By Peter B. Kenen
This booklet surveys the clients for local financial integration in a number of elements of the area. starting with a quick evaluation of the idea of optimum foreign money components, it is going directly to research the constitution and functioning of the eu financial Union, then turns to the clients for financial integration somewhere else on the earth - North the United States, South the USA, and East Asia. Such cooperation may perhaps take the shape of full-fledged financial unions or looser types of financial cooperation. The ebook emphasizes the industrial and institutional necessities for winning financial integration, together with the necessity for a unmarried primary financial institution in terms of a full-fledged financial union and the corresponding desire for multinational associations to protect the bank's independence and guarantee its responsibility. The publication concludes with a bankruptcy at the implications of economic integration for the us and the U.S. greenback.
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Extra info for Regional Monetary Integration
A currency board is obliged to hold foreign-currency assets at least as large as its monetary liabilities, and it must stand ready to swap home for foreign currency, and vice versa, at an irrevocably fixed price – one peso for one dollar in the Argentine case. 32 Therefore, a currency board replaces a homegrown monetary policy with that of another country – the United States, in the Argentine case. 33 Hong Kong adopted a currency-board regime in 1983 to restore 31 32 33 G-7 (1999), para. 33b. There are, in fact, two more constraints on the discretion enjoyed by a currency board, both of them stemming from the fact that it cannot acquire home-currency assets to alter its own monetary liabilities.
When prices are quoted in a single currency, buyers of goods and services can make price comparisons without having to convert foreign prices into their own countries’ currencies. Nor do they have to court the risk that a price comparison made today will be obsolete tomorrow because of an exchange-rate change. 14 A third efficiency gain derives from the elimination of exchange-rate risk, not only from near-term transactions in goods and services but also from long-term contractual arrangements and from the calculations of future profitability on which major investment decisions are based.
38 To which, of course, there is an answer: Some of the present-day currency boards have been long-lived precisely because they have taken unusual steps to cope with unusual problems. Nevertheless, attention has shifted to a more durable way of importing another country’s monetary policy – de jure dollarization. There are two important differences between a currency-board regime and de jure dollarization. First, a country having a currency board retains its foreign-currency reserves and continues thereafter to earn interest on them.