By John F Chown
EMU could be trumpeted because the nice fiscal test in financial union, yet as John Chown exhibits during this incredible publication, there were many different examples of financial unions through the years - a few profitable, others no longer so. during this finished ancient evaluation, the writer writes approximately financial unions with an admirable completeness and covers such topics as: the highest quality, financial unions in nations and components from Latin the US to The British Empire to Japan and Korea with many in among, the EMU and its coverage ramifications and the CFA Franc sector within the former French colonies.
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Additional info for A History of Monetary Unions
G. because of a local recession following a bad cocoa harvest) could have an adverse effect on the UK monetary system. The West African Currency Board was therefore set up in 1912 to issue coins and notes which would only circulate locally. In 1997 the then new Bosnia Currency Board was described as ‘de-dollarisation’. 5 Monetary unions Introduction There are plenty of examples of countries choosing to adopt the currency of another, but true monetary unions between otherwise independent sovereign states are rare.
However, Andrew Meadows, curator of Greek coins at the British Museum, sent me an interesting paper5 which confirmed my hunch that probing even further back in time would turn up some interesting examples. Whereas I had suggested (1994, 107) that the history of money began Some early history 33 with the invention of coinage, Meadows intriguingly suggests that the period before when transactions were settled in silver and occasionally gold by weight was ‘an economic paradise’: ‘life for the comparatively few people with the disposable income and desire to travel with money was simple’.
Unofficial dollarisation is rather more common: Liberia used the dollar officially from 1944 until 1986 when it adopted its own currency. This depreciated sharply, while the US dollar continued to be widely but unofficially used. Cuba used the US dollar exclusively from 1899 to 1914: from then until 1950 the dollar remained a parallel legal tender currency. ) There are earlier precedents, discussed in Chapter 7, while dollars are widely used in Latin America, Israel and the former Soviet Union, with the deutschmark and its successor the euro, being popular in Eastern Europe.
A History of Monetary Unions by John F Chown