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The Eurozone: Piecemeal Approach to an Optimum Currency Area
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Handler, Heinz Working Paper The Eurozone: Piecemeal Approach to an Optimum Currency Area WIFO Working Papers, No. 446 Provided in Cooperation with: Austrian Institute of Economic Research (WIFO), Vienna Suggested Citation: Handler, Heinz (2013) : The Eurozone: Piecemeal Approach to an Optimum Currency Area, WIFO Working Papers, No. 446, Austrian Institute of Economic Research (WIFO), Vienna This Version is available at: http://hdl.handle.net/10419/128970 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu ÖSTERREICHISCHES INSTITUT FÜR WIRTSCHAFTSFORSCHUNG WORKING PAPERS The Eurozone: Piecemeal Approach to an Optimum Currency Area Heinz Handler 446/2013 The Eurozone: Piecemeal Approach to an Optimum Currency Area Heinz Handler WIFO Working Papers, No. -
Auction 27 | January 19-22, 2017 | Session D
World Coins Session D Begins at 14:00 PST on Friday, January 20, 2017 1349. BAVARIA: Karl Albert, 1726-1745, AV ½ karolin, Munich mint, 1729, KM-406, Fr-230, bust right of king // crowned World Coins Madonna holding Christ child and coat-of-arms, much original luster, AU $600 - 800 Europe (continued) 1345. AUGSBURG: Udalschak, 1184-1202, AR bracteate (0.85g), Berger-2636/39, bust of the bishop, holding crozier & long cross, surrounded by 8 crescents, each filled with a lily, EF $120 - 160 This issue continued under Hartwig II, 1202-1208. 1350. BAVARIA: Karl Theodor, 1777-1799, AR thaler, 1799, KM-600.2, Dav-1966A, Madonna and Child, light reverse adjustment marks, somewhat prooflike, AU $250 - 300 1346. AUGSBURG: Hartmann II, 1250-1286, AR bracteate (0.75g), Berger-2644, enthroned bishop, with crozier & cross, EF $100 - 125 1351. BAVARIA: Maximilian II, 1848-1865, AR 2 thaler, 1856, KM-467, commemorating the Erection of the Monument of Maximilian II at Lindau, AU $400 - 500 1347. AUGSBURG: Anonymous, ca. 1290-1330, AR bracteate (0.56g), Berger-2656/61, head of the bishop, his hands raised before him, holding crozier and the bible, EF $100 - 125 1352. BAVARIA: Ludwig II, 1864-1886, AR thaler, 1865, KM-869, some hairlines, somewhat prooflike, UNC $175 - 225 1348. BAMBERG: Franz Ludwig, 1779-1795, AR thaler, 1795, KM-146, Dav-1939, Contribution thaler, somewhat prooflike, one-year type, made from the silver service of the Bishop, Choice AU $350 - 450 1353. BAVARIA: Otto, 1886-1913, AR 2 mark, 1888-D, KM-905, hairlined, nicely toned, EF $250 - 350 112 Stephen Album Rare Coins | Auction 27 | January 19-22, 2017 | Session D 1354. -
Historical Record of Monetary Unions: Lessons for the European Economic and Monetary Union
Bulletin of the Transilvania University of Braşov • Vol. 6 (55) •No. 2 - 2013 Series V: Economic Sciences HISTORICAL RECORD OF MONETARY UNIONS: LESSONS FOR THE EUROPEAN ECONOMIC AND MONETARY UNION Ileana TACHE1 Abstract: The aim of this paper is to make a record of previous monetary unions and derive some useful lessons for the European Economic and Monetary Union. Evaluating the political economy of the euro through the lens of history, with the help of comparative analysis, can contribute to better understanding the present stage of the EMU and its challenges. Even if the EU is a unique, sui generis, phenomenon, the analytical lessons learned from the historical cases could be applied to the contemporary situation of the euro. Key words: European Economic and Monetary Union, Gold Standard, USA monetary union, monetary unification of Italy, German Zollverein, Latin Monetary Union, Scandinavian Monetary Union. 1. Introduction The study is built on the main contributions Even if euro still appears like a novelty in of the literature in this field, such as Bordo the process of European construction and as and Jonung (1999), Bergman (1999), international currency, it was preceded by a Foreman-Peck (2005), McNamara (2011) few monetary unions on the continent and or de Vanssay (1999). outside of it. While much of the European The paper is organized as follows. The monetary project has indeed been of an next section is dedicated to the Gold ambition never seen in Europe before, the Standard, then the other monetary unions idea of bringing currencies together is far are discussed: USA monetary union after from new. -
An Important Collection of French Coins
___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ AN IMPORTANT COLLECTION OF FRENCH COINS Essais and Piedforts 2001 Republic, Copper Essai Monneron Monnaie de Confiance 2-Sols, Year 1, 1792, by Dupré, Hercules kneeling breaking royal sceptre, owl behind, rev pyramid, plain edge, 15.40g, 32mm (as VG 342, but plain edge; Maz 332a; Reynaud 8a). Extremely fine. £150-200 2002 Louis Philippe (1830-1848), Bronze Essai 3-Centimes and 2-Centimes, undated (1831-1842), by Domard, first with -
Swiss Money Secrets
Swiss Money Secrets Robert E. Bauman JD Jamie Vrijhof-Droese Banyan Hill Publishing P.O. Box 8378 Delray Beach, FL 33482 Tel.: 866-584-4096 Email: http://banyanhill.com/contact-us Website: http://banyanhill.com ISBN: 978-0-578-40809-5 Copyright (c) 2018 Sovereign Offshore Services LLC. All international and domestic rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying and recording or by any information storage or retrieval system without the written permission of the publisher, Banyan Hill Publishing. Protected by U.S. copyright laws, 17 U.S.C. 101 et seq., 18 U.S.C. 2319; Violations punishable by up to five year’s imprisonment and/ or $250,000 in fines. Notice: this publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold and distributed with the understanding that the authors, publisher and seller are not engaged in rendering legal, accounting or other professional advice or services. If legal or other expert assistance is required, the services of a competent professional adviser should be sought. The information and recommendations contained in this brochure have been compiled from sources considered reliable. Employees, officers and directors of Banyan Hill do not receive fees or commissions for any recommendations of services or products in this publication. Investment and other recommendations carry inherent risks. As no investment recommendation can be guaranteed, Banyan Hill takes no responsibility for any loss or inconvenience if one chooses to accept them. -
Political Economy Thomas Plümper Version 2019
Political Economy Thomas Plümper Version 2019 Content 16.10.2019 Elections and Voting Behavior 23.10.2019 Party Competition and Electoral Systems 30.10.2019 Interest Groups, Lobbying and Reforms 06.11.2019 Business Cycle, Debt, Inflation 13.11.2019 Redistribution and Inequality 20.11.2019 Trade and Development 27.11.2019 Capital Flow, Exchange Rates and Currency Unions 04.12.2019 Tax Competition 11.12.2019 WU Matters: Natural Disasters 18.12.2019 Klausur 08.01.2020 Final Discussion Alternatives Number and Size of Nations, Political Integration and Brexit Terrorism and Anti-Terrorist Policies Migration and Asylum Else? Political Economy: Definitions Politicians neither love nor hate, interest, not sentiment, governs them. Earl of Chesterfield Political science has studied man’s behavior in the public arena; economics has studied man in the marketplace. Political science has often assumed that political man pursues the public interest. Economics has assumed that all men pursue their private interests. (…) But is this dichotomy valid? Dennis Muller Over its long lifetime, the phrase ‘political economy’ has had many meanings. For Adam Smith, political economy was the science of managing a nation’s resource as to generate wealth. For Marx, it was how the ownership of the means of production influenced historical processes. Weingast and Wittman A general definition is that political is the study of the interaction of politics and economics. Political economy begins with the nature of political decision-making and is concerned with how politics will affect economic choice in a society. Political economy begins with the observation that actual policies are often quite different from optimal policies. -
Juro SEC Registrations and Listings Sheets-Juro Series
EXHIBIT “B” Table of All Series at the time of the Making of the Juro Organization Minimum # of NAV per Unit Series Asset per Basket using USD NAV per Juro Underlying Currency / Underlying Underlying Fractional # of Fractional Series # Symbol / for Issuance Exchange Rate on Basket on Quotation / Valuation Index / Peg Quotation of NAV Commodity / Asset Class Symbol ISO Code Unit Units of Asset Series ID (only issued in 09/05/19 09/05/2019 whole units) (1 Unit in USD) 1 United States Dollar $ USD §$ Cent 100 10 $1.0000 $10.0000 1 to 1 with USD in USD as per Index / Peg CME FX Futures or if no CME in USD as per Index / Peg to 2 decimal places (3rd and 2 Euro € EUR §€ Cent 100 10 $1.0970 $10.9700 Quotation then Cash FX fourth place amounts are always rounded down) CME FX Futures or if no CME in USD as per Index / Peg to 2 decimal places (3rd and 3 British Pounds Sterling £ GBP §£ Penny 100 10 $1.2099 $12.0990 Quotation then Cash FX fourth place amounts are always rounded down) CME FX Futures or if no CME in USD as per Index / Peg to 2 decimal places (3rd and 4 Swiss Franc Fr. CHF §Fr. Centime 100 10 $1.0132 $10.1320 Quotation then Cash FX fourth place amounts are always rounded down) CME FX Futures or if no CME in USD as per Index / Peg to 2 decimal places (3rd and 5 Japanese Yen ¥ JPY §¥ Sen 100 1,000 $0.0094 $9.4000 Quotation then Cash FX fourth place amounts are always rounded down) CME FX Futures or if no CME in USD as per Index / Peg to 2 decimal places (3rd and Afghan Afghani ؋ AFN §AFN Pul 100 1,000 $0.0128 $12.8000 6 Quotation then -
The Big Reset: War on Gold and the Financial Endgame
WILL s A system reset seems imminent. The world’s finan- cial system will need to find a new anchor before the year 2020. Since the beginning of the credit s crisis, the US realized the dollar will lose its role em as the world’s reserve currency, and has been planning for a monetary reset. According to Willem Middelkoop, this reset MIDD Willem will be designed to keep the US in the driver’s seat, allowing the new monetary system to include significant roles for other currencies such as the euro and China’s renminbi. s Middelkoop PREPARE FOR THE COMING RESET E In all likelihood gold will be re-introduced as one of the pillars LKOOP of this next phase in the global financial system. The predic- s tion is that gold could be revalued at $ 7,000 per troy ounce. By looking past the American ‘smokescreen’ surrounding gold TWarh on Golde and the dollar long ago, China and Russia have been accumu- lating massive amounts of gold reserves, positioning them- THE selves for a more prominent role in the future to come. The and the reset will come as a shock to many. The Big Reset will help everyone who wants to be fully prepared. Financial illem Middelkoop (1962) is founder of the Commodity BIG Endgame Discovery Fund and a bestsell- s ing author, who has been writing about the world’s financial system since the early 2000s. Between 2001 W RESET and 2008 he was a market commentator for RTL Television in the Netherlands and also BIG appeared on CNBC. -
Philatelic Currencies
Philatelic Currencies The 228 currencies hidden in this puzzle all appear on stamps of the past 175+ years R S K Y A Q E A M H C A R D A L L A E B S A H A K R O N E L U I L C P F U Y U O G A V A N O R K I Y U A N T P Z Y I P W P A D R E Z U E R K U E N O I S O R G U R T T I B I S A L E E A T N S P I D T I A O G A K K R A M E U R U O Y Z L O T Y E K I P E Q O U E Z R A U I D E Y M T A K S L T T I B R R U I N H S T B K K H O A T L U F I L S E C L U M A K U T A V G G E O D A Z U R C Y N L T A U M A A E H C R E U G K R P H E S R A L O D Y E A E I R R G T I R N H R I O T L O M L P A T B E G A A V A D C N D T U H P S T T D E T A I R E H E E L E B D N Y N R C L G O H O M I L E S I M O M S C T M N K N E I Y R A I R A L I A I N O M O S T U M A G L I A M N A E C R R Z U A R T V R U N S N A Z I I N A H S H I L L I N G H E U T L O P U A I S G G S I A M I S E L I M L L N A L P P S R P E H G M F S L P A O O G O H O N C R U P I A J N R I N G G I T G T I I N O O R K R R W E G T K H U K R N W F E O M E I A D N K L Y T B U G E G O G R S F Y L I C A G R E I F G A L H Y K P W A L N L B N N A T O A T A L P L A E R K S L P A R N N D E S A K Y E Y P A K N I T O T S I S L N N O Q E L C N K O E S B U C A P C Z T Y A C I N A B I A E I D I S A P E C N N N O L O C H T N T A I E F L A M E D A T N N A H C P M R G A A M D O B R A N A S P L P C I R S E N B D T G R A H E W O F R O L E K W E L E L O T I A V G I O V A T N E C E A E C E P F Y U U K S I D M R K C R Q I N T A R A L L O D C E T N A B M R N E F M G E I P V I S R L S K K L I A A O D L Z N T E M O A A F O R I -
Drachm, Dirham, Thaler, Pound Money and Currencies in History from Earliest Times to the Euro
E_Drachm_maps_korr_1_64_Drachme_Dirhem 01.09.10 11:19 Seite 3 Money Museum Drachm, Dirham, Thaler, Pound Money and currencies in history from earliest times to the euro Coins and maps from the MoneyMuseum with texts by Ursula Kampmann E_Drachm_maps_korr_1_64_Drachme_Dirhem 01.09.10 11:19 Seite 4 All rights reserved Any form of reprint as well as the reproduction in television, radio, film, sound or picture storage media and the storage and dissemination in electronic media or use for talks, including extracts, are only permissible with the approval of the publisher. 1st edition ??? 2010 © MoneyMuseum by Sunflower Foundation Verena-Conzett-Strasse 7 P O Box 9628 C H-8036 Zürich Phone: +41 (0)44 242 76 54, Fax: +41 (0)44 242 76 86 Available for free at MoneyMuseum Hadlaubstrasse 106 C H-8006 Zürich Phone: +41 (0)44 350 73 80, Bureau +41 (0)44 242 76 54 For further information, please go to www.moneymuseum.com and to the Media page of www.sunflower.ch Cover and coin images by MoneyMuseum Coin images p. 56 above: Ph. Grierson, Münzen des Mittelalters (1976); p. 44 and 48 above: M. J. Price, Monnaies du Monde Entier (1983); p. 44 below: Staatliche Münzsammlung München, Vom Taler zum Dollar (1986); p. 56 below: Seaby, C oins of England and the United Kingdom (1998); p. 57: archive Deutsche Bundesbank; p. 60 above: H. Rittmann, Moderne Münzen (1974) Maps by Dagmar Pommerening, Berlin Typeset and produced by O esch Verlag, Zürich Printed and bound by ? Printed in G ermany E_Drachm_maps_korr_1_64_Drachme_Dirhem 01.09.10 11:19 Seite 5 Contents The Publisher’s Foreword . -
Fourteenth Session, Commencing at 4.30 Pm WORLD GOLD COINS
Fourteenth Session, Commencing at 4.30 pm WORLD GOLD COINS 4189* China, K'uping, fantasy half tael or fi ve mace in gold (1907) (27.92g), milled edge, Tientsin Mint (cfKann 154). FDC and very rare. $10,000 This and the next purported to be ex Spink London about 1973. 4184* Albania, Zog I, one hundred franga ari, 1927R (KM.11a.3). Nearly uncirculated. $2,500 4190* China, Sinkiang fantasy half tael (or fi ve mace) in gold (27.8g) plain edge, dragon reverse as previous, otherwise cfKann B107. FDC and very rare. $10,000 4185* Brazil, Peter II, twenty thousand reis, 1851 (KM.461). Cleaned, otherwise nearly extremely fi ne. $1,500 4186* Brazil, Peter II, twenty thousand reis, 1867 (KM.468). Toned, extremely fi ne. $1,000 4187 British Virgin Islands, proof one hundred dollars, 1975 (KM.7). In case of issue, FDC. $300 4188 4191* Canada, Elizabeth II, proof one hundred dollars, 1978 China, Republic, General Hsu Shi-chang, pavillon dollar in (KM.122). In case of issue with certifi cate 190767, FDC. gold (34.2g), struck from copy dies as a fantasy pattern with $650 milled edge (cfKann 1570a) no legend on the lower reverse. FDC and very rare. $15,000 484 4198* France, Napoleon Emperor, forty francs, 1811A (KM.696.1). Extremely fi ne. 4192* $600 China, Yuan Shih-kai, medallic gold fantasy dollar, not dated (1916), (41.76 g), signed L.Giorgi, plain edge, obv. military bust facing of Yuan Shih-kai with plumed cap and military uniform, rev. dragon to left, with sun above a fl eet of junks, commemorating inauguration of Hung Hsien regime, (KM. -
General Agreement on Tariffs and Trade
RESTRICTED GENERAL AGREEMENT C/RM/S/56 3 January 1995 ON TARIFFS AND TRADE Limited Distribution (95-0002) COUNCIL In pursuance of the CONTRACTING PARTIES' Decision of 12 April 1989 concerning the Trade Policy Review Mechanism (BISD 36S/403), the Secretariat submits herewith its report on the Republic of Cameroon. The report is drawn up by the Secretariat on its own responsibility. It is based on the information available to the Secretariat and that provided by the Republic ofCameroon. As required by the Decision, in preparing its report the Secretariat has sought clarification from the Republic of Cameroon on its trade policies and practices. Document C/RM/G/56 contains the report submitted by the Government of Cameroon. NOTE FOR ALL DELEGATIONS Until further notice, this document is subject to a press embargo. Republic of Cameroon C/RM/S/56 Page iii CONTENTS Page SUMMARY OBSERVATIONS ix (1) Cameroon in World Trade ix (2) Trade Policy Framework x (3) Trade Policy Features and Trends xi (i) Recent evolution xi (ii) Type and incidence of trade policy instruments xi (iii) Temporary measures xii (iv) Sectoral policy patterns xii (4) Trade Policies and Trading Partners xiii THE ECONOMIC ENVIRONMENT (1) Major Features of Cameroon's Economy 2 (2) Economic Developments to the mid-1980s Crisis 4 (3) Economic Developments since 1986 6 (4) Trade Performance 9 (i) Regional pattern of trade 9 (ii) Commodity pattern of trade 11 (5) Outlook 13 ANNEX I: Foreign Exchange Régime 14 II. TRADE POLICY REGIME: FRAMEWORK AND OBJECTIVES 16 (1) General Framework 16 (2) Structure of Trade Policy Formulation 16 (i) Executive and legislative branches of Government 16 (ii) Advisory bodies 17 (iii) Review bodies 17 C/RM/S/56 Trade Policy Review Mechanism Page iv (3) Trade Policy Objectives 18 (i) General trade policy objectives 18 (ii) Cameroon in the Uruguay Round 18 (4) Trade Laws and Regulations 20 (5) Trade Agreements and Arrangements 22 (i) Multilateral agreements 22 (ii) Regional agreements 22 (iii) Bilateral agreements 24 (iv) Other agreements or arrangements 24 IlI.