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国际经济学论文:Economic and Monetary Union in Europe

论文作者:留学生论文论文属性:硕士毕业论文 thesis登出时间:2011-04-19编辑:zn1987点击率:4475

论文字数:4540论文编号:org201104191538284796语种:英语 English地区:英国价格:$ 66

关键词:International Monetary EconomicsEconomicMonetary Union in Europe

INTERNATIONAL MONETARY ECONOMICS

Economic and Monetary Union in Europe

1. Introduction
The issue of economic and monetary union (EMU) for the European Union (EU) is unlike代写留学生论文 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论文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。

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