A History of Monetary Unions by John Chown PDF

By John Chown

During this complete historic assessment, the writer writes approximately financial Unions with admirable completeness. Written in a readable and stress-free prose, A background of economic Unions combines old research with modern context.

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Meadows goes on to describe some early monetary unions which he classifies into three types, ‘top down’, ‘bottom up’ and ‘consenting’ unions. 1 2 3 ‘Top down’ implies the imposition of monetary union from above (a change in political control in my terminology), which Meadows says was surprisingly rare, citing only the example of king Mitriditis VI of ancient times, but also mentioning some medieval examples which I used in my earlier book. e. ‘dollarisation’. These were often supplemented by honest imitations, sometimes indistinguishable, and sometimes with clear indications of the state of origin.

Second, banknotes, backed by currency board assets, are only a small part of money supply. Bank deposits are only backed by fractional reserves: over-banking is in principle checked by prudential considerations. Estonian and Lithuanian currency boards have explicitly backed commercial bank deposits at the central bank, but in most cases there is no central bank and the commercial reserve asset is the board’s note issues. A currency board also needs sound administrative arrangements and credibility, particularly where confidence in the old currency has collapsed.

5 per cent below their legal tender value. e. the price of gold in terms of silver) which proved, in the event, enough, but only just, to survive a period of rising silver prices which lasted until about 1870. e. 29. 46, this was an adequate margin. The French system was more rigid, requiring equal treatment of gold and silver. There could have been another solution. Before the war banknotes had only been legal in England in amounts of £5 and above. If smaller notes had been permitted, as they were in Scotland, it might have been possible to adopt a formal ‘silver exchange’ standard, leaving banknotes for everyday larger transactions and with gold coins trading at market value as they had often done in the past.

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A History of Monetary Unions by John Chown

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