Search results for " moneta"
showing 10 items of 162 documents
De las monedas nacionales al Sistema Monetario Europeo: la aportación de los servicios de la Comisión
2006
Desde mediados de los años ochenta hasta principios de los noventa, la Comisión Europea vivió uno de sus períodos de mayor esplendor en términos de propuestas concretas y de avances en el proceso de construcción europea, principalmente en el ámbito de las relaciones monetarias y financieras. Fueron también los años de preparación de la entrada de la peseta y el escudo en el Mecanismo de Tipos de Cambio del Sistema Monetario Europeo. En este artículo se revisa esta etapa desde la perspectiva de los servicios de la Comisión manuel.sanchis@uv.es
Interest Rate Convergence, External Balances and the Euro Crisis
2016
Typically, the catching-up process between rich Northern Europe and poor Southern Europe and the diverging cost competitiveness between the two regions are considered alternative explanations for the widening current account imbalances in the euro area. This paper proposes a new explanation for the imbalances which led to the 2009 euro crisis i.e. large interest rate differentials among the EMU-12 countries which prevailed before the adoption of the euro. This finding suggests that the euro crisis was, at least to some extent, a consequence of the initial convergence shock.
Las desvergüenzas del capitalismo
2008
El patrón oro y el euro. Una reflexión a partir de la lectura de A Tract on Monetary Reform
2017
This paper makes a comparison between the gold standard and the euro through a study of Keynes’s views on the need to manage the macroeconomic situation of an industrial economy. The essay centers on Keynes’s first relevant economic work of the post World War I years, A Tract on Monetary Reform, analyzing its theoretical and practical content. The situation of monetary instability and the choice of exchange regime (to return or not to the gold standard, with the parity prior to the war) were the factors that attracted Keynes’s attention in those years. Similarities between the gold standard and the present euro system bestow a certain interest on Keynes’s ideas and on the economic discussio…
Deficit sustainability and inflation in EMU: An analysis from the Fiscal Theory of the Price Level
2007
Price determination theory typically focuses on the role of monetary policy, while the role of fiscal policy is usually neglected. From a different point of view, the Fiscal Theory of the Price Level takes into account monetary and fiscal policy interactions and assumes that fiscal policy may determine the price level, even if monetary authorities pursue an inflation targeting strategy. In this paper we try to test empirically whether the time path of the government budget in EMU countries would have affected price level determination. Our results point to the sustainability of fiscal policy in all the EMU countries but Finland, although no firm conclusions can be drawn about the prevalence…
Innovación y crecimiento económico: Factores que estimulan la innovación
2012
[ES] El objetivo de este artículo es analizar el papel que desempeñan las innovaciones en la actividad económica. En este sentido, se muestra la relación que existe entre innovaciones y crecimiento económico, como objetivo esencial actual de la política económica para reducir el desempleo y aumentar el bienestar social. Para llevar a cabo este análisis nos basamos en el modelo de Schumpeter, en el que el empresario-emprendedor y el clima social desempeñan un papel relevante en el proceso. El análisis empírico estima una ecuación de innovaciones para el caso de 11 países desarrollados, mostrando que el clima social, representado por la formación y la distribución de la renta, y la política m…
Debating Sound Money in Early Modern Europe: From Dualist to Metallic Monetary Systems
2019
International audience; In this paper, we present the monetary debates in Europe from the XVIth to the XVIIIth centuries from the viewpoint of the problem of good and sound money. The framework of the paper is built on a typology of monetary systems, by which a dualist system is distinguished from a metallic one. Under the dualist system, the value in units of account of the specie in circulation was defined by monetary proclamations (Einaudi locates this era from Charlemagne to the French Revolution). Metallist proponents aimed at preventing any kind of manipulations with a radical transformation of the system of payment, which gave birth to a metallic monetary system from the very end of …
Effects of the European Monetary Union on High-Technology Exports
2021
AbstractOur study estimates the effects of the European Monetary Union (EMU) on high-technology (HT) export and assesses the potential knowledge spillovers of such trade. Irrespective of the importance of the HT trade channel, none of the previous studies in the literature focus on the effects of a common currency on HT trade. Increasing trade in the HT sector may lead to more efficient use of resources and help countries to move towards a knowledge-based economy. Moreover, it may lead to higher overall growth. After considering multilateral resistances, pair fixed effects and bias correction in the preferred (three-way bias-corrected) model, EMU membership becomes negative and statisticall…
Addressing the Pandemic in the Philippines Necessitates a New Economic Paradigm
2020
Il doppio mito: sulla (pretesa) neutralità della politica monetaria della BCE e la (pretesa) non-vincolatività degli indirizzi di politica economica …
2021
Policies adopted by the governance of the EMU during the financial and Covid crises display a clear gap between the “form” and the “substance” of the institutional architecture of title VIII of the TFEU. It is submitted that this architecture is in sharp contrast with the European constitutional tradition. Furthermore, the traditional view is rejected, according to which the EU Commission and Council, as well as the ECB, are devoid of binding powers in the field of economic policy. Some reflections concerning both methodological implications of the foregoing and its possible effects on the European integration process are finally developed