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Economics of Monetary Union

ISBN-10: 0199605572
ISBN-13: 9780199605576
Edition: 9th 2012
Authors: Paul De Grauwe
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Book details

List price: $47.99
Edition: 9th
Copyright year: 2012
Publisher: Oxford University Press
Publication date: 5/20/2016
Binding: Paperback
Pages: 312
Size: 7.25" wide x 9.50" long x 0.50" tall
Weight: 1.342
Language: English

Introduction
Costs and Benefits of Monetary Union
The Costs of a Common Currency
Introduction
Shifts in demand (Mundell)
Monetary independence and government budgets
Asymmetric shocks and debt dynamics
Monetary union and budgetary union
Private insurance schemes
Differences in labour market institutions
Differences in legal systems
Conclusion
The Theory of Optimum Currency Areas: A Critique
Introduction
How relevant are the differences between countries?
How effective are national monetary policies?
National monetary policies, time consistency, and credibility
Optimal stabilization and monetary union
Mundell once more
The cost of monetary union and the openness of countries
Conclusion
The Benefits of a Common Currency
Introduction
Direct gains from the elimination of transaction costs
Indirect gains from the elimination of transaction costs: price transparency
Welfare gains from less uncertainty
Monetary union and financial stability
Exchange rate uncertainty and economic growth
Monetary union and trade: the empirical evidence
Benefits of an international currency
Benefits of a monetary union and the openness of countries
Conclusion
Costs and Benefits Compared
Introduction
Costs and benefits compared
Monetary union, price and wage rigidities, and labour mobility
Asymmetric shocks and labour market flexibility
The degree of completeness of a monetary union
Costs and benefits in the long run
The challenge of enlargement of EMU
Should the UK join EMU?
Is Latin America an optimal currency area?
The next monetary union in Asia?
Monetary unions in Africa
Conclusion
Monetary Union
The Fragility of Incomplete Monetary Unions
Introduction
Fixed exchange rates regimes as incomplete monetary unions
A monetary union without a budgetary union
More bad news about bad equilibria: banking crises
More bad news about bad equilibria: automatic stabilizers
Conclusion
How to Complete a Monetary Union?
Introduction
The role of the central bank: lender of last resort
Consolidating government budget and debts
Coordination of budgetary and economic policies
The theory of optimal currency areas and political union
How does political integration affect the optimality of a monetary union?
An omitted 'deep' variable
Conclusion
The Transition to a Monetary Union
Introduction
The Maastricht Treaty
Why convergence requirements?
Technical problems during the transition: how to fix the conversion rates
How to organize relations between the 'ins' and the 'outs'
The new EU member countries and the convergence requirements
Is the UK ready to enter the Eurozone?
Conclusion
The European Central Bank
Introduction
The design of the ECB: the Maastricht Treaty
Why has the German model prevailed?
The EGB: a 'conservative' central bank?
Independence and accountability
The ECB: institutional framework
Bank supervision and financial stability in the Eurozone
The new financial regulatory and supervisory structure in the EU
Conclusion
Monetary Policy in the Eurozone
Introduction
Central banking and asymmetries of shocks
The Monetary Policy Strategy of the ECB: a description
The Monetary Policy Strategy of the ECB: an evaluation
The instruments of monetary policy in the Eurozone
The Eurosystem as lender of last resort during the financial crisis
Conclusion
Fiscal Policies in Monetary Unions
Introduction
Fiscal policies and the theory of optimum currency areas
Sustainability of government budget deficits
The argument for rules on government budget deficits
Fiscal discipline in monetary unions
Risks of default and bailout in a monetary union
The Stability and Growth Pact: an evaluation
A joint issue of common bonds
Conclusion
The Euro and Financial Markets
Introduction
EMU and financial market integration in Europe
Why financial market integration is important in a monetary union
Conditions for the euro to become an international currency
Conclusion
References
Index

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