Description

The recent birth of the euro as the common European currency has created an interest in the history of monetary unions, successful ones as well as failing ones. This volume contains contributions that focus on political aspects of monetary unification and international monetary and financial cooperation. Adopting such a perspective, the conflicting views in society concerning monetary arrangements are brought into the forefront. As revealed here, monetary unification is not always a smooth process. The evidence is taken from many countries and from different episodes in time; from the foundation of the US monetary union in the 18th century to the euro referendum in Sweden in the first years of the 21st century. Contents Lars Jonung: Introduction Farley Grubb: The constitutional creation of a common currency in the U.S. Monetary stabilization versus merchant rent seeking John Landon-Lane / Hugh Rockoff: From monetary union to financial union in the United States Jurgen Nautz: Ethnic conflicts and monetary unification in Austria-Hungary Nuno Valerio: The Escudo Zone - a failed attempt at a colonial monetary union Cedric Dupont / Carsten Hefeker: Trade, money and institutions for conflict resolution in monetary unions. The gold standard and European integration compared Tal Sadeh: Managing a common currency. Political and cultural preferences Lars Jonung: The political economy of monetary unification. The Swedish euro referendum of 2003