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Is the Eurozone Not a Monetary Union, But an Extraordinary Exchange Rate Union?
Sauer, Beate - 2015
The Target imbalances within the Eurozone can be interpreted as a sign of a missing balance of payments adjustment … mechanism for the member countries. As the Eurozone lacks a fiscal union, in economic theory it is more an exchange rate union … payments, but only one for the whole Eurozone. This paper will show why the Target System is a crucial indicator for the …
Persistent link: https://www.econbiz.de/10013028252
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Regionalwährungen in Deutschland : Lokale Konkurrenz Für Den Euro?
Rösl, Gerhard - 2016
In a surprisingly growing number of regions in Germany private "regional currencies" are issued as a cash substitute for the euro. Currently, these regional currencies are conceived almost exclusively as Schwundgeld (depreciative currency), which loses value on a predetermined timescale. This...
Persistent link: https://www.econbiz.de/10012991160
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Does the Purchase of Government Bonds by the ECB Endanger its Independence?
Sauer, Beate - 2015
Since May 2010 at the latest, the ECB has been criticized for financing government bonds – at least indirectly – and for tolerating to be put under pressure by the fiscal side. The ECB itself has justified its securities markets programme and, thus, its government bond purchases by the need...
Persistent link: https://www.econbiz.de/10013028248
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Numismatic and Monetary Aspects of Introducing the Uniform European Union Currency
Matic, Branko - 2008
The paper quot;Numismatic Aspects of Introducing the Uniform European Union Currencyquot; deals with a subject causing a series of reactions for several years already not only in the European Union countries but also in those nonmember ones. The planed introduction of uniform currency, due to...
Persistent link: https://www.econbiz.de/10012772127
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Who Should Make Kroner? - A Review of Danmarks Nationalbank's Analysis of CBDC
Bjerg, Ole - 2018
This paper is a review of Danmarks Nationalbank's recent analysis of the prospects of implementing a Central Bank Digital Currency (CBDC) in Denmark. We concur with Nationalbanken's conclusion that CBDC does not add efficiency or further functionality to existing payment solutions. We argue,...
Persistent link: https://www.econbiz.de/10012927422
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Designing New Money - The Policy Trilemma of Central Bank Digital Currency
Bjerg, Ole - 2017
The prospect of central banks issuing digital currency (CBDC) immediately raises the question of how this new form of money should co-exist and interact with existing forms of money. This paper evaluates three different scenarios for the implementation of CBDC in terms of their monetary policy...
Persistent link: https://www.econbiz.de/10012954346
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Croatian Monetary Strategy in the Conditions of Globalization
Matic, Branko - 2008
The author starts from the assumption that Croatia will access the European Union. Following this assumption, he analyzes the possible scenarios of Croatian monetary strategy based on the achievements of the country's monetary policy, on the degree of acceptance of the convergence criteria and...
Persistent link: https://www.econbiz.de/10012772105
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Breaking the Gilt Standard - The Problem of Parity in Kumhof and Noone's Design Principles for Central Bank Digital Currencies
Bjerg, Ole - 2018
This paper is a critical engagement with the four design principles for Central Bank Digital Currency (CBDC) recently proposed by Kumhof and Noone (KN). It is argued that the implicit notion of parity underlying KN's analysis is too narrow as it is only focused on the exchange rate between CBDC...
Persistent link: https://www.econbiz.de/10014112133
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China and the Global Roles of Currencies
Ryan, John - International Network for Economic Research - INFER - 2009
China’s concern about its U.S. Dollar reserves is being amplified by the low returns of some of China’ investments in the U.S. which leads to a broader concern about how the current reserve system basically entails China lending to the U.S. at very low interest rates. A two-currency reserve...
Persistent link: https://www.econbiz.de/10008497750
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On the negatives of negative interest rates and the positives of exemption thresholds
Berentsen, Aleksander; Buggenum, Hugo van; Ruprecht, Romina - 2020
Major central banks remunerate reserves at negative interest rates and it is increasingly likely that they will keep rates negative for many more years. To study the long run implications of negative rates, we construct a dynamic general equilibrium model with commercial banks funding investment...
Persistent link: https://www.econbiz.de/10012390071