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E-grāmata: Monetary Integration in Europe: The European Monetary Union after the Financial Crisis

  • Formāts: PDF+DRM
  • Sērija : Studies in Economic Transition
  • Izdošanas datums: 15-Sep-2017
  • Izdevniecība: Springer International Publishing AG
  • Valoda: eng
  • ISBN-13: 9783319592473
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  • Formāts: PDF+DRM
  • Sērija : Studies in Economic Transition
  • Izdošanas datums: 15-Sep-2017
  • Izdevniecība: Springer International Publishing AG
  • Valoda: eng
  • ISBN-13: 9783319592473

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This book provides a fully revised and up-to-date analysis of the Economic and Monetary Union (EMU). With four entirely new chapters on responses to the financial crisis and the debate on reform options, Tomann assesses the EMU in comparison with other currency regimes through the adoption of a historical analysis. The book discusses in detail basic issues with currency and comprehensively analyzes monetary policy, highlighting problems of policy coordination. Tomann explores new monetary institutions that have been established in response to the financial crisis, before addressing long-term issues and reviewing reform proposals. By focusing on monetary issues the book offers a better understanding of macroeconomic policies and international policy cooperation, and, by extension, provides a thorough economic assessment of the EMU as an institution as it stands today.

1 The History of Monetary Integration in Europe
1(18)
1.1 The European Payments Union (EPU), 1950--58
3(3)
1.2 The Bretton Woods System, 1944--71
6(3)
1.3 A Currency System of `No Commitments', Since 1973
9(3)
1.4 The European Monetary System (EMS), 1979--98
12(7)
Further Reading
17(2)
Part I The Functioning of the Monetary Union
19(114)
2 Theory of Optimum Currency Areas
21(16)
2.1 Wage Rigidity and Money Illusion
24(4)
2.2 The Credibility of a Common Currency
28(2)
Conclusion
29(1)
2.3 Effects of Collusion in the Labour Market
30(7)
Further Reading
35(2)
3 The Economic and Monetary Union: Institutions and Credibility
37(18)
3.1 The New Money Constitution
38(6)
3.2 Independence, Accountability and Transparency
44(5)
Independence
45(2)
Accountability
47(1)
Transparency
48(1)
3.3 The EMU as a Regime of Low Inflation
49(6)
Further Reading
53(2)
4 Conventional Monetary Policy of the ECB
55(26)
4.1 How Monetary Policy Affects Expenditures and Prices (Transmission Process)
55(7)
4.2 Concepts of Conventional Monetary Policy
62(7)
Economic Analysis
67(1)
Monetary Analysis
68(1)
4.3 The Performance of the Eurosystem
69(12)
Evaluation
77(2)
Further Reading
79(2)
5 Fiscal Policy Coordination and the Stability and Growth Pact
81(24)
5.1 How Fiscal Policy Affects Aggregate Demand
82(3)
5.2 Is there a Need to Coordinate National Fiscal Policies?
85(2)
5.3 The Stability and Growth Pact
87(5)
5.4 Fiscal Policies in the EMU
92(5)
5.5 Assessment
97(5)
5.6 Conclusion
102(3)
Further Reading
104(1)
6 The EMU and the Wage Bargain
105(28)
6.1 How the Wage Bargain Affects Employment and Real Wages
107(8)
6.2 The Case for a European Wage Standard
115(10)
6.3 Interaction of Monetary Policy and the Wage Bargain
125(5)
6.4 Conclusion
130(3)
Further Reading
132(1)
Part II Responses to the Financial Crisis
133(48)
7 The ECB's Unconventional Monetary Policy
135(16)
7.1 Emergence of the Financial Crisis in Europe
136(2)
7.2 The Role of Monetary Policy
138(4)
7.3 Asset Purchases in Focus
142(2)
7.4 Assessment
144(5)
Risks and Side Effects
146(2)
Central Bank Independence
148(1)
7.5 Conclusion
149(2)
Further Reading
150(1)
8 The Burden of Public Debt and the European Stability Mechanism
151(16)
8.1 Keynes's Tentative Judgements
152(4)
8.2 The Problem of Stock-Flow Consistency in Monetary Economics
156(5)
8.3 The European Stability Mechanism (ESM)
161(4)
8.4 Conclusion
165(2)
9 The Banking Union and Financial Stability
167(14)
9.1 How Bank Intermediation Works
168(2)
9.2 Long-run Solutions: Clearing Bank Balance Sheets
170(2)
9.3 The Functioning of the European Banking Union
172(5)
9.4 Conclusion
177(4)
Further Reading
179(2)
Part III Long-term Issues
181(50)
10 Real Convergence in a Monetary Union
183(14)
10.1 Long-term Effects of a Monetary Union
184(3)
10.2 Wage and Price Adjustments and the Catch-up
187(4)
10.3 Real Interest Rates and Growth Divergence
191(2)
10.4 Policy Implications
193(4)
Further Reading
196(1)
11 The New European Monetary System
197(16)
11.1 Basic Choices for Pre-Ins
198(5)
11.2 Features of ERM II
203(4)
11.3 The Performance of Monetary Convergence (Entry Strategies)
207(6)
Further Reading
212(1)
12 The Debate on Reform Options
213(18)
12.1 The Report of the Five Presidents
215(4)
12.2 A European Unemployment Insurance
219(3)
12.3 A European Treasury
222(4)
12.4 Rebalancing Monetary and Fiscal Policies
226(5)
Further Reading
230(1)
Bibliography 231(8)
Index 239
Horst Tomann is Professor Emeritus at Freie University Berlin, Germany. He previously held the Jean Monnet Professorship for European Economic Policy at Freie University and was a staff member at the German Council of Economic Experts. He has had several appointments as Visiting Professor, among others at the University of Pennsylvania (Wharton School), USA, and the University of Birmingham, UK. He is the co-editor of Palgrave Macmillans book series Studies in Economic Transition, and the Palgrave Dictionary of Emerging Markets and Transition Economics, both alongside Jens Hlscher.