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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

Monetary Policy Regimes and Economic Performance : The Historical Record

Bordo, Michael D. - 1997

both domestic and international aspects of the monetary regime before World War I has since declined in its relevance At … the same time, policymakers within major nations placed more emphasis on stabilizing the real economy. In the post-World …

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

Do Enlarged Fiscal Deficits Cause Inflation : The Historical Record

Bordo, Michael D. - 2020

recovery from the Great Recession in the 1930s in the U.S. In the post-World War II era a detailed examination of the Great …

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

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

Bordo, Michael D. - 1987

monies than to existing currencies that the world has known …

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

Partial Fiscalization : Some Lessons on Europe’s Unfinished Business

Bordo, Michael D. - 2017

As a compromise between the status quo and a U.S. style fiscal union we highlight a series of measures which amount to partial fiscalization. These include: a banking union; a tax union; a capital markets union; a social security union; an energy union; and a military union. These fiscalizations...

Persistent link: https://www.econbiz.de/10012455461

The European Crisis in the Context of the History of Previous Financial Crises

Bordo, Michael D. - 2013

There are some striking similarities between the pre 1914 gold standard and EMU today. Both arrangements are based on fixed exchange rates, monetary and fiscal orthodoxy. Each regime gave easy access by financially underdeveloped peripheral countries to capital from the core countries. But the...

Persistent link: https://www.econbiz.de/10012459549

The Bretton Woods international monetary system : an historical overview

Bordo, Michael D. - 1992

Persistent link: https://www.econbiz.de/10000109009

Measuring Real Economic Effects of Bailouts : Historical Perspectives on How Countries in Financial Distress Have Fared With and Without Bailouts

Bordo, Michael D. - 2000

In this paper we first trace the changing nature of banking, currency and debt crises from the last century to the present. Each type of crisis has transmogrified in the presence of official intervention and the creation of a safety net. A similar pattern is observed for international rescue...

Persistent link: https://www.econbiz.de/10012471060

Is Globalization Today Really Different than Globalization a Hunderd Years Ago?

Bordo, Michael D. - 1999

for the United States but also with reference to the wider world. We establish the outlines of international integration a … century ago and analyze the institutional and informational impediments that prevented the late nineteenth century world from … achieving the same degree of integration as today. We conclude that the world today is different: commercial and financial …

Persistent link: https://www.econbiz.de/10012471593