Why Is the Euro Punching Below Its Weight?
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A De Facto Asian-Currency Unit Bloc in East Asia: It Has Been There but We Did Not Look for It
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Girardin, Eric Working Paper A de facto Asian-currency unit bloc in East Asia: It has been there but we did not look for It ADBI Working Paper, No. 262 Provided in Cooperation with: Asian Development Bank Institute (ADBI), Tokyo Suggested Citation: Girardin, Eric (2011) : A de facto Asian-currency unit bloc in East Asia: It has been there but we did not look for It, ADBI Working Paper, No. 262, Asian Development Bank Institute (ADBI), Tokyo This Version is available at: http://hdl.handle.net/10419/53741 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 ADBI Working Paper Series A De Facto Asian-Currency Unit Bloc in East Asia: It Has Been There but We Did Not Look for It Eric Girardin No. -
The Economic and Monetary Union: Past, Present and Future
CASE Reports The Economic and Monetary Union: Past, Present and Future Marek Dabrowski No. 497 (2019) This article is based on a policy contribution prepared for the Committee on Economic and Monetary Affairs of the European Parliament (ECON) as an input for the Monetary Dialogue of 28 January 2019 between ECON and the President of the ECB (http://www.europarl.europa.eu/committees/en/econ/monetary-dialogue.html). Copyright remains with the European Parliament at all times. “CASE Reports” is a continuation of “CASE Network Studies & Analyses” series. Keywords: European Union, Economic and Monetary Union, common currency area, monetary policy, fiscal policy JEL codes: E58, E62, E63, F33, F45, H62, H63 © CASE – Center for Social and Economic Research, Warsaw, 2019 DTP: Tandem Studio EAN: 9788371786808 Publisher: CASE – Center for Social and Economic Research al. Jana Pawła II 61, office 212, 01-031 Warsaw, Poland tel.: (+48) 22 206 29 00, fax: (+48) 22 206 29 01 e-mail: [email protected] http://www.case-researc.eu Contents List of Figures 4 List of Tables 5 List of Abbreviations 6 Author 7 Abstract 8 Executive Summary 9 1. Introduction 11 2. History of the common currency project and its implementation 13 2.1. Historical and theoretic background 13 2.2. From the Werner Report to the Maastricht Treaty (1969–1992) 15 2.3. Preparation phase (1993–1998) 16 2.4. The first decade (1999–2008) 17 2.5. The second decade (2009–2018) 19 3. EA performance in its first twenty years 22 3.1. Inflation, exchange rate and the share in global official reserves 22 3.2. -
Presentation-From-Roundatable-4-Out
Central Europe & eurozone Saturday, 6 October 2018 Grand Hotel Kempinski High Tatras dr. Kinga Brudzinska [email protected] Overlapping Europes *Kosovo and Montenegro use Euro but are not part of the EU European Commission, “White Paper on the Future of Europe: Reflections and scenarios for the EU27 by 2025”, 2017 Short history of the euro ⊲ The Delors report (1989), proposed to articulate the realisation of Economic and Monetary Union (EMU) in different stages, which ultimately led to the creation of the single currency: the euro. ⊲ The Maastricht Treaty (1992), signed by twelve member countries of the, at the time called, European Community, now the EU. Among the many topics discussed, the European Council decided to create an Economic and Monetary Union. It entered into force on 1 November 1993. ⊲ Euro entered into force for the first time on 1 January 1999 in eleven of the, at the time, fifteen Member States of the Union, but only for non-physical forms of payment. The old currencies co-existed with the new currency until 28 February 2002, the date on which they ceased their legal tender and could not be accepted for payments. ⊲ The Lisbon Treaty (2009) The observance of the parameters established in the various European Treaties, is then merged into this treaty to try to get out of the crisis (Lehman Bank, 2008) and prevent it from being repeated in the future. ⊲ On 9 May 2010 the Council of the European Union agreed on the creation of the European Financial Stability Fund (EFSF) (to provide aid to debt-laiden Eurozone countries) and the European Financial Stabilisation Mechanism (EFSM). -
Turkey Practical Information
1349 Portage Avenue Winnipeg, Manitoba Canada R3G 0V7 1-800-661-3830 www.greatcanadiantravel.com Turkey Practical Information Turkey, officially the Republic of Turkey, is a transcontinental country in Eurasia. The country is surrounded by seas on three sides. Ankara is the capital while Istanbul is the country’s largest city and main cultural and commercial centre. Documentation Canadian passports are required for visitors to travel to Turkey and must be valid for 60 days beyond the duration of your stay indicated on your visa. A visa is required for all travel to Turkey. Airports Istanbul Atatürk Airport Istanbul Atatürk Airport is the main international airport serving Istanbul and surrounding areas. It is located 24km west of Istanbul’s center and serves as the main hub for Turkish Airlines. There are many other airports located through Turkey. 1349 Portage Avenue Winnipeg, Manitoba Canada R3G 0V7 1-800-661-3830 Location and Geography www.greatcanadiantravel.com Turkey is a country located in both Europe and Asia. The Black Sea is to the north and the Mediterranean Sea is to the west and southwest. Georgia and Armenia are northeast, Azerbaijan and Iran are east, Iraq and Syria are southeast, and Greece and Bulgaria are northwest. Turkey is among the larger countries of the region with a land area greater than any European country. It is a mountainous country with flat land covering only one-sixth of the surface. Mountain crests exceed 2300 metres in many places and Turkey’s highest mountain, Mount Ararat reaches 5165 metres high. Other notable mountains include Uludoruk Peak-4744 metres high, Demirkazik Peak-3755 metres high and Mount Aydos-3479 metres high. -
Development of a Worldwide Currency: Is It Feasible? Dominick Kerr
Journal of International Business and Law Volume 5 | Issue 1 Article 4 2006 Development of a Worldwide Currency: Is it Feasible? Dominick Kerr Follow this and additional works at: http://scholarlycommons.law.hofstra.edu/jibl Recommended Citation Kerr, Dominick (2006) "Development of a Worldwide Currency: Is it Feasible?," Journal of International Business and Law: Vol. 5: Iss. 1, Article 4. Available at: http://scholarlycommons.law.hofstra.edu/jibl/vol5/iss1/4 This Article is brought to you for free and open access by Scholarly Commons at Hofstra Law. It has been accepted for inclusion in Journal of International Business and Law by an authorized administrator of Scholarly Commons at Hofstra Law. For more information, please contact [email protected]. Kerr: Development of a Worldwide Currency: Is it Feasible? DEVELOPMENT OF A WORLDWIDE CURRENCY: IS IT FEASIBLE? Dominick Kerr* ABSTRACT: Transactions are the key to success in any economy. Whether it is buying or selling, transactions have been occurring since the beginning of human existence and an entity needs to transact in order to thrive. What once was a localized event between two individuals has now grown to include many parties across a global environment. This global evolution however does not come without its complications. Multiple monetary systems exist between nations that make transacting difficult. There have; however, been recent developments in unifying countries under one currency as seen in the European Union with the Euro. In order to better understand the future of international business it is necessary to explore the origins of transactions, the development of money and monetary exchange, the problems with multiple currencies, and developments of unified currencies. -
ZIMBABWE's UNORTHODOX DOLLARIZATION Erik Bostrom
SAE./No.85/September 2017 Studies in Applied Economics ZIMBABWE'S UNORTHODOX DOLLARIZATION Erik Bostrom Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise Zimbabwe’s Unorthodox Dollarization By Erik Bostrom Copyright 2017 by Erik Bostrom. This work may be reproduced provided that no fee is charged and the original source is properly cited. About the Series The Studies in Applied Economics series is under the general direction of Professor Steve H. Hanke, Co-Director of The Johns Hopkins Institute for Applied Economics, Global Health and the Study of Business Enterprise ([email protected]). The author is mainly a student at The Johns Hopkins University in Baltimore. Some of his work was performed as research assistant at the Institute. About the Author Erik Bostrom ([email protected]) is a student at The Johns Hopkins University in Baltimore, Maryland and is also a student in the BA/MA program at the Paul H. Nitze School of Advanced International Studies (SAIS) in Washington, D.C. Erik is a junior pursuing a Bachelor’s in International Studies and Economics and a Master’s in International Economics and Strategic Studies. He wrote this paper as an undergraduate researcher at the Institute for Applied Economics, Global Health, and the Study of Business Enterprise during Summer 2017. Erik will graduate in May 2019 from Johns Hopkins University and in May 2020 from SAIS. Abstract From 2007-2009 Zimbabwe underwent a hyperinflation that culminated in an annual inflation rate of 89.7 sextillion (10^21) percent. Consequently, the government abandoned the local Zimbabwean dollar and adopted a multi-currency system in which several foreign currencies were accepted as legal tender. -
Historical Precedents for Internationalization of The
Maurice R. Greenberg Center for Geoeconomic Studies and International Institutions and Global Governance Program Historical Precedents for Internationalization of the RMB Jeffrey Frankel November 2011 This publication has been made possible by the generous support of the Robina Foundation. The Council on Foreign Relations (CFR) is an independent, nonpartisan membership organization, think tank, and publisher dedicated to being a resource for its members, government officials, busi- ness executives, journalists, educators and students, civic and religious leaders, and other interested citizens in order to help them better understand the world and the foreign policy choices facing the United States and other countries. Founded in 1921, CFR carries out its mission by maintaining a diverse membership, with special programs to promote interest and develop expertise in the next generation of foreign policy leaders; convening meetings at its headquarters in New York and in Washington, DC, and other cities where senior government officials, members of Congress, global leaders, and prominent thinkers come together with CFR members to discuss and debate major in- ternational issues; supporting a Studies Program that fosters independent research, enabling CFR scholars to produce articles, reports, and books and hold roundtables that analyze foreign policy is- sues and make concrete policy recommendations; publishing Foreign Affairs, the preeminent journal on international affairs and U.S. foreign policy; sponsoring Independent Task Forces that produce reports with both findings and policy prescriptions on the most important foreign policy topics; and providing up-to-date information and analysis about world events and American foreign policy on its website, CFR.org. The Council on Foreign Relations takes no institutional positions on policy issues and has no affilia- tion with the U.S. -
May 5, 2006 Technical Revisions to the 2005 Barrier Option Supplement
May 5, 2006 Technical revisions to the 2005 Barrier Option Supplement The Foreign Exchange Committee (FXC), International Swaps and Derivatives Association, Inc. (ISDA), and EMTA, Inc. announce two technical revisions to the 2005 Barrier Option Supplement to the 1998 FX and Currency Option Definitions (“2005 Supplement”). The first revision suggests how to incorporate into a Barrier or Binary Option Transaction the terms of the 2005 Supplement. The relevant Confirmation of the Barrier or Binary Option Transaction should state that “the 1998 FX and Currency Option Definitions, as amended by the 2005 Barrier Option Supplement, as published by the International Swaps and Derivatives Association, Inc., EMTA, Inc., and the Foreign Exchange Committee are incorporated into this Confirmation.” For purposes of clarity, this provision has been added to Exhibits I and II to the 2005 Supplement, which illustrate how Barrier and Binary Options may be confirmed under the terms of the 2005 Supplement and the 1998 FX and Currency Option Definitions (“1998 Definitions”) (see the second paragraph and footnote 2 of each Exhibit). The revised Exhibits I and II are attached to this announcement. The second revision further describes the approach taken to the conventions for stating Currency Pairs in the Currency Pair Matrix that was published with the 2005 Supplement. The Matrix is provided as a best practice to facilitate the use of standard market convention when specifying the exchange rates relating to certain terms in a Confirmation of a Barrier or Binary Option Transaction that incorporates the provisions of the 2005 Supplement. The introductory statement to the Matrix has been revised to highlight that its conventions for stating currency pairs may be different from trading conventions. -
Capital Markets and New Turkish Lira Conversion
CAPITAL MARKETS BOARD OF TURKEY CAPITAL MARKETS AND NEW TURKISH LIRA CONVERSION OCTOBER 2004 CAPITAL MARKETS BOARD OF TURKEY NEW TURKISH LIRA TABLE OF CONTENTS 1. INTRODUCTION................................................................................................................................ 1 2. THE WORKING METHODOLOGY FOR THE NEW TURKISH LIRA CONVERSION ........ 1 3. THE LEGAL ISSUES.......................................................................................................................... 2 4. THE ISTANBUL STOCK EXCHANGE........................................................................................... 3 4.1. THE EQUITIES MARKET........................................................................................................................ 3 4.2. THE BONDS AND BILLS MARKET ......................................................................................................... 6 4.3. THE CURRENCY FUTURES MARKET ..................................................................................................... 7 4.4. THE IT INFRASTRUCTURE..................................................................................................................... 8 5. ISE SETTLEMENT AND CUSTODY BANK INC.(TAKASBANK) ............................................ 8 6. ISTANBUL GOLD EXCHANGE..................................................................................................... 10 7. REQUIREMENTS FROM THE MARKET PARTICIPANTS..................................................... 10 7.1. THE MUTUAL -
Opportunities and Perils Mallory Orr
James Madison University JMU Scholarly Commons Senior Honors Projects, 2010-current Honors College Spring 2019 The future of the euro in a post-Greek environment: opportunities and perils Mallory Orr Follow this and additional works at: https://commons.lib.jmu.edu/honors201019 Part of the Finance and Financial Management Commons Recommended Citation Orr, Mallory, "The future of the euro in a post-Greek environment: opportunities and perils" (2019). Senior Honors Projects, 2010-current. 704. https://commons.lib.jmu.edu/honors201019/704 This Thesis is brought to you for free and open access by the Honors College at JMU Scholarly Commons. It has been accepted for inclusion in Senior Honors Projects, 2010-current by an authorized administrator of JMU Scholarly Commons. For more information, please contact [email protected]. The future of the euro in a post-Greek environment: opportunities and perils _______________________ An Honors College Project Presented to the Faculty of the Undergraduate College of Business James Madison University _______________________ by Mallory Elizabeth Orr Spring 2019 Accepted by the faculty of the College of Business, James Madison University, in partial fulfillment of the requirements for the Honors College. FACULTY COMMITTEE: HONORS COLLEGE APPROVAL: Project Advisor: Marina V. Rosser, Ph.D. Bradley R. Newcomer, Ph.D., Professor, Economics/International Business Dean, Honors College Reader: S. Kirk Elwood, Ph.D. Professor, Economics/International Business Reader: Hui He Sono, Ph.D. Dept. Head/Professor, Finance/International Business Reader: , , PUBLIC PRESENTATION This work is accepted for presentation, in part or in full, at the Honors College Symposium on April 5, 2019. Table of contents List of figures 3 Acknowledgements 4 Abstract 5 I. -
Syria Country Office
SYRIA COUNTRY OFFICE MARKET PRICE WATCH BULLETIN June 2020 ISSUE 67 @WFP/Jessica Lawson Picture @ WFP/Hussam Al Saleh Highlights Standard Food Basket Figure 1: Food basket cost and changes, SYP ○ The national average price of a stand- The national average monthly price of a standard ref- erence food basket1 increased by 48 percent between ard reference food basket in June 2020 May and June 2020, reaching SYP 84,095. The national was SYP 84,095 increasing by 48 percent average food basket price was 110 percent higher than compared to May 2020. The national that of February 2020 (before COVID-19 movement average reference food basket price restrictions) and was 231 percent higher compared to increased by 110 percent since February October 2019 (start of the Lebanese financial crisis) 2020 (pre-COVID-19 period). and 240 percent higher vis-à-vis June 2019 (Figure 1). ○ WFP’s reference food basket is now The increase in the national average food basket price more expensive than the highest gov- is caused by a multitude of factors such as: high fluctu- ernment monthly salary (SYP 80,240). ations of the Syrian pound on the informal exchange Outlining the serious deterioration in market, intensification of unilateral coercive measures Chart 1: National min., max. and average food basket cost, SYP peoples’ purchasing power. and political disagreements within the Syrian Elite. ○ The Syrian pound continued to heavily All 14 governorates reported an increasing average depreciate on the informal exchange reference food basket price in June 2020, with the market, weakening to SYP 3,200/USD highest month-on-month (m-o-m) increase reported in before stabilizing around SYP 2,500/USD Quneitra (up 78 percent m-o-m), followed by Rural by end June. -
The Mutating Euro Area Crisis: Is the Balance Between "Sceptics" and "Advocates" Shifting?
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Mongelli, Francesco Paolo Research Report The mutating euro area crisis: is the balance between "sceptics" and "advocates" shifting? ECB Occasional Paper, No. 144 Provided in Cooperation with: European Central Bank (ECB) Suggested Citation: Mongelli, Francesco Paolo (2013) : The mutating euro area crisis: is the balance between "sceptics" and "advocates" shifting?, ECB Occasional Paper, No. 144, European Central Bank (ECB), Frankfurt a. M. This Version is available at: http://hdl.handle.net/10419/154597 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