کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
986789 1480788 2011 19 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The Latin Monetary Union: Some evidence on Europe's failed common currency
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
The Latin Monetary Union: Some evidence on Europe's failed common currency
چکیده انگلیسی

The Latin Monetary Union was initiated in 1865 by France, Belgium, Italy, and Switzerland. We find that LMU membership or adoption of a gold standard is frequently associated with lower volatility of private bill yields, bond yields, inflation, and deviations from Purchasing Power Parity. However, neither standard induces convergence with LMU leader France or gold standard leader Great Britain. Bond yield spreads indicate that adoption of the gold standard is more credible than membership of the LMU. Italy is an outlier, perhaps due to errant fiscal and monetary policies. A comparison to data from the modern EMS/EMU confirms that the LMU was a weaker and less credible currency arrangement.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Review of Development Finance - Volume 1, Issue 2, April–June 2011, Pages 131–149
نویسندگان
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