By J. C. R. Dow
Not easy approved knowledge of economic concept, this learn of the idea of economic coverage in England analyzes the habit of the banking process and the problems of critical financial institution keep an eye on, and argues that cash construction is an endogenous procedure, made up our minds in part by means of the cost point.
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Extra info for A critique of monetary policy: Theory and British experience
With government revenues redenominated into the national currency, not just public-sector wages and pensions but also other government liabilities—notably the public debt—would have to be redenominated to prevent balance-sheet eﬀects from damaging the government’s financial position. 20 It is also an implication of the literature on dollarization, where it is argued that partial dollarization creates scope for destabilizing balance-sheet eﬀects. 21 20. Note that across-the-board redenomination, while insulating domestic banks from destabilizing balance-sheet eﬀects, might create problems for foreign banks, which saw their euro-denominated investments, say, in Italian government bonds redenominated into lira and then saw this currency depreciate against the euro.
This is another reason why other euro area countries would not welcome exit by an incumbent seeking to restore competitiveness by reintroducing and depreciating its national currency. 21. Argentina’s experience also sheds light on another approach to exiting the euro area that has occasionally been proposed—namely, reintroducing the national unit as a parallel currency. Italy would not have to leave the euro area or eliminate its euro circulation in order to reintroduce the lira, according to this scheme; it could simply reissue the lira and allow it to circulate side by side, along with the euro.
Some would argue that the European Union should concentrate on economic integration while shunning aspirations of political integration. 19 But for influential political elites, political integration 19. This is not to say that the opponents of political union necessarily see the failure of monetary union as desirable, as the latter may have other benefits, including the impetus it provides to economic integration. The Breakup of the Euro Area 21 remains a valued goal. For them, exits from the euro area that set back its progress would be a significant cost.