The Origins of the Monetary Union in the United States

Rolnick, Arthur J.; Smith, Bruce D.; Weber, Warren E.

doi:10.21034/wp.504

Cited by 1 publication

(1 citation statement)

References 11 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Bordo and Jonung (1999) argue that the strongest monetary unions emerge when currency unification comes as a part of political unification. These are known as national monetary unions and include the United States monetary union, created with the signing of the Constitution in 1789 (McCallum, 1992;Perkins, 1994;Rolnick, 1994;Fraas, 1974), the Italian monetary union, created in 1861 as a con sequence of the unification process on the Apennine peninsula (Fratianni and Spinelli, 1985;Sannucci, 1989), and the German monetary union (Coinage acts of 1871 and 1873 unified coinage throughout the Reich and introduced the mark as a decimalbased unit of account).…”

Section: Choice Of An Exchange Rate Regime: Literature Overview and Imentioning

confidence: 99%

Customs unions, currency crises, and monetary policy coordination: The case of the Eurasian Economic Union

Vinokurov

Demidenko

Korshunov

et al. 2017

Russian Journal of Economics

View full text Add to dashboard Cite

After achieving substantial progress in establishing a common customs territory and regulations, customs unions face potential disruptions due to a lack of monetary poli cy coordination. These disruptions might appear in the form of currency shocks and the ensuing trade conflicts. We approach this issue by looking at the case of the Eurasian Economic Union (EAEU). The volatility of national currencies in 2014-2015 resulted in sizable shifts in competitiveness, culminating in a currency crisis in some member states. This raises the questions of how to gradually achieve a more coordinated monetary policy , what monetary policy options are available, and what would be their relative im pact on macroeconomic stability. Using a set of modeling tools and econometric models, we review three monetary regimes, which represent moves from fully independent ex change rate policy through increased policy coordination to joint exchange rate setting.

show abstract