By John F Chown
EMU might be trumpeted because the nice monetary test in financial union, yet as John Chown exhibits during this remarkable booklet, there were many different examples of economic unions through the years - a few profitable, others no longer so. during this accomplished old review, the writer writes approximately financial unions with an admirable completeness and covers such issues as: the best, financial unions in nations and parts from Latin the United States to The British Empire to Japan and Korea with many in among, the EMU and its coverage ramifications and the CFA Franc region within the former French colonies.
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Additional info for A History of Monetary Unions
Protection against loss of value … through capital flight’ without any restrictions on trade or implication that the exchange rate was other than in equilibrium. This assumes, in effect, that citizens want to move their currency because of political fears rather than distrust of the currency as such. There are many examples in the early postwar period, and more recently in South Africa and the former communist states. The ‘country sets official prices upon the foreign exchange and tolerates no other quotations’.
On becoming independent, or after a political change, countries generally issue new banknotes and coins and sometimes change the name of the currency. There may, at least at first, be no change of substance, and the new currency remains at par with the old. Others are examples of ‘disunions’, associated with monetary as well as political independence. Former British colonies often began by simply issuing new notes and coins, retaining the sterling link, but later switched to an independent currency policy.
1 The actual article reads as somewhat dated, and Mundell himself has had much more to say on the subject since it was written. ’, a question long since answered, and he expressed his doubts about the Canadian ‘experiment’ with floating, which has so far survived the article by forty years. His main example makes the implicit assumption that there is a simple trade-off between inflation and unemployment, a view long since discredited as an over-simplification. Against this, he was well ahead of his time in his comments on the Common Market, a subject on which he still expresses strong views.