Get Currency Competition and Monetary Union PDF

By Pascal Salin (auth.), Pascal Salin (eds.)

ISBN-10: 9400960778

ISBN-13: 9789400960770

ISBN-10: 9400960794

ISBN-13: 9789400960794

Pascal Salin the various texts that have been used for the current ebook have been awarded as papers at a convention prepared in Brussels by means of Michiel van Notten for the 1 Institutum Europaeum in December 1980on the topic of ecu financial Union and foreign money pageant. besides the fact that, this ebook is greater than the mere complaints of a convention. It goals at proposing the reader with an homogenous textual content, no longer a patchwork of papers, inspite of the big variety of individuals. notwithstanding it'd be absurd to fake that those individuals -some of whom are well-known thinkers - agree on every thing, their dissenting critiques don't transcend the standard skills one may perhaps locate in a e-book of which the ultimate path is sort of transparent, yet the place the requirement of highbrow strictness ends up in the research of either the professionals and the cons of an issue. it could possibly additionally appear to a few that this ebook bargains with assorted matters, forex pageant and financial union, that have been joined jointly kind of randomly. We think, even if, that this influence might be dis­ pelled once they begin examining. either sections of the booklet care for one and an analogous subject: the optimum association of a financial procedure. current efforts to accomplish ecu financial unification all be afflicted by an analogous preju­ dices with admire to the association of the financial structures inside of each one kingdom and in the international as a whole.

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Extra resources for Currency Competition and Monetary Union

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An international standard The idea according to which the best money would be a money with a constant average purchasing power, of course opens the incidental question of choosing the commodity or the commodities which would play the role of a standard for assessing the average purchasing power. If one were to express the purchasing power in terms of a set of consumer goods, one would limit the conception of constant purchasing power to very small geographical regions. A money whose purchasing power would be kept constant in terms of consumer goods in Brussels, for instance, would not necessarily have the same stability in Paris or New York.

W. A. Niskanen, Bureaucracy and Representative Government, Aldine-Atherton, 1971; and Bureaucracy: Servant or Master, Hobart Paper, Institute of Economic Affairs, London, 1973. 1 THE FUTURE UNIT OF VALUE* Friedrich A. , I wrote the following: Though I am convinced that modern credit banking as it has developed requires some public institutions such as central banks, I am doubtful whether it is necessary or desirable that they (or the government) should have a monopoly of the issue of any kind of money.

If such a stable money ever established itself, though it would exist under many different names, and each kind issued under the name and on the responsibility of a different institution, 39 their successful suppliers could probably not for a long time be denied the right to issue corresponding tokens, representing fractional units which, because of their constant relation to the basic credit unit, would soon displace, at least locally, the traditional 'official' cash. And before long governments would probably learn to insist that their taxes be paid in the new stable units, which would constitute the final victory of the system.

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Currency Competition and Monetary Union by Pascal Salin (auth.), Pascal Salin (eds.)


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