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Economics of monetary union eight edition

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Описание

DETAILED CONTENTS

Introduction 1

PART ONE Costs and Benefits of Monetary Union 3

1 The Costs of a Common Currency 5

Introduction 5

1.1 Shifts in demand (Mundell) 5

1.2 Monetary union and insurance against asymmetric shocks 9

1.3 Different preferences of countries about inflation and unemployment 13

1.4 Differences in labour market institutions 16

1.5 Differences in legal systems 18

1.6 Growth rates are different 19

1.7 Conclusion 22

2 The Theory of Optimum Currency Areas: A Critique 23

Introduction 23

2.1 How relevant are the differences between countries? 23

2.2 How effective are national monetary policies? 34

2.3 National monetary policies, time consistency, and credibility 42

2.4 Optimal stabilization and monetary union 50

2.5 Mundell once more 52

2.6 The cost of monetary union and the openness of countries 53

2.7 Conclusion 55

3 The Benefits of a Common Currency 57

Introduction 57

3.1 Direct gains from the elimination of transaction costs 57

3.2 Indirect gains from the elimination of transaction costs: price transparency 58

3.3 Welfare gains from less uncertainty 61

3.4 Monetary union and financial stability 64

3.5 Exchange rate uncertainty and economic growth 65

3.6 Monetary union and trade: the empirical evidence 69

3.7 Benefits of an international currency 72

3.8 Benefits of a monetary union and the openness of countries 73

3.9 Conclusion . 74

4 Costs and Benefits Compared 75

Introduction 75

4.1 Costs and benefits compared 75

4.2 Monetary union, price and wage rigidities, and labour mobility 78

4.3 Asymmetric shocks and labour market flexibility 79

4.4 Costs and benefits in the long run 85

4.5 The challenge of enlargement of EMU 88

4.6 Should the UK join EMU? 93

4.7 is Latin America an optimal currency area? 97

4.8 The next monetary union in Asia? 99

4.9 Monetary unions in Africa 103

4.10 Conclusion 105

5 Monetary and Political Union 106

Introduction 106

5.1 The many dimensions of political union 106

5.2 The theory of optimal currency areas and political union 107

5.3 How does political integration affect the optimality of a monetary union? 109

5.4 An omitted 'deep' variable 113

5.5 Conclusion 114

PART TWO Monetary Union 115

6 The Fragility of Incomplete Monetary Unions 117

Introduction 117

6.1 Differences in reputation lead to low credibility of a fixed exchange rate 119

6.2 The n - 1 problem in pegged exchange rate systems 128

6.3 The link between banking crises and exchange crises 134

6.4 How to measure the credibility of a fixed exchange rate regime 137

6.5 Conclusion 142

7 The Transition to a Monetary Union 143

Introduction 143

7.1 The Maastricht Treaty 143

7.2 Why convergence requirements? 145

7.3 Technical problems during the transition: how to fix the conversion rates 150

7.4 How to organize relations between the 'ins' and the 'outs' 153

7.5 The new EU member countries and the convergence requirements 155

7.6 Is the UK ready to enter the Eurozone? 158

7.7 Conclusion 162

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 Bank supervision and financial stability in the Eurozone

8.7 Conclusion

9 Monetary Policy in the Eurozone Introduction

9.1 W,,hi ,u Und ns, .wieso*shocks

9.2 The L.y Policy Strategy of the ECB: a di^h^h,,,

9.3 Tlie i,W,j Policy Stm.oyy of the ECB: an uC—W.

9.4 lue niuuuWciit} uf niUnetciiy jjunuy In ine Luiuaune

9.5 The LU.^j^iUm 35 ienÜLl Of last itOui t du,I,,a d.efir.^i.Jai crisis

9.6 Conclusion

10 Fiscal Policies in Monetary Unions Introduction

10.‘ Fiscal pWue} u.,J d.e iheu.y of ^ iu,., currency areas

10.2 of imeni budget uefiuis

10.3 The Mi ,t!o on mO.u I.... budget deficits

10.4 Fiscal in ,,iui,etary unions

10.5 RUL of default aud oaiiauf in a monetary union

10.5 The fiuui.uiu! „LL cf 2CC8 u,,J i,.feiest mie ^códs in the Eurozone

10.7 T!:e und G.u.,d, Pact: on e-Juatiu,,

10.8 How to reform the Stability and Growth Pact

10.9 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