EMU, Financial Markets and the World Economy

EMU, Financial Markets and the World Economy
Author: Thomas Moser
Publisher: Springer Science & Business Media
Total Pages: 324
Release: 2013-04-17
Genre: Business & Economics
ISBN: 1475751311

This book is based on the conference "EMU and the Outside World", held at the Swiss Federal Institute of Technology (ETH), December 11, 1998. The conference was organized by the Swiss Institute for Business Cycle Research (KOF), which is supported jointly by the ETH and the Swiss Society for Business Cycle Research (SGK), an organization comprising representatives from private industry, the Swiss National Bank and public authorities. On the eve of the final stage of European Economic and Mone tary Union (EMU), Zurich seemed to be a particularly appropriate place for such a conference. On the one hand, given its location and economic and financial links with the euro area, Switzerland is one of the "outside coun tries" most affected by EMU. On the other hand, it was nowhere else than in Zurich where the vision of "a United States of Europe" was expressed for the first time by Winston Churchill in his speech on September 19, 1946. For many EMU is a step in that direction, whether welcome or not. Most of the papers appearing in this volume were presented at the con ference and have been revised and updated. Three contributions, chapter 11- 13, were commissioned specially for this publication. Besides the authors of the chapters, special thanks are due to Guido Boller, Robert McCauley, Umberto Schwarz, and Charles Wyplosz.

EU Law of Economic & Monetary Union

EU Law of Economic & Monetary Union
Author: Fabian Amtenbrink
Publisher: Oxford University Press
Total Pages: 1649
Release: 2020-05-21
Genre: Law
ISBN: 019251248X

Presenting a sweeping analysis of the legal foundations, institutions, and substantive legal issues in EU monetary integration, The EU Law of Economic and Monetary Union serves as an authoritative reference on the legal framework of European economic and monetary union. The book opens by setting out the broader contexts for the European project - historical, economic, political, and regarding the international framework. It goes on to examine the constitutional architecture of EMU; the main institutions and their legal powers; the core legal provisions of monetary and economic union; and the relationship of EMU with EU financial market and banking regulation. The concluding section analyses the current EMU crisis and the main avenues of future reform.

Emu, Financial Markets and the World Economy

Emu, Financial Markets and the World Economy
Author: Thomas Moser
Publisher:
Total Pages: 10
Release: 2006
Genre:
ISBN:

On January 1, 1999, 11 of the 15 member countries of the European Union(EU) entered the third and final stage of European Economic and Monetary Union (EMU). Notwithstanding some minor and quickly resolved problems in the TARGET payments system and some volatility in overnight interest rates, the introduction of the euro was smoother than many observers had previously expected. For the world economy, the euro's launch was the largest change to the international monetary system since the breakdown of the Bretton Woods system in the early 1970s. This paper gives an overview of the contributions to the conference EMU and the Outside World, which was held at the Swiss Federal Institute of Technology (ETH) in Zurich on December 11, 1998, i.e., on the eve of the final stage of European Economic and Monetary Union (EMU).

The Future of Money

The Future of Money
Author: Benjamin J. Cohen
Publisher: Princeton University Press
Total Pages: 319
Release: 2018-06-05
Genre: Business & Economics
ISBN: 0691187134

Is globalization leading us toward a world of fewer and fewer currencies and, consequently, simplified monetary management? Many specialists believe this is the case, as the territorial monopolies national governments have long claimed over money appears to be eroding. In The Future of Money, Benjamin Cohen argues that this view--which he calls the "Contraction Contention"--is wrong. Rigorously argued, written with extraordinary clarity, and thoroughly up-to-date, this book demonstrates that the global population of currencies is set to expand greatly, not contract, making monetary governance more difficult, not less. At the book's core is an innovative theoretical model for understanding the strategic preferences of states in monetary management. Should governments defend their traditional monetary sovereignty, or should they seek some kind of regional consolidation of currencies? The model offers two broad advances. First, whereas most scholarly work evaluates strategic options individually or in comparison to just one other alternative, this model emphasizes the three-dimensional nature of the decisions involved. Second, the model emphasizes degrees of currency regionalization as a central determinant of state preferences. Cohen also systematically explores the role of the private sector as an alternative source of money. The book concludes with two key policy proposals. First, fiscal policy should be resurrected as a tool of macroeconomic management, to offset the present-day erosion in the effectiveness of monetary policy. Second, the International Monetary Fund should more actively help coordinate the decentralized strategic decision-making of governments. The future of money will be perilous. But, by mapping out the alternative policies countries can follow, The Future of Money shows it need not be chaotic.

The Emergence of the Euro as an International Currency

The Emergence of the Euro as an International Currency
Author: George Alogoskoufis
Publisher:
Total Pages: 82
Release: 1997
Genre: Coinage, International
ISBN:

The European Union will enter Stage Three of Economic and Monetary Union (EMU) in 1999. The development of euro financial markets and thickness externalities in the use of the euro as a means of payment will be the major factors determining the importance of the euro as an international currency. As euro securities markets become deeper and more liquid and transactions costs fall, euro assets will become more attractive, and the use of the euro as a vehicle currency will expand; the two effects interact, as we demonstrate. We use a three-region world model as a framework for alternative steady-state scenarios. With forex and securities market data, we assess the plausibility of those scenarios and the implications for economic efficiency (welfare). We find that the euro may take on some of the current roles of the dollar. The welfare analysis reveals potential quantitatively significant benefits for the euro area, at the cost of the US and (to a lesser degree) Japan.

The Euro Area Crisis

The Euro Area Crisis
Author: Davide Furceri
Publisher: International Monetary Fund
Total Pages: 34
Release: 2013-09-25
Genre: Business & Economics
ISBN: 1484334205

The aim of this paper is to assess the effectiveness of risk sharing mechanisms in the euro area and whether a supranational fiscal risk sharing mechanism could insure countries against very severe downturns. Using an unbalanced panel of 15 euro area countries over the period 1979-2010, the results of the paper show that: (i) the effectiveness of risk sharing mechanisms in the euro area is significantly lower than in existing federations (such as the U.S. and Germany) and (ii) it falls sharply in severe downturns just when it is needed most; (iii) a supranational fiscal stabilization mechanism, financed by a relatively small contribution, would be able to fully insure euro area countries against very severe, persistent and unanticipated downturns.

The Future of Global Currency

The Future of Global Currency
Author: Benjamin J. Cohen
Publisher: Routledge
Total Pages: 210
Release: 2012-11-12
Genre: Political Science
ISBN: 1136845887

Can the euro challenge the supremacy of the U.S. dollar as a global currency? From the time Europe’s joint money was born, many have predicted that it would soon achieve parity with the dollar or possibly even surpass it. In reality, however, the euro has remained firmly planted in the dollar’s shadow. The essays collected in this volume explain why. Because of America’s external deficits and looming foreign debt, the dollar can never be as dominant as it once was. But Europe’s money is unable to mount an effective challenge. The euro suffers from a number of critical structural deficiencies, including an anti-growth bias that is built into the institutions of the monetary union and an ambiguous governance structure that sows doubts among prospective users. As recent events have demonstrated, members of the euro zone remain vulnerable to financial crisis. Moreover, lacking a single voice, the bloc continues to punch below its weight in monetary diplomacy. The world seems headed toward a leaderless monetary order, with several currencies in contention but none clearly dominant. This collection distils the views of one of the world’s leading scholars in global currency, and will be of considerable interest to students and scholars of international finance and international political economy.

Monetary and Fiscal Strategies in the World Economy

Monetary and Fiscal Strategies in the World Economy
Author: Michael Carlberg
Publisher: Springer Science & Business Media
Total Pages: 302
Release: 2010-01-05
Genre: Business & Economics
ISBN: 3642104762

This book studies the strategic interactions between monetary and fiscal policies in the world economy. The world economy consists of two regions, say Europe and America. The policy makers are the central banks and the governments. The policy targets are low inflation, low unemployment, and low structural deficits. There are demand shocks, supply shocks, and mixed shocks. There are regional shocks and common shocks. This book develops a series of basic, intermediate, and more advanced models. Here the focus is on the Nash equilibrium. The key questions are: Given a shock, can policy interactions reduce the existing loss? And to what extent can they do so? Another topical issue is policy cooperation. To illustrate all of this there are a lot of numerical examples. The present book is part of a larger research project on European Monetary Union, see the references given at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association, at the International Conference on Macroeconomic Analysis, at the International Institute of Public Finance, and at the International Atlantic Economic Conference. Other parts were presented at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Göttingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macroeconomics in Freiburg, at the Research Seminar on Economics in Kassel, and at the Passau Workshop on International Economics.

Euroland and the World Economy

Euroland and the World Economy
Author: Jörg Bibow
Publisher: Springer
Total Pages: 318
Release: 2007-10-23
Genre: Business & Economics
ISBN: 0230377556

This book takes a broad perspective to challenge orthodox views about the role of Euroland in the world economy, providing a comprehensive framework to address important questions for the future of the Euro, including the key question: will the single currency contribute to world economic dynamism or be driven by the vigour and vitality of others?