By John F Chown
EMU may be trumpeted because the nice fiscal test in financial union, yet as John Chown exhibits during this fantastic booklet, there were many different examples of economic unions through the years - a few profitable, others no longer so. during this accomplished ancient evaluate, the writer writes approximately financial unions with an admirable completeness and covers such topics as: the top of the line, financial unions in international locations and components from Latin the US to The British Empire to Japan and Korea with many in among, the EMU and its coverage ramifications and the CFA Franc quarter within the former French colonies.
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Extra resources for A History of Monetary Unions
Schuler7 has suggested that dollarisation is appropriate when a country’s central bank has performed poorly. He makes an intriguing though disputable point: In contrast to the way economists think about steel or shoes or sugar, when it comes to currency the first question they ask is how to achieve what the producer – the government – wants instead of how to provide what consumers want. Absent restrictions that force people to use bad currencies 18 The economics of currency arrangements such as the Russian ruble, the Indonesian rupiah, or the Mexican peso, most people would cease doing so.
40 Monetary union in post-Napoleonic Europe From 1693 if coins were brought to the mint for over-striking or otherwise re-issuing, the mint issued billets which were redeemable a few months later. These circulated as the equivalent of coins, and in 1701 the mint started to issue such billets unbacked by actual metal, so that by 1706 a substantial amount of paper money had in effect been paid into circulation without any formal backing, and these were eventually accepted only at a discount of 50 per cent.
Types of ‘fixed’ monetary arrangement 19 Problems with rates There is a risk of catching the ‘diseases of the anchor currency’, particularly serious if this is of a country with which there is no close trading relationship. It may not form part of an ‘optimum currency area’, as Hong Kong’s break with a sterling link in 1974, followed by the introduction of a dollarbased currency board in 1983, illustrates. It is also technically very difficult to fix an exchange rate at precisely the level which produces a purchasing power equilibrium.
A History of Monetary Unions by John F Chown