By John F Chown
EMU could be trumpeted because the nice financial scan in financial union, yet as John Chown exhibits during this great ebook, there were many different examples of economic unions through the years - a few profitable, others no longer so. during this complete ancient evaluation, the writer writes approximately financial unions with an admirable completeness and covers such subject matters as: the most efficient, financial unions in international locations and components from Latin the United States to The British Empire to Japan and Korea with many in among, the EMU and its coverage ramifications and the CFA Franc sector within the former French colonies.
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Extra info for A History of Monetary Unions
A paper by Frankel and Rose2 (August 2000) comes up with some surprisingly optimistic conclusions on the beneficial effect of currency unions on the long-run level and rate of growth of economies, arguing that currency union stimulates trade which in turn stimulates output. Currency unions, they show, promote bilateral trade and open economies with, they say, no ‘trade diversion’ away from non-members. The adjustment process The main relevant problem has already been discussed in the ‘fixed versus floating’ arguments.
Currency unions, they show, promote bilateral trade and open economies with, they say, no ‘trade diversion’ away from non-members. The adjustment process The main relevant problem has already been discussed in the ‘fixed versus floating’ arguments. How likely are individual members to be subject to asymmetric shocks, and, given that the exchange rate adjustment mechanism will no longer be available, how effectively will the ‘gold standard’ type procedures work? A monetary union actually offers more scope than a less formal fixed exchange rate for a good adjustment mechanism, and the commitment to a union expected to be permanent will, of itself, encourage policies to converge.
Meadows quotes a translation of an inscription in stone. The law states that: An annual audit shall take place which shall take no longer than six months to prepare. If anyone is convicted of deliberately mixing the gold too weakly, he is to be punished by death; if he is found guilty of doing it accidentally the court shall decide a fitting penalty for him to suffer or pay. In the latter case the city shall be free from guilt and penalty. The Mityleneans drew by lot the right to strike first. 34 The economics of currency arrangements Burns,7 the classic (but now discredited) source on ancient money, refers to this case and to an inscription (preserved in stone and which he does not quote, but probably this one) which he says probably simply formalised the existing arrangement within the league and that the coins developed into the international currency of the western part of Asia Minor.
A History of Monetary Unions by John F Chown