Download A History of Monetary Unions by John F Chown PDF

By John F Chown

EMU might be trumpeted because the nice monetary scan in financial union, yet as John Chown exhibits during this amazing booklet, there were many different examples of economic unions through the years - a few winning, others now not so. during this finished ancient 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 USA to The British Empire to Japan and Korea with many in among, the EMU and its coverage ramifications and the CFA Franc sector within the former French colonies.

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Example text

The substance of Ellis’ book consists of three chapters dealing respectively with Austria, Hungary and Germany, and there is much in these for those interested in war finance or reactions to the great depression. Currency reconstructions Monetary unions are a form of currency reconstruction in that one currency is replaced by another. There are many other cases, particularly in the postwar period, where, for various reasons, one currency has been replaced by another. On becoming independent, or after a political change, countries generally issue new banknotes and coins and sometimes change the name of the currency.

1 Suppose that clipped or debased coins worth less than their bullion value (bad money) circulate alongside full weight ones (good money), and that both are accepted in trade. Anyone receiving a ‘good’ coin holds on to it and spends the ‘bad’ one. In the context of bimetallism if, for instance, the ratio undervalues gold (which is then ‘good money’), gold coins will be withdrawn from circulation and melted down or sold abroad, leaving silver (in this case the ‘bad money’) in circulation. In Queen Elizabeth’s time, changes in the gold/silver ratio did not have a particularly dramatic effect, as gold coins were normally handled only by merchants and were likely to change hands in accordance with the value of the gold content and there could be, and were, frequent changes in the ‘official’ value of these coins.

The introduction of a decimal currency system in the United Kingdom and elsewhere required new notes and coins, but had no substantial effect on monetary arrangements of a country. Sometimes a dramatic reconstruction is needed to deal with potential inflation which has been suppressed by wartime or other controls. At the end of the war in 1945, people in many European countries had cash, but there was little to buy and prices were controlled. Normal incentives needed to be restored, and simply to remove price controls would have led to a runaway and probably uncontrollable inflation.

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