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This paper provides tests of an econometric model of the demand for UK M0. The existence of a long-run cointegrating relationship between M0 and key economic variables is established and a plausible dynamic error-correction model is estimated. A model that passes standard specification tests is...
Persistent link: https://www.econbiz.de/10014214090
This paper develops a new theory of seigniorage suited to modern economies where the majority of money is created not by the state or central bank but by commercial banks and other monetary financial institutions via their lending activity. We identify four different forms of seigniorage that...
Persistent link: https://www.econbiz.de/10012962590
Eurozone? Especially in view of the European Central Bank's improved reputation as a crisis manager in the wake of the … reserve currency Euro to avoid the perils of drifting alone on a storm-tossed open sea? These are big questions. They have … will in this short paper assess three scenarios regarding the UK and the Euro - UK entry, EMU collapses before a UK entry …
Persistent link: https://www.econbiz.de/10014208308
Persistent link: https://www.econbiz.de/10000964959
Persistent link: https://www.econbiz.de/10001702504
We study common features in the income velocity of money, income, and interest rates for Canada, the U.S., the U.K., Sweden and Norway using annual data from 1870. The recently developed and refined techniques of testing for cointegration are employed. The evidence suggests there is a unique...
Persistent link: https://www.econbiz.de/10014068752
's international investment position would also loom. Appreciating Germany's own vulnerability to the euro crisis should help the … also good for the authorities in euro partner countries to recognize. Germany is bound to catch up with the reality that it …This paper investigates Germany's vulnerability to the ongoing Euroland crisis. In 2010-11, Germany experienced a …
Persistent link: https://www.econbiz.de/10013079914
Eurozone and even speculation that the euro might break up. Against this background this paper sets out to re-examine the Hard …In 2009 the euro entered a crisis from which it has yet to emerge. It has led to increased social tensions across the … 1992 and led to the euro. Unlike previous scholarship on the Hard ECU this paper is now in a position to compare the scheme …
Persistent link: https://www.econbiz.de/10013031814
against Britain adopting the euro. The core argument in favour is the reduction of exchange-rate risk, but because the euro is … under the euro and could even increase. In any case, financial markets can diversify away such risks. Minford sees … costs of big projected state pension deficits in Germany, France and Italy. He concludes that EMU, 'as it is constituted and …
Persistent link: https://www.econbiz.de/10014066548
The British Government has focused the discussion on the adoption of the euro on its economic consequences. Whilst … there are economic arguments for the UK joining the euro, the political implications of the UK joining the euro are much …
Persistent link: https://www.econbiz.de/10014066876