European Monetary Union: An Application of the Fundamental Principles of Monetary TheoryAvebury, 1994 - Počet stran: 303 This study applies five basic economic principles to the reasons underlying European economic and monetary union. It aims to explain why EMU was agreed to; when it would be realized; how the monetary unit would be established; which means should implement it; and what purpose it should serve. |
Obsah
Treaty on economic and monetary union | 15 |
A monetarytheoretic approach to | 76 |
Walrass theory of money and the | 121 |
Autorská práva | |
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anchor argued assets assumed assumption bimetallic Bundesbank cash chapter Cipolla commodity money Community competitive confidence externalities convergence countries debt deficits demand determined economic effects efficiency equation equilibrium ESCB established European exchange rate existence expectations external economy fiscal fixed exchange rates function fund global growth H1 to H5 Hence income increase induced inflation instability instrument interdependence interest rate internalised investment Keynes Keynes's liquidity preference marginal Member monetary institutions monetary policy monetary system monetary theory monetary unit money externalities money process money supply national central banks paper money parallel currency payments price level externalities price stability private ECU production quantity rate of interest redistribution reserves role savings sector seigniorage seigniorage externalities service of availability single currency stage of EMU store of value systemic risk technological externalities theoretical theory of money third stage trade transaction costs Walras Walras's Walras's paper money