Academic literature on the topic 'Economic and monetary unions'

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Journal articles on the topic "Economic and monetary unions"

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Bieler, Andreas. "Swedish Trade Unions and Economic and Monetary Union." Cooperation and Conflict 38, no. 4 (December 2003): 385–407. http://dx.doi.org/10.1177/0010836703384003.

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Whyman, Philip. "British Trade Unions and Economic and Monetary Union." Industrial Relations: A Journal of Economy and Society 41, no. 3 (July 2002): 467–76. http://dx.doi.org/10.1111/1468-232x.00257.

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Voskanyan, Mariam, and Ani Galstyan. "Exchange rate regulation in economic unions: The case of Euroasian Economic Union." St Petersburg University Journal of Economic Studies 37, no. 1 (2021): 140–65. http://dx.doi.org/10.21638/spbu05.2021.106.

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This article explores currency regulation in the EAEU countries for the harmonization of currency policies in the context of economic integration. The object of the study is currency regulation in countries of Eurasian integration. The main hypothesis is that EAEU member countries are not ready for currency integration, due to the presence of many macroeconomic distortions in their economies. The authors assess the possibility of creating a monetary union by analyzing and evaluating key criteria for currency integration as known in the scholarly literature. For this goal, the authors conducted a literature review of the key prerequisites for currency integration, including the experience in the countries of the Eurozone. Then the authors analyze currency regulation in EAEU countries for meeting key criteria for currency integration. At this stage, the authors evaluate key factors of currency integration by EAEU member countries. The theoretical and methodological basis of the study was classic and modern approaches in the field of monetary and currency regulation—in particular, the research of modern analysts of the International Monetary Fund, the largest Central Banks of the world, and well-known experts of the field. The research results showed the inexpediency of creating a currency union within the Euroasian economic space at this stage.
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Moss, Bernard H. "Economic and Monetary Union and the Social Divide in France." Contemporary European History 7, no. 2 (July 1998): 227–47. http://dx.doi.org/10.1017/s0960777300004884.

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Monetary policy since the Second World War has always been a politically and socially sensitive issue in France. It reflected the peculiar strength of the French Communist Party (PCF) in the unions and working class. Postwar governments relied upon monetary inflation, devaluation and administered credit to sustain growth and guarantee social peace. With the exception of the period following General de Gaulle's seizure of power in 1958, there was little choice for governments faced with weak, divided and conflicting unions, a volatile work force, and a united left threatening radical change. Where German governments responded to union challenges and the oil shock of 1974 with deflation, the French expanded the money supply. The divergence of French policy from German after 1968 made European economic and monetary union impossible.
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Gonçalves, Carlos Eduardo Soares. "Political uncertainty and monetary unions." Brazilian Review of Econometrics 24, no. 1 (May 1, 2004): 57. http://dx.doi.org/10.12660/bre.v24n12004.2703.

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The purpose of this article is to provide a political economy rationale that helps explain why some non-central European economies, featuring highly idiosyncratic disturbances and apparently low inflation bias inefficiencies, seem so eager to enter the European Monetary Union (EMU). The main message from the paper is that because these economies normally display a high degree of domestic political uncertainty, the "economic costs" arising from the decision to surrender monetary policy may in fact be less severe than the "political costs" of opting out of EMU and then possibly facing undesired inflation upsurges in the future.
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Cesarano, Filippo. "The Political and Economic Dimension of Monetary Unions." Open Economies Review 22, no. 5 (August 10, 2010): 985–96. http://dx.doi.org/10.1007/s11079-010-9183-z.

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Bertasiute, Akvile, Domenico Massaro, and Matthias Weber. "The behavioral economics of currency unions: Economic integration and monetary policy." Journal of Economic Dynamics and Control 112 (March 2020): 103850. http://dx.doi.org/10.1016/j.jedc.2020.103850.

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Meyer, Marco. "Dealing fairly with trade imbalances in monetary unions." Politics, Philosophy & Economics 20, no. 1 (February 2021): 45–66. http://dx.doi.org/10.1177/1470594x21992005.

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Politicians around the globe wrangle about how to deal with trade imbalances. In the Eurozone, members running a trade deficit accuse members running a surplus of forcing them into deficit. Yet political philosophers have largely overlooked issues of justice related to trade imbalances. I address three such issues. First, what, if anything, is wrong with trade imbalances? I argue that in monetary unions, trade imbalances can lead to domination between member states. Second, who should bear the burden of rebalancing trade? I argue that surplus and deficit countries should share that burden. The current situation placing the burden squarely on deficit countries is unjust. Third, which institutional arrangements should monetary unions adopt to regulate trade balances? Monetary unions can either reduce trade imbalances within the monetary union, neutralise the impact of trade imbalances on the economic sovereignty of member states, or delegate economic policy affecting trade balances to a legitimate supranational institution. The Eurozone must adopt one of these options to prevent member states from domination. Which option protects members best against domination depends on what makes interference between members arbitrary, an unresolved question in republican theories of justice.
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NGIAM, KEE JIN, and HAZEL YUEN. "MONETARY COOPERATION IN EAST ASIA: A WAY FORWARD." Singapore Economic Review 46, no. 02 (October 2001): 211–46. http://dx.doi.org/10.1142/s0217590801000346.

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This paper provides a theoretical justification for regional credit facilities such as currency swap arrangements in East Asia to ward off currency attacks and deter would be speculators. It also presents a case for monetary integration in East Asia. However, in view of the diverse economic, social and political background among the East Asian economies, a practical approach is to start off with a few small monetary unions rather than a large monetary union in the region. Lessons are drawn from a highly successful, but little known, monetary union between Brunei and Singapore.
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Franck Mondesir, Tsassa Mbouayila. "Effets des politiques conjoncturelles sur la croissance économique en zone franc." Revue Internationale des Économistes de Langue Française 6, no. 2 (2021): 51–76. http://dx.doi.org/10.18559/rielf.2021.2.3.

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This article finds its affiliation in the budgetary theory of the price level. It proposes the simultaneous study of cyclical shocks in the Franc Zone, using a structural PVAR model combining activity, prices, a real short-term interest rate, the primary budget balance and the external debt. The effects and transmission times of budgetary and monetary impulses on GDP appear to be differentiated in the two short-term monetary unions. The cyclical components of the BEAC and BCEAO refinancing rates are positively linked to those of the primary deficits in the Franc Zone. Fiscal policies have a negative effect on GDP growth. However, monetary policies produce positive shocks on the development of economic growth in these two monetary unions. It is therefore necessary that the monetary authorities relax the rules of monetary policy by reducing interest rates, which will also revive activity. And governments then have no incentive to increase their deficit.
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Dissertations / Theses on the topic "Economic and monetary unions"

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Damaskopoulos, Panagiotis. "European Economic and Monetary Union, global finance, states and strategic concepts of monetary sovereignty." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2000. http://www.collectionscanada.ca/obj/s4/f2/dsk2/ftp02/NQ59126.pdf.

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Erlandsson, Mattias. "On monetary integration and macroeconomic policy." Göteborg : Dept. of Economics, School of Economics and Commercial Law, [Nationalekonomiska institutionen, Handelshögsk.], Univ, 2003. http://www.handels.gu.se/epc/archive/00002715/01/Erlandsson.avhandl.pdf.

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Mavrikiou, Petros Andreas. "Aspects of European economic integration : the single market and the single currency." Thesis, McGill University, 1995. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=23724.

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This paper considers two major issues in the evolution of the European Union, the Single Market and the Single Currency. The first chapter deals with the projected effects of the 1992 Programme, and the second chapter deals with the collapse of the Exchange Rate Mechanism of the European Monetary System and examines the prospects for European Monetary Union given this collapse. The third chapter revolves around the concept of Central Banking under Monetary Union and focuses on the European Monetary Institute and the European System of Central Banks. Chapter four presents data regarding the progress of the European Union towards the target of the Single Currency, as well as other macroeconomic indicators.
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Ouedraogo, Daniel. "Economic issues in a monetary union : the case of the West African Economic and Monetary Union." Thesis, Paris Sciences et Lettres (ComUE), 2018. http://www.theses.fr/2018PSLED004.

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La formation d'une union monétaire prive les États membres de l'utilisation unilatérale de l'outil monétaire. Dès lors, une orientation efficace des politiques économiques s'impose à travers (i) une hiérarchisation des cibles macroéconomiques, (ii) une identification des instruments appropriés et (iii) une mise en œuvre adaptée. Cette thèse fournit des réponses à cette orientation afin d'assurer une plus grande efficacité des politiques économiques à travers une analyse théorique et empirique appliquée au cas de l'UEMOA qui constitue un laboratoire exemplaire d'analyse des problématiques économiques en union monétaire
The creation of a monetary union deprives the member States of the unilateral use of the monetary instrument. Therefore, an effective orientation of economic policies is required through (i) a hierarchy of macroeconomic targets, (ii) identification of appropriate instruments, and (iii) appropriate implementation. This PhD thesis provides answers to this orientation in order to ensure greater effectiveness of economic policies through a theoretical and empirical analysis applied to the case of the WAEMU which constitutes a singular analytical laboratory through which to study the economic policy of a monetary union
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Kimbrough, Karin Janel. "Monetary union, real exchange rates and trade in the West African Economic and Monetary Union." Thesis, University of Oxford, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.313551.

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Kasparova, Diana. "Economic and monetary union and its housing consequences." Thesis, University of Glasgow, 2004. http://theses.gla.ac.uk/3899/.

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This research aims to investigate possible consequences of the adoption of a single monetary policy for five European housing markets. It brings together comparative housing research and research on optimum currency areas. The research addresses two issues. First, it assesses whether real house price cycles will become synchronised following the convergence in nominal interest rates. Secondly, it explores the implications of stability in nominal interest rates and low inflation in the Euro-zone for the stability of real house prices in the member-countries. The existing members of the European Union are grouped according to characteristics of the transmission mechanism by which changes in interest rates translate into changes in house prices. These elements comprise monetary policy developments (i.e. the level and volatility of interest rates), type (i.e. fixed or variable) of mortgage rates, house price movements (i.e. volatility of house price cycles) and the degree of countries’ involvement in such exchange rate arrangements as the “snake in the tunnel” and ERM. One the basis of these criteria, Germany, the Netherlands, Sweden, the UK and Spain are selected as case studies and time period covers 1972 (when the “snake” was established) up to and including 1999 (the year in which EMU was launched). The approach adopted in the research allows for consideration of the transmission mechanism in the context of structural changes in systems and policies that determine housing demand and supply. Therefore, the thesis investigates macro-level trends drawing on secondary sources, statistics as well as interviews with informed commentators and key actors. The analysis is conducted in the following order: first, for each case study country, the importance of monetary policy for house price changes is examined, and secondly, the possible impact of a single monetary policy on economic convergence and synchronisation of house price cycles across the countries is investigated. The research suggests that the adoption of the single monetary policy per se is unlikely to lead to significant synchronisation of real house price cycles because the relationship between changes in interest rates and changes in real house prices is likely to continue to differ across the countries. The pursuit of a single monetary policy might not ensure economic convergence between the countries either, and in this case differnces in GDP fluctuations would lead to the divergence of real house price cycles. The study also demonstrates that recent developments in the systems and policies that determine housing demand and supply might lead to an increase in house price volatility in all countries bar Germany. It concludes that countries need to manage their housing markets using non-monetary instruments regardless of whether or not they are within EMU. These measures might help reduce the likelihood of asymmetry in economic developments in EMU arising from the importance of changes in the housing markets to economic developments.
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Mokoena, Motshidisi Suzan. "The feasibility of forming a monetary union in SADC : meeting convergence and optimum currency area criteria and evaluating fiscal sustainability." Thesis, Rhodes University, 2013. http://hdl.handle.net/10962/d1007743.

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In conformity with the goal of the African Union to build a monetary union for the entire African continent, one of the goals of the Southern African Development Community (SADC) is the formation of a monetary union with a single central bank. Towards this end certain macroeconomic convergence criteria, which are closely aligned with those used by the European Union (EU), have been set. While empirical research on whether or not SADC would benefit from the formation of a currency union has focused on the optimum currency area criteria, no reference to these criteria is made in the SADC programme. Instead, the SADC approach has been governed by a set of macroeconomic convergence criteria synonymous with those pursued by the European Monetary Union (EMU) prior to its formation. Doubts regarding the future of the EU have recently been raised as a result of debt crises in certain member states, implicitly raising questions about the adequacy of the convergence criteria that were adopted. Accordingly, this study considers the feasibility of establishing a currency union in the SADC region. The proposed convergence criteria are assessed against the theory of optimum currency areas as well as in terms of their adequacy in the light of recent EU experience. In addition, the paper provides a preliminary assessment of the fiscal sustainability of the SADC region by conducting Engle-Granger cointegration tests on the public debt and revenue series for the SADC countries under analysis. It was observed that SADC has made considerable progress towards meeting its macroeconomic convergence criteria in recent years. However, in light of the regions' heavy dependence on commodity exports coupled with recent price fluctuations in this regard, the sustainability of this progress is questioned. Furthermore, a review of the EMU experience to date highlights numerous flaws in its approach and the potential challenges the SADC region should consider in moving forward with its agenda. In essence, the study suggests that almost all the SADC member states are fiscally unprepared for monetary union formation and the recent EMU debt crisis has highlighted the importance of acquiring a state of fiscal sustainability prior to union formation. In addition, it is imperative that the SADC members continue to address issues of product diversification, intraregional trade and political unification, all of which should be governed by a centralised fiscal authoriry.
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Boumediene, Farid Jimmy. "Determinacy and learning stability of economic policy in asymmetric monetary union models." Thesis, University of St Andrews, 2010. http://hdl.handle.net/10023/972.

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This thesis examines determinacy and E-stability of economic policy in monetary union models. Monetary policy takes the form of either a contemporaneous or a forecast based interest rate rule, while fiscal policy follows a contemporaneous government spending rule. In the absence of asymmetries, the results from the closed economy literature on learning are retained. However, when introducing asymmetries into monetary union frameworks, the determinacy and E-stability conditions for economic policy differ from both the closed and open economy cases. We find that a monetary union with heterogeneous price rigidities is more likely to be determinate and E-stable. Specifically, the Taylor principle, a key stability condition for the closed economy, is now relaxed. Furthermore, an interest rate rule that stabilizes the terms of trade in addition to output and inflation, is more likely to induce determinacy and local stability under RLS learning. If monetary policy is sufficiently aggressive in stabilizing the terms of trade, then determinacy and E-stability of the union economy can be achieved without direct stabilization of output and inflation. A fiscal policy rule that supports demand for domestic goods following a shock to competitiveness, can destabilize the union economy regardless of the interest rate rule employed by the union central bank. In this case, determinacy and E-stability conditions have to be simultaneously and independently met by both fiscal and monetary policy for the union economy to be stable. When fiscal policy instead stabilizes domestic output gaps while monetary policy stabilizes union output and inflation, fiscal policy directly affects the stability of monetary policy. A contemporaneous monetary policy rule has to be more aggressive to satisfy the Taylor principle, the more aggressive fiscal policy is. On the other hand, when monetary policy is forward looking, an aggressive fiscal policy rule can help induce determinacy.
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Johns, Michael Ryan. "Macroeconomic convergence within SADC : implications for the formation of a regional monetary union." Thesis, Rhodes University, 2009. http://hdl.handle.net/10962/d1002758.

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Given the growing effect that globalisation and integration has had upon economies and regions, the process of monetary union has become an increasingly topical issue in economic policy debates. This has been driven in part by the experience and successes of the European Monetary Union (EMU), which is widely perceived as beneficial to member countries. The Southern African Development Community (SADC) is an example of a group of countries that has realised that there are benefits that may arise from economic integration. This paper makes use of an interest-rate pass through model to investigate whether the pass-through of monetary policy transmission in ten SADC countries has become more similar between January 1990 and December 2007 using monthly interest rate data. This is done to determine the extent of macroeconomic convergence that prevails within SADC, and consequently establish whether the formation of a regional monetary union is feasible. The results of the empirical pass-through model were robust and show that there are certain countries that have a more efficient and similar monetary transmission process than others. In particular, the countries that form the Common Monetary Area (CMA) and the Southern African Customs Union (SACU) tend to show evidence of convergence in monetary policy transmission, especially since 2000. In addition, from analysis of the long-run pass-through, the results reveal that there is evidence that Malawi and Zambia have shown signs of convergence toward the countries that form the CMA and SACU, in terms of monetary policy transmission. The study concludes that a SADC wide monetary union is currently not feasible based on the evidence provided from the results of the pass-through analysis. Despite this, it can be tentatively suggested that the CMA may be expanded to include Botswana, Malawi and Zambia.
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Markakis, Menelaos. "Political and legal accountability in economic and monetary union." Thesis, University of Oxford, 2017. https://ora.ox.ac.uk/objects/uuid:5a9a0090-1dca-4461-8733-e09dd617d183.

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This thesis looks at the constitutional implications of the Euro crisis for the European Union and its Member States, which entails consideration of comparative public law as well as EU law. It focuses on political and legal accountability in Economic and Monetary Union, and examines three sets of issues: the revised EU economic governance framework and its bearing on national economic and fiscal policy; the respective roles of the EU and national institutions within this multi-level system of economic governance; and judicial review of economic and monetary policy measures at national and EU level. The new EU economic rules could potentially have a great impact on fundamental rights, the horizontal and vertical division of power in the EU, and the welfare state. It is hoped that the policy proposals put forward in this thesis will, if implemented, serve to strengthen political and legal accountability and bolster legitimacy in this pluralistic landscape.
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Books on the topic "Economic and monetary unions"

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Thom, Rodney. Economic and monetary union. Dublin: University College Dublin, Department of Economics, 1997.

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Patrick, Honohan, and Institute of European Affairs, eds. Economic and monetary union. Dublin, Ireland: Institute of European Affairs, 1991.

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Tenreyro, Silvana. Economic effects of currency unions. Cambridge, Mass: National Bureau of Economic Research, 2003.

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Commission of the European Communities., ed. Economic and monetary union. Luxembourg: Office for Official Publications of the European Communities, 1996.

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A history of monetary unions. New York: Routledge, 2003.

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Hans-Werner, Sinn, Widgrén Mika, and Köthenbürger Marko, eds. European monetary integration. Cambridge, Mass: MIT Press, 2004.

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Tietmeyer, Hans. National monetary policy and European monetary union. Washington: Konrad Adenauer Stiftung, 1993.

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Fisher, Rodney A. Master currency sustainable economic system. Llanarth, Wales: R.A. Fisher, 2007.

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Forrest, Capie, and Wood Geoffrey Edward, eds. Monetary unions: Theory, history, and public choice. New York: Routledge, 2003.

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Persson, Torsten. Monetary cohabitation in Europe. London: Centre for Economic Policy Research, 1996.

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Book chapters on the topic "Economic and monetary unions"

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Onjala, Joseph. "Economic Performance Across Monetary Unions in Africa." In Monetary and Financial Systems in Africa, 261–81. Cham: Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-030-96225-8_12.

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Bajo-Rubio, Oscar, and Carmen Díaz-Roldán. "Macroeconomic Analysis of Monetary Unions." In SpringerBriefs in Economics, 1–39. Berlin, Heidelberg: Springer Berlin Heidelberg, 2011. http://dx.doi.org/10.1007/978-3-642-19445-0_1.

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Chang, Michele. "Monetary Integration." In Economic and Monetary Union, 35–63. London: Macmillan Education UK, 2016. http://dx.doi.org/10.1007/978-1-137-34295-9_3.

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Atkinson, Brian, Peter Baker, and Bob Milward. "Economic and Monetary Union." In Economic Policy, 293–309. London: Macmillan Education UK, 1996. http://dx.doi.org/10.1007/978-1-349-24876-6_14.

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Hix, Simon, and Bjørn Høyland. "Economic and Monetary Union." In The Political System of the European Union, 245–72. London: Macmillan Education UK, 2011. http://dx.doi.org/10.1007/978-0-230-34418-1_10.

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Leuffen, Dirk, Berthold Rittberger, and Frank Schimmelfennig. "Economic and Monetary Union." In Differentiated Integration, 142–83. London: Macmillan Education UK, 2013. http://dx.doi.org/10.1007/978-1-137-28501-0_6.

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Atkinson, Brian. "Economic and Monetary Union." In Applied Economics, 434–46. London: Macmillan Education UK, 1998. http://dx.doi.org/10.1007/978-1-349-14250-7_26.

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Hix, Simon. "Economic and Monetary Union." In The Political System of the European Union, 278–306. London: Macmillan Education UK, 1999. http://dx.doi.org/10.1007/978-1-349-27531-1_10.

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Chang, Michele. "Economic and Monetary Union." In European Union Enlargement, 184–98. London: Macmillan Education UK, 2004. http://dx.doi.org/10.1007/978-1-137-08143-8_13.

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Buonanno, Laurie, and Neill Nugent. "Economic and Monetary Union." In Policies and Policy Processes of the European Union, 191–225. London: Macmillan Education UK, 2013. http://dx.doi.org/10.1007/978-1-137-30527-5_11.

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Conference papers on the topic "Economic and monetary unions"

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Argyriou, Aikaterini-Sotiria, Mariia Lyzun, Ihor Lishchynskyy, Yevhen Savelyev, Vitalina Kuryliak, Iryna Ivashkiv, and Svitlana Sachenko. "Modeling the Stabilization Factors of Monetary Unions in Turbulent Economics." In 2021 11th IEEE International Conference on Intelligent Data Acquisition and Advanced Computing Systems: Technology and Applications (IDAACS). IEEE, 2021. http://dx.doi.org/10.1109/idaacs53288.2021.9661034.

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Gündoğdu Odabaşıoğlu, Fatma. "Path to the Common Monetary Authority: An Assessment on Banking Sector of the Eurasian Economic Union Countries during the Economic Integration Proces." In International Conference on Eurasian Economies. Eurasian Economists Association, 2015. http://dx.doi.org/10.36880/c06.01269.

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Monetary union is one of the advanced stages of international economic integration and involves shared monetary and exchange rate policies that are executed collectively across union members. This common policy warrants price stability and requires a common supranational monetary authority. Existence of an established banking sector is crucial for effective execution of policy decisions taken by said monetary authorities. Eurasian Economic Union (EAEU) is officially established on January 1st of 2015 and is an example for a regional economic integration. Aim of the Union, which is comprised of Russia, Kazakhstan, Belarus and Republic of Armenia; is to increase collaboration among economies, to improve the living standards of the participating nations and to promote stable development. This study is based on assessment banking industries of member countries, working towards common monetary authority during the transition to EAEU economic integration between years 1995 and 2014. Data acquired from World Bank and member countries' central banks is used to determine the capabilities and limitations of partaking economies based on generally accepted financial strength indicators. In conclusion; Russian Federation and the Republic of Kazakhstan are observed to be the principal EAEU members due to their advanced and strong banking industries. Increasing fragilities over the years, amplified also by developments in global markets, are evident in member countries; especially in Belarus and Armenia. Significance of achieving price stability in founding country Russian Federation is emphasized for successfully establishing a common monetary authority.
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Popova, Nelly. "FISCAL RISK SHARING IN THE ECONOMIC AND MONETARY UNION." In 13th Economics & Finance Virtual Conference, Prague. International Institute of Social and Economic Sciences, 2020. http://dx.doi.org/10.20472/efc.2020.013.011.

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Ponamorenko, V. E. "Development Trends Of Legal And Institutional Frameworks Of Economic And Monetary Union." In 18th International Scientific Conference “Problems of Enterprise Development: Theory and Practice”. European Publisher, 2020. http://dx.doi.org/10.15405/epsbs.2020.04.117.

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Kurtucz, Csaba. "The Lessons Learned from the Great Recession." In 7th International Scientific Conference ERAZ - Knowledge Based Sustainable Development. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2021. http://dx.doi.org/10.31410/eraz.2021.77.

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The lessons learned from the crisis management of the 2008 Great Recession stem from significant structural differences between the two centers of the world, the United States and the eurozone. In the case of the United States, a monetary, fiscal and political union is realized, with a single economic policy, operates as a coherent unit, uniting the three ar­eas. In the case of the eurozone, we can talk about a monetary union. The crisis has highlighted the structural flaws of the eurozone because without a unified fiscal policy no effective economic policy can be achieved. The symp­toms of the euro area crisis weren’t the consequences of the global econom­ic downturn; rather the stalling of the integration process, the lack of real convergence, and the weaknesses of monetary and fiscal policy were the problems that have been brought to the fore and exacerbated by the crisis.
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Stojkov, Stefan, Emilija Beker Pucar, Olgica Glavaški, and Marina Beljić. "Exchange Rate Pass-Through Asymmetry: The Case of the Euro-Zone." In 27th International Scientific Conference Strategic Management and Decision Support Systems in Strategic Management. University of Novi Sad, Faculty of Economics in Subotica, 2022. http://dx.doi.org/10.46541/978-86-7233-406-7_218.

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An essential aspect of deepening the level of economic integration between European economies is the reduction of mutual economic disparities, which is especially emphasized by the formation of the supranational monetary authority of the Euro-zone member states. However, fixing the currency for the euro and losing monetary sovereignty in the circumstances of a structurally heterogeneous system meant that the same monetary policy provoked different repercussions for member states. This research aims to point out the differences in the exchange rate transmission mechanism between the representatives of two groups of Euro-zone member states: the core of the EZ (Germany, Finland, Belgium, and France) and the periphery of the EZ (Greece, Spain, Portugal, Ireland), in the 1999M1-2021M1 time horizon. Empirical findings are based on estimates of the VAR model, i.e. derived impulse response functions in the circumstances of shock transmission (nominal effective exchange rate) to inflation (consumer price index). The results of the research indicate the asymmetry of the exchange rate transmission mechanism in terms of a more pronounced and longer degree of exposure of peripheral economies to shocks of the nominal exchange rate compared to the representatives of the core of the Euro-zone. Empirical findings confirm the asymmetry of the exchange rate transmission mechanism as one of the indicators of the weakness of the Euro-zone, given the inflationary diversity and the consequent anomalies of the monetary union with heterogeneous membership.
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7

Gencer, Ayşen Hiç, and Özlen Hiç. "A.Smith and the Classical School, K.Marx and the Marxist Socialism, J.M.Keynes and the Keynesian Revolution and the Subsequent Developments." In International Conference on Eurasian Economies. Eurasian Economists Association, 2014. http://dx.doi.org/10.36880/c05.01166.

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Adam Smith is known as the founder of economics as a social science and also of economic liberalism (or termed as capitalism after Karl Marx) based on principles of non-intervention and non-protection by the governments to perfectly competitive markets. Over time, economic theory and resulting economic regime evolved: Interventions to improve the welfare of workers; infant-industry argument for limited trade protection; and most importantly, following the 1929 Great Depression, John Maynard Keynes and his macroeconomic system giving rise to less-than-full- employment equilibrium, hence the need for macro-economic level state interventions by means of monetary and fiscal policies. Evidently, liberal economic regime was modified but remained in essence; hence, it proved to be flexible and resilient. On the other hand, Marxist socialism, the doctrinaire challenge to capitalism, had virtually collapsed in the 1990's. The move of even the developing countries towards outward orientation and market economy at the national level is in line with Adam Smith's views; so is the establishment of the European Union and the like at the regional level, as well as the more recent move towards globalisation.
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Polouček, Stanislav. "Credit Behaviour of Banks in the European Union in the Wake of Global Economic Crisis." In International Conference on Eurasian Economies. Eurasian Economists Association, 2010. http://dx.doi.org/10.36880/c01.00221.

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Recent financial crises hit many countries. The impact on Visegrad countries in credit area was not damaging. The main reason was stability and soundness of financial (banking) sectors in these countries and an adequate response of central banks as well as flexible management of commercial banks. Commercial banks, usually daughter companies of western banks, used above all domestic deposits for financing credits. This played a key role in credit area and helped to keep the financial system stable. It is important to underpin that responses to the crisis have been rather heterogeneous in central European countries and there are quite big disparities among Visegrad countries, too. In the paper developments and responses of the commercial banks to the crisis and their stability have been discussed on the basis of deposits, loans of monetary financial institutions to the non-financial sector, households, governments, lending for house purchase and credit for consumption in several EU countries. Net position of banks vis-á-vis foreign banks is taken into account, too.
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9

Milea, Camelia. "Some directions of action in the management of public debt meant to minimize the risks of a debt crisis in Romania." In 4th Economic International Conference "Competitiveness and Sustainable Development". Technical University of Moldova, 2022. http://dx.doi.org/10.52326/csd2022.39.

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In the article, the author aims to highlight some directions of action in the management of the public debt meant to minimize the risks of the outburst of a debt crisis in Romania, in the domestic and international context. The analysis shows that the evolution of Romania's total public debt in the period 2015-2019 is positive, in the sense of improved sustainability. The economic literature suggests that there are two conditions whose implementation could prevent a financial and a debt crisis from occurring (an early warning system and a regulatory scheme with "teeth"). Comparing the fiscal policy in Japan and Greece, the author presents some features for minimizing the risks of a debt crisis and shows that the rules of fiscal policy change fundamentally when a country becomes a member of a monetary union. Starting from the main economic problems of Romania and from the experience of the public debt crises in some countries of the European Union, there are made proposals for actions aimed at leading to the minimization of the risks of a debt crisis in Romania. The methodology used consists in comparative and descriptive analyses, drawing of conclusions and literature review.
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Azer, Özlem Arzu. "Political and Economic Integration of the Central Asian and South Caucasian Turkish Republics into the Global World." In International Conference on Eurasian Economies. Eurasian Economists Association, 2011. http://dx.doi.org/10.36880/c02.00244.

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With the dissolution of Soviet Union, former Soviet Republics’ central planned economy transformed into free market economy and structural reforms were made as parallel of this development. These former socialist countries have some diffficulties to adopt capitalism due to absence of some fundamental feautures of capitalism and inheritance of Soviet Union. Ending big threat of communism, the jeo-strategical importance of the region increased for the West because these countries own the oil and gas resources besides they are starting point or transit country of the energy pipelines. However, these transition countries could not develop economically and poverty became the major problem for most of Central Asian and South Caucasian Turkic Republics. As economic problems lead weakness of governance, ethnical conflicts and border conflicts threat these new independent countries. The region seems in the center of war for power due to rich natural resources and pipelines as well as the connection point to Afghanistan and being the exit to the Black Sea. This paper seeks economic situations of Central Asian and South Caucasian Turkic Republics which jeo-strategical importance increased due to natural resources and geographic location during Post Cold-War era. This work is based on statistical data provided by United Nations Commodity Trade Statistics Database (COMTRADE), United Nations Conference on Trade and Development (UNCTAD) and International Monetary Fund (IMF), covering the period of 1990-2008 and contains Azerbaijan, Kyrgyzstan, Kazakhstan, Turkmenistan, Uzbekistan, Tajikistan.
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Reports on the topic "Economic and monetary unions"

1

Edwards, Sebastian. Monetary Unions, External Shocks and Economic Performance: A Latin American Perspective. Cambridge, MA: National Bureau of Economic Research, May 2006. http://dx.doi.org/10.3386/w12229.

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2

Feldstein, Martin. The Political Economy of the European Economic and Monetary Union: Political Sources of an Economic Liability. Cambridge, MA: National Bureau of Economic Research, February 1998. http://dx.doi.org/10.3386/w6150.

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3

Belke, Ansgar H. Towards a Genuine Economic and Monetary Union—Comments on a Roadmap. Librello, May 2013. http://dx.doi.org/10.12924/pag2013.01010048.

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4

Giovannini, Alberto. The Currency Reform as the Last Stage of Economic and Monetary Union: Some Policy Questions. Cambridge, MA: National Bureau of Economic Research, November 1991. http://dx.doi.org/10.3386/w3917.

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McCallum, Bennett. Theoretical Issues Pertaining to Monetary Unions. Cambridge, MA: National Bureau of Economic Research, October 1999. http://dx.doi.org/10.3386/w7393.

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Aguiar, Mark, Manuel Amador, Emmanuel Farhi, and Gita Gopinath. Coordination and Crisis in Monetary Unions. Cambridge, MA: National Bureau of Economic Research, July 2014. http://dx.doi.org/10.3386/w20277.

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Tenreyro, Silvana, and Robert Barro. Economic Effects of Currency Unions. Cambridge, MA: National Bureau of Economic Research, January 2003. http://dx.doi.org/10.3386/w9435.

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8

Gancia, Gino, Giacomo A. Ponzetto, and Jaume Ventura. A Theory of Economic Unions. Cambridge, MA: National Bureau of Economic Research, November 2019. http://dx.doi.org/10.3386/w26473.

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Broner, Fernando, Alberto Martin, and Jaume Ventura. On Public Spending and Economic Unions. Cambridge, MA: National Bureau of Economic Research, September 2020. http://dx.doi.org/10.3386/w27831.

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10

de Macedo, Jorge Braga. Small Countries in Monetary Unions: A Two-Tier Model. Cambridge, MA: National Bureau of Economic Research, June 1985. http://dx.doi.org/10.3386/w1634.

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