Während Manager von Industrie-, Bau- und Handelsunternehmen der Europäischen Währungsunion mit - eher zunehmender - Skepsis entgegensehen, lassen die Stimmen aus dem landwirtschaftlichen Berufsstand und der landwirtschaftlichen Fachpresse erkennen, daß die EWWU uni sono herbeigesehnt wird....

Die Kritik am gegenwärtigen Weltwährungssystem setzt vor allem an zwei Charakteristika des Regimes flexibler Wechselkurse an: der Volatilität der Kurse und der hohen Wahrscheinlichkeit, daß die Kurse längerfristig von ihren "Gleichgewichtswerten" abweichen. Beide Fehlentwicklungen, die am...

This paper explores the relationship between economic growth and the welfare state. We argue that: (i) the institutional constraints set by the international monetary system may be at least as effective determinants of growth differentials between countries as the different dimensions of their...

Argues that the effects of financial liberalization on employment and incomes often carry disturb economic and social development and that financial liberalization warrants at least as much attention as trade liberalization. Compares and weighs the potential benefits in terms of growth against...

The lack of cooperation between central banks is the most widely accepted interpretation of the collapse of the gold-exchange standard. This explanation does not take account of the evolution of systems of payment: national commodity moneys were progressively replaced by fiduciary money. These...

This paper argues that SDRs should become a more relevant instrument of international monetary cooperation. This requires transforming them into a pure reserve asset and the IMF into a fully SDR-funded institution. SDRs would then be issued counter-cyclically and treated as deposits of countries...

This paper studies the impact of a broadening of the SDR basket to the Chinese currency on the composition and volatility of the basket. Although, in the past, RMB inclusion would have had negligible impact due to its limited weight, a much more significant impact can be expected in the next...

The discussion on exchange rate policy is dominated by the so-called "impossible trinity". In this paper, a strategy of managed floating is developed that allows one to transform the "impossible trinity" into a "possible trinity". If a central bank targets an exchange rate path which is...

This paper studies the impact of a broadening of the SDR basket to the Chinese currency on the composition and volatility of the basket. Although, in the past, RMB inclusion would have had negligible impact due to its limited weight, a much more significant impact can be expected in the next...