| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13987 |
| DP13987 The Political Economy of a Diverse Monetary Union | |
| Enrico Perotti; Oscar Soons | |
| 发表日期 | 2019-09-07 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We analyze the political economy of monetary unification among countries with different quality of institutions. Countries with stronger institutions have lower public spending and better investment incentives, even under a stronger currency. Governments under weaker institutions spend more so must occasionally devalue. In a MU market prices and flows adjust quickly but institutional differences persist, so a diverse monetary union (DMU) has many redistributive effects. The government in the weaker country expand spending and investment may be reduced by the fiscal and common exchange rate effect. Strong country production benefits from the weaker currency but needs to offer fiscal support in a fiscal crisis, a transfer legitimized by its ex ante devaluation gain. Some governments may join a DMU even if it depresses productive capacity to expand public spending. Even in a DMU beneficial for all countries, workers and firms in weaker countries and savers in stronger countries may lose. |
| 主题 | Financial Economics ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Monetary unions Institutions Political economy Institutional quality |
| URL | https://cepr.org/publications/dp13987-0 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542868 |
| 推荐引用方式 GB/T 7714 | Enrico Perotti,Oscar Soons. DP13987 The Political Economy of a Diverse Monetary Union. 2019. |
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