The desirability of currency unification: theory and some evidence
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
Amsterdam
Thesis Publ.
1995
|
| Schriftenreihe: | Tinbergen Instituut <Amsterdam; Rotterdam>: Tinbergen Institute research series
92 |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XI, 227 S. graph. Darst. |
| ISBN: | 9051703287 |
Internformat
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Datensatz im Suchindex
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|---|---|
| adam_text | CONTENTS
ACKNOWLEDGEMENTS v
CONTENTS vii
1 CONCEPTUAL ISSUES 1
1.1 The Meaning of Currency Unification 1
1.2 The Theory of Currency Unions: Some General Remarks 2
1.3 Objectives and Outline of the Book 4
2 AN INTEGRATED APPROACH TO CURRENCY 7
UNIFICATION
2.1 Introduction 7
2.2 Welfare Considerations within Traditional Approaches 8
to Currency Unification
2.3 An Integrated Approach 11
2.3.1 Three Principles 11
2.3.2 An Integrated Approach to Evaluate the Desirability 17
of Currency Unification
2.3.3 Three Illustrations of the Integrated Approach 18
2.3.4 Application of the Integrated Approach 23
2.3.5 Limitations of the Integrated Approach 24
3 REAL INTEREST RATE DIFFERENTIALS UNDER 29
FLOATING EXCHANGE RATES
3.1 Introduction 29
3.2 A Sticky Price Monetary Model 30
3.2.1 The Model: Equilibrium and Dynamics 30
3.2.2 Adjustment after a Fall in the Foreign Interest Rate 44
3.2.3 Adjustment after a Decrease in Autonomous Demand 48
3.3 Goods Demand in the Money Demand Relation 53
3.3.1 The Model: Equilibrium and Dynamics 53
3.3.2 Adjustment after an Increase in the Domestic Money Supply 60
3.3.3 Adjustment after a Fall in the Foreign Interest Rate 63
3.3.4 Adjustment after a Decrease in Autonomous Demand 65
viii
3.4 A Dependent Economy Model with Price Stickiness 71
3.4.1 The Model: Equilibrium and Dynamics 71
3.4.2 Theoretical Interpretation of the Model 80
3.4.3 Adjustment after an Increase in the Domestic Labor Supply 82
3.4.4 Adjustment after a Fall in the Foreign Interest Rate 84
3.4.5 Adjustment after a Decrease in Autonomous Demand 86
3.5 Conclusions 87
Appendix 89
4 REAL INTEREST RATE DIFFERENTIALS UNDER FIXED 97
EXCHANGE RATES
4.1 Introduction 97
4.2 A Sticky Price Monetary Model under Fixed Rates 99
4.2.1 Sticky Price Monetary Models under Fixed Rates 99
4.2.2 Adjustment after an Increase in the Foreign Interest Rate 104
4.2.3 Adjustment after a Decrease in Autonomous Demand 107
4.3 Goods Demand in the Money Demand Relation 109
4.3.1 The Model: Equilibrium and Dynamics 109
4.3.2 Adjustment after a Rise in the Foreign Interest Rate 112
4.3.3 Adjustment after a Decrease in Autonomous Demand 115
4.4 A Dependent Economy Model with Price Stickiness 117
4.4.1 The Model: Equilibrium and Dynamics 117
4.4.2 Adjustment after an Increase in the Domestic Labor Supply 122
4.4.3 Adjustment after an Increase in the Foreign Interest Rate 124
4.4.4 Adjustment after a Decrease in Autonomous Demand 125
4.5 Real Interest Differentials, Real Exchange Rates 126
and the Desirability of Currency Unification
4.6 Conclusions 129
5 EMPIRICAL ANALYSIS OF REAL INTEREST RATE 133
DIFFERENTIALS
5.1 Introduction 133
5.2 Methodology and Data 135
5.2.1 Methodology 135
5.2.2 Data 138
5.3 Averages and Variability of Real Interest Rate Differentials 140
5.3.1 Description of the Statistics 140
5.3.2 Empirical Results 141
5.3.3 Evaluation 144
ix
5.4 Stationarity, Cointegration, Error Correction Models, 147
and Stability
5.4.1 Stationarity 147
5.4.2 Cointegration and Error Correction Models 148
5.4.3 Stability 154
5.5 Empirical Results 155
5.5.1 Stationarity of Real Interest Rates 155
5.5.2 Structural Breaks 158
5.5.3 Results of Regression Analysis 161
5.5.4 Evaluation: A Case for a Currency Union? 169
5.6 Conclusions 174
Appendix 175
6 TRANSITION DYNAMICS: THE WALTERS CRITIQUE 181
6.1 Introduction 181
6.2 The Walters Critique 183
6.3 The Model: Dynamics and Stability 186
6.4 Entry into a Currency Union 194
6.4.1 Entry at the (Former) Equilibrium Rate 194
6.4.2 Entry at Alternative Pre Conditions 199
6.5 Conclusions 207
Appendix 209
7 SUMMARY AND CONCLUSIONS 211
REFERENCES 217
SAMENVATTING (Summary in Dutch) 225
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| id | DE-604.BV010215870 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T17:48:37Z |
| institution | BVB |
| isbn | 9051703287 |
| language | English |
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| physical | XI, 227 S. graph. Darst. |
| publishDate | 1995 |
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| spelling | Leeftink, Bertholt Verfasser aut The desirability of currency unification theory and some evidence Bertholt Leeftink Amsterdam Thesis Publ. 1995 XI, 227 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Tinbergen Instituut <Amsterdam; Rotterdam>: Tinbergen Institute research series 92 Zugl.: Amsterdam, Univ., Diss., 1995 EMU gtt Monetaire samenwerking gtt Wisselkoersen gtt European currency unit Monetary policy European Union countries Wirtschaftliche Stabilität (DE-588)4211986-8 gnd rswk-swf Mathematisches Modell (DE-588)4114528-8 gnd rswk-swf Währungsunion (DE-588)4188829-7 gnd rswk-swf Europäische Union. Mitgliedsstaaten (DE-588)4113937-9 Hochschulschrift gnd-content Währungsunion (DE-588)4188829-7 s Wirtschaftliche Stabilität (DE-588)4211986-8 s Mathematisches Modell (DE-588)4114528-8 s DE-604 Tinbergen Instituut <Amsterdam; Rotterdam>: Tinbergen Institute research series 92 (DE-604)BV004252095 92 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006788775&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Leeftink, Bertholt The desirability of currency unification theory and some evidence Tinbergen Instituut <Amsterdam; Rotterdam>: Tinbergen Institute research series EMU gtt Monetaire samenwerking gtt Wisselkoersen gtt European currency unit Monetary policy European Union countries Wirtschaftliche Stabilität (DE-588)4211986-8 gnd Mathematisches Modell (DE-588)4114528-8 gnd Währungsunion (DE-588)4188829-7 gnd |
| subject_GND | (DE-588)4211986-8 (DE-588)4114528-8 (DE-588)4188829-7 (DE-588)4113937-9 |
| title | The desirability of currency unification theory and some evidence |
| title_auth | The desirability of currency unification theory and some evidence |
| title_exact_search | The desirability of currency unification theory and some evidence |
| title_full | The desirability of currency unification theory and some evidence Bertholt Leeftink |
| title_fullStr | The desirability of currency unification theory and some evidence Bertholt Leeftink |
| title_full_unstemmed | The desirability of currency unification theory and some evidence Bertholt Leeftink |
| title_short | The desirability of currency unification |
| title_sort | the desirability of currency unification theory and some evidence |
| title_sub | theory and some evidence |
| topic | EMU gtt Monetaire samenwerking gtt Wisselkoersen gtt European currency unit Monetary policy European Union countries Wirtschaftliche Stabilität (DE-588)4211986-8 gnd Mathematisches Modell (DE-588)4114528-8 gnd Währungsunion (DE-588)4188829-7 gnd |
| topic_facet | EMU Monetaire samenwerking Wisselkoersen European currency unit Monetary policy European Union countries Wirtschaftliche Stabilität Mathematisches Modell Währungsunion Europäische Union. Mitgliedsstaaten Hochschulschrift |
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