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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

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

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

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

Breaking the Gilt Standard - The Problem of Parity in Kumhof and Noone's Design Principles for Central Bank Digital Currencies

Bjerg, Ole - 2018

This paper is a critical engagement with the four design principles for Central Bank Digital Currency (CBDC) recently proposed by Kumhof and Noone (KN). It is argued that the implicit notion of parity underlying KN's analysis is too narrow as it is only focused on the exchange rate between CBDC...

Persistent link: https://www.econbiz.de/10014112133

China and the Global Roles of Currencies

Ryan, John - International Network for Economic Research - INFER - 2009

China’s concern about its U.S. Dollar reserves is being amplified by the low returns of some of China’ investments in the U.S. which leads to a broader concern about how the current reserve system basically entails China lending to the U.S. at very low interest rates. A two-currency reserve...

Persistent link: https://www.econbiz.de/10008497750

The ECB and the Euro : The First Five Years

Issing, Otmar - 2006

Whilst the debate on the merits of adopting the euro rage on in the UK, comparatively little attention is paid to the way in which the ECB is managing monetary policy in the euro zone. This analysis describes the success of the first five years of the euro's life. Not only has price stability...

Persistent link: https://www.econbiz.de/10014067962

Should Britain Join the Euro?

Minford, Patrick - 2006

European economic and monetary union is driven by politics, but the economic costs and benefits of Britain's membership can and should be assessed, argues Professor Patrick Minford in this careful and succinct analysis of the cases for and against Britain adopting the euro. The core argument in...

Persistent link: https://www.econbiz.de/10014066548

Digital Euro, Monetary Objects and Price Stability—a Legal Analysis

Zellweger-Gutknecht, Corinne; Geva, Benjamin; … - 2021

The Eurosystem is mandated to safeguard price stability according to Article 127 TFEU. Based on a theoretical and policy-oriented approach, this article sheds light on a second public good with enormous practical relevance both for financial markets and institutions as well as for the general...

Persistent link: https://www.econbiz.de/10013230072

The Impacts of Financial Policies on Inflation Rates in Sudan (1989-2010)

Mohamed, Issam A.W. - 2012

The main focus of the present paper is to analyze the impacts of financial policy on inflation rates. The analysis depended on time series data and was divided into theoretical and applied analytical framework. An econometric model was utilized to reflect the relations between financial policy...

Persistent link: https://www.econbiz.de/10013107752

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