European Monetary Union: Lessons from the Classical Gold by M. Panic

By M. Panic

Provides an research of the classical optimum (1880-1914) - the closest ancient akin to what EC nations try to do - with a view to research severely those and different matters raised within the debate. difficulties are highlighted that have to be solved ahead of EMU turns into viable.

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Unless a country's stock of gold The Classical Gold Standard 21 happened to be so large that its exports of the commodity restored the relative price of the two metals, or the government intervened to prohibit gold exports, such sales of gold could, in theory, continue until the country ended up with a monometallic (silver) standard. In other words, there is always a serious risk of instability within integrated, interdependent economic systems using more than one money or monetary standard. For reasons given earlier in this section, the tendency in such a system will be towards a single currency or, if this is not possible, towards its best alternative: different currencies all fixed to the same standard and, therefore, to each other.

First, it operates in a world in which only goods are traded internationally. Factors of production, while perfectly mobile within countries, are completely immobile between them. This means that trade deficits have to be eliminated promptly since no country is capable of financing them for long out of its own reserves. Second, the process by which the deficits are removed is entirely automatic. It requires, therefore, no 'interference' from governments and central banks. This is made possible by a number of important assumptions about the world in which the price-specie flow model operates.

A. "Refers to country averages for each period. bWorid prices of primary products. cWorid prices of manufactures. d1880-1905. <1897-1905. a. = not available. Source: See Table 2. a. a. 6 WORLD 1897-1913 Variability between countries Norway Denmark VI VJ 54 European Monetary Union The next pair of economies, those of the United States and Italy, ran current account deficits for about one-half and one-third of the period respectively. However, instead of alternating - as predicted by the price-specie flow model and 'corroborated' by numerous accounts of the adjustment process under the gold standard - both their deficits and surpluses occurred continuously over long periods.

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