By John F Chown
EMU could be trumpeted because the nice monetary test in financial union, yet as John Chown exhibits during this excellent publication, there were many different examples of financial unions through the years - a few winning, others now not so. during this entire historic evaluation, the writer writes approximately financial unions with an admirable completeness and covers such issues as: the most appropriate, financial unions in international locations and components from Latin the USA to The British Empire to Japan and Korea with many in among, the EMU and its coverage ramifications and the CFA Franc quarter within the former French colonies.
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EMU could be trumpeted because the nice fiscal scan in financial union, yet as John Chown exhibits during this magnificent e-book, there were many different examples of economic unions through the years - a few profitable, others now not so. during this complete historic review, the writer writes approximately financial unions with an admirable completeness and covers such topics as: the most excellent, financial unions in international locations and parts from Latin the USA to The British Empire to Japan and Korea with many in among, the EMU and its coverage ramifications and the CFA Franc area within the former French colonies.
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Additional resources for A History of Monetary Unions
This can be regarded as a way of cutting out the currency board as middleman, and has a similar economic effect, except for ‘seigniorage’, a key point discussed below. The best known example is Panama. Unofficial dollarisation is rather more common: Liberia used the dollar officially from 1944 until 1986 when it adopted its own currency. This depreciated sharply, while the US dollar continued to be widely but unofficially used. Cuba used the US dollar exclusively from 1899 to 1914: from then until 1950 the dollar remained a parallel legal tender currency.
Sometimes a new, sound, coinage such as the silver groat or the gold florin would be introduced, but more often (particularly if the initiative came from merchants rather than rulers) by adopting a sound foreign currency of a known and guaranteed weight of silver or gold. There are plenty of examples, such as the Maria Theresa dollar, the trade dollar, and indeed the gold sovereign, the Spanish peso and the Venetian zecchino, trusted coins used far beyond the issuing country, and of ‘trade dollars’ deliberately struck for this purpose.
Also, during the postwar period, many currency reconstructions were undertaken for various reasons, sound and unsound, and these also prove relevant. Exchange control Although by the end of the twentieth century exchange controls had virtually disappeared, at least in industrial countries, they have had a major influence on development of international monetary arrangements. Exchange controls limit the right to convert one currency into another, and in their extreme, totalitarian, form can create a siege economy, reducing the currency to mere coupons for domestic use.
A History of Monetary Unions by John F Chown