By John F Chown
EMU may be trumpeted because the nice monetary test in financial union, yet as John Chown exhibits during this wonderful e-book, there were many different examples of economic unions through the years - a few profitable, others now not so. during this entire ancient review, the writer writes approximately financial unions with an admirable completeness and covers such topics as: the optimum, financial unions in international locations and components from Latin the USA to The British Empire to Japan and Korea with many in among, the EMU and its coverage ramifications and the CFA Franc sector within the former French colonies.
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A currency board also needs sound administrative arrangements and credibility, particularly where confidence in the old currency has collapsed. A country also needs foreign currency reserves to initiate a currency board: although this was no problem with an old-fashioned ‘colonial’ currency board it could be a serious one for a country urgently needing to create a sound currency. 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.
Seigniorage’ historically meant the profit accruing from minting coins, which were generally valued in trade at a legal fiat value representing a small (convenience) premium over gold or silver bullion value,13 but in the modern sense, is the profit the central bank makes from persuading the public to accept printed pieces of paper as money. 14 In an inflationary economy the economics are far more complicated and the crucial issue, famously identified by Philip Cagan in his analysis of hyper-inflation, is that a government can always extract some extra seigniorage in the short term by inflation, although at the cost of making its currency less attractive and thus reducing its future seigniorage revenues.
The historian Polybius describes this remarkable union as having been achieved by those working for general liberty rather than ‘lust for power’. He points out that this ‘allied and friendly community’ had the same laws, weights, measures and coinage … the whole Pelopponese falls short of being a single city only in its failure to enclose its inhabitants within a single wall, all other things – at both federal and city level – being almost identical. Again, the coins were struck with a common obverse with distinguishing national symbols on the reverse.
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