Download Policy issues in the operation of currency unions by Paul R. Masson, Mark P. Taylor PDF

By Paul R. Masson, Mark P. Taylor

This booklet offers an outline in addition to the most recent examine on foreign money unions--geographical parts all through which a unmarried forex circulates because the medium of trade. the problems mentioned are critical to debates on fiscal and fiscal Union in Europe, and the way forward for japanese Europe. as well as a specifically written survey bankruptcy by means of the editors, it includes formerly unpublished contributions through best researchers within the box, discussing actual and capability foreign money unions within the usa, the previous Soviet Union, Europe and Africa.

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Has ensured that the market continues to send signals on the appropriateness of provincial budgetary policies" (Bishop, Damrau, and Miller, 1989, p. 13). However, in Canada fiscal transfers, or "equalization payments," to poorer regions are institutionalized to a greater extent than in the United States, and are larger in size than the EC Structural Funds (this is discussed more fully below), which may reduce the tendency for provinces to run excessive deficits. In addition, the mere fact that borrowing costs rise with increased deficits does not prove that those borrowing costs enforce discipline on the governments concerned; the latter would require that governments rein-in errant fiscal policies in response to increases in their borrowing costs.

However, how much of the convergence was facilitated by fixity of exchange rates - encouraging both capital and labor mobility and how much was due to fiscal transfers from richer to poorer regions (discussed in section IV above), is unclear. 32 Paul R. Masson and Mark P. , standard deviations of real per capita output, scaled by the mean (components are weighted by population). Since monetary union implies intense pressure for convergence of inflation rates, a related question concerns the output costs of disinflation and whether or not nominal convergence should be achieved before or after monetary union.

It is now usual practice to regard wages and prices as "sticky" rather thanfixedand to expect this stickiness to recede in the long run. Short-run stickiness may differ across countries. Currency unions: a survey of the issues 17 In some countries the response of wages and prices to nominal exchangerate changes could be large enough to limit the usefulness of nominal exchange-rate changes as an instrument of adjustment. It is important to distinguish between two types of wage and price flexibility: real and nominal.

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