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The Political Economy of Monetary Solidarity - Understanding the Euro Experiment (Hardcover): Waltraud Schelkle The Political Economy of Monetary Solidarity - Understanding the Euro Experiment (Hardcover)
Waltraud Schelkle
R2,911 Discovery Miles 29 110 Ships in 12 - 17 working days

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.

Constitution and Erosion of a Monetary Economy - Problems of India's Development since Independence (Paperback): Waltraud... Constitution and Erosion of a Monetary Economy - Problems of India's Development since Independence (Paperback)
Waltraud Schelkle
R1,929 Discovery Miles 19 290 Ships in 12 - 17 working days

Ever since Shaw and McKinnon published their path-breaking works on financial development in 1973, there has been extensive research on the effects of monetary and financial policies on economic growth of developing countries. This book puts forward a new paradigm of monetary development theory along Keynesian lines. The approach is substantiated by providing a fresh perspective on India's economic development after Independence.

Constitution and Erosion of a Monetary Economy - Problems of India's Development since Independence (Hardcover): Waltraud... Constitution and Erosion of a Monetary Economy - Problems of India's Development since Independence (Hardcover)
Waltraud Schelkle
R5,413 Discovery Miles 54 130 Ships in 12 - 17 working days

Ever since Shaw and McKinnon published their path-breaking works on financial development in 1973, there has been extensive research on the effects of monetary and financial policies on economic growth of developing countries. This book puts forward a new paradigm of monetary development theory along Keynesian lines. The approach is substantiated by providing a fresh perspective on India's economic development after Independence.

Monetare Integration - Bestandsaufnahme Und Weiterentwicklung Der Neueren Theorie (German, Paperback, 2001 ed.): Waltraud... Monetare Integration - Bestandsaufnahme Und Weiterentwicklung Der Neueren Theorie (German, Paperback, 2001 ed.)
Waltraud Schelkle
R1,495 Discovery Miles 14 950 Ships in 10 - 15 working days

Das anhaltende Interesse an der Theorie monetArer Integration ist einerseits dem europAischen EinigungsprozeA zu verdanken, andererseits der InstabilitAt des WeltwAhrungssystems seit dem Zusammenbruch der Bretton-Woods-Vereinbarung. Die vorherrschende Theorie des optimalen WAhrungsraumes hat sich jedoch angesichts neuerer Entwicklungen in der Theorie der Wirtschaftspolitik sowie in der Theorie des Wechselkurses als zu eng und methodisch fragwA1/4rdig erwiesen. Das Buch gibt einen umfassenden, auch fA1/4r AngehArige anderer sozialwissenschaftlichen Disziplinen gut lesbaren Aoeberblick A1/4ber den Stand der Forschung zur monetAren Integration im allgemeinen und zur europAischen WAhrungsintegration im besonderen. Es gibt darA1/4ber hinaus Anregungen fA1/4r weiterfA1/4hrende Untersuchungen, z.B. zur Rolle der Arbeitsmarktverfassungen oder der Fiskal- und der Sozialpolitik.

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