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This paper presents some thoughts on what we can learn from investigating European and East Asian monetary policies and monetary cooperation in historical comparative perspective. This fresh approach to the ongoing global and regional crises highlights the necessity to view problems of national...
Persistent link: https://www.econbiz.de/10014163943
The Brexit issue has caused much concern regarding the future economic scenario of Europe in particular and the world in general. There are several reasons for Brexit. One of them is that the very nature of Monetary Unions is its rigidity. The 'one size fits all' yardstick won't apply to many...
Persistent link: https://www.econbiz.de/10012956687
Persistent link: https://www.econbiz.de/10013149218
We analyze the similarities and the differences in the fragility of the European Monetary System (EMS) and the Eurozone … foreign exchange markets while in the Eurozone it was the absence of a lender of last resort in the long-term government bond … Eurozone the roles were reversed. The national central banks that became part of the Eurosystem were strengthened …
Persistent link: https://www.econbiz.de/10013074520
The debt crisis in several member states of the euro area has raised doubts on the viability of European Economic and Monetary Union (EMU) and the future of the euro. While the launch of the euro in 1999 stirred a lot of interest in regional monetary integration and even monetary unification in...
Persistent link: https://www.econbiz.de/10013110301
Recent unilateral dollarizations in Ecuador and El Salvador (that adopted the US dollar) and Montenegro (that adopted the euro) showed that unilaeral monetary unions can be implemented and sustained even under harsh economic conditions. The paper reviewes recent experience with such...
Persistent link: https://www.econbiz.de/10013125933
Persistent link: https://www.econbiz.de/10010243556
Since the beginning of the transition process from centrally planed to market economies, East European countries have experienced relatively high inflation and a market depreciation of their currency. Their monetary systems have gone through dramatic changes in the recent ten years, making the...
Persistent link: https://www.econbiz.de/10011511064
Drawing on the premise that the integration of economies revises people's social space and their comparators, we quantify social stress by aggregate relative deprivation, ARD; we calculate the effect of monetary mergers on ARD; and we document the validity of the superadditivity property of ARD...
Persistent link: https://www.econbiz.de/10011281232