The Political Economy of Monetary Solidarity - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Political Economy of Monetary Solidarity write by Waltraud Schelkle. This book was released on 2017. The Political Economy of Monetary Solidarity available in PDF, EPUB and Kindle. Creating the European monetary union between diverse and unequal nation states is arguably one of the biggest social experiments in history. This book offers an explanation of how the euro experiment came about and was sustained despite a severe crisis, and provides a comparison with the monetary-financial history of the US. The euro experiment can be understood as risk-sharing through a currency that is issued by a supranational central bank. A single currency shares liquidity risks by creating larger markets for all financial assets. A single monetary policy responds to business cycles in the currency area as a whole rather than managing the path of one dominant economy. Mechanisms of risk-sharing become institutions of monetary solidarity if they are consciously maintained, but they will periodically face opposition in member states. This book argues that diversity of membership is not an economic obstacle to the success of the euro, as diversity increases the potential gains from risk sharing. But political cooperation is needed to realize this potential, and such cooperation is up against collective action problems which become more intractable as the parties become more diverse. Hence, risk-sharing usually comes about as a collective by-product of national incentives. This political-economic tension can explain why the gains from risk-sharing are not more fully exploited, both in the euro area and in the US dollar area. This approach to monetary integration is based on the theory of collective action when hierarchy is not available as a solution to inter-state cooperation. The theory originates with Keohane and Ostrom (1995) and it is applied in this book, taking into account the latest research on the inherent instability of financial market integration.
The Political Economy of Monetary Solidarity
The Political Economy of Monetary Solidarity - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Political Economy of Monetary Solidarity write by Waltraud Schelkle. This book was released on 2017-04-04. The Political Economy of Monetary Solidarity available in PDF, EPUB and Kindle. Creating the European monetary union between diverse and unequal nation states is arguably one of the biggest social experiments in history. This book offers an explanation of how the euro experiment came about and was sustained despite a severe crisis, and provides a comparison with the monetary-financial history of the US. The euro experiment can be understood as risk-sharing through a currency that is issued by a supranational central bank. A single currency shares liquidity risks by creating larger markets for all financial assets. A single monetary policy responds to business cycles in the currency area as a whole rather than managing the path of one dominant economy. Mechanisms of risk-sharing become institutions of monetary solidarity if they are consciously maintained, but they will periodically face opposition in member states. This book argues that diversity of membership is not an economic obstacle to the success of the euro, as diversity increases the potential gains from risk sharing. But political cooperation is needed to realize this potential, and such cooperation is up against collective action problems which become more intractable as the parties become more diverse. Hence, risk-sharing usually comes about as a collective by-product of national incentives. This political-economic tension can explain why the gains from risk-sharing are not more fully exploited, both in the euro area and in the US dollar area. This approach to monetary integration is based on the theory of collective action when hierarchy is not available as a solution to inter-state cooperation. The theory originates with Keohane and Ostrom (1995) and it is applied in this book, taking into account the latest research on the inherent instability of financial market integration.
The Political Economy of Central Banking
The Political Economy of Central Banking - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Political Economy of Central Banking write by Gerald Epstein. This book was released on 2019. The Political Economy of Central Banking available in PDF, EPUB and Kindle. Central banks are among the most powerful government economic institutions in the world. This volume explores the economic and political contours of the struggle for influence over the policies of central banks such as the Federal Reserve, and the implications of this struggle for economic performance and the distribution of wealth and power in society.
The Political Economy of Policy Reform
The Political Economy of Policy Reform - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Political Economy of Policy Reform write by John Williamson. This book was released on 1994. The Political Economy of Policy Reform available in PDF, EPUB and Kindle. Policymakers around the world have increasingly agreed that macroeconomic discipline, microeconomic liberalization, and outward orientation are prerequisites for economic success. But what are the political conditions that make economic transformation possible? At a conference held at the Institute for International Economics, leaders of economic reform recounted their efforts to bring about change and discussed the impact of the political climate on the success of their efforts. In this book, these leaders explore the political conditions conducive to the success of policy reforms. Did economic crisis strengthen the hands of the reformers? Was the rapidity with which reforms were instituted crucial? Did the reformers have a "honeymoon" period in which to transform the economy? The authors answer these and other questions, as well as providing first-hand accounts of the politically charged atmosphere surrounding reform efforts in their countries.
The Politics of Money
The Politics of Money - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Politics of Money write by Frances Hutchinson. This book was released on 2002-11-20. The Politics of Money available in PDF, EPUB and Kindle. Leading writer Boris Kagarlitsky offers an ambitious account of 1000 years of Russian history.
