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论文作者:英语论文网论文属性:硕士毕业论文 thesis登出时间:2011-07-20编辑:zn1987点击率:6166
论文字数:4570论文编号:org201107201530315729语种:英语 English地区:英国价格:$ 66
关键词:英国留学生国际货币经济学论文European Economic UnionMonetary Union
摘要:英语论文网专业提供英国留学生国际货币经济学论文定制,英国留学生金融学论文定制等论文服务。欧洲联盟(欧盟)经济和货币联盟在欧洲范围内仍在不断发展,“最优货币区”的概念是在1961年创造的孟德尔。
INTERNATIONAL MONETARY ECONOMICS
Economic and Monetary Union in Europe
1. Introduction
The 英国留学生国际货币经济学论文 issue of economic and monetary union (EMU) for the European Union (EU) is unlike the previous topics examined in this course, for within the European context the process towards EMU is still evolving and the final outcome remains uncertain. Therefore we have no ex-post situation to analyse and pass comment upon. Instead we are very much in the ex-ante world of not knowing the outcome of such economic and political movements. Therefore the analysis of EMU rests upon the largely theoretical framework of arguments for and against the proposition.
2. Theory of optimum currency areas
Definition: a group of economic entities (individuals, regions, nations) among which welfare is maximised through fixed exchange rates (or a common currency) and a flexible exchange rate towards the rest of the world. The notion of „optimum currency areas‟ was coined by Mundell in 1961 who defined optimality „in terms of ability to stabilise national employment and price levels‟. He proceeds to define an economic region as an optimal currency area when it exhibits characteristics that lead to an automatic removal of unemployment and payments disequilibria; automatic in the sense that no interference is required from monetary and fiscal policies to restore equilibrium. The conclusion given is that a currency area should be formed in that economic region where such costs can be minimised, the implication being that the maximum net benefits of a currency area would then be accomplished. Optimal currency area theory therefore concentrates upon defining those characteristics (i.e. preconditions) which have been identified as relevant for choosing the likely participants in an optimum currency area. The following is a list of recognised characteristics:
(i) similarity of inflation rates - if relative prices rise faster in one country than another, it will become increasingly uncompetitive unless it can reduce wages and prices back to the norm. Consequently, a persistently higher propensity to inflation within one country will result in unemployment, concentrated within depressed areas, in the absence of devaluation or compensatory price changes.
(ii) the degree of factor mobility - if wages and prices are sticky, and devaluation is not an option, an uncompetitive position for an individual country can be reconciled if factor mobility is high.
(iii) price and wage flexibility - the transition toward adjustment within a currency union is less likely to be associated with unemployment in one region and inflation in another. This largely restates (ii) except for the fact that the former relates to physical movement of resources whilst this condition concerns the movement of the price of those resources.
(iv) degree of commodity diversification - highly diversified economies will respond better to currency union than less diversified economies since they provided greater insulation against a variety of external shocks.
(v) degree of goods market integration - countries that possess similar production structures are more prone to symmetric (as opposed to asymmetric) shocks, thereby lessening the importance of exchange rate variations to correct imbalances in competitiveness caused by the external
environment.
(vi) openness and size of the economy - relates to the proportion of GDP traded between participat本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。