2007 Edition (Bibliography and Index for the 2007 Addendum, only)
Bibliography, 2007 Addendum
Bank for International Settlements
Working Papers No. 218. Gabriele Galati and Philip Wooldridge, "The euro as a reserve currency: a challenge to the pre-eminence of the US dollar?" October 2006, at http://www.bis.org/publ/work218.htm
Bloomberg News
7 May 2006. Lynn, Matthew. "Time to liberate Eastern Europe from the euro," at http://www.thebusinessonline.com/Stories.aspx?StoryId=B49CD036-87ED-4620-86E4-0AD840330A8E&page=0
Bordo, Michael and Harold James, "One World Money, Then and Now," Cambridge, February, 2006, National Bureau of Economic Research, at http://www.nber.org/papers/w12189
Carin, Barry and Gordon Smith, "Making Change Happen at the Global Level," Chapter 1 in John English, editor, et al ., Reforming from the Top - a Leaders' 20 Summit , New York, United Nations University Press, October 2005, at http://www.globalcentres.org/html/pdf/G20%20pdf/Making%20Change%20Happen%20at%20the%20Global%20Level.pdf.
Commission of the European Communities. "The EU Economy 2006 Review - Adjustment Dynamics in the Euro Area, Experiences and Challenges," 22 November 2006, at http://ec.europa.eu/economy_finance/publications/european_economy/2006/ee606_en.pdf
Cooper, Richard.
"Proposal for a Common Currency among Rich Democracies," presented at the “Regional and International
Currency Arrangements” conference, held in Vienna on 24-25 February 2006, at http://www.oenb.at/en/presse_pub/research/020_workingpapers/wp2006/working_paper_127.jsp#tcm:16-42750
"Living with global imbalances: A contrarian view" in Journal of Policy Modeling, Volume 28, Issue 6, "Twin Deficits: Growth and Stability of the U.S. Economy," September 2006, at http://www.sciencedirect.com/science?_ob=PublicationURL&_tockey=%23TOC%235858%232006%23999719993%23630455%23FLA%23&_cdi=5858&_pubType=J&view=c&_auth=y&_acct=C000050221&_version=1&_urlVersion=0&_userid=10&md5=432047cac51e9ccbf2e8708e5badbb34
Daveri, Francesco, and C. Jona-Lasinio, "Italy's decline: getting the facts right," Parma University Working Papers EP01, January 2006, at http://swrwebeco.econ.unipr.it/RePEc/pdf/I_2006-01.pdf
De Rato, Rodrigo.
"Ensuring Global Economic Stability," Borsen-Zeitung , 12 September 2006, at http://www.imf.org/external/np/vc/2006/091206.htm
"How Europe Can Help the Global Economy While Helping Itself," speech at the Foro de Cadiz, 21 November 2006, at
http://www.imf.org/external/np/speeches/2006/112106.htm
Di Stefano, Theodore. "Monetary Unions: Are We On Our Way?" E-Commerce Times ," 2 June 2006, at http://www.ecommercetimes.com/story/50828.html
Eichengreen, Barry, and Raul Razo-Garcia. "The International Monetary System in the Last and Next 20 Years," Economic Policy , July 2006, pp. 393-442 at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=916598
European Central Bank
"Convergence Report of the European Central Bank," December 2006, at http://www.ecb.int/pub/pdf/conrep/cr200612en.pdf.
Financial Times
Flood, Chris. "Bundesbank boosts sentiment for gold market," 6 October 2006, at http://www.ft.com/cms/s/15eeae1a-5493-11db-901f-0000779e2340.html
Groendahl, Boris, and Stella Dawson. "ECB's Liebscher says euro referenda out of question," Times of Malta , from Reuters, 27 November 2006, at http://www.timesofmalta.com/core/article.php?id=244434.
Helleiner, Eric. Towards North American Monetary Union? The Politics and History of Canada's Exchange Rate Regime , Montreal, McGill-Queen's University Press, 2006.
Hovanov, Nikolai, James Kolari, and Mikhail Sokolov. "Synthetic Money," International Review of Economics and Finance , June 2006, at http://www.fma.org/NewOrleans/Papers/7101144.pdf
International Herald Tribune
Associated Press, "South American Summit dreams of uniting continent's governments, people," 8 December 2006, at http://www.iht.com/articles/ap/2006/12/09/america/LA_GEN_Bolivia_Summit.php
Robert Wade, "The Case for a Global Currency," 4 August 2006, at http://www.iht.com/articles/2006/08/03/opinion/edwade.php
International Monetary Fund, Medium Term Strategy.
15 September 2005. "The Managing Director's Report on the Fund's Medium-Term Strategy," at http://www.imf.org/external/np/omd/2005/eng/091505.pdf.
5 April 2006. "Report on Implementing the Fund's Medium-Term Strategy," at http://www.imf.org/external/np/pp/eng/2006/040506.pdf
International Monetary Fund, Press Release. "Statement by Rodrigo de Rato, Managing Director of the International Monetary Fund, on the Work Program of the Executive Board," 30 November 2006, at http://www.imf.org/external/np/sec/pr/2006/pr06267.htm
International Monetary Fund, Washington, 2005 Policy Discussion Paper
05/07. Rajan, Raghuram and Eswar Prasad. "Controlled Capital Account Liberalization: A Proposal," November 2005, at http://www.imf.org/external/pubs/ft/pdp/2005/pdp07.pdf
International Monetary Fund, Washington, 2006 Working papers
06/31. Tsangarides, Charalambos G., Pierre Ewenczyk and Michal Hulej. "Stylized Facts on Bilateral Trade and Currency Unions: Implications for Africa," January 2006, at http://www.imf.org/external/pubs/ft/wp/2006/wp0631.pdf
06/82. Honda, Jiro, and Liliana Schumacher, "Adopting Full Dollarization in Postconflict Economies: Would the Gains Compensate for the Losses in Liberia?" April 2006, at http://www.imf.org/external/pubs/ft/wp/2006/wp0682.pdf
06/90. Tsangarides, Charalambos and Mahvash Saeed Qureshi, "What is Fuzzy About Clustering in West Africa?" March 2006, at http://www.imf.org/external/pubs/ft/wp/2006/wp0690.pdf
06/102. Anne Kester. "IMF Data Standards Initiatives - A Consultative Approach to Enhancing Global Data Transparency," April, 2006, at http://www.imf.org/external/pubs/ft/wp/2006/wp06102.pdf
06/116. Annett, Anthony . "Enforcement and the Stability and Growth Pact: How Fiscal Policy Did and Did Not Change Under Europe's Fiscal Framework," May, 2006, at http://www.imf.org/external/pubs/ft/wp/2006/wp06116.pdf.
06/153. Lim, Ewe-Ghee. "The Euro's Challenge to the Dollar: Different Views from Economists and Evidence from COFER (Currency Composition of Foreign Exchange Reserves) and other Data," June 2006, at http://www.imf.org/external/pubs/ft/wp/2006/wp06153.pdf
06/154. Bulir, Ales, and Jaromir Hurnik. "The Maastricht Inflation Criterion: How unpleasant is Purgatory?" June, 2006, at http://www.imf.org/external/pubs/ft/wp/2006/wp06154.pdf
06/170. Francis Warnock. "How Might a Disorderly Resolution of Global Imbalances Affect Global Wealth?" 1 July 2006, at http://www.imf.org/external/pubs/ft/wp/2006/wp06170.pdf
06/226. Berengaut, Julian, and Katrin Elborgh-Woytek. "Beauty Queens and Wallflowers - Currency Unions in the Middle East and Central Asia," October 2006, at http://www.imf.org/external/pubs/ft/wp/2006/wp06226.pdf
06/229. Jeanne, Olivier, and Romain Ranciere. "The Optimal Level of International Reserves for Emerging Market Countries: Formulas and Applications," Washington, October 2006, at http://www.imf.org/external/pubs/ft/wp/2006/wp06229.pdf
06/234. Browne, Christopher and David Orsmond. "Pacific Island Countries -- Possible Common Currency Arrangement," at http://www.imf.org/external/pubs/ft/wp/2006/wp06234.pdf
06/236. Tsangarides, Charalambos and Yasser Abdih. "FEER for the CFA Franc," October 2006, at http://www.imf.org/external/pubs/ft/wp/2006/wp06236.pdf
06/257. Saadi-Sedik, Tahsin and Martin Petri. " To Smooth or Not to Smooth - The Impact of Grants and Remittances on the Equilibrium Real Exchange Rate in Jordan," at http://www.imf.org/external/pubs/ft/wp/2006/wp06257.pdf
Journal of Policy Modeling , Volume 28, Issue 6, "Twin Deficits: Growth and Stability of the U.S. Economy," September 2006, at http://www.sciencedirect.com/science?_ob=PublicationURL&_tockey=%23TOC%235858%232006%23999719993%23630455%23FLA%23&_cdi=5858&_pubType=J&view=c&_auth=y&_acct=C000050221&_version=1&_urlVersion=0&_userid=10&md5=432047cac51e9ccbf2e8708e5badbb34
Leech, Dennis and Robert Leech "Voting Power Implications of a Unified European Representation at the IMF," Warwick Economics Research Paper Series, No. 720, January, 2005, at http://www2.warwick.ac.uk/fac/soc/economics/research/papers/twerp720.pdf
New York Times
Editorial, "Back to the Moon, Permanently," 9 December 2006, at http://www.nytimes.com/2006/12/09/opinion/09sat2.html?_r=1&oref=slogin
Bradsher, Keith. "Leading Asian Economist Urges Joint Action on Dollar," 8 December 2006, page C6, at http://www.nytimes.com/2006/12/08/business/worldbusiness/08dollar.html
Chan, Sewall and Matthew Healey, "The World's Coins Converge in the City's Meters," 12 June 2006, page A 16, at http://select.nytimes.com/search/restricted/article?res=F50F1FFF38550C718DDDAF0894DE404482
Dougherty, Carter. "In Eastern Europe, a Switch to the Euro Comes Slowly," 6 December 2006, page C2, at http://www.nytimes.com/2006/12/06/business/worldbusiness/06euro.html
Dugger, Celia. "Peace Prize to Pioneer of Loans To Poor No Bank Would Touch," 14 October 2006, at http://www.nytimes.com/2006/10/14/world/asia/14nobel.html?ex=1318478400&en=8d70ad89b584ca06&ei=5088&partner=rssnyt&emc=rss
Ferguson, Niall. "Reasons to Worry," New York Times Magazine , 11 June 2006, at http://select.nytimes.com/search/restricted/article?res=F00D13FC3F550C728DDDAF0894DE404482
Leary, Warren. "NASA Plans Permanent Moon Base," 5 December 2006, at http://www.nytimes.com/2006/12/05/science/space/05nasa.html?_r=1&oref=slogin
Leonhardt, David. "Gambling Against The Dollar," 1 November 2006, at http://www.nytimes.com/2006/11/01/business/01leonhardt.html?ex=1320037200&en=036ab20bb5bb104a&ei=5088&partner=rssnyt&emc=rss
Porter, Eduardo. "Flow of Immigrants' Money To Latin America Surges," 19 October 2006, page A24, at http://www.nytimes.com/2006/10/19/us/19migrants.html?ex=1318910400&en=d34d106270048e26&ei=5088&partner=rssnyt&emc=rss
Tarquinio, J. Alex. "Can the Dollar's Loss Become Your Portfolio's Gain?" 21 May 2006, at http://select.nytimes.com/gst/abstract.html?res=F70A11FC385A0C728EDDAC0894DE404482&showabstract=1
Wines, Michael. "Zimbabwe, Subtracting Zeros, Adds To Discontent," 8 August 2006, at http://select.nytimes.com/gst/abstract.html?res=F40C16F6355B0C7B8CDDA10894DE404482&showabstract=1
Papaioannou, Elias, and Richard Portes. "Optimal Currency Shares in International Reserves: The Impact of the Euro and the Prospects for the Dollar," CEPR Discussion Paper, No 5734, at http://www.cepr.org/pubs/new-dps/dplist.asp?dpno=5734.asp
Prestowitz, Clyde. Three Billion New Capitalists - The Great Shift of Wealth and Power to the East , New York, Basic Books, 2005
Reuters
21 April 2006. Vorobyova, Tony. "FOREX-Euro rallies as Sweden ups its FX reserves share," at http://www.global view.com/research/index.html?nid=5093
30 May 2006. "Bank firm on $645m forex compo claim," The New Zealand Herald , at http://login.nzherald.co.nz/?redir=http://www.nzherald.co.nz/search/story.cfm?storyid=000EF4EC-C37D-147A-969883027AF1010F
9 December 2006. "Oman won't join Gulf monetary union in 2010," Khaleej Times online, at http://www.khaleejtimes.com/DisplayArticleNew.asp?xfile=data/business/2006/December/business_December272.xml§ion=business
Rochelle, Frederic. "The EU needs to step up to reform the international financial system," NewEuropeans Magazine, 29 September 2006, at http://www.newropeans-magazine.org/index.php?option=com_content&task=view&id=4649&Itemid=110
Rose, Andrew. "A Stable International Monetary System Emerges: Bretton Woods Reversed," Centre for Economic Policy Research, C.E.P.R. Discussion Paper 5854, September 2006, at http://www.cepr.org/pubs/new-dps/dplist.asp?dpno=5854.asp
Rossouw, Janine. "An Analysis of Macro-Economic Convergence in SADC ," South African Journal of Economics , September 2006, page 385 at http://www.blackwell-synergy.com/doi/abs/10.1111/j.1813-6982.2006.00080.x
Rybinski, Krzysztof. Deputy President of National Bank of Poland, speech: "Single euro payments area from the point of view of the National Bank of Poland," Warsaw, 10 October 2006, at http://www.bis.org/review/r061018d.pdf
Sahin, Hasan. "MENA countries as optimal currency areas: Reality or dream?" Journal of Policy Modeling , July 2006, at http://www.sciencedirect.com/science/article/B6V82-4K674S7-5/2/d54fea6e2d0ea269aa1b90bf0a852289
Stiglitz, Joseph
2006. Making Globalization Work, The Next Steps to Global Justice, London Penguin Books.
2006. "How to Fix the Global Economy," The New York Times , 3 October, Op-Ed, page 27, at http://select.nytimes.com/search/restricted/article?res=F20E1FFA3F540C708CDDA90994DE404482
Terzi, Andrea. "International Financial Instability in a World of Currencies Hierarchy," Universita Cattolica del Sacro Cuore, Milano, October 2006, at http://www.unicatt.it/Istituti/EconomiaFinanza/Quaderni/641005.pdf
Vane, Howard R. and Chris Mulhearn. "Interview with Robert Mundell," Journal of Economic Perspectives , Vol 20, No. 4, Fall 2006, pp. 89-110, at http://www.atypon-link.com/doi/abs/10.1257/jep.20.4.89
Wall Street Journal
Di Leo, Luca and Joellen Perry, "Italy Credit Downgrade May Undermine Euro Zone," 20 October 2006, at http://users1.wsj.com/lmda/do/checkLogin?mg=wsj-users1&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB116129176975298154.html%3Fmod%3Dtodays_us_page_one
Williams, Robert G. The Money Changers , a guided tour through the global currency markets , London and New York, Zed Books, 2006. (This is an easy-to-read, conversational style book about the currency markets.)
Williamson, John. "Choosing Monetary Arrangements for the 21st Century: problems of a small economy," Washington, Peterson Institute of International Economics, Policy Brief PBO6-8, November 2006, at http://www.iie.com/publications/pb/pb06-8.pdf
Xu, Xinpeng. "A currency union for Hong Kong and Mainland China?" Journal of International Money and Finance , October 2006, at http://www.sciencedirect.com/science/article/B6V9S-4KKFP1B-1/2/f983cbe7ed0af3e4987865a387c189cd
Yeyati, Eduardo. "The Cost of Reserves," Universidad Torcuato Di Tella Working Paper 10, July 2006, at http://www.utdt.edu/Upload/CIF_wp/wpcif-102006.pdf
INDEX, 2007 ADDENDUM,
but not Endnotes, nor Appendices
#
2024, goal for 3-G world, 440, 451; eightieth anniversary of Bretton Woods conference, 450
3-G world, 438, 450; definition, 409; no mention in IMF Medium Term Strategy, 448; polling attitudes toward, 440; research needed, 453
A
Abbott and Costello, "Who's on first?" 415
Accession countries, p 426; polling, 440. See European Monetary Union (EMU).
Africa, 431; monetary union, 423, 439. See Central African Economic and Monetary Community (CAEMC), West African Monetary Union (WAEMU).
ACU. See Asian Currency Unit.
African Union, 424
Afristat, 427, 443
Al Suweidi, Sultan Nasser, 415
anchor currency, 448; IMF to establish, 449
Angola, 423
Arestis, Philip, need for SGC, 436
Argentina, 430
Arndt, Sven, North American Monetary Union, 430
Articles of Agreement. See International Monetary Fund.
ASEAN countries, 428
Asia, 428-29
Asian Currency Unit (ACU), support by Robert Wade, 434; plan by Asian Development Bank, 443
Asian Development Bank, 414, plan for ACU, 443
Asian Monetary Union, 428
ATM (Automated Teller Machines), 412
aureus , 441
Australia, monetary union with New Zealand, 429
B
Backus-Smith puzzle, 417
balance of payments, 414. See current account, global imbalances.
bancor, 435
Bank of Greece. See George Tavlas.
Bank of Canada. See Paul Jenkins.
Bank for International Settlements (BIS), 415; potential home for Globestat, 442; take lead to establish GCU, 444; triennial currency trading survey, 409
Basu, Santonu, need for SGC, 436
"Beauty Queens", 428
Berkshire-Hathaway, See Warren Buffett.
Berlin, 413
bezant , 441
B.I.S. See Bank for International Settlements.
Blair, Tony, "peoples' currencies", 442
Bloomberg News , 432
Bordo, Michael, opposition to SGC, 435-36, 446
Brazil, 430
Bretton Woods, 445
Browne, Christopher, 429
Buffett, Warren, 411
Burundi, 423; join East African Community, 424
C
CAEMC (Central African Economic and Monetary Community), not meet OCA criteria, 423
Caesar Augustus, 441
Canada, monetary union with U.S., 429
Canadian dollar, 410
capital controls, 418
capital flows, 418
Carin, Barry, global currency proposal, 438
Central African Economic and Monetary Community (CAEMC), 423
Central Bank Gold Agreement, 417. See gold.
central banks, 416
cents/sense, 410
CFA zone, 423 See CAEMC, WAEMU.
China, 415-15, 428; compared to South America, 430; monetary union with Hong Kong, 429; monetary reserves, 422; monthly imports, 422
COMESA. See Common Market for Eastern and Southern Africa.
Common Market for Eastern and Southern Africa (COMESA), 423
Comoros, 423
Cooper, Richard, proposal for monetary union, 420, 436, 442
Costello. See Abbott.
currency crisis/crises, 414, 422
currency speculation, 411
currency trading, level of, 409-10
currency unions, 428. See monetary union.
current account, 414; U.S. deficit, 414, 419. See global imbalances.
Cyprus, admission to EMU, 426
Czech Republic, delayed application to EMU, 426
D
Delors Report, 451
Democratic Republic of Congo, 423
de Rato, Rodrigo, 414, 418-19, 427; medium term IMF strategy, 447-48; received copy of 06 Edition, 449
DEY (dollar, euro, yen), 441-42. See INTOR, Robert Mundell.
Djibouti, 423
dollarization, option for the world, 435. See ization, euroization.
Dornbusch, Rudiger, bet with Robert Mundell, 433
E
East African Community (EFA), 424, 446
Eastern Caribbean Monetary Union (ECCU), 441
Ecuador, 413, 428; dollarization, 321
Egypt, 423
Eichengreen, Barry, trend away from monetary unions, 436; sequencing of financial globalization, 443
El Salvador, 413, 428; dollarization, 431
EMU. See European Monetary Union.
Enron, 425
equilibrium exchange rates, 418
Eritrea, 423
Ethiopia, 423
Europe, 424
euro, 415, 417; associated with high prices, 440; in Kosovo, 431; in Montenegro, 431; part of SDR, 444; success of, 452
euroization. See dollarization, ization.
European Central Bank (ECB), 425; Governing Council, 426
European Commission, authorization of euro in Kosovo, 431; polling, 440; review of euro, 427;
European Currency Unit (ECU), 443
European Monetary Union (EMU), 414, 424-25, 435; example for Richard Cooper monetary union, 442; opposed by Milton Friedman, 432; recommend Gulfstat for GCC, 443; secession from, 426. See euro, European Central Bank (ECB), eurozone.
European Union, 424; admission of Turkey, 426; in Cooper proposed monetary union, 442
Eurostat, 427, 443
Eurozone, inflation in 2002. See euro, European Central Bank (ECB), European Monetary Union (EMU).
Evans-Pritchard, Ambrose, oppose euro, 432
exchange rate, unpredictability, 419. See multicurrency foreign exchange system.
F
Federal Reserve Bank of New York. See Foreign Exchange Committee of.
FEER (fundamentals equilibrium exchange rate), 439.
Ferguson, Niall, 419
Fiji, common currency among islands, 429
financial globalization, 436-38
Fitch Rating Services, credit rating for Italy, 425
Foreign Exchange Committee of Federal Reserve Bank of New York, semi-annual currency trading survey, 410
foreign exchange reserves, 416, 421
foreign exchange trading, amount of, 409
Friedman, Milton, death, 432; opposition to euro, 432
"fundamentals", 418-19, 426; fundamentals equilibrium exchange rate, 439. See FEER.
FX, funds, 411. See foreign exchange trading.
G
G-3, proposal for monetary union, 435
G-8, 422
Garcia, Alan, president of Peru, 430
GCC. See Gulf Cooperation Council.
GCU. See Global Currency Unit.
GDP (Gross Domestic Product), EMU, 443; growth, 418; Japan, 443; U.S., 414, 443; worldwide, 414, 444
Genberg, Hans, 428
Global Central Bank (GCB), 435, 448; single international monetary authority, 436. See Global Monetary Union, Single Global Currency.
Global Currency Unit (GCU), proposal, 443-44.
global greenbacks, proposed by Joseph Stiglitz, 444
global imbalances, 414, 419-20, 434
globalization, 433
Global Monetary Union (GMU), 448, 452. See Global Central Bank, Single Global Currency.
global reserve fund, part of global greenbacks proposal, 445
global unit of account, 441-42
Globestat, 443
gold, 417; foreign exchange reserves, 416; European Central Bank Gold Agreement, 417; global unit of account, 442; money pegged to, 452
Goldilocks and the Three Bears, 422
Graham, U.S. Senator, 415
Greenspan, Alan, 421
Gross Domestic Product. See GDP.
Gulf Cooperation Council (GCC), 448; future monetary union, 427, 452; proposal for Gulfstat by EMU and IMF, 443
Gulfstat, 427, 443
H
Helleiner, John, 430
Hinds, Manual, 431
Hochreiter, Eduard, organize currency conference, 445
Hong Kong, monetary union with mainland, 429
Hong Kong dollar, 429
Hovanov, Nikolai, "synthetic currency", 444
Hungary, delayed application to EMU, 426
I
IMF. See International Monetary Fund.
inflation, 418
Institute for International Economics. See Peterson Institute for International Economics
Inter-American Development Bank, 413
International Herald Tribune , 434
international monetary conference, recommendation to convene, 445-46
International Monetary Fund(IMF), 416-18; article from, 429; article against ization in Liberia, 431; Article IV consultations, 449; Articles of Agreement, 449-50; absence of long term strategy, 447-48; forum, "One World, One Currency," 446; medium term strategy, 447-48; multilateral consultations, 420; Poverty Reduction and Growth Facility(PRGF) in Mali, 450; proposed role generally toward SGC, 447-50; recommend Gulfstat, 443; support for GCC monetary union, 452; take lead to establish GCU, 444
international monetary reserves. See foreign exchange reserves.
INTOR, proposed international currency, 441-42
Iranian Oil Bourse, 415
Italy, downgrade credit rating, 425; polling, 440; possible EMU secession, 426, 432
ization (ize, izing), considered for Liberia, 431; Ecuador, 431; El Salvador, 431; See dollarization, euroization.
J
James, Harold, opposition to SGC, 435-36, 446
Japan, 416, 428; in Cooper monetary union, 442
Jenkins, Paul, contribution of monetary policy, 453
Jordan, remittances to, 450
Journal of Policy Modeling , 420
K
Kawai, Masahiro, 414
Kenya, 423; monetary union with Tanzania and Uganda, 424
Keynes, John Maynard, "bancor" proposal, 444; global reserve system, 434
Kolari, James, "synthetic currency", 444
Korea, 428
Kosovo, 431
L
Latin America, foreign assistance to, 413; remittances to, 413
Leonhardt, David, 411
Liberia, considered for ization to U.S. dollar, 431
Libya, 423
Liebscher, Klaus, reaffirm euro requirement for Accession countries, 426
Lim, Ewe-Ghee, 417
Lithuania, application to EMU, 424-25
London currency market, 409
Longbet prediction, 433
Los Angeles, 413
Lynn, Matthew, oppose euro, 432
M
Maastricht Treaty requirements, 424-26
Madagascar, 423
Madrid, 413
Making Globalization Work . See Joseph Stiglitz.
Malawi, 423
Mali, IMF Poverty Reduction and Growth Facility(PRGF), 450
Mallick, Sushanta, need for SGC, 436
Malta, 425-26
Mauritius, 423
McCreevy, Charlie, European Commissioner, 427
Medium Term Strategy. See International Monetary Fund.
MENA (Middle East and North Africa), 428
Middle East, 427-28, examined using OCA criteria, 427
Middle East and North Africa. See MENA.
monetary union, 416; Chapter 4, 423; multicurrency foreign exchange system, 416; unfairness, 437
Montenegro, 431
Mulhearn, Chris, interview Robert Mundell, 441
multicurency foreign exchange system, 409-423; reason for founding IMF, 450
Mundell, Robert, bet with Rudi Dornbusch over euro, 433; father of euro, 441; IMF forum, "One World, One Currency," 446; interview, 441-43; "odd number, preferably less than three", 452; Optimum Currency Area theory, 423; proposal for G-3 monetary union, 435
N
NASA, base on moon in 2024, 440.
National Aeronautics and Space Administration. See NASA.
National Australia Bank, unauthorized currency trading, 411
Newfoundland, Canada, 430
NewEuropeans magazine online, 444
New York City, 413; foreign coin auction, 412
New York Times , 411, 413, 434
New Zealand, dollar 410; monetary union with Australia, 429
Nobel Peace Prize, 451. See Muhammad Yunus.
nominal exchange rate, 417, 419
North America, monetary union, 413, 430
North American Monetary Union, 430
O
OCA. See Optimal Currency Area.
OECD, potential home for Globestat, 442
Oesterreichische National Bank. See Eduard Hochreiter.
oil, priced in euros, 416
Oman, GCC member opting out of 2010 timetable, 427
opportunity cost, through accumulation of low-return reserves, 421, 433
Optimum Currency Area (OCA) analysis, 423; examine Middle East and Central Asia, 427
Organization for Economic Co-Operation and Development. See OECD.
Orsmond, David, 429
P
Pacific, common currency among islands, 429-420
Papua New Guinea, common currency among islands, 429
Parker Global Index, 411
Peoples' Daily , 428
Peterson Institute of International Economics, 424
Playing Monopoly with the Devil , 431. See Manual Hinds.
Poland, delayed application to EMU, 426
polling, attitudes toward currency, 440
Portugal, polling, 440; predicted secession from EMU, 432
pound, British, include in INTOR, 441; part of SDR, 444;
Presar, Eswar, 418
Prestowitz, Clyde, quoting Herbert Stein, 419; supporter of North American Monetary Union, 430
Prodi, Prime Minister of Italy, 426
puzzle(s), 411, Backus-Smith puzzle, 417
R
Rajan, Raghuram, 418
Razo-Garcia, Raul, trend away from monetary unions, 436
Real Effective Exchange Rates (REER), in Jordan, 450
real exchange rates, 418
REER. See Real Effective Exchange Rates.
remittances, 413; exchange rate transaction charge, 413; remittances to Jordan, 450
Rochelle, Frederic, proposal for "World Currency Unit", 444
Rose, Andrew, 420
Rubin, Robert, 411
Russia, 416
Rwanda, 423; join East African Community, 424
S
Saint Pierre-et-Miquelon, use of euro in North America, 430
Samoa, common currency among islands, 429
Schmukler, Sergio, 435
Schumer, U.S. Senator, 415
SDR, 444; replace with INTOR, 441; similar to global greenbacks, 444
secession from monetary union, 426
SEPA (Single European Payments Area), 426-427
Seychelles, 423
Singapore, 416
Single European Payments Area. See SEPA.
Single Global Currency, Chapter 5, 432; 419, 448; benefits, 438; eliminate global imbalances, 420; outcome of dollarization, 431; people will choose, 417; Richard Cooper proposal, 442-43; solve international debt trap, 437; support by Robert Wade, 434; support by Joseph Stiglitz, 434
Single Global Currency Association, goal of 2024 for 3-G, 440
Slovenia, euro implementation, 424; price rise monitoring, 440
Smith, Gordon, global currency proposal, 438
Sokolov, Michail, "synthetic currency", 444
Solomon Islands, common currency among islands, 429
South Africa, rand, 410
South African Development Community (SADC), 424
South America, monetary union, 413, 430-31
South Korea, 416
Spain, predicted secession from EMU, 432
Special Drawing Rights. See SDR.
Stability and Growth Pact, 414 See European Monetary Union, Maastricht criteria.
Standard and Poor's, credit rating for Italy, 425
Stein, Herbert, 419
Stiglitz, Joseph, 419, 421-22; benefits of SGC, 432; globalization and politics, 438; not support Asian Monetary Union now, 428; part of globalization, 433; propose single global currency, 434
Swaziland, 423
Sudan, 423
Sweden, reserves, 417; Central Bank, 417
T
Taiwan, 416
Tanzania, in East African Community, 424
Tavlas, George, organize currency conference, 445
Terzi, Andrea, 422, 435
Three Billion New Capitalists , 430. See Prestowitz, Clyde.
Tonga, common currency among islands, 429
tourists, 512
trade. See international trade.
TradeArabia, 415
traditional foreign exchange trading, See foreign exchange trading.
transaction costs, 412
Transaction Cost Economics, 412
travelers, 412-13, 416. See also tourists.
Turkey, admission to European Union, 426
twin deficits, 420; defined, 414
U
UAE. See United Arab Emirates.
Uganda, 423; monetary union with Kenya and Tanzania, 424; monetary choices, 446
UK pound. See pound.
UN. See United Nations.
unemployment, 418
United Arab Emirates, central banker, 415; foreign exchange reserves 417
United Kingdom of Great Britain and Northern Ireland, 432;
United Nations (UN), 431; global statistics function, 443; hypothetical options to member nations, 446
United States (US), goal to the moon, 440; in Cooper monetary union, 442; monetary reserves, 422
US dollar, 410, 414, 416-17; against yuan, 429; national currency, 434; part of SDR, 444; value not shaken by Enron failure, 425
US fiscal deficit, 419
V
Vanuatu, common currency among islands, 429
Vane, Howard, interview Robert Mundell, 441
Vienna, 2006 monetary union conference, 442, 446
Visa card, 412
Volcker, Paul, 420, 442
W
Wade, Robert, for SGC, 434; for GCU, 443
WAEMU, not meet OCA criteria, 423
"Wallflowers", 428
Warnock, Francis, 414
West African Economic and Monetary Union. See WAEMU.
Williams, Robert G., 421
Williamson, John, 424, choices for Uganda 446
World Bank, 436
"World Currency Unit", 444. See Global Currency Unit, Frederic Rochelle.
World Tourism Organization, 413
World Trade Organization (WTO), 453
Y
yen, DEY component, 441-42; SDR component, 444;
Yeyati, Eduardo, 422
yuan, 415, 429; include in INTOR, 441
Yunus, Muhammad, microloans and Nobel Peace Prize, 451
Z
Zambia, 423
Zimbabwe, 415-16, 423
2006 Edition
Bibliography
Articles and Books
Akitoby, Bernardin. "Pricing of Sovereign Risk in Emerging Markets." IMF Research , March 2006, at