European monetary union or hard EMS?

Article Abstract:

The characteristics of the proposed European Monetary System (EMS) as it will affect the European Monetary Union (EMU) were studied. The properties of the EMU and EMS were examined because while France is in favor of a faster development of the EMU, Britain wants a more evolutionary approach. An EMS model called strengthened EMS was analyzed. This model was postulated to have stabilization and anti-inflation properties. It was suggested that a rapid transition towards EMU should be avoided in order for central banking institutions to gain credibility.

Central reserve depository, not elsewhere classified, Models, Evaluation, Central banks, Monetary unions, European Monetary System

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Globalisation: a new growth, new trade perspective

Article Abstract:

Developing economies have criticised a policy of greater openness following the Asian financial crisis. Yet a more open policy is associated with higher growth, and a reversal of such a policy would thus be a mistake. Asia has been affected by over-investment and cannot sustain high growth levels. An analysis using research and development-led new-growth theory shows that spillovers in international knowledge, and free trade can help the world economy to grow, and this benefits developing economies.

Economic Programs, Administration of Economic Programs, Analysis, Economic aspects, Asia, Protectionism, Free trade

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The choice of 'conservative' bankers in open economies: monetary regime options for Europe

Article Abstract:

European countries with closed economies should entrust monetary policy implementation to conservative bankers to allow adaptability to drastic economic changes. A multi-country model indicates that floating rates, if coupled with non-cooperative delegation and directly correlated economic changes, will result in weak equilibrium. The resultant low welfare function value can be remedied by fiscal transfers and minimal budget increases.

Management, European Union, Monetary policy, Bankers

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