A History of Monetary Unions by John F Chown

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By John F Chown

EMU may be trumpeted because the nice fiscal scan in financial union, yet as John Chown exhibits during this impressive ebook, there were many different examples of economic unions through the years - a few winning, others no longer so. during this accomplished historic assessment, the writer writes approximately financial unions with an admirable completeness and covers such subject matters as: the most useful, financial unions in nations and components from Latin the United States to The British Empire to Japan and Korea with many in among, the EMU and its coverage ramifications and the CFA Franc region within the former French colonies.

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Gresham’s Law in its precise form simply did not apply, although attempts by governments to impose a fiat value on coins which was out of line with international market rates could, and during the eighteenth century increasingly did, stimulate an outflow of the over-valued metal. Earlier history The early history of the ratio was discussed in Chown 1994, ch. 2,2 followed by more detail on the early history of the UK coinage, including the Henry VIII debasement. A more recent book, specifically on bimetallism, by Professor Angela Redish,3 also covers this period and specifically includes more information than my own book on what had been happening in France.

5, well above market rates. ) Calonne argued that this adjustment was necessary to bring the bimetallic ratio into line: his opponents said it ‘was simply a fiscal manoeuvre to generate seigniorage revenue’. Bimetallism in the nineteenth century With growing prosperity after the Napoleonic Wars, gold became the more appropriate metal for larger and more widespread transactions, and it became easier, cheaper and quicker for a trader to exchange gold for silver. There were no longer any material mercantilist restrictions (‘exchange controls’) to be evaded, mint charges had been reduced or abolished, transportation was cheaper and safer, and market information could be exchanged more rapidly.

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. The classical examples are the Athenian ‘owls’ and the tetradrams of Alexander the Great (Davies,6 79–86, suggests that there was a bimetallist angle).

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