The Latin Monetary Union: Some evidence on Europe's failed common currencyh

被引：3

作者：

Bae, Kee-Hong ^{[1
]}

Bailey, Warren ^{[2
]}

机构：

[1] York Univ, Schulich Sch Business, N York, ON M3J 1P3, Canada

[2] Cornell Univ, Johnson Grad Sch Management, Sage Hall, Ithaca, NY 14853 USA

来源：

REVIEW OF DEVELOPMENT FINANCE | 2011年 / 1卷 / 02期

关键词：

Currency union; European Monetary Union; EMU; Latin Monetary Union;

D O I：

10.1016/j.rdf.2011.03.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The Latin Monetary Union was initiated in 1865 by France, Belgium, Italy, and Switzerland. We find that LMU membership or adoption of a gold standard is frequently associated with lower volatility of private bill yields, bond yields, inflation, and deviations from Purchasing Power Parity. However, neither standard induces convergence with LMU leader France or gold standard leader Great Britain. Bond yield spreads indicate that adoption of the gold standard is more credible than membership of the LMU. Italy is an outlier, perhaps due to errant fiscal and monetary policies. A comparison to data from the modern EMS/EMU confirms that the LMU was a weaker and less credible currency arrangement. (C) 2011 Production and hosting by Elsevier B.V. on behalf of Africagrowth Institute. Open acess under CC BY-NC-ND license.

引用

页码：131 / 149

页数：19

共 24 条

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