عنوان

European monetary integration.

364279971X

9783642799716

b557033

European monetary integration.

[Book]

[Place of publication not identified]

Springer-Verlag Berlin An

2012

European Monetary Union: Post-Maastricht Perspectives on Monetary and Real Integration in Europe.- 1. European Monetary Integration after Maastricht.- 1.1 The Ratification Crisis.- 1.2 Competitive Devaluation.- 1.3 Some Problems with the Maastricht Design of EMU.- 2. The Single Market Program and EC Monetary Integration.- 2.1 The Single Market and Monetary Union.- 2.2 Problems with the Kenen Criterion.- 3. Transition Problems towards EMU.- 3.1 Conflicts of Interest and Asymmetric Adjustment Capability.- 3.2 Institutional Aspects.- 3.3 Some German Points of View.- Discussant: Randall Henning.- The European Monetary System and European Integration: An Evaluation.- 1. Introduction.- 2. European Macroeconomic Convergence.- 3. Macroeconomic Convergence and Economic Integration.- 4. Conclusion 70.- Data.- Discussant: Vittorio Grilli.- Basic Features of a European Monetary Order.- 1. Introduction.- 2. Facing the Challenge of an EC Monetary Order.- 2.1 Lessons from the EMS.- 2.2 The Significance of Central Bank Independence.- 2.2.1 How to Achieve Independence.- 2.2.2 Instrumental Autonomy.- 2.3 Strategic Options and Organizational Aspects.- 3. The Need for Coherence of Fiscal and Monetary Policy.- 4. Perspectives.- Towards Monetary Union in the European Community: Why and How.- 1. Introduction.- 2. Where: The Meaning of Monetary Union.- 3. Why: Costs and Benefits from Monetary Union.- 3.1 Irrevocably-fixed Exchange Rates: Costs and Benefits.- 3.2 Additional Benefits from a Common Currency.- 4. How: Concrete Steps.- 4.1 Concrete Steps at the National Level: Disinflation and Convergence.- 4.2 Institutional versus Market-led Approaches to Monetary Union.- 4.3 The Institutional Approach: The Stages of the Delors Report.- 5. Summary and Conclusions.- Discussant: Alan G. Isaac.- German Monetary Unification and European Monetary Union: Theoretical Issues and Strategic Policy Problems.- 1. Introduction.- 2. Are Germany and Europe Optimum Currency Areas?.- 3. German Monetary Unification.- 3.1 Economic Structure and Monetary System in East Germany.- 3.2 Necessary Reforms.- 3.3 Benefits and Costs of Gradualism.- 3.4 Benefits and Costs of Big Leap.- 4. European Monetary Union.- 4.1 Economic Structures and Monetary Systems in Europe.- 4.2 Planned Reforms.- 4.3 Benefits and Costs of Gradualism.- 4.4 Benefits and Costs of Big Leap.- 5. Big Leap for Germany and Gradualism for Europe.- Discussant: John Williamson.- Liberalization and Regulation in the Process of Financial Market Integration in the European Community 163.- 1. Introduction.- 2. The Historical Record.- 3. Liberalization and Regulation in the Commission's New Approach.- 4. Likely Impact of the New Approach: Microeconomics.- 5. Likely Impact of the New Approach: Macroeconomics.- 6. Conclusions.- Discussant: Sydney J. Key.- Problems of European Monetary Policy Coordination in the Transition Phase.- 1. Introduction.- 2. Open Questions In Stage One.- 2.1 Does Stage One Make a Difference?.- 2.2 What Kind of Coordination?.- 2.3 How to Ensure the Stability of the EMS?.- 2.4 What Are the Merits of Currency Competition?.- 3. Open Questions of Stage 2.- 3.1 Is There a Need For an ESCB Without Responsibilities?.- 3.2 The ESCB as a Joint Subsidiary of National Central Banks?.- 3.3 Can Monetary Policy Responsibilities Be Divided in Stage Two?.- 3.3.1 ESCB Management of Interest Rate Differentials.- 3.3.2 Third Currency Interventions by the ESCB.- 3.3.3 Minimum Reserve Policy of the ESCB.- 3.3.3.1 ECU Minimum Reserve Requirements for Central Banks.- 3.3.3.2 ECU Minimum Reserve Requirements for Commercial Banks in Europe.- 3.4 An Integrated Approach.- 4. Conclusions.- Discussant: Horst Ungerer.- Creating a European Central Bank after 1992: Issues of EC Monetary Integration and Problems of Institutional Innovation.- 1. Monetary and Real Integration in the EC.- 2. The European Monetary System in Perspective.- 2.1 The EMS Record.- 2.2 German Dominance in the EMS?.- 2.3 Problems of Integrating the U.K. into the EMS.- 3. EC 1992 and Monetary Integration.- 3.1 Delors Report and Resolution of the EC Parliament.- 3.2 EMS Hardening, EC 1992 and Monetary Integration.- 3.2.1 Real Integration, Financial Markets and Monetary Integration.- 3.2.2 The Role of Foreign Direct Investment in Asset Market Equilibrium.- 3.2.3 Market Integration and Intra-EC Price Adjustment.- 3.3 EC-External Aspects of European Monetary Integration.- 4. Creating an EC Central Bank.- 4.1 Benefits and Risks from Currency Unification and EC Central Banking.- 4.2 Problems of Institutional Innovation: Policy Failure and Market Failure.- Discussant: George M. von Furstenberg.- Monetary and Fiscal Policy in a European Monetary Union: Some Public Choice Considerations.- 1. Introduction.- 2. Determinants of Inflation in a Monetary Union.- 2.1 Monetary Union and Central Bank Collusion.- 2.2 Central Bank Credibility: EMU as a Commitment Mechanism.- 2.3 EMU and the Degree of Effective Policy Competition.- 2.4 Seigniorage and the Incentive to Inflate in a EMU.- 3. The Role of Fiscal Policy in a Monetary Union.- 3.1 Harmonization, International Transfers, and Fiscal Policy Coordination.- 3.2 The Role of Fiscal Restraints in a Monetary Union.- 3.3 The Effectiveness of Fiscal Restraints: Evidence from the US.- 4. Conclusions.- Discussant: Robert Solomon.- Whan Can the Fiscal System in the United States and Canada Tell Us about EMU.- 1. Introduction.- 2. The Fiscal System in United States and Canada.- 3. The Relative Importance of Asymmetric Shocks.- 4. The Impact of Federal Taxes and Transfers in the United States and Canada.- 5. Redistribution and Stabilization in the EC.- 6. Conclusions 320.- Data/Appendix.- Discussant: Susan M. Collins.- The European Community as an Optimum Currency Area.- 1. Introduction.- 2. Model in a McKinnon Setting.- 2.1 Model Extension.- 2.2 Empirical Results.- 3. Conclusion.- Discussant: Karen H. Johnson.- List of Contributors.- Appendix: Demand for Money and Currency Substitution in Europe.

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