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Is the Eurozone not a monetary union, but an extraordinary exchange rate union?
Sauer, Beate; Sell, Friedrich L. - 2013
The Target imbalances within the Eurozone can be interpreted as a sign of a missing balance of payments adjustment … mechanism for the member countries. As the Eurozone lacks a fiscal union, in economic theory it is more an exchange rate union … payments, but only one for the whole Eurozone. This paper will show why the Target System is a crucial indicator for the …
Persistent link: https://www.econbiz.de/10010313119
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Is the Eurozone not a monetary union, but an extraordinary exchange rate union?
Sauer, Beate; Sell, Friedrich L. - 2013
The Target imbalances within the Eurozone can be interpreted as a sign of a missing balance of payments adjustment … mechanism for the member countries. As the Eurozone lacks a fiscal union, in economic theory it is more an exchange rate union … payments, but only one for the whole Eurozone. This paper will show why the Target System is a crucial indicator for the …
Persistent link: https://www.econbiz.de/10009751600
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Is the Eurozone Not a Monetary Union, But an Extraordinary Exchange Rate Union?
Sauer, Beate - 2015
The Target imbalances within the Eurozone can be interpreted as a sign of a missing balance of payments adjustment … mechanism for the member countries. As the Eurozone lacks a fiscal union, in economic theory it is more an exchange rate union … payments, but only one for the whole Eurozone. This paper will show why the Target System is a crucial indicator for the …
Persistent link: https://www.econbiz.de/10013028252
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Regionalwährungen in Deutschland : Lokale Konkurrenz Für Den Euro?
Rösl, Gerhard - 2016
In a surprisingly growing number of regions in Germany private "regional currencies" are issued as a cash substitute for the euro. Currently, these regional currencies are conceived almost exclusively as Schwundgeld (depreciative currency), which loses value on a predetermined timescale. This...
Persistent link: https://www.econbiz.de/10012991160
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Does the Purchase of Government Bonds by the ECB Endanger its Independence?
Sauer, Beate - 2015
Since May 2010 at the latest, the ECB has been criticized for financing government bonds – at least indirectly – and for tolerating to be put under pressure by the fiscal side. The ECB itself has justified its securities markets programme and, thus, its government bond purchases by the need...
Persistent link: https://www.econbiz.de/10013028248
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Modelling the Eurozone as an Extraordinary Exchange Rate Union
Sauer, Beate - 2015
The Trans-European Automated Real-Time Gross settlement Express Transfer system (TARGET) imbalances within the Eurozone … Eurozone lacks a fiscal union, in theory it is more of an exchange rate union or a system of fixed exchange rates than a … monetary union. This paper will show why the TARGET is a crucial indicator for the Eurozone not being a monetary union but …
Persistent link: https://www.econbiz.de/10013028250
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Numismatic and Monetary Aspects of Introducing the Uniform European Union Currency
Matic, Branko - 2008
The paper quot;Numismatic Aspects of Introducing the Uniform European Union Currencyquot; deals with a subject causing a series of reactions for several years already not only in the European Union countries but also in those nonmember ones. The planed introduction of uniform currency, due to...
Persistent link: https://www.econbiz.de/10012772127
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Designing New Money - The Policy Trilemma of Central Bank Digital Currency
Bjerg, Ole - 2017
The prospect of central banks issuing digital currency (CBDC) immediately raises the question of how this new form of money should co-exist and interact with existing forms of money. This paper evaluates three different scenarios for the implementation of CBDC in terms of their monetary policy...
Persistent link: https://www.econbiz.de/10012954346
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Who Should Make Kroner? - A Review of Danmarks Nationalbank's Analysis of CBDC
Bjerg, Ole - 2018
This paper is a review of Danmarks Nationalbank's recent analysis of the prospects of implementing a Central Bank Digital Currency (CBDC) in Denmark. We concur with Nationalbanken's conclusion that CBDC does not add efficiency or further functionality to existing payment solutions. We argue,...
Persistent link: https://www.econbiz.de/10012927422
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Bitcoin, Blockchain, and Distributed Ledgers : Between Hype and Reality
Ametrano, Ferdinando M. - 2018
Bitcoin is the most successful cryptocurrency and one of the best types of private money ever. The blockchain technology underlying bitcoin is presented with the spotlight on distributed consensus, allowing for proper understanding of its peculiarities. Notarization and trust anchoring are...
Persistent link: https://www.econbiz.de/10012935626