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| | [No title] |
 | | Formation of a non-optimal currency area shifts the Phillips curve }{\fs24\insrsid3759250 to the }{\fs24\insrsid6247892 right}{\fs24\insrsid3759250,}{ \fs24\insrsid6247892 and worsens the inflation - unemployment trade-off. | | | Formation of a non-optimal currency area shifts the Phillips curve } {\fs24\insrsid9772605 to the }{\fs24\insrsid6247892 right}{\fs24\insrsid9772605,}{\fs24\insrsid6247892 and worsens the inflation - unemployment tr ade-off confronting the monetary authority. | | | The thinking is that a currency union is now in place, there will be problems from not being an optimum currency area, but Europe will just have to live with this fact and move on. |
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http://archives.econ.utah.edu/archives/pkt/2003m05/doc00005.doc
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| | Benjamin J. Cohen |
| | The usefulness of a currency is enhanced in its standard functions as a medium of exchange, unit of account, and store of value. | | | A second benefit of a national currency is seigniorage--the capacity a monetary monopoly gives national governments to augment public spending at will. | | | In short, when it comes to sustaining currency unification, the issue is only secondarily whether countries meet the traditional criteria identified in OCA theory or whether monetary management and currency issue happen to be centralized or decentralized. |
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http://www.polsci.ucsb.edu/faculty/cohen/inpress/monetaryunion.html
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| | The pros and cons of currency union: a Reserve Bank perspective |
| | In forming a currency union, we would in effect be betting that, no matter with whom we formed that currency union, their policy performance would be better than our own could have been for the indefinite future. | | | The real question is not whether less currency uncertainty would be helpful but whether less currency uncertainty would compensate for the costs of a currency union, such as the risks of greater variability in output and domestic inflation. | | | It is clearly not necessary to enter a currency union in order to derive the benefits of foreign competition in the banking sector. |
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http://www.rbnz.govt.nz/speeches/0091114.html
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| | HIMAL SOUTH ASIAN January 2004 Editorial Such charming simplicity ! |
| | Economic, financial and political convergence is necessary to ensure the symmetry that is required for a currency union. | | | Currency union is a technically complicated matter that traditionally involves the concept of optimum currency areas. | | | A union, after all, is an entity that benefits all its constituent members. |
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http://www.himalmag.com/2004/january/editorial.htm
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| | History of Previous European Currency Unions |
| | The currency unions which made it have all survived because they relied on a single monetary authority for managing the currency. | | | But, in a monetary union with mutual guarantees among the members (even if it is only implicit as is the case in the eurozone), fiscal profligacy, even of one or two large players, may force the central monetary authority to raise interest rates in order to pre-empt inflationary pressures. | | | The national currencies of its member countries were at parity with each other. |
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http://samvak.tripod.com/nm032.html
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| | Australia & New Zealand - Risk Special Report |
| | A union would also offer investors a yield curve convergence play if New Zealand and Australia merge their currencies, although, as Paul Lambert, currency and macro strategist at Deutsche Asset Management in London, points out, it would not be a play of the same magnitude offered by European currency union. | | | In addition, currency union would eliminate New Zealand’s need to pay a currency risk premium, which foreign investors demand for holding assets in small, illiquid currencies. | | | A currency union between New Zealand and Australia could be a useful step towards participation in a broader currency area, based around the US dollar. |
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http://www.financewise.com/public/edit/riskm/australianewzealand/currency.htm
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| | The Eurodollar |
| | Nevertheless, most of the costs of having a single currency are macroeconomic and political, and there are several important costs that nation sharing a common currency incur. | | | After the currency union begins, the country's monetary policy is determined by the supranational central bank and not by the domestic central bank. | | | Were the introduction of a single currency for Europe and the United States a purely economic concern, a Eurodollar and a supranational Global Reserve Bank probably would have been introduced long ago, because the economic benefits of a single currency exceed the costs. |
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http://www.globalfindata.com/articles/euro.htm
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| | GN Online: GCC states pursue plans for landmark currency union |
| | In the EU monetary union, the public debt in any member state must not exceed 60 per cent of the gross domestic product while the budget deficit should be kept under control to avoid monetary intervention and subsequently, pressure on the currency. | | | The agreement covered common standards for economic and financial performance, including a maximum level of the deficit in their budgets, the public debt, current account deficit, interest rates, inflation and other fields. | | | The six countries have already met a key condition for the monetary union when Kuwait agreed at the end of 2002 to join its fellow members in the 22-year-old Gulf group and peg its currency to the US dollar after it was linked to a basket of currencies. |
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http://www.gulf-news.com/Articles/print.asp?ArticleID=77424
(711 words)
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| | CNN - European Union recommends countries for new single currency - March 25, 1998 |
| | Experts believe international currency exchange costs will be eliminated, administration will be simplified, companies should improve cash management, and consumers will really be able to spot a bargain when they see one. | | | CNNfn - EU agrees on new currency: the Euro - December 16, 1995 | | | The euro becomes a full-fledged currency for commercial transactions at the beginning of next year. |
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http://www.cnn.com/WORLD/9803/25/euro.currency
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| | MENAFN - Middle East North Africa . Financial Network News: A meeting of the technical committee for the GCC Currency ... |
| | The remaining milestones towards achieving GCC Monetary Union include agreement on convergence criteria by the 1st quarter of 2005; agreement on the institutional structure for the union in 2007; agreement on the name and denomination of the new currency in 2008; and implementation of the union in 2010. | | | A meeting of the technical committee for the GCC Currency Union is being held in Bahrain today and tomorrow (9th & 10th March 2005). | | | Financial Network News: A meeting of the technical committee for the GCC Currency Union is being held in Bahrain today and tomorrow (9th & 10th March 2005). |
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http://www.menafn.com/qn_news_story_s.asp?StoryId=83551
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| | BBC News AFRICA West Africa opts for currency union |
| | Central bank financing of each country's budget deficit would be limited to 10% of the previous year's tax revenue. | | | The BBC business correspondent says that the convergence criteria for the new currency may be set too high for many of the six countries to meet. | | | The countries must also ensure they have enough foreign currency reserves to cover at least three months of imports by the end of 2000, and six months of imports by the end of 2003. |
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http://news.bbc.co.uk/hi/english/world/africa/newsid_721000/721707.stm
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| | IMF: Belarus Would Gain From Currency Union |
| | A currency merger would not substantially bolster bilateral trade, but would help mainly Belarussian traders eliminate currency conversion costs, a group of IMF economists said. | | | A currency union would likely help reduce the inflation rate and exchange rate risk, the economists said. | | | The move could advance Belarus' structural reforms, which, unless undertaken swiftly and in advance of the monetary unification, "would be akin to 'shock therapy' with immediate full curtailment of fiscal subsidies and quasi-fiscal support for enterprises and banks in Belarus," the economists said. |
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http://dev.themoscowtimes.com/stories/2004/12/24/043.html
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| | CNN Specials - The Single Currency |
| | Unifying prices for products across the eurozone, the currency's supporters argue, makes prices more transparent and reduces cost differences between identical products from one country to the next. | | | A crucial juncture in that road was reached on June 1, 1998, when the EU established the European Central Bank to oversee the introduction of the single currency and set monetary policy across the eurozone. | | | Six in 10 EU citizens support the single currency, according to an April 2000 survey by Eurobarometer, a public opinion service that reports regularly to the European Commission. |
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http://www.cnn.com/SPECIALS/2000/eurounion/story/currency
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| | Currency Find it here at electroniccurrency.com |
| | Learn which currencies are best to trade with a free practice account from FXCM. | | | Free quotes research, data, software, currency trading and advisor rankings. | | | Try 4 weeks risk-free of the FT and get Currencies and more. |
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http://www.ElectronicCurrency.com
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| | Insead Alumni Association Monaco Euro currency monetary union ricketts |
| | These three currency unions have all survived due mainly to the fact that one monetary authority has been responsible, at least de facto, for managing the currency. | | | The depreciated currencies were then used to purchase gold at official (cheap) rates. | | | In the end, however, World War I financing needs led many countries to inflate their currencies and dump gold at the same time that Scandinavia was maintaining a fixed kronor gold price. |
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http://euro.pearl-online.com/English/union.html
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| | European Currency Unit (ECU) |
| | The european currency unit, ECU for short, was an artificial "basket" currency that was used by the member states of the European Union (EU) as their internal accounting unit. | | | The ECU was conceived on 13th March 1979 by the European Economic Community (EEC), the predecessor of the European Union, as a unit of account for the currency area called the European Monetary System (EMS). | | | Technical Notes: During the period May 3, 1998 through December 31, 1998, the rates of the 9 currencies that are part of the ECU basket as well as euro-11 member currencies were irrevocably fixed. |
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http://fx.sauder.ubc.ca/ECU.html
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| | Public Information Notice: IMF Concludes Discussion on the Eastern Caribbean Currency Union |
| | Directors stressed that preserving the currency board arrangements operated by the ECCB depends on the sustainability of the region's fiscal and debt situation and a sound financial sector which is effectively regulated. | | | Directors encouraged the authorities to ensure the consistency of national fiscal policies with the region's currency board arrangement. | | | They recommended that prompt and significant fiscal consolidation, together with improved debt management, will be needed to reduce the risks to the currency union. |
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http://www.imf.org/external/np/sec/pn/2004/pn04101.htm
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| | Russia/Belarus: Officials Agree On Currency Union, But Will It Hold? |
| | Officials from Belarus and Russia have announced a timetable agreement on plans to unify their currencies by the beginning of 2005. | | | The lack of investment and the Belarusian government's erratic economic management led to high inflation with the Belarusian ruble currently valued at around 20,000 to the dollar. | | | He said Lukashenka considers the introduction of the single currency "not a pure economic issue but a joint economic-political [issue]." In that respect, he says, "the future of this project is still vague." |
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http://www.globalsecurity.org/military/library/news/2003/06/mil-030620-rfel-165232.htm
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| | New Zealand Economic Papers : An ANZAC Dollar? Currency Union and Business Development.(Review) @ HighBeam Research |
| | Currency Union and Business Development, by Arthur Grimes and Frank Holmes with Roger Bowden, (Wellington: Institute of Policy Studies), 2000. | | | Issues related to exchange rate regimes and optimum currency areas lie at the core of international finance. | | | On the domestic front, there is increasing discontent with the performance of monetary policy coupled with more general dismay about the robustness of the post reform New Zealand economy. |
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http://static.elibrary.com/n/newzealandeconomicpapers/june012000/ananzacdollarcurrencyunionandbusinessdevelopmentre/index.html
(212 words)
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| | SSRN-Purchasing Power Party in the Eastern Caribbean Currency Union by Raj Aggarwal, Walter Simmons |
| | The Eastern Caribbean Currency Bloc is one of only three (and one of the longer lasting) multi-country common central banks in the world and is the only such bank in which member countries pool all their foreign reserves. | | | There is increasing interest in regional trade, investment, and currency blocs, and in the optimal public policies for such blocs. | | | Aggarwal, Raj and Simmons, Walter O., "Purchasing Power Party in the Eastern Caribbean Currency Union" (February 2004). |
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http://papers.ssrn.com/sol3/papers.cfm?abstract_id=642804
(311 words)
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| | Russia, Belarus Unprepared for Currency Union Says IMF :: Charter'97 :: News :: 15/04/2003 |
| | The mission’s report proves that neither of the sides is ready to embark on the currency union. | | | IMF pundits underscore that before the start of the currency unification Moscow and Minsk have to solve the tasks, mentioned in their joint actions’ agenda. | | | The final formation of the currency merger is believed to terminate within three years from now. |
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http://www.charter97.org/eng/news/2003/04/15/valuta
(307 words)
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| | The Eastern Caribbean Currency Union: Institutions, Performance, and Policy Issues--IMF Occasional Paper No. 195 |
| | In the course of the 1990s, however, the slowdown in growth was accompanied by a weakening of the fiscal positions in several countries, and the medium-term outlook has changed. | | | This occasional paper reviews recent developments, policy issues, and institutional arrangements in the member countries of the Eastern Caribbean Currency Union (ECCU), and looks at the ECCB's institutional arrangements, the financial system and its supervision, and the central bank's initiatives to establish a single financial space. | | | Foreign direct investment (over 9 percent of GDP) and loans to the public sector help cover the current account deficit. |
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http://www.imf.org/external/pubs/nft/op/195/index.htm
(1323 words)
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| | Euro Conversion FAQ for I.T. systems, euro currency, euro archive |
| | Therefore conversions between national currencies in the euro are not like normal exchange rates with variable rates; they are simply a different measurement of the same underlying entity, just like pounds and kilogrammes are different scales of measurement of weight. | | | There is a fixed conversion rate between the euro and each participating currency and this is expressed to six significant figures (note not decimal places). | | | Representing amounts before 1 January 1999 in euro, before the currency came into existence, could cause anomalies when comparing data that was collected during the floating-rate era. |
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http://www.sysmod.com/eurofaq.htm
(3064 words)
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| | Monetary union - Wikipedia, the free encyclopedia |
| | A monetary union differs from an Economic and Monetary Union, where it is not just currency but also economic policy that is pooled or co-ordinated (as in the European Union Eurozone, for instance). | | | In economics, a monetary union is a situation where several countries have agreed to share a single currency among them, for example, the East Caribbean Dollar. | | | The euro is issued by the Economic and Monetary Union. |
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http://en.wikipedia.org/wiki/Currency_union
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| | UNC-CH financial expert says Europe needs largest possible currency union |
| | CHAPEL HILL -- European countries now debating whether to establish a common currency should create that currency and allow as many nations as possible to adopt it, according to a University of North Carolina at Chapel Hill financial expert. | | | For the United States, the new European currency will challenge the dollar's global role, with some diversification out of dollars a possibility, he said. | | | But as long as the U.S. economy is the largest and strongest and its currency remains stable, the dollar will retain an important world role. |
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http://www.unc.edu/news/archives/sep97/blackst.html
(703 words)
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| | RADIO FREE EUROPE/ RADIO LIBERTY |
| | Following a meeting of the two countries' premiers in Minsk on 1 October, Prime Minister Kasyanov blamed the Belarusian side for derailing plans to adopt the Russian ruble as their joint currency by 1 January 2005. | | | Belarus's acting prime minister, Syarhey Sidorski, disputed the contention that Minsk was to blame for the talks' failure. | | | Russian Prime Minister Mikhail Kasyanov says Russia and Belarus have so far failed to reach agreement on adopting the Russian ruble as the common currency of both countries. |
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http://www.rferl.org/nca/features/2003/10/02102003162824.asp
(722 words)
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| | Recent Reserve Bank discussion papers (with abstracts) |
| | Results suggest that if New Zealand were to lose its ability to set monetary policy independently, then the variability of inflation and output would increase over the business cycle. | | | Despite these large import price shocks, consumer prices have not risen as strongly as would be suggested by previously accepted relationships. | | | It follows that even if advances in information technology result in a diminished use of, and thus reduced demand for, a stock of central bank money, that need not undermine a central bank's capacity to implement monetary policy. |
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http://www.rbnz.govt.nz/research/discusspapers/dp2001.html
(1139 words)
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| | Fiscal policy and regional inflation in a currency union |
| | This paper investigates the ability of a region participating in a currency union to affect its inflation differential with respect to the union through fiscal policy. | | | Fiscal policy and regional inflation in a currency union | | | We study the interaction between regional fiscal policy and inflation differentials in a flexible-price, two-region model with both traded and nontraded goods. |
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http://ideas.repec.org/p/fip/fedrwp/03-11.html
(683 words)
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| | Russia in Global Affairs :: News :: IMF Warns Belarus to Take Serious Measures to Prepare for Currency Union with Russia |
| | IMF representatives also recommended 'toughening money and credit and tax and budget politics to conduct intensive economic liberalization and officially liquidate special activities of paying work salaries in USD, in order to lower inflation. | | | IMF Warns Belarus to Take Serious Measures to Prepare for Currency Union with Russia | | | Russia in Global Affairs :: News :: IMF Warns Belarus to Take Serious Measures to Prepare for Currency Union with Russia |
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http://eng.globalaffairs.ru/news/90.html
(257 words)
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| | [Guinea-list] West African currency union (on verra bien) |
| | But in the cities, the prices must rise accordingly. | | | And are Guinea's economic troubles in part linked to its currency? | | | How does that affect the country's economy, and local economies? |
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http://www.pairlist.net/pipermail/guinea-list/2000-April/000005.html
(403 words)
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| | EMU and Euro information, articles, FAQ, IT resources, euro links, europapers, book, course |
| | Help for UK businesses from Basda The BASDA (Business Application Software Developers Association) has launched a new booklet entitled 'The Euro and UK Business in 2002' (595K PDF), aimed at helping UK businesses deal with the practical issues arising from the changeover to the new currency on 1/1/2002. | | | Links to web sites with national changeover plans and information for business and consumers, trade links with USA and the rest of the world. | | | Indeed, some people have pointed to the paradox that a British publication with British editorial staff and British capital should be the only surviving pan-European newsletter for business on the single currency. |
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http://www.sysmod.com/emu.htm
(2357 words)
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| | EconPapers: Asymmetric Shocks and Monetary Policy in a Currency Union |
| | Abstract: We analyse the conduct of monetary policy in a currency union in the face of asymmetric shocks. | | | Asymmetric Shocks and Monetary Policy in a Currency Union | | | Journal Article: Asymmetric Shocks and Monetary Policy in a Currency Union (2000) |
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http://econpapers.repec.org/paper/tcdtcduee/994.htm
(134 words)
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| | EconPapers: The Suitability of a Greater China Currency Union |
| | We also estimate the output costs of relinquishing policy autonomy to form a currency union. | | | Abstract: The study assesses the level of integration among the three Greater China economies (namely China, Hong Kong, and Taiwan) and examines the suitability of a Greater China currency union. | | | Our analyses show that these economies share common long-run and short-run cyclical variations. |
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http://econpapers.repec.org/paper/cesceswps/_5F1192.htm
(258 words)
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| | The Korea Times : Currency Union in Asia Viable |
| | The nation’s top-ranking government official said Friday that currency integration in East Asia may be a viable plan if the proper measures are taken. | | | ``If we take the appropriate steps, I think we may be able to form a currency union like the European Union,’’ he added. | | | However, he pointed out that there are several prerequisites before such actions can materialize. |
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http://times.hankooki.com/lpage/200508/kt2005081919595210160.htm
(430 words)
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| | Euro Information |
| | Information on UK Government policy on Economic and Monetary Union is available on the main Treasury web site. | | | Business factsheets "the euro: it's your business" have been updated. | | | The euro is the currency of twelve Member States of the European Union. |
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http://www.euro.gov.uk
(299 words)
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| | American currency union - Wikipedia, the free encyclopedia |
| | The C.D. Howe Institute, one of Canada's leading economic think tanks, advocates the creation of a shared currency between Canada and the United States. | | | A number of states – such as Argentina and Canada – have at times tied their currency to the United States dollar, and in 2000 Ecuador adopted the US dollar as its sole currency. | | | As well as calls for a currency for the Americas as a whole, in Canada discussions of a more limited crossborder currency union are common. |
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http://en.wikipedia.org/wiki/American_currency_union
(356 words)
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| | Participation in a Currency Union |
| | It then studies a simple general-equilibrium model of a monetary union and shows that a small economy will not take part in the agreement unless it can secure influence that is more than proportional to its size and a transfer of seigniorage revenues in its favor. | | | "Optimal currency areas and customs unions: are they connected? | | | This paper begins by observing that a highly asymmetric distribution of power between two partners is not sustainable if the choice variables are strategic substitutes. |
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http://ideas.repec.org/a/aea/aecrev/v82y1992i4p847-63.html
(327 words)
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| | EconPapers: Currency Union and Real Exchange Rate Behavior |
| | Abstract: In this paper we study the behavior of the real exchange rate of three North American currencies vis-a-vis the U.S. dollar: the Canadian dollar the Mexican peso, and the Panamanian Balboa. | | | Keywords: Real exchange rates; purchasing power parity; exchange rate regimes; currency unions. | | | EconPapers: Currency Union and Real Exchange Rate Behavior |
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http://netec.wustl.edu/WoPEc/data/Papers/wpawuwpif0311008.html
(253 words)
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| | EconPapers: What Does the Taylor Rule Say About a New Zealand-Australia Currency Union? |
| | Abstract: It has been suggested that the New Zealand economy may have similar characteristics and face similar shocks to some Australian states, so lowering the costs of a trans-Tasman currency union. | | | What Does the Taylor Rule Say About a New Zealand-Australia Currency Union? | | | EconPapers: What Does the Taylor Rule Say About a New Zealand-Australia Currency Union? |
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http://econpapers.repec.org/article/blaecorec/v_3A80_3Ay_3A2004_3Ai_3As1_3Ap_3As34-s42.htm
(230 words)
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| | SSRN-Is Currency Union in Asia Political Rhetoric or a Realistic Vision? by Vincent Hooper |
| | Keywords: Monetary union, optimal currency area, seigniorage revenue | | | An attempt is made to identify whether the possibility of a common Asian currency is merely political rhetoric or whether it could become a reality. | | | Currency unions are virtually an impossible result to prove theoretically and we lack few real- life examples of where it has been successful. |
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http://papers.ssrn.com/sol3/papers.cfm?abstract_id=298147
(295 words)
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| | Document 7 |
| | Both sides have agreed on the essential points of this currency conversion. | | | The governments of the GDR and the FRG, in full awareness of the joint tasks of the two German states on the path toward German unity, plan to conclude an international treaty for the introduction of monetary, economic, and social union. | | | They were guided in their decision making by the goal of improving living and working conditions of the people. |
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http://www.mtholyoke.edu/acad/germ/neh/gruppe2/Document_7.html
(393 words)
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| | Stonewalls Civil War Currency |
| | HASFAM Coin and Currency Links and Resource Guide | | | Currency Issued by the States of the Confederacy | | | I am a collector of Civil War era Southern States issued currency, Confederate bonds, U.S. Fractional currency, and Civil War issues of Harper's Weekly. |
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http://home.earthlink.net/~icepick119
(466 words)
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