Research Catalog

Title

Economics of monetary union / Paul De Grauwe.

Author

Grauwe, Paul de

Publication

Oxford : Oxford University Press, 2014.

Items in the Library & Off-site

Details

Description

x, 267 pages : illustrations; 25 cm

Summary

The ninth edition of Economics of Monetary Union provides a concise analysis of the theories and policies relating to monetary union. The author analyses both the costs and benefits associated with having one currency, as well as the practical workings and current issues with the Euro. In Part One the author examines the implications of adopting a common currency; assessing the countries benefit from being in the Eurozone members, while also questioning whether other parts of the world would gain from monetary unification. Part Two of the book looks at the problems of running a monetary union by analysing Europe's experience and the issues faced by the European Central Bank. --

Subject

• Monetary unions > European Union countries
• Monetary policy > European Union countries
• Unions monétaires
• UE/CE Etats membres
• Politique monétaire
• Monetary policy
• Monetary unions
• Währungsunion
• Geldpolitik
• Optimales Währungsgebiet
• Währungsunion > Europäische Union
• Geldpolitik > Europäische Union
• Penningpolitik > EU-länderna
• Monetära unioner
• European Union countries
• Europäische Union

Note

• Previous edition: 2012.

Bibliography (note)

• Includes bibliographical references and index.

Contents

• Machine generated contents note: pt. 1 Costs and benefits of monetary union -- 1. The costs of a common currency -- Introduction -- 1.1. Shifts in demand (Mundell) -- 1.2. Monetary independence and government budgets -- 1.3. Asymmetric shocks and debt dynamics -- 1.4. Booms and busts in a monetary union -- 1.5. Monetary union and budgetary union -- 1.6. Private insurance schemes -- 1.7. Differences in labour market institutions -- 1.8. Differences in legal systems -- 1.9. Conclusion -- 2. The theory of optimum currency areas: a critique -- Introduction -- 2.1. How relevant are the differences between countries? -- 2.2. How effective are national monetary policies? -- 2.3. National monetary policies, time consistency, and credibility -- 2.4. Mundell once more -- 2.5. The cost of monetary union and the openness of countries -- 2.6. Conclusion -- 3. The benefits of a common currency -- Introduction -- 3.1. Direct gains from the elimination of transaction costs.
• Contents note continued: 3.2. Indirect gains from the elimination of transaction costs: price transparency -- 3.3. Welfare gains from less uncertainty -- 3.4. Exchange rate uncertainty and economic growth -- 3.5. Monetary union and trade: the empirical evidence -- 3.6. Benefits of an international currency -- 3.7. Benefits of a monetary union and the openness of countries -- 3.8. Conclusion -- 4. Costs and benefits compared -- Introduction -- 4.1. Costs and benefits compared -- 4.2. Monetary union, price and wage rigidities, and labour mobility -- 4.3. Asymmetric shocks and labour market flexibility -- 4.4. The degree of completeness of a monetary union -- 4.5. Costs and benefits in the long run -- 4.6. The challenge of enlargement of EMU -- 4.7. Should the UK join EMU? -- 4.8. Is Latin America an optimal currency area? -- 4.9. The next monetary union in Asia? -- 4.10. Monetary unions in Africa -- 4.11. Conclusion -- pt. 2 Monetary union -- 5. The fragility of incomplete monetary unions.
• Contents note continued: Introduction -- 5.1. Fixed exchange rates regimes as incomplete monetary unions -- 5.2.A monetary union without a budgetary union -- 5.3. More bad news about bad equilibria: banking crises -- 5.4. More bad news about bad equilibria: automatic stabilizers -- 5.5. Conclusion -- 6. How to complete a monetary union -- Introduction -- 6.1. The role of the central bank: lender of last resort -- 6.2. Consolidating government budget and debts -- 6.3. Coordination of budgetary and economic policies -- 6.4. The theory of optimal currency areas and political union -- 6.5. How does political integration affect the optimality of a monetary union? -- 6.6. An omitted 'deep' variable -- 6.7. Conclusion -- 7. The transition to a monetary union -- Introduction -- 7.1. The Maastricht Treaty -- 7.2. Why convergence requirements? -- 7.3. Technical problems during the transition: how to fix the conversion rates -- 7.4. How to organize relations between the 'ins' and the 'outs'
• Contents note continued: 7.5. Conclusion -- 8. The European Central Bank -- Introduction -- 8.1. The design of the ECB: the Maastricht Treaty -- 8.2. Why has the German model prevailed? -- 8.3. The ECB: a 'conservative' central bank? -- 8.4. Independence and accountability -- 8.5. The ECB: institutional framework -- 8.6. The ECB as lender of last resort -- 8.7. Did the ECB violate its statutes when it announced its government bond buying programme (OMT)? -- 8.8. Bank supervision and financial stability in the Eurozone -- 8.9. The new financial regulatory and supervisory structure in the EU -- 8.10. Conclusion -- 9. Monetary policy in the Eurozone -- Introduction -- 9.1. Central banking and asymmetries of shocks -- 9.2. The Monetary Policy Strategy of the ECB: a description -- 9.3. The Monetary Policy Strategy of the ECB: an evaluation -- 9.4. The instruments of monetary policy in the Eurozone -- 9.5. The Eurosystem as lender of last resort during the financial crisis -- 9.6. Conclusion.
• Contents note continued: 10. Fiscal policies in monetary unions -- Introduction -- 10.1. Fiscal policies and the theory of optimum currency areas -- 10.2. Sustainability of government budget deficits -- 10.3. The argument for rules on government budget deficits -- 10.4. Fiscal discipline in monetary unions -- 10.5. Risks of default and bailout in a monetary union -- 10.6. The Stability and Growth Pact: an evaluation -- 10.7.A joint issue of common bonds -- 10.8. Conclusion -- 11. The euro and financial markets -- Introduction -- 11.1. EMU and financial market integration in Europe -- 11.2. Why financial market integration is important in a monetary union -- 11.3. Conditions for the euro to become an international currency -- 11.4. Conclusion.

ISBN

• 9780199684441
• 0199684448

LCCN

2013957508

OCLC

• ocn872702195
• 872702195
• SCSB-14530445

Owning Institutions

Princeton University Library