. We first define the ECU in its official role before turning to developments in the private market for ECUs. We then examine historical antecedents of three attributes of ECUs: a unit of account; a basket of...

Persistent link: https://www.econbiz.de/10012476723