Much of the economic analysis of moving to EMU has been undertaken within the context of the Optimal Currency Area paradigm. This spatial/geographic counterpart of the currently dominating model of the nature and evolution of money, here termed M theory, whereby money is viewed as having developed from a private sector cost minimisation process to facilitate trading. Here, I argue, first, that there is a second, cartalist, or C theory alternative, which is empirically more compelling. Second, I claim that this approach can predict observed relationships between sovereign countries and their currencies better than the OCA model.
Much of the economic analysis of moving to EMU has been undertaken within the context of the Optimal Currency Area paradigm. This spatial/geographic counterpart of the currently dominating model of the nature and evolution of money, here termed M theory, whereby money is viewed as having developed from a private sector cost minimisation process to facilitate trading. Here, I argue, first, that there is a second, cartalist, or C theory alternative, which is empirically more compelling. Second, I claim that this approach can predict observed relationships between sovereign countries and their currencies better than the OCA model.
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Much of the economic analysis of moving to EMU has been undertaken within the context of the Optimal Currency Area paradigm. This spatial/geographic counterpart of the currently dominating model of the nature and evolution of money, here termed M theory, whereby money is viewed as having developed from a private sector cost minimisation process to facilitate trading. Here, I argue, first, that there is a second, cartalist, or C theory alternative, which is empirically more compelling. Second, I claim that this approach can predict observed relationships between sovereign countries and their currencies better than the OCA model.
Direitos autorais:
Public Domain
Formatos disponíveis
Baixe no formato PDF, TXT ou leia online no Scribd
Machine Learning Proceedings 1990: Proceedings of the Seventh International Conference on Machine Learning, University of Texas, Austin, Texas, June 21-23 1990