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Economics of Monetary Union, De Grauwe, 11th edition

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Описание

Contents

Introduction

PART 1 Costs and benefits of monetary union

1 The costs of a common currency

Introduction

1.1 Shifts in demand (Mündel!)

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 transactiomcosts

3.2 Indirect gams 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 70

Introduction ' 70

4.1 Costs and benefits compared 70

4.2 Monetary union, price and wage rigidities, and labour mobility 73

4.3 Asymmetric shocks and labour market flexibility 74

4.4 The degree of completeness of a monetary union 80

4.5 The trade-off between budgetary union and flexibility 81

4.6 Costs and benefits in the long run 83

4.7 Should the UKjoin EMU? 87

4.8 Is Latin America an optimal currency area? ' 90

4.9 The next monetary union in Asia? 92

4.10 Monetary unions in Africa 95

4.11 Conclusion 97

8 The European Central Bank 156

Introduction 156

8.1 The design of the ECB: the Maastricht Treaty 156

8.2 Why has the German model prevailed? 157

8.3 The ECB: a 'conservative' central bank? 160

8.4 Independence and accountability 165

8.5 The ECB: institutional framework 169

8.6 The ECB as lender of last resort 173

8.7 Did the ECB violate its statutes when it announced its government

bond buying programme (ОМТ)? 175

8.8 The new financial regulatory and supervisory structure in the EU:

towards a banking union 176

8.9 Conclusion 178

9 Monetary policy in the Eurozone 180

Introduction ' 180

9.1 Central banking and asymmetries of shocks 180

9.2 The Monetary Policy Strategy of the ECB: a description 190

9.3 The Monetary Policy Strategy of the ECB: an evaluation 191

9.4 The instruments of monetary policy in the Eurozone' • . 205

9.5 The Eurosystem as lender of last resort during the financial crisis 210

9.6 Conclusion • '212

10 Fiscal policies in monetary unions 214

Introduction • . "214

10.1 Fiscal policies and the theory of optimum currency areas ■ 214

10.2 Sustainability of government budget deficits ' 218

10.3 The argument for rules on government budget deficits • * 225

10.4 Fiscal discipline in monetary unions . 228

10.5 Risks of default and bailout in a monetary union / 232

10.6 The Stability and Growth Pact: an evaluation 233

10.7 A joint issue of common bonds . 234

: 10.8 Conclusion . ' . 236

IT The euro and financial markets 238

Introduction _ 238

11.1 EMU and financial market integration in Europe - ’ 238

'll.2 Why financial market integration is important in a monetary union 243

• T1.3 Conditions for the euro to become an international currency 246

11.4 Conclusion '