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The euro is the second most important global currency after the US dollar. However, its international role has not … increased since its inception in 1999. The private sector prefers using the US dollar rather than the euro because the financial … the attractiveness of the euro outside the euro area requires, among others, a proactive role for the European Central …
Persistent link: https://www.econbiz.de/10012265943
The first part of this paper is a review of significant papers in the vast literature on optimum currency area (OCA) theory. The author focuses on the main classical contributions, then considers modern treatment of OCA theory. The second part considers empirical literature on the types of...
Persistent link: https://www.econbiz.de/10012729060
A currency union is when several independent sovereign nations share a common currency. This has been a recurring phenomenon in monetary history. In this article I study the theoretical foundations of such unions, and discuss some important currency unions in history, most notably the case of...
Persistent link: https://www.econbiz.de/10012868671
the Euro area monetary and fiscal systems by focusing markets and public attention on the core cause of the overall Euro … crisis, the insolvency of the Euro area member-states model of debt financing of public and private expenditure and … investment. Hence, any repair of the system will require addressing the twin malaises of the Euro area model of economic …
Persistent link: https://www.econbiz.de/10013122727
economic variables determine a given country's currency bloc affiliation. The dollar bloc differs from the euro bloc in that …
Persistent link: https://www.econbiz.de/10010305207
The euro is the second most important global currency after the US dollar. However, its inter-national role has not … increased since its inception in 1999. The private sector prefers using the US dollar rather than the euro because the financial … the attractiveness of the euro outside the euro area requires, among others, a proactive role for the European Central …
Persistent link: https://www.econbiz.de/10012825125
economic variables determine a given country’s currency bloc affiliation. The dollar bloc differs from the euro bloc in that …
Persistent link: https://www.econbiz.de/10009129843
Six countries; Qatar, Indonesia, Saudi Arabia, Malaysia, the United Arab Emirates and Turkey (denoted by the acronym QISMUT) are considered the potential primary force of the future international development of Islamic finance. These countries, with both expertise and potential for growth in...
Persistent link: https://www.econbiz.de/10012937541
This paper discusses the scope for international macroprudential policy coordination in a financially integrated world economy. It first reviews the transmission channels associated with, and the empirical evidence on, financial spillovers and spillbacks - which have both increased in magnitude...
Persistent link: https://www.econbiz.de/10012921767
This paper will propose a plan to reform international finance – the World Financial Authority (WFA) Plan. Under such a plan, the IMF and other existing international financial institutions would be reformed and coordinated around a newly created WFA. The WFA would have two core functions....
Persistent link: https://www.econbiz.de/10013095450