Welfare Effects of Monetary Integration: The Common Monetary Area and Beyond

2012 ◽  
Author(s):  
Tamon Asonuma ◽  
Xavier Debrun ◽  
Paul R. Masson
2012 ◽  
Vol 12 (136) ◽  
pp. i ◽  
Author(s):  
Tamon Asonuma ◽  
Xavier Debrun ◽  
Paul R. Masson ◽  
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Author(s):  
Jeffry A. Frieden

This chapter analyzes the process of European monetary integration, focusing on the decades that led up to the creation of the common currency. This is because this period is one in which, as in the gold standard era, national governments had to decide on their currency policy, and, again as in the gold standard period, there were major domestic political conflicts over this choice. The battles over exchange rate policy in Europe since the early 1970s were at the center of the broader process of European integration. The eventual adoption of the euro was perhaps the crowning achievement of prointegration forces, and both the process and result reflect the central realities of contemporary Europe's political economy.


2018 ◽  
Vol 11 (39) ◽  
pp. 75-90
Author(s):  
Martin Hudec

Abstract Economic and monetary integration is the result of unifying efforts that have become a major driving force in post-war Europe. Although some of the initial initiatives, the Monetary Union project has many times been on the brink of interest. It can be as the surprise that Europe has managed to implement the common currency so soon and relatively smoothly. Nevertheless, even after its launch, this project has never completely abandoned criticism and discussion of the legitimacy and meaningfulness of its existence. Critical attitudes to the introduction of the common currency in the European Union are based above all on the Optimum Currency Area theories. The theoretical concept of optimal currency areas is currently considered a standard tool for assessing monetary integration efforts in Europe. OCA criteria are used to estimate the readiness of the candidate countries to adopt the euro, while the convergence processes are linked to the decision on the euro adoption timeline. The aim of our research article is, therefore, to closely analyze the issue of monetary policies and optimal currency areas in the context of convergence efforts towards more closely integrated economic and monetary unions.


1978 ◽  
Vol 48 ◽  
pp. 389-390 ◽  
Author(s):  
Chr. de Vegt

AbstractReduction techniques as applied to astrometric data material tend to split up traditionally into at least two different classes according to the observational technique used, namely transit circle observations and photographic observations. Although it is not realized fully in practice at present, the application of a blockadjustment technique for all kind of catalogue reductions is suggested. The term blockadjustment shall denote in this context the common adjustment of the principal unknowns which are the positions, proper motions and certain reduction parameters modelling the systematic properties of the observational process. Especially for old epoch catalogue data we frequently meet the situation that no independent detailed information on the telescope properties and other instrumental parameters, describing for example the measuring process, is available from special calibration observations or measurements; therefore the adjustment process should be highly self-calibrating, that means: all necessary information has to be extracted from the catalogue data themselves. Successful applications of this concept have been made already in the field of aerial photogrammetry.


Author(s):  
Ben O. Spurlock ◽  
Milton J. Cormier

The phenomenon of bioluminescence has fascinated layman and scientist alike for many centuries. During the eighteenth and nineteenth centuries a number of observations were reported on the physiology of bioluminescence in Renilla, the common sea pansy. More recently biochemists have directed their attention to the molecular basis of luminosity in this colonial form. These studies have centered primarily on defining the chemical basis for bioluminescence and its control. It is now established that bioluminescence in Renilla arises due to the luciferase-catalyzed oxidation of luciferin. This results in the creation of a product (oxyluciferin) in an electronic excited state. The transition of oxyluciferin from its excited state to the ground state leads to light emission.


Author(s):  
Ezzatollah Keyhani

Acetylcholinesterase (EC 3.1.1.7) (ACHE) has been localized at cholinergic junctions both in the central nervous system and at the periphery and it functions in neurotransmission. ACHE was also found in other tissues without involvement in neurotransmission, but exhibiting the common property of transporting water and ions. This communication describes intracellular ACHE in mammalian bone marrow and its secretion into the extracellular medium.


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