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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
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
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
entry, and uses it to evaluate the assessment of the five tests for euro entry published by the U.K. Treasury in June 2003 …
Persistent link: https://www.econbiz.de/10012783153
in the United Kingdom and the euro area, have increased our ability to evaluate the effects that joining monetary union ….K. regime (CPI inflation targeting combined with a floating exchange rate), and adoption of the euro, as monetary policy options … stability under monetary union also diminishes if imports from the euro area are modeled as primarily intermediates instead of …
Persistent link: https://www.econbiz.de/10012718276
Narrow and broad money measures (including Divisia aggregates) have been found to have explanatory power for UK output in backward-looking specifications of the IS curve. In this paper, we explore whether or not real balances enter into a forward-looking IS curve for the UK, building on the...
Persistent link: https://www.econbiz.de/10013316527
This paper reports estimates of an econometric model of the determinants of OFCs' broad money holding and M4 lending to OFCs. This is of interest as it gives information about a component of UK money and credit aggregates, and also because it provides some evidence of the link between financial...
Persistent link: https://www.econbiz.de/10014121368
euro, as well as increasing international capital flows, appear to drive low frequency integration. In contrast, yield … attributed to electronic trading platforms becoming functional. The change-over from national currencies to the euro can not …
Persistent link: https://www.econbiz.de/10012991124
In a televised address to the Nation on Sunday evening, August 15, 1971, President Richard Nixon announced the “temporary” suspension of the dollar’s convertibility into gold. While the dollar had struggled throughout most of the 1960s within the parity established at Bretton Woods,...
Persistent link: https://www.econbiz.de/10013324382