By John F Chown
EMU may be trumpeted because the nice financial scan in financial union, yet as John Chown indicates during this wonderful ebook, there were many different examples of financial unions through the years - a few profitable, others now not so. during this finished ancient evaluate, the writer writes approximately financial unions with an admirable completeness and covers such subject matters as: the choicest, financial unions in international locations and parts 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 quarter within the former French colonies.
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Extra info for A History of Monetary Unions
How will seigniorage will be shared, and will the joint central bank be able to operate as a lender of last resort? A full monetary union has many advantages, will achieve greater savings in transaction costs than the alternatives, and will stimulate trade, and hence prosperity. Against this, the political and constitutional problems are greater: specifically (as the Austria-Hungary example shows) there is the problem of monitoriting the debt policy of the individual members, and breaking up a formal union, while certainly not impossible, is more painful than opting out of a currency board.
12:1. The metallic content was in the ratio of about 13:1, so there was a slight ‘subsidy’ to holders of Scottish money (Chown 1994, ch. 3 Full monetary (and political) union was only achieved in 1707, with the Act of Union. ‘Fiscal policy’ was then already an issue. 4 The history of metallic currency is in fact riddled with examples of cases where coins changed hands at a ‘fiat’ value in excess of the (often debased) intrinsic value of the metal, generating seigniorage for the issuer and, in many cases, an opportunity to cheat.
Those wishing to exchange an amount defined as ‘excessive’ would be required to explain how they came by it. This is, to an extent, a by-product of any exchange, and owners of large hoards of DM and other EU currencies are said to be having to work hard on the run-up to the introduction euro notes. In that case they had plenty of notice, and for the technique to be effective it has to be very short-notice and unexpected. Even then, the haul will be limited in an exchange-control-free world, and although the tax net may be somewhat widened, it still leaves the more sophisticated untouched.
A History of Monetary Unions by John F Chown