Journal articles: 'Economic and monetary unions'

1

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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8

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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11

Scharrer, Hans-Eckart. "Two Monetary Unions." Intereconomics 25, no. 3 (May 1990): 109–10. http://dx.doi.org/10.1007/bf02924791.

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12

Einaudi, Luca. "‘The Generous Utopia of Yesterday Can Become the Practical Achievement of Tomorrow’: 1000 Years of Monetary Union in Europe." National Institute Economic Review 172 (April 2000): 90–104. http://dx.doi.org/10.1177/002795010017200109.

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Monetary unions have been a recurring element in European history, driven by the need to overcome obstacles to trade caused by the fragmentation of political authority. Between the 14th and the 19th centuries, a series of coinage unions were set up in the German speaking world, which served as models for the Latin and Scandinavian monetary unions in 1865 and 1872. With the growing size of participating states and the transformation of money, thanks to the end of bimetallism and the wider use of bank notes and deposits, the objectives and the practical management of monetary unions became more complex and more political. Monetary union became strictly associated with European federalism and required new common institutions after the end of the classical metallic standards in 1914.

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13

Zelenkevich, Marina, and Natallia Bandarenka. "ASSESSMENT OF DIRECTION FOR COORDINATION OF MONETARY REGULATION OF INVESTMENT IN THE INTEGRATION UNIONS." Zeszyty Naukowe Uniwersytetu Przyrodniczo-Humanistycznego w Siedlcach. Seria: Administracja i Zarządzanie, no. 53(126) (January 27, 2021): 27–36. http://dx.doi.org/10.34739/zn.2020.53.03.

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In the context of globalization and regionalization, central banks pursuing monetary policy in the country at the same time become subjects of monetary regulation within the framework of the integrational associations of which they are members. The purpose of the article is to assess the impact of monetary policy on investment and economic growth in integration unions and determine the appropriateness of their coordination. To achieve the goal, a method of correlation-regression analysis is proposed, one which allows for the identifying and assessing of the degree of influence of certain directions of monetary policy of the countries of the integration association on the indicators of investment and economic growth. As a result of the analysis, the expediency of coordination and implementation of a coordinated policy of central banks to stimulate the deposit and credit policy of commercial banks was proved, which positively affects the characteristics of supply and demand in the integrated investment market. The assessment of the directions of the coordination of monetary investments regulation was carried out on the example of an integration association - the Union of Belarus and Russia and can be extended to other integration associations with the participation of Belarus, in particular, to the monetary interaction of countries within the Eurasian Economic Union. The analysis is based on the statistical data of the National Statistical Committee and the National Bank of the Republic Belarus, the EAEU Department of Statistics, as well as statistical information from the Central Bank of Russia and the Union of Russia and Belarus.

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14

Biagi, Marco. "The European Monetary Union and Industrial Relations." International Journal of Comparative Labour Law and Industrial Relations 16, Issue 1 (March 1, 2000): 39–45. http://dx.doi.org/10.54648/260937.

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Despite its very recent introduction, the social and political impact of the European Monetary Union (EMU) can already be felt throughout the entire European Community. Indeed, many academics concur that the intensification of the economic integration brought about by EMU will accelerate the already evident process of structural economic change in the Member States, and undoubtedly strengthen their competitive position thanks to common employment strategies. Furthermore, it has been noted that the single currency has also served to encourage trade unions to communicate more amongst themselves to try to achieve more cross-border co-ordination of strategies and demands in the hope of counteracting any risk of a possible downward spiral rooted in EMU.

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15

FLANDREAU, MARC. "The economics and politics of monetary unions: a reassessment of the Latin Monetary Union, 1865–71." Financial History Review 7, no. 1 (April 2000): 25–44. http://dx.doi.org/10.1017/s0968565000000020.

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In 1865, France, Belgium, Italy and Switzerland signed a monetary convention (later known as the Latin Union), which provided for the intercirculation of specie between member states. Conventional analyses of the treaty (such as that by Willis) have portrayed this arrangement as a by-product of French power politics. This article seeks to reinterpret the economic nature of the Latin Union, focusing on the interrelations between trade, finance and money. I argue that the Latin Union did not foster trade integration and that, as a matter of fact, such was not its objective, according to archival evidence. Instead, I suggest that the Latin Union was the result of the growth of France as a major supplier of capital. The need to provide French investors with exchange-rate guarantees led borrowing countries to tie their respective monetary systems to that of France. This, in turn, created opportunities for international monetary action and the French franc became the ‘natural’ focal point of projects of monetary unification. This evolution, however, had structural limits which help to explain the downfall of the projects for expansion of the Latin Union.

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16

Foden, David. "Trade union proposals towards EMU." Transfer: European Review of Labour and Research 4, no. 1 (February 1998): 88–112. http://dx.doi.org/10.1177/102425899800400110.

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This article provides an overview of the debate within the trade union movement on Europe's forthcoming economic and monetary union. It reviews the reasoning behind the ETUC's critical support for EMU and outlines the main issues in the trade union debate in ten European countries. It finds that the general political debate at national level has a significant influence on the discussion within the trade unions, and that the sector of the economy within which individual unions organise is also of relevance. Nevertheless, these specific concerns are placed within the framework of policy defined by the ETUC.

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17

Chari, V. V., Larry E. Jones, and Ramon Marimon. "Strategic Delegation in Monetary Unions." Manchester School 72, s1 (September 2004): 19–33. http://dx.doi.org/10.1111/j.1467-9957.2004.00417.x.

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18

Lishchynskyy, Ihor Orestovych, and Mariia Volodymyrivna Lyzun. "SOCIAL EFFICIENCY OF EUROPEAN ECONOMIC AND MONETARY UNION." SCIENTIFIC BULLETIN OF POLISSIA 1, no. 1(13) (2018): 184–88. http://dx.doi.org/10.25140/2410-9576-2018-1-1(13)-184-188.

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19

Karras, Georgios. "How homogenizing are monetary unions?" North American Journal of Economics and Finance 14, no. 3 (December 2003): 381–97. http://dx.doi.org/10.1016/s1062-9408(03)00034-2.

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20

Dräger, Lena, and Christian R. Proaño. "CROSS-BORDER BANKING AND MACROPRUDENTIAL POLICIES IN ASYMMETRIC MONETARY UNIONS." Macroeconomic Dynamics 24, no. 2 (July 17, 2018): 255–90. http://dx.doi.org/10.1017/s1365100518000214.

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Against the background of the emergence of macroeconomic imbalances within the European Monetary Union (EMU), we investigate in this paper the macroeconomic consequences of cross-border banking in monetary unions such as the Euro area. For this purpose, we incorporate a union-wide banking sector along the lines in an otherwise standard two-region monetary union DSGE model, accounting for borrowing constraints of entrepreneurs and impatient households and an internal constraint on the bank's leverage ratio. We illustrate in particular how rule-of-thumb lending standards based on the macroeconomic performance of the core region within the monetary union can translate into destabilizing spill-over effects into the other region, resulting in an overall higher macroeconomic volatility. Thereby, we demonstrate a channel through which the financial sector may have exacerbated the emergence of macroeconomic imbalances within the EMU. This effect may be mitigated by macroprudential policies, where especially policies that force the bank's lending standards to be less procyclical prove to be effective in stabilizing output in both regions of the monetary union.

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21

Bergman, U. Michael. "Do Monetary Unions Make Economic Sense? Evidence from the Scandinavian Currency Union, 1873–1913." Scandinavian Journal of Economics 101, no. 3 (September 1999): 363–77. http://dx.doi.org/10.1111/1467-9442.00161.

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22

Kappel, Stanislav. "An Evaluation of Selected Economic Areas according to Similarity of Supply and Demand Shocks." Review of Economic Perspectives 15, no. 2 (June 1, 2015): 221–40. http://dx.doi.org/10.1515/revecp-2015-0018.

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Abstract The Euro Area remains a well-known monetary union in the World. But the possibilities of creation of new monetary unions are discussed. It is spoken about NAFTA (Canada, Mexico and the United States) or MERCOSUR (Argentina, Brazil, Paraguay, Uruguay and Venezuela). The aim of this paper is to assess the similarity of demand and supply shocks in the countries of NAFTA and MERCOSUR, and to compare it with the countries of the Euro Area. For these aims, correlation and structural vector autoregression methods are used. Methods are based on Blanchard and Quah (1989) and Bayoumi and Eichengreen (1993). We confirm the existence of core states and periphery states in the Euro Area with some exceptions. If we compare supply and demand shocks, we find more similarity in the case of supply shocks in the countries of the Euro Area. According to the results, the countries of NAFTA are more appropriate for the creation of monetary union than the countries of MERCOSUR. The countries of NAFTA achieve high correlation coefficients of supply and demand shocks (except Mexico for supply shocks).

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Grauwe, Paul De. "Fiscal Discipline In Monetary Unions." International Economic Journal 6, no. 1 (March 1992): 101–20. http://dx.doi.org/10.1080/10168739200000006.

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DE GRAUWE, PAUL. "FISCAL DISCIPLINE IN MONETARY UNIONS." International Economic Journal 6, no. 1 (April 1, 1992): 101–20. http://dx.doi.org/10.1080/10168739200080006.

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Armstrong, Angus, and Monique Ebell. "Monetary Unions and Fiscal Constraints." National Institute Economic Review 228 (May 2014): F4—F11. http://dx.doi.org/10.1177/002795011422800109.

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Petrakov, N., and G. Shagalov. "Monetary Factor in Economic Integration of the CIS Countries." Voprosy Ekonomiki, no. 2 (February 20, 2003): 64–77. http://dx.doi.org/10.32609/0042-8736-2003-2-64-77.

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On the basis of experienсe of international regional economic unions the authors prove the necessity of monetary cooperation among the CIS countries as a precondition of development of economic integration in the CIS. Basic principles of the concept of monetary and financial cooperation of the CIS countries developed at the Institute of Market Problems of RAS are discussed. The authors propose a new system of multilateral payments and settlements among the CIS countries in order to enhance their mutual economic cooperation.

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Hudec, Martin. "A Search for an Optimum Currency Area." Studia Commercialia Bratislavensia 11, no. 39 (June 1, 2018): 75–90. http://dx.doi.org/10.2478/stcb-2018-0006.

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Abstract Economic and monetary integration is the result of unifying efforts that have become a major driving force in post-war Europe. Although some of the initial initiatives, the Monetary Union project has many times been on the brink of interest. It can be as the surprise that Europe has managed to implement the common currency so soon and relatively smoothly. Nevertheless, even after its launch, this project has never completely abandoned criticism and discussion of the legitimacy and meaningfulness of its existence. Critical attitudes to the introduction of the common currency in the European Union are based above all on the Optimum Currency Area theories. The theoretical concept of optimal currency areas is currently considered a standard tool for assessing monetary integration efforts in Europe. OCA criteria are used to estimate the readiness of the candidate countries to adopt the euro, while the convergence processes are linked to the decision on the euro adoption timeline. The aim of our research article is, therefore, to closely analyze the issue of monetary policies and optimal currency areas in the context of convergence efforts towards more closely integrated economic and monetary unions.

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Ryan, John, and John Loughlin. "Lessons from historical monetary unions - is the European monetary union making the same mistakes?" International Economics and Economic Policy 15, no. 4 (April 4, 2018): 709–25. http://dx.doi.org/10.1007/s10368-018-0416-8.

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Charnvitayapong, Kovit. "Thrift and Credit Cooperative Lending Channels under Prolonged Low-Interest Rates: The Case of Thailand." 11th GLOBAL CONFERENCE ON BUSINESS AND SOCIAL SCIENCES 11, no. 1 (December 9, 2020): 1. http://dx.doi.org/10.35609/gcbssproceeding.2020.11(1).

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Since the global financial crisis of 2007–08, the United States, Japan, and the European Union (EU) have heavily stimulated their economies with expansionary monetary policy. World finance has been affected by this policy conduct. Interest rates in most open economies were pushed to very low levels and have remained low ever since. Nevertheless, monetary stimulation has not improved the economic situation to a satisfactory level as of the end of 2019. Several studies such as Claudio Borio and Boris Hofmann (2017) and Nasha Ananchotikul and Dulani Seneviratne (2015) attempted to examine the inefficiency of expansionary monetary policy by looking at bank lending channels. Koot and Walker (1980) studied monetary policy effectiveness through credit union lending channels. They found that at first, credit unions responded well to expansionary monetary policy, but after prolonged easy money policy, the response died down. Keywords: Fixed effects, Lending channel, Prolonged low interest rates, Thrift and credit cooperatives (TCCs), Transmission mechanism.

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Hudec, Martin. "The Higher Essence of Economic Convergence Regarding Monetary Impacts." Studia Commercialia Bratislavensia 10, no. 37 (June 1, 2017): 18–31. http://dx.doi.org/10.1515/stcb-2017-0002.

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Abstract The increasing pace of achieving socio-economic growth and convergence into developed structures represents the main desire of most countries. Moreover, membership in monetary unions has quite a significant impact on the economies of participating countries, since integration processes have become undoubtedly the undisputed accelerator of convergence and integration catalyst, reflecting on the development of the world economy. The growing intensity of world trade, the ever-deepening division of labor and specialization, international movement of capital and labor mobility as wells as investments into education, research and development, innovations are among the factors that lead to the creation of increasingly closer ties between economies, deepening their mutual dependence, further reflected in knowledge-based societies. Thus, the close ties between national economies themselves represent a further incentive for more intensive cooperation through the different stages of economic integration. International economic integration is an objective to promote a gradual process of linking and connecting existing economic units, i.e. national economies to the greater interconnected units in the global economy. The aim of our research paper, by using the methods of analysis and comparison, is to closely present the issue of monetary integration, focusing on the impact of monetary integration on countries’ economy, resulting in the issue of benefits and costs of the countries’ entry into the monetary union, associated with initial economic shocks.

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31

Masson, Paul R. "New monetary unions in Africa." Économie internationale 107, no. 3 (September 1, 2006): 87–105. http://dx.doi.org/10.3917/ecoi.107.0087.

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Edwards, Sebastian. "Monetary unions, external shocks and economic performance: A Latin American perspective." International Economics and Economic Policy 3, no. 3-4 (November 16, 2006): 225–47. http://dx.doi.org/10.1007/s10368-006-0056-2.

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Armstrong, Angus, and Monique Ebell. "The unintended consequence of English votes for English laws." National Institute Economic Review 233 (August 2015): R37—R44. http://dx.doi.org/10.1177/002795011523300105.

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The Scotland Bill 2015–16 would make the Scottish government one of the most powerful sub-central governments in the OECD in terms of its control over spending and taxation. The UK government has also announced plans to introduce ‘English Votes for English Laws’ (EVEL), where the support of a majority of English MPs would be necessary to pass legislation deemed to impact on England only. The objective of this paper is to examine the potential for spillovers to arise in monetary unions of asymmetric nations where fiscal policy choices are taken locally. We extend a model of Chari and Kehoe (2008) to show the sub-optimal consequences of devolved fiscal policy in a moneteary union with a dominant member state. Because England is so much larger than the other constituent nations of the UK, its fiscal policy choices will have a commensurately stronger impact on UK monetary policy. As a result, UK monetary policy might be inappropriate for the smaller nations, calling into question the economic efficiency of EVEL. This is a general result which arises from the asymmetry of nations rather than specific UK funding arrangements or behavioural responses.

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WEIMAN, DAVID F. "Introduction to the special issue on the formation of an American monetary union." Financial History Review 13, no. 1 (March 31, 2006): 11–17. http://dx.doi.org/10.1017/s0968565006000035.

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This special issue of the Financial History Review contributes to the vast literature on the political economy of monetary unions. Inspired by the recent events in Europe, it reaches back in history to consider an earlier experiment in forming a monetary (as well as economic and political) union. In this historical case the pivotal event was the ratification of the United States Constitution in 1788, two centuries before the Maastricht Treaty. Between formal independence in 1781 and the implementation of the Constitution reforms in 1789, the fledgling country was organised politically into a loose confederation of thirteen, virtually sovereign states. Despite the nominal powers granted to the national government under the Articles of Confederation, it lacked the direct means to collect taxes and to enforce its policies. Consequently, during this brief period, state governments could and did pursue their own economic and monetary policies.

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Chortareas, Georgios. "Fiscal Policy Rules in Monetary Unions." Journal of Post Keynesian Economics 36, no. 1 (September 23, 2013): 85–104. http://dx.doi.org/10.2753/pke0160-3477360105.

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Aguiar, Mark, Manuel Amador, Emmanuel Farhi, and Gita Gopinath. "Sovereign Debt Booms in Monetary Unions." American Economic Review 104, no. 5 (May 1, 2014): 101–6. http://dx.doi.org/10.1257/aer.104.5.101.

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We propose a continuous time model to investigate the impact of inflation credibility on sovereign debt dynamics. At every point in time, an impatient government decides fiscal surplus and inflation, without commitment. Inflation is costly, but reduces the real value of outstanding nominal debt. In equilibrium, debt dynamics is the result of two opposing forces: (i) impatience and (ii) the desire to conquer low inflation. A large increase in inflation credibility can trigger a process of debt accumulation. This rationalizes the sovereign debt booms that are often experienced by low inflation credibility countries upon joining a currency union.

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Vinokurov, Evgeny, Mikhail Demidenko, Dmitry Korshunov, and Mihaly Kovacs. "Customs unions, currency crises, and monetary policy coordination: The case of the Eurasian Economic Union." Russian Journal of Economics 3, no. 3 (September 2017): 280–95. http://dx.doi.org/10.1016/j.ruje.2017.09.004.

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Adam, Anokye M., Emmanuel N. Gyamfi, Kwabena A. Kyei, Simiso Moyo, and Ryan S. Gill. "A New EEMD-Effective Transfer Entropy-Based Methodology for Exchange Rate Market Information Transmission in Southern Africa Development Community." Complexity 2021 (November 16, 2021): 1–22. http://dx.doi.org/10.1155/2021/3096620.

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The desire to form monetary unions among regional blocs in Africa has necessitated the need to assess the degree of financial systems interdependencies in Africa economic blocs for their suitability to have harmonised economic policies of eventual monetary unions. In this regard, SADC has pursued policies to harmonise and integrate its financial system as a precursor to its intended monetary union. However, the ensuing risk among exchange rates of economies in SADC is presumed to rise during severe uncertainties. This study examines the degree of asymmetry and nonlinear directional causality between exchange rates in SADC in the frequency domain. We employ both the ensemble empirical mode decomposition (EEMD) and the Rényi effective transfer entropy techniques to investigate the multiscale information that might be disregarded and further quantify the directional flow of information. Analysis of the study is presented for four frequency-domains: high-, medium-, and low frequencies, representing short-, medium-, and long-terms, respectively, in addition to the residue (fundamental feature). We find a mixture of asymmetric and nonlinear bidirectional and unidirectional causality between exchange rates in SADC for the sampled period. The study reveals a significant positive information flow in the high frequency, but negative flow in the medium and low frequencies. In addition, we gauge a bidirectional significant negative information flow within all the 15 economies for the residue. This suggests a higher risk of uncertainties in exchange rates of SADC. Our findings for low probability events at multiscales have implications for the direction of the future of the SADC monetary union. This calls for further sustained policy harmonisation in the region.

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Groll, Dominik, and Tommaso Monacelli. "The inherent benefit of monetary unions." Journal of Monetary Economics 111 (May 2020): 63–79. http://dx.doi.org/10.1016/j.jmoneco.2019.01.016.

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40

Cesarano, Filippo. "On the viability of monetary unions." Journal of International Economics 19, no. 3-4 (November 1985): 367–74. http://dx.doi.org/10.1016/0022-1996(85)90043-1.

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Asongu, Simplice A., and Joseph Nnanna. "REER Imbalances and Macroeconomic Adjustments: Evidence from the CEMAC Zone." Foreign Trade Review 55, no. 3 (May 14, 2020): 372–81. http://dx.doi.org/10.1177/0015732520919838.

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The European Monetary Union (EMU) crisis holds special lessons for existing monetary unions. We assess the behaviour of real effective exchange rates (REERs) of members of the Central African Economic and Monetary Community zone with respect to their long-term equilibrium paths. A reduced form of the fundamental equilibrium exchange rate model is estimated for associated misalignments. Our findings suggest that for majority of countries, macroeconomic fundamentals have the expected associations with the exchange rate fluctuations. The analysis also reveals that only the REER adjustments of Cameroon and Gabon are significant in restoring the long-term equilibrium in the event of a shock. The Cameroonian economic fundamentals of terms of trade, government expenditure and openness have different long-term relations with the REER in comparison to those of other member states. There is no need for an adjustment in the level of the peg based on the present quantitative analysis of REER paths. JEL: F31, F33, F42, F61, O55

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Schneider, Etienne, and Sune Sandbeck. "Monetary integration in the Eurozone and the rise of transnational authoritarian statism." Competition & Change 23, no. 2 (September 30, 2018): 138–64. http://dx.doi.org/10.1177/1024529418800013.

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The negotiations over the Eurozone crisis have increasingly come to reflect Poulantzas’ idea of ‘authoritarian statism’, i.e., a decline in the relevance of democratic institutions and a shift in political power towards technical state apparatuses. Yet, scholarly approaches to transnational integration have provided little guidance as to why monetary relations have become such a pronounced point of condensation for the contradictions inherent in European integration. While mainstream theories of monetary unions such as optimal currency area theory neglect the impact of state power and class interests on monetary politics, more critical perspectives on transnational integration have paid insufficient attention to monetary governance and its role in the mediation of international relations. The present paper brings heterodox theories of international relations and monetary integration to bear on the increasingly authoritarian dynamics of Eurozone governance. Reflecting on Bruff’s discussion of authoritarian neoliberalism, we proceed to examine how the circumvention of democratic institutions via Eurozone monetary governance is more precisely captured through the notion of transnational authoritarian statism. We develop this concept in relation to two historical periods of European integration: the formation of the Economic and Monetary Union and the recent extension of the European Central Bank’s scope of monetary governance.

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Boór, Matej. "Impact of Fiscal Rules on Level of Economic Growth in Monetary Unions." Politická ekonomie 68, no. 6 (December 21, 2020): 695–724. http://dx.doi.org/10.18267/j.polek.1300.

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De Grauwe, Paul, and Hilde Heens. "Real Exchange Rate Variability in Monetary Unions." Recherches économiques de Louvain 59, no. 1-2 (1993): 105–17. http://dx.doi.org/10.1017/s0770451800044274.

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SummaryIn this paper we compare the interregional and international degree of real exchange rate variability of a number of EMS-countries. This allows us to gain insights into the costs of a monetary union. Our major conclusion is that a monetary union among all EMS members would be costly for some of them if it were instituted today. We also find that a monetary union among a «hard-core» of EMS-countries (Benelux, Germany, Denmark) would not involve major costs.

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Jacobi, Otto. "Transnational trade union cooperation at global and European level - opportunities and obstacles." Transfer: European Review of Labour and Research 6, no. 1 (February 2000): 12–28. http://dx.doi.org/10.1177/102425890000600104.

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As globalisation of the economy proceeds apace, it is essential for trade unions to co-operate on a transnational basis if global capitalism is to be civilised. This contribution argues that problems with global trade union co-operation stem from the fact that people's social interests differ greatly according to the different stages of economic development reached in the First World, the newly industrialised countries, the transition economies and the countries of the Third World. It suggests that global co-operation amongst trade unions can only be achieved by doing away with protectionism and dumping. In the interest of the economic development of other groups of countries, the highly developed states have to abolish sectoral subsidies and protectionist measures. In return, the trade unions in the First World can expect the basic social rights laid down in ILO conventions to be made universally binding. Only then will it be possible to break out of the damaging spiral of global dumping and ensure that living conditions for all concerned are able to keep pace with economic progress. In those countries of Europe which are members of the EU, the conditions for transnational trade union co-operation are entirely different. A unified economic and monetary area has already been created, and what is needed now is for a transnational social area to be developed as well. There is scope here for the trade unions to build on the social standards that have already been set on a EU-wide basis. Despite the enormous challenges resulting from the far-reaching social changes taking place, trade unions in Europe have a real opportunity to establish a social model that can serve as a benchmark for unions in other parts of the world.

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Kapteyn, P. J. G. "EMU and Central Bank: Chances Missed." European Constitutional Law Review 1, no. 1 (October 12, 2004): 123–30. http://dx.doi.org/10.1017/s1574019605001239.

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Both the EU- and the EC-Treaties refer in prominent places to the establishment of economic and monetary union (Articles 2 EU and EC). This union is mentioned as one of the principal means of achieving the Union's and the Community's economic and social objectives. Such a prominent place is not allotted it in the Constitution. In its effort to separate the basic provisions from the other provisions in the treaties, the Convention decided to retain only the European Union's objectives in the actual constitutional part. The concrete activities pertaining to the economic and monetary union, as well as its ‘guiding principles’ of stable prices, sound public finances and monetary conditions and a sustainable balance of payments were relegated to Part III that deals with the Union's policies.

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Haug, Alfred A., Özer Karagedikli, and Satish Ranchhod. "Monetary policy transmission mechanisms and currency unions." Journal of Policy Modeling 27, no. 1 (February 2005): 55–74. http://dx.doi.org/10.1016/j.jpolmod.2004.10.001.

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Costabile, Lilia. "Istitutions for Social Well-Being: alcune risposte." QA Rivista dell'Associazione Rossi-Doria, no. 3 (August 2009): 103–11. http://dx.doi.org/10.3280/qu2009-003005.

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- Answering the round table participants, the author illustrates the project of this book and its main findings. While the book implies a focus on social policy, the contributors have brought to it their expertise not only in welfare economics but also in macroeconomic and monetary policy. This article outlines how social policy relates to these economic issues, and adopts an international political economy approach both in explaining hierarchies among countries, and in calling into question the "efficiency/equality trade off" as a useful instrument in comparing the economic performance of Europe and the US. Finally, the article discusses the issue of a possible convergence between the social models of Europe towards those of the best performing countries.EconLit Classification: D600, E120, F300, F400, F500Keywords: Welfare Economic, Growth, Globalization, Open Economy Macroeconomics, European Monetary UnionParole chiave: Welfare state, Crescita, Globalizzazione, Macroeconomia delle economie aperte, Unione monetaria europea

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Vorona, Anastasiуa, Lyudmila Kopteva, and Anna Trushevskaya. "The Eurasian economic union: trends and prospects for development in digital economy." E3S Web of Conferences 210 (2020): 13025. http://dx.doi.org/10.1051/e3sconf/202021013025.

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Currently the Eurasian Economic Union defines its main tasks as the creation of an image of the significant center for the development of international trade, enhancement of mutually beneficial partnership with member states and other countries, the creation of new formats for international cooperation. At the present days the Eurasian Economic Union is filled with real economic content. Multilateral projects are being implemented, primarily in key sectors of the economy, that are energy and transport. In the long run, the formation of a monetary union is possible. Development of currency integration, as a component of economic unity, presupposes the process of implementing a coordinated policy of the EAEU countries, as well as the creation and functioning of the organizations performing interstate currency regulation. In the article the dynamics of the main economic indicators of the Eurasian Economic Union functioning is considered. The data on the trade turnover of the EAEU member countries for 2019 is provided. The main directions of EAEU cooperation with third countries and integration associations are revealed, with particular attention being paid to the creation of free trade zones with Vietnam and Singapore. In the context of the organization and functioning of interstate unions, each of the member states of such unions, while ensuring their own security, also needs to manage both the threats to the security of other partners that have an indirect adverse effect and the threats that directly impact the whole union. The directions of digital transformation of the economies of the Eurasian Economic Union member states are considered. The problematic aspects of its functioning are highlighted.

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Nnyanzi, John Bosco. "Welfare gains, risk-sharing and Africa’s monetary union projects." African Journal of Economic and Management Studies 6, no. 4 (December 7, 2015): 416–30. http://dx.doi.org/10.1108/ajems-07-2013-0065.

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Purpose – The purpose of this paper is to investigate the welfare gains from risk sharing among African countries and regional groupings in Africa that are planning to establish monetary unions either in the short or longrun. Design/methodology/approach – The paper empirically tested two hypothesis; potential welfare gains and unexploited welfare gains. It uses a utility-based measure to quantify the gains that would accrue from joining a risk sharing arrangement such as a monetary union. The regional groupings considered include the African Union (AU), the Economic Community of West Africa (ECOWAS), the Southern African Development Community (SADC) and the East African Community (EAC). Findings – The results provide support for both hypotheses. Overall, the average potential welfare for AU, EAC, ECOWAS and SADC groups under full risk sharing are found to be 1.9, 2, 3.4 and 1.6 percent, respectively, each higher than the 1 percent estimated for the OECD countries and 0.6 percent for the 14-EU countries. The average unexploited gains are, however, even bigger for AU at 3.5 percent, ECOWAS at 8.6 percent and for SADC at 2.6 percent. Practical implications – The finding of enormous potential welfare gains could partly reinforce the desire of the African countries to establish monetary unions. On the other hand, the paper provides insights to policy makers in designing policies to promote risk sharing given the finding that the unexploited welfare gains are on average still too low – implying that many African countries or groups still have very low risk sharing. Originality/value – Previous studies on welfare gains and risk sharing have basically left out the African regional groupings and never related the issue of gains to the monetary union projects. Besides, previous studies focus on unexploited welfare gains at the expense of total potential welfare gains. Considering the two types, however, presents a more complete picture of total gains from joining any risk sharing arrangement such as a monetary union.

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Journal articles on the topic 'Economic and monetary unions'

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