SGC Book: Index and Bibliography

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&section=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

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

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

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

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

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.

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-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

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

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Zambia, 423

Zimbabwe, 415-16, 423

2006 Edition

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Index, 2006 Edition.

of the Text, but not Endnotes, nor Appendices

2024, goal for 3-G world, 52, 162, 204, 267, 269, 275, 293-311; eightieth anniversary of Bretton Woods conference, 273

3-G, xiii, xiv, 7, 107, 151, 162, 163, 165, 166, 173, 174, 191, 202, 203, 205, 208, 209, 223, 229, 231, 233-37, 243, 245, 261, 265, 267, 269, 272, 278, 281, 299, 307, 308, 311, 319; definition, xi

Accession. See European Monetary Union (EMU).

accountants, mobilized stakeholders, 258

Adams, Tim, 170

Africa, 105, 112, 113, 127, 139, 162, 186, 240, 243, 251. See Central African Economic and Monetary Community, French West Africa, South Africa, West African Economic and Monetary Union.

Afristat, 112

Agnelli, Umberto, 259

Alagiah, Ratnam, 178

Alesina, Alberto, 91

Allfirst Bank, John Rusnak, rogue trader, 15 alternate currencies, 301

American Chamber of Commerce, Belgium, 261; AmCham magazine, 261

American Economic Association, 124, 202, 296

American Express, 20

American Revolution, 100

“amero,” 115

anchor currency, Bretton Woods system, to the US dollar, 55, 79; exchange rate regime, 88; G-2 anchor, 247; international, 24, 216, 227; ization, 89, 105-07, 116, 233, 239-41; monetary

policy, 130; monetary union, 22122; toward SGC, 251

apples and oranges, 51

Arabian Gulf. See Gulf Cooperation Council (GCC)

Arestis, Philip, 304

Argentina, currency board, 62; currency problems, 34; crisis, 35, 122, 174; Mercosur member, 115; SDR repayment, 154; Armageddon , in Left Behind saga, 189

Arther, Michael, 13

Asia, anchor currency unclear, 221; foreign exchange reserves, 217, 218; monetary union, 221, 222, 251; potential EMU members,

242. See East Asia, South Asia

asset values, contribute to world GDP, xii; diminished by multicurrency foreign exchange system, 31, 33-35; increase from monetary union or SGC implementation, xii, 117-19, 162-63, 232; resolution, 271

Association for Monetary Union for Europe (AMUE), 260

“A Theory of Optimum Currency Areas,” by Robert Mundell, 103, 154, 210. See “optimum currency area(s)” and Mundell, Robert.

Australia, dollar fluctuation, 179; currency fund, 13, ization anchor 90; ize to US dollar, 114; monetary union, 113-14, 126; SGC proposal 262; SGC name, 239; Sydney foreign exchange trading, 8

Babson College, 201

Bagehot, Walter, 151-52

Baha’i, 188-89

Baker, Raymond, 265

balance of payments, xv, 10, 2931; eliminate in GMU, 165-66, 271; fundamental in economy, 60; IMF Articles of Agreement, 57; minor in 1944, 55; reduction of problem in monetary union, 120, 237; research for G-3, 297.

See current account, global imbalances.

Bank for International Settlements (BIS), economist recommend fewer currencies 135; effective exchange rate report, 82; foreign exchange trading report, 302; model for GCB governing structure, 295; no economists assigned

to study 3-G issues, 235; origin, 153; potential creator of GCB, 251;potential home for future SGC Institute, 236; stakeholder in future financial stability, 256, 266; supporter of central bank cooperation, 264

Bank of Canada, exchange rate utility, 20, 21, 22, 181

Bank of England, central bank communications of, 297; defending pound in 1992, 16, 57, 89; Foreign Exchange Joint Standing Committee, 8

Bank of Japan, yen intervention, 171

“barbarous relic.” See gold standard.

Barro, Robert, 91

Basic Income Network (BIEN), 262

Basu, Santonu, 304

Belarus, monetary union with Russia, 112-13, potential EMU member, 242

Bergsten, C. Fred, euro, 108; G-2, 251

Berkshire-Hathaway, See Buffett, Warren.

Bernanke, Ben, 223; deflation, 307; inflation, 305; savings glut, 85

Bible , 53, 188

Bickford, Jim, 13

Big Mac index, 7, 78-81, 185

Bird, Graham, 89

Bofinger, Peter, 257

Bretton Woods, bancor proposal, 153; conference, 54-55, exchange rate system, 55-57, 184, 216; exchange rate system collapse, 87-88, 183; hampered by lack of technology, 278; IMF

creation and Articles, 120, 122, 154; Keynes at, 157, 233; new BW system, 220, 231; solve exchange rate problem, 154

British Caribbean Currency Board, 102. See Eastern Caribbean Monetary Authority.

Brunei Darussalam, cents of, ix, monetary union with Singapore, 104, 121, 183.

Bryant, Ralph, 210, 319 Buffett, Warren, 17, 179-80

Buiter, Willem, 19, 87, 110, 239, 316

Burke, Sharon, 15

California Public Employee Retirement System (CALPERS), 258

Calvo, Guillermo, 89

Canadian Tire Store, 301

capital controls, 68-69, 164-65, 265; lack of, contributing to currency crisis, 36; provided in IMF Articles of Agreement, 120, 154

capital flows, 29, 85, 120-21, 155, 164-65, 209, 216, 249, 317

Carchedi, Guidliemo, 259

Central African Economic and Monetary Community (CAEMC), 104, 214, 243

central banks, alignment to nations, 135; balance of payments problem, 169; choice of exchange rate regime, 88-89; cooperation, 153, 208; cost of operating monetary system, 121; currency

competition, 60; DEY/Intor, 245-47; employment, 188; foreign exchange intervention, 57, 61, 171;foreign reserves, 29, 66-68, 119, 164; inflation targeting, 172, 174; independence, 36, 166-67;

interest rates, 5, 59; issuer of money, 99, 158; monetary union, 102,

120, 134-35; no economists studying 3-G, 23536; promote monetary stability, 123; seigniorage, 107; world, 155, 156, 205, 210, 212, 213-14

Central American Monetary Union, 116

central bankers, employment, 188; perception of role, 254; quality, 212; stakeholders in financial system, 264-65. See central banks.

Chamber of Commerce, Ecuador, 261. See Ecuador.

Chernyshoff, Natalia, 303

Chicago School, 201

Chinese State Administration of Foreign Exchange (SAFE), 66, 69

Chinn, Menzie, euro potential primary international currency, 242

Cohen, Benjamin J., 215, critic of “contraction contention,” 13233, 231; currency competition, 264; local money, 301

Coleman, Andrew, 113

Commodities Futures Trading Commission (CFTC), 13-14; Treasury Amendment, 14

common cents, ix, xi; origin of term, viii.

common cents/sense, 91, 125, 134, 150, 152, 176, 182, 191, 208, 277, 305, 316

Common Market, 103. See European Economic Community, European Union.

common sense, ix, 74, 91, 134, 152, 208, 316

Common Sense , by Thomas Paine, viii, ix. See common cents, common cents/sense, Thomas Paine

consumer, mobilized stakeholders, 256-57; savings, 112; Slovenian, 277

Consumer Price Index (CPI), 78

Consumers International, 260

Cooper, Richard, 26, 60, 86, 206, 214; central bank cooperation, 264; global central bank, 294, 296; incompatible triangle, 208; monetary system for future(1984), 156, 211, 230, 243, 280, 281; monetary union not require free trade, 214-15;

mortgages unavailable in high currency risk countries, 118;not one world money, 212; US current account manageable, 85; valuation of yuan, 70

Cordeiro, Jose, 186, 309

credit cards, 7; Visa plan to be single global currency, 7

Cross, Sam, 302

Cukierman, Alex, 296

currency area, defined, 2

currency crisis/crises, 11, Argentina, 154; asset value increases without risk of, 207; avoidable in future, 37, 90, 209, 251; current risk of, 70; eliminate risk of as benefit of monetary union and SGC, xii, 121, 122, 159, 166, 167-69, 218, 311, 318;

how they occur, 29, 104, 120; loss of money value in, 4, 263, 265, 272; maintenance of reserves to prevent, 163, 165; reason to reform system, 231, 274; resolution to avoid, 270; risk of continuation of multicurrency foreign exchange

system, xii, 31, 3537, 263;topic for journal articles, 202; what can go wrong? 62-67; Zogby poll question, 268

currency speculation, 16-19, 27; capital flows of, 154; eliminate in 3-G world, 171-72, 270; George Soros, 156-57, 256; not exist for discontinued currencies in monetary union, 117, 163, 169; not in interest of working people, 263; pressure from

in G-3 parallel currency monetary union, 249-50; role of, 36; what can go wrong? 6566

current account, 29-31; accumulate deficits, 36; deficits lead to currency crisis, 63; defined, 29; eliminate with SGC, 165-66, 279; monetary union, 120, 237; relationship to reserves, 119; reports of, 179; US deficit, 70, 85-86, 123, 170, 175, 216, 217-20;

worldwide concern, 57. See balance of payments, global imbalances.

Dale, Edwin, 156

Damocles, sword of, 165

DDT, x, 4, 36

Dean, James W., 88

Deardorff, Alan, online economics glossary, 10, 61

deflation, 307-08

DeGrauwe, Paul, 5, 20, absence of comment on SGC, 202; central bankers and monetary union, 263; economists and monetary union, 215, 230, 266; inflation in monetary union, 111, 277; trade increase in monetary union, 125

Dekker, Wisse, 259-60

de Kwiatkowski, Henryk, 17-18

Dell Computer, 309

Denmark, option to join euro, 111, 241; referendum against euro, 109; Scandinavian Monetary Union, 101; Stability Pact, 297

de Rato, Rodrigo, 165, 266-67

deutschmark, black market trading, 19; successor to mark and goldmark, 101; valuing 1992 pound, 16

DEY (dollar, euro, yen), 159, 24549, 300. See Intor.

Dicks, James, 13

Dirksen, Everett, talking about real money, 22

dollarization, 62, 105-07, 218-19, 221-22; definition by Buiter, 239; Ecuador, 105-106, 115, 118, 209, 219, 261, 273; El Salvador, 105, 115, 118, 209, 219, 273; Panama, 219, 299. See ization, euroization.

drachma, 52

Drakoln, Noble, 13

Dutch disease, 235

“early warning systems” (EWS), 89

East Africa, future monetary union, 113, 129

East Asia, currency crisis, 35, 58; economic growth, 280; low cost manufacturers, 70; monetary union, 114-15, 202, 243

Eastern Caribbean Monetary Authority, 101, 156. 183, 214, 226, 298

Economics of Monetary Union , by Paul DeGrauwe, 5, 20-21, 203

economists, mobilized stakeholders, 257-58

Ecuador, 105-06, 115, 118, 209, 218, 219; Chamber of Commerce, 261; IMF Consultation with, 237

Edmunds, John, asset values and currency risk, 117, 118, 162, 304; central bank independence, 307; changing intellectual course, 201; currency union momentum, 241; currency union for all countries, 275

Ehrmann, Michael, 296

Eichengreen, Barry, Asian Currency Unit, 158; Copenhagen Consensus, 271-72; “original sin,” 217

Einzig, Paul, 52

El Salvador, 115, 118, 209, 273

endogeneity, of monetary union benefits, 272

Ercel, Gazi, 264

euro, 5, 128, 202, 214, 232, 234; accession countries, 110, 210, 241; adoption by UK, 131-32, 270; anchor, 36, 222, 252; benefits, 176, 261, 310; bond yields, 299; central banker support, 263, 265; coins, 127; critics, 133; currency competition, 280;

DEY part, 159, 246-47; economists support, or lack of, 19, 215, 230, 257-58; effect on foreign exchange trading volume, 302; effect on prices, 304; fiat money, 207; foreign exchange trading of, 10, 12, 21, 117, 120, 168; implementation, xiii, 31, 52,

88, 101, 108-10, 111, 121, 124, 153, 155, 157, 188, 238, 257, 274, 276-77; model for common currencies, xiii, 112, 126, 131, 221, 266, 269, 281; model for SGC, 150, 175, 202, 203, 208, 229, 249, 253, 274, 316; OCA for, 223; naming, 238-39, 300;

origin, 103; parallel currency, 158; price, 10-11, 17-18, 23, 177; potential G-2, G-3 partner, 245-48, 251; price of oil in, 63-65; price volatility, 206; public support, need for, 244, 259, 261, 277; purchase price for this book, 6; role in the world, 240,

242, 251, 254; sample international currency, 82; SDR currency, 154; shortcomings, 190; source of stability, 175, 277; success of, 111, 125, 127, 133, 135, 170; symbol of EMU/ECB, 61,78, 102; vis a vis US dollar, x, xii, 5, 66, 123, 181-82, 250

euroization, 62, 105-07, 186, 240. See dollarization, ization.

European Central Bank (ECB), vi, 109; AMUE contact with, 260; bank of last resort, 299; employees, 121; doubt expressed about, 215; establishment, 153; example of as model, 274, 295; interest rates, 11, 60; lack of research into 3G, 234;

operations, 110-12; performance, 187; potential as Global Central Bank (GCB), 243, 251; potential in G-3 union, 244, 246; price stability goal, 123, 172, 213; providing consultant support to others, 112, 115; similarity to US Federal Reserve, 107, 212;

transparency, 297. See euro, European Monetary Union (EMU).

European Council, One Market, One Money , 22; name for euro, 238, 300, governance for post-Accession ECB, 295

European Currency Unit (ECU), 114, 259, 300

European Economic Community, 103, 243, 259

European Monetary Union (EMU), vi, ix, 87, 102, 154, 183, 312; accession countries, 118, 242; associate membership proposal, 240; balance of payments reduction, 120; coinage, 127; distinguish from European Union, 114, 220, 241; economy, 133;

eligibility, 13032, 272; generally, 108-12; consumer price index, 78-79; establishment, 116, 260-61; example of as model, 134, 161, 203, 214, 217, 221-22, 229, 244, 246, 274, 276; governance, 285; Growth and Stability Pact, 297-98; New Member

States, 110, 118, 143, 210, 241, 265, 284, 295; OCA criteria, 130; parallel currencies, 210; secession from, 118, 134, 299, 310; trade increase, 124, 128-29, 173; transaction cost savings, 33. See euro, European Central Bank (ECB), Eurozone.

European Monetary Union Index of Consumer Prices (MUICP), 78-79

European Roundtable of Industrialists (ERT), 259-60

European Union, 114, 206, 214, 310; accession into, 110, 214, 239, 241; financial assets, 182; formation, 103, 108, 212; relationship to EMU, 246; soft power, 133; Stability and Growth Pact, 297-98; trade, 261

Eurostat, 112, 228

Eurozone, xiii, 11, accession into, 109, 118, 230; benefits, 163, 187; central bank employment, 121, 188; coins, 127; currency area, 110; effective exchange rates, 82; eligibility, 240; endogenous benefits, 129; expansion, 242, 253; financial integration, 111-12;

growth of, 111, 135; IMF consultations, 237; implementation, 156; inflation, 306; model for SGC, 240; multicurrency world, part of, 261; parallel currency, 164; political union, 214; support for stable money, 265; trade, 124, 128, 206, 213; UK accession, 132.

See euro, European Central Bank (ECB) European Monetary Union (EMU).

exchange rate, adjustment, 20, 57, 178; Articles of Agreement, 58; Article IV consultations, 237; Big Mac Index, 79-81; data fuzziness, 178, 262; equilibrium rates, 81-82; eliminate with SGC, 169, 235, 297, 302; euro/USD graph, 250; fixed rate factor causing

currency crisis, 36; fixed/flexible in currency area, 107, 158, 209; fixed/flexible in G-3 monetary union, 128, 243-46; floating rates, 216; fluctuating, 4, 20608, 247, 305; Impossible Trinity, 208-09, 212; inflation, 58-59; information sources, 7; intervention, 54, 264;

interest rates, 59-60; key to reducing global imbalances, 170; locked in OCA, 130, 244; monetary independence, 127, 187; lock preliminary to G-3 union or SGC, 245, 246, 248, 250, 274-75; museum exhibit, 90; nominal, 75, 81; PPP, 79-80; no viable alternative to, 215;

pegged, 153; pricing of this book, 6; public understanding, 249; real rates, 81-82, 318-19; realignment for stability, 85; reduce manipulation, 22-23; relation to exports, 125; risk, 24, 27; shock absorber, 86-87; subject of much study, 202, 234-35; understanding world

without, 202, 213; unofficial rate, 19; volatility, 82-85, 303. See foreign exchange trading, multicurrency foreign exchange system, puzzle.

exchange rate manipulation, 12223, 169-71; avoid in GMU, 270

Exchange Rate Mechanism (ERM), 16; BIS role in, 153

European Rate Mechanism 2 (ERM 2), 118

exchange rate regime, 60-62; currency board, 104; debate, 8790; ization, 106; destabilized world financial system, 160

exchange rate system, 54, 55-57. See Bretton Woods, multicurrency foreign exchange system.

fable of nail soup, 206-07

“Fear of Floating,” 89

Fear of Flying , 89

feasibility of SGC, 203-05, 210-22

Federal Reserve Bank of New York, 124 gold vaults, 68. See Foreign Exchange Committee of.

Federal Reserve Bank of San Francisco, 66

Federal Reserve Board, foreign exchange market intervention, 167; interest rate increases, 59, 172; independence from US Government, 167; ization representation, 107; model for GCB governing structure, 295; monetary union representa-tion, 151; reserves operations, 119; seigniorage, 175; similarity to ECB, 111, 212; transparency, 297

Federal Trade Commission (FTC), 14,

Federle, Michael, viii

Fidelity Investments, 13, 34

Field of Dreams , 253

fifth wheel, ix, 70, 86, 164, 280, 317

Fischer, Stanley, 105

Foreign Exchange Committee of Federal Reserve Bank of New York, 14, definitions of types of foreign exchange products, 9-10; trading reports, 8

foreign exchange derivatives, 10; excluded in book from traditional volume measurements, 32; promoted by banks, 28-29; use by Bank of America, 27; volume, 159

Foreign Exchange Joint Standing Committee, (UK), trading reports, 8

foreign exchange trading, costs of reporting, 179; get rich quick aspects, 12-13; moneychangers in Bible , 53; origin approx. 2,500 years ago, ix; regulation, 13-14, 185; required for all international trade, 5; rogue traders, 14-16; speculation, 1619; transaction costs, 19-23;

two central problems of value, ix, 234; volume by trading centers, 8-10; volume as measure of progress to SGC, 151, 302; volume worldwide, ix, 32, 155, 279

Fortune magazine, viii

Frankel, Jeffrey, 88, 242, euro potential primary international currency, 242; ization benefits, 90; monetary union benefits, 124, 129; monetary union endogeneity, 272

Frankman, Myron, 262

Fratcher, Marcel, 196

French West Africa, 114

Friedman, Benjamin, xi

Friedman, Milton, 68

Friedman, Thomas, 160, 309

Froot, Kenneth, 304

fundamental human right to stable currency, 173-74

Furstenberg, Hans, 102

Garten, Jeff, 295

Gates, Bill, 17-18

Geraats, Petra, 296

German Monetary Union, 100

Global Central Bank (GCB), absence of discussion regarding, 202-03; bank independence, 209, 307; bank of last resort, 219; foreign exchange reserves of, 163-64; getting there from here, 243, 251-53; goal of book, vii; governance, 174, 273, 294-97; IMF potential role, 266; interest rates, 219; location, 294; monetary stability, 181, 298, 307; operations, 212; part of 3-G world, xiii, 150, 229, 272, 282, 318; prediction for 2024, 269; reserves for, 252; resolution for 270; result of growth of monetary unions, 124; result of international conference, 151; role of gold in, 164; seigniorage, 176, 297; separate money from government, 135; transparency, 213, 306; unrealistic, 215. See Global Monetary Union, Single Global Currency.

global imbalances, xi, 29, 36, 165, 218-19; current account 57, 165, 220; in a 3-G world, 166, 218, 270, 279; trade, 57; risk to world financial system, 70, 85, 86, 279; solution as exchange rate fix, 170

Global Monetary Union (GMU), absence of discussion regarding, 202-03; benefits 160-85, 311; capital flows not a problem, 209; costs, 186-90; deflation, 307-08; Dutch Disease within, 235; eligibility, 272-73; EMU as model for, 217; feasibility now, 278-80; getting there from here, 243, 251-53;

goal 2024, 293; “impossible trinity” not apply, 209; implementation, 276-78; loss of national monetary policy, 308; momentum to join, 276; optimum exchange rate regime, 62; origin from Mill, 151; parallel currencies, 210; part of 3G world, xiii, 150, 229, 272, 282, 318; political union, 101; price

volatility, 304; secession, 299-300; Stability and Growth Pact, 299; timetable, 273-76. See Global Central Bank, Single Global Currency.

globalization, 160, 304, “globalization 3.0,” 309

gold, commodity, 180; Growth and Stability Pact, 299; money, 51, 54, 100, 101; reserve for US dollar, 54, 55-56, 153, 174; reserves in general, 57-58, 155, 164, 252; role generally in future, 303; “or” in French in Intor, 159, 244; “oro” in Spanish, 85;

Goldfinger, Charles, 159, 300

Gold Rush, 13

gold standard, 101, 136, 207, 306. See gold

Goldstein, Morris, 217

Google, ix

“Great Moderation,” 279

Greenspan, Alan, current account deficit, 68; market rationality, 83; foreign exchange reserves in 3-G world, 163

Grimes, Arthur, 264

Gross Domestic Product (GDP), cents countries, ix; cost of borrowing for reserves, 163; cost of currency transactions, 32; cost of tying up reserves, 303; currency crisis damage, 35-36; current account deficit percentage, 59-60, 85; debt ratio to, 90, 298-99; Ecuador, 105-06;

El Salvador, 106; Eurozone, xiii, 32; foreign exchange reserve ratio to, 90; G-rank, 170, 231, 280; growth, 262, 267; increase with SGC, 35; less developed countries, 180, 25253; Maastricht requirements, 131; PPP fundamental, 81; saving with monetary union, 32; seigniorage value, 107;

SGC threshhold, 151, 244, 269, 281; world, 4, 33, 317; Switzerland, 180; world growth, 13; world increase with SGC, xii, 162-63, 232, 279, 318

Grubel, Herbert, 255; “amero,” 115

Guidelines for Foreign Exchange Trading Activities , 14

Gulf Cooperation Council (GCC), future monetary union, 63, 112, 240, 241, 243, 298

Gumbs, Terrence, unauthorized foreign exchange trading, 16

Gyllenhammer, Pehr, 259

H=E-R, 190

Hanseatic League, 100

Harrington, Michael, 179

Hausmann, Ricardo, 218

Helliwell, John, 124

Helu, Carlos Slim, 182

Holy Grail, 91, 234

Horner, Raghee, 13

HSBC Malta, 261

Ikea Index, 81

inequality, 178, 308-09

inflation, relation to exchange rates, 58-59 “inside the box,” 78. See “outside the box.”

Institute for International Economic Studies, 236

Institute for International Economics, 81, 85, 236

interest rates, relation to exchange rates, 59-60

International Accounting Standards Board (IASB), 188

International Chamber of Commerce, 261

international banks, 27-29

international corporations, 24-27

international investors, 23-24

International Monetary Fund(IMF), 105; Articles of Agreement, 55, 57-58; forum, 157; goal of financial stability, 316; governing structure, 294, 295; lender of last resort, 63; no economists assigned to study 3-G issues, 235; origin at Bret-ton Woods, 54, 183, 216; potential creator of GCB, 251; potential home for future SGC Institute, 236; role in proposed G-3 monetary union, 244, 247; SDRs, 153; stakeholder in future financial stability, 256, 266; Zimbabwe sanctions, 174

International Monetary Stability Act (US), 107, 240

International Organization for Standardization (ISO), 256, 183

international trade, accounting for proportion of foreign exchange trading, 31-32, 69; Bretton Woods, 38, 41; cost accounting for puzzles, 84; European trade, 103, 120; goal of IMF, promotion of, 58; history, 35, 37; South African free trade area, 113; South American trade integration, 115;

Travels of a T-Shirt , 20; volume, 4-5, 32

Intor (international gold), 159, 24445, 247-48, 300. See DEY.

Ithaca Hour, 301

ization (ize, izing), 62, 132, 239-40, 252; Australian to US dollar, 262; defined and, in general, 105-107; SGC-ization, 273; US dollar, 115-16. See dollarization, euroization.

Jacks, David, 303

Jayaraman, T. K., 114

Jenkins, Jerry, 189

Joint Economic Committee, U.S. Congress, 155

J.P. Morgan Chase, unauthorized foreign exchange trading, Terrence Gumbs, 16

Kasa, Kenneth, 168

Kee, Clark, 63

Kelso, Louis, 281

Kemmerer, Edwin, 101

Kennedy, John F., xiii, 177, 238

Kennedy, Robert F., xi

Kenya, monetary union with Tanzania and Uganda, 113

Keynes, John Maynard, “bancor” proposal, 55, 56, 153, 233; Bretton Woods, 157; capital controls at Bretton Woods, 154; gold standard relic, 303; inflation description, 59

Keynesians, 201

Kiel Institute for World Economics, 236

Kim, Michael, 304

Kindleberger, Charles, 156, 202

Kohili, Ulrich, 261

Krieger, Andy, 65, 157

Krugman, Paul, 62, 88, 207

Kuroda, Haruhiko, 114

labor, 261-63

Latin Monetary Union, 101, 152, 221

“Law of One Price,” 79, 84, 173, 304

Left Behind saga, 189

legal tender, 99, 105, 113, 144, 151; definition, 14; ization definition, 239; Longbet prediction, 269; SGC definition, 150, 191, 273, 293; SGC eligibility, 27273

LeHaye, Tim, 189

Leonard, Mark, 133, 237

liability dollarization, 217

Litan, Robert E., currency mismatch, 168; EMU hostile to euroization, 240; trade deficit a currency deficit, 166; targeting inflation and exchange rate, 208-09; urge IMF to promote currency consolidation, 231; currency risk and mortgages, 308

Local Exchange Trading System (LETS), 301

“Local Money,” See alternate currencies.

Long Bets Foundation, 279

Lopez, Jesus, 89

Louvre Declaration, 56-57

Lowenstein, Roger, 336

Lybek, Tonny, 295

M1, 90, defined, 119

M2, 90

Maastricht Treaty, absence of secession provisions, 134, 310; adoption, 103, 108; provisions, 110, 130-31, 212, 240; signing, xiii, 108; timetable for euro implementation, 260

Magnuson, Robert, 156

mark. See deutschmark.

Marthinsen, John, asset values and currency risk, 117, 118, 162, 304; central bank independence, 307; changing intellectual course, 201; currency union momentum, 241; currency union for all countries, 275

Martin, William McChesney, 155

Martinez, Jose de la Luna, 22-23

McDonald’s, 309. See Big Mac Index.

McKinnon, Ronald, 171

Meade, J.E., 102-03

Melitz, Jacques, absence of comment on SGC, 202; central bankers changed view of value of monetary policy, 263; shift of opinion toward euro, 230

Mendizabal, Hugo, 32, 89

Micco, Alejandro, 124

Mill, John Stuart, 151-52, 191

monetary union, Chapter 4, 99148; choice for small countries, 89; dissolution, 215; distinguish from political unions, 220; economics and politics, 229; economists and monetary union, 230, 266; eligibility agreement, 158; eliminate currency crisis, 90;

eliminate foreign exchange transaction costs, 19, 161; examples for others to follow, 186, 229; exchange rate regime, 62, 209; generally, xiii, 2, 53, 60, 62, 156, 161, 263; less costly to administer monetary policy, 165; missing academic focus, 201-03;

monetary independence, 167; monetary stability goal, 176; reduce currency risk, 162; requiring anchor currency, 221; stability increase with size, 172, 183; trade increase, 172, 204

Mohamad, Mahathir, 237

Monetary Federation of the Rhine, 100

monetary sovereignty, 133, 212, 277

money, defined as medium of exchange, store of value and unit of account, 4, 51, 185; medium of exchange, 19, 78, 278; store of value, 278; unit of account, 78, 278. See alternate currencies.

money supply, 29; “fundamental” of economy, 81; monetary policy tool, 61, 110, 119, 185, 273

Monnet, Jean, 103

moon, xiii, 3, 177, 237-38

Moore, Basil, 121, 175, 205, 213

Moreno-Villalaz, Juan Luis, 303

Morris, JoAnne, 295

Moshirian, Fariborz, 214

multicurrency foreign exchange system, Chapter 1, 2-50; Chapter 2, 52-77; compared to DDT, x; compared to fifth wheel, ix, 70, 86, 280, 317; currency competition, 231; currency fluctuations, 173; endurance and size, viii; expectation of currency crisis, 168; history, ix;

illogical, 180-81; lives diminished by, xii; monetary unions still function within, 125, 161; obsolete, 279; operating costs, 165; original sin in, 90; PPP in, 109, 185; profits and losses, 13, 24; risky, unpredictable, 12, 318; transaction costs, 22-23, 152;

would not be designed this way, 316

Mundell, Robert, 190; absurd currency system, 160, 318; alitinonfo, 91; benefits of SGC, 187; Bretton Woods, 278; common sense, 90-91; convenience of money, 191; failure of 1867 Paris Conference, 152; G-3 monetary union, 159, 210, 24349; Global Central Bank, 252;

godfather of euro, 103; gold, 67; harm from exchange rate volatility, 68-69; IMF forum, “One World, One Currency,” 155; Mill and Bagehot, 151-52; “odd figure less than three,” 215; Optimum Currency Areas, 103, 128-30, 211, 223; parallel currencies, 210;

“Plan for a World Currency,” 155; plan new system, 316; politics can change rapidly, 231; public support needed, 234; sovereignty theory of money, 126, 158; trade increase, 172; “Unitas,” 153; Tuscan home, 217, 257, 264; value of monetary independence, 127; world currency, 154

Murphy’s Law, 70

Murray, John, 32

National Australia Bank, unauthorized currency trading, 16

New Member States. See European Monetary Union (EMU).

New Zealand, 113-15, 264

Nirvana, 311

Nitsch, Volker, 215

North America, foreign exchange trading, 3, 8-10; monetary union, 115-16, 129, 221, 243, 255

Nye, Joseph, 253

Oanda, 20; currency utility, 7

Obstfeld, Maurice, 83-85, 208

oil, positive shock discovery, 86; priced in euros, 63-64; priced in US dollars, 63-65; price shock buffer, 127, 305; pricing in SGC, 293

Optimum Currency Area (OCA) analysis, 112; uncertain value, 130

optimum currency area(s), 88; criteria, 129; defined by Robert Mundell, 90-91, 103-04, 112, 128-30; defined using common sense, 90-91; Europe not an OCA, 130; perhaps the world, 154, 154-55; upper limit, 211; world as OCA, 190. See Mundell, Robert, “A Theory of Optimum Currency Areas.”

Organization for Economic Co-Operation and Development (OECD), 114; conference, 15859; economists’ letter to, 258

Orgonez, Guillermo, 124

“outside the box,” 90, 202. See “inside the box.”

Paine, Thomas, viii, ix, 124, 305 Palestine, 241

Paris Monetary Conference in 1867, 152, 230, 255

Peterson, Peter G., 37

Phoenix, the, 157, 229, 300

Plato, 318

Plaza Accord, 56-57, 84

Polasek, Matt, 205

pound (GBP), abandon ERM 1992, 16, 57, 89, 140; devaluation, 156; Fidelity currency fund, 13; frequently traded in currency pair, 10, 178; DEY candidate currency, 248; Reuters home currency, 24-25; SDR component, 154; volatility, 109

Purchase Price Parity (PPP), 79-80

puzzle(s), 3-G solution to puzzles, 208, 235, 242; defined as used by economists, 5; currency board as solution to foreign exchange, 61; exchange rate disconnect, 84; exchange rate regime without measurable effect, 89-90; exchange rate volatility, 83; forward bias, 84;

inflation, 305; PPP, 83, 208; valuation of money, 318; why not more study of the 3-G world, 91, 281

Rajan, Raghuram, 85, 161

Reinhart, 89

remittances, 22-23; exchange rate transaction charge, 22

renminbi. See yuan.

“right exchange rate,” 170

Rist, Charles, 155

Rivoli, Pietra, 20

Rodrik, Dani, 163

Rogoff, Kenneth, central bank cooperation, 208; currency competition, 213, 253; international economics puzzles, 8385, 208; pegging global currency, 207; SGC political infeasibility, 212; price volatility, 304; why not a global currency, 206-07, 255

Rose, Andrew, ization benefit, 106; monetary union endogeneity, 272; monetary union trade benefits, 124, 129, 173; not SGC supporter, 204; urging economists political activism, 257

Rosenstreich, Peter, 13

Rosetta Stone, x

Roubini, Nouriel, 215-22

Roux, Hugo Narillos, 272

Rowlands, Dane, 89

Rubin, Robert, 37

Rusnak, John, 14-16

Salvatore, Dominick, 5

Sandler, Todd, 255

Sarno, Lucio, 84

“savings glut,” 85-86

Scandinavian Monetary Union,

101 Scaruffi, Gasparo, 99

Schembri, Lawrence, 124

Scitovsky, Tibor, 102-3

secession from monetary union,

134, 299

Shailor, Barbara, 263

Sibert, Anne, 296

Singapore, monetary union with Brunei, ix, 104, 121, 183; foreign exchange center, 3, 8, 169, 185; potential Asia monetary union, 115. See Brunei Darussalam.

Singer, Peter, 177-78

Singh, Kavaljit, 164, 265

Single Euro Payments Area (SEPA), 111-12

Single Global Currency, vii-xiii, 6-7

Single Global Currency Association, emails to economists, 203, 212; proposals for SGC, 210, 237, 267, 273; publisher of book, vii, 6; website, vi, ix, 269

Single Global Currency Institute, 236

Single Global Currency Journal , 202

Sittenfeld, Curtis, Prep , 189

Slovenia, 110, 230-31, 241, 277

Snow, John, 169

Snyder, Mark, 14

Soros, George, 16; supporter of SGC, 156-57

South Africa, 60, 68, 69, 181, 205; rand, 240; region of, 243; Reserve Bank of, 113

South African Development Community, 113

South Asia, monetary union, 114, 243

sovereignty theory of money, 12627, 168, 186. See monetary sovereignty.

Special Drawing Rights (SDRs), establishment, 56, 153; not the name for the SGC, 159; value of reserves, 68

speculation. See currency speculation.

Stability and Growth Pact, 297-99

Stanley, T. D., monetary union trade benefits, 124

Steil, Benn, currency mismatch, 168; Ecuador ization performance, 106; EMU hostile to euroization, 240; trade deficit a currency deficit, 166; targeting inflation and exchange rate, 208-09; urge IMF to promote currency consolidation, 231; currrency risk and mortgages, 308

Stein, Ben, 83 Stein, Ernesto, 124

Stewart, Potter, 151

Storti, Claudia, 111

supply and demand, 5, 6, 55, 89, 182, 183-85

Sweden, option to join euro, 111, 241; referendum against euro, 109; Scandinavian Monetary Union, 101; Stability Pact, 297

Switzerland, 101, Big Mac PPP, 8081, 180, 260-61, potential home for GCB, 294; safe money haven, 309, 311

System of National Accounts (SNA), United Nations, 184

Tamames, Ramon, 266-67

Tanzania, Travels of a Shirt , 20; monetary union with Kenya and Uganda, 113

Taylor, Alan, 303

Taylor, Bryan, 230, 249, 263

The Economist , 151, Big Mac Index, 79-80; world currency, 167, 229

The History of Foreign Exchange , 52

The Moral Consequences of Economic Growth , xi

The Omega Code , 189-90

The Travels of a T-Shirt , 20

Thurow, Lester, 182, 282, 307

Tobin, James, 155, 211

Tobin tax, 233, 246, 317

trade. See international trade.

traditional foreign exchange trading, ix; defined, 2. See foreign exchange trading.

transaction costs, xii, 19-23; cost savings with monetary union, 33, 117, 234; cost savings with SGC, 232, 271, 318; hypothetical Belgian traveler, 22; ignoring in Big Mac purchase, 80; incorporated into Mill and Bagehot views, 151; percentage of GDP, 32-33; when paying for book, 6;

worldwide, 31-33

Travelex, 23

trillion, exploration of its size, 2-3

Truman, Edwin, 210

Turner, Philip, 217

twin deficits, defined, 85, 219

Uganda, monetary union with Kenya and Tanzania, 113

Union of Industrial and Employers’ Confederation of Europe (UNICE), 259-60

United Kingdom of Great Britain and Northern Ireland, 5; central banker employment, 188; depression, 35; G-3, 158; G-5, 56; euro, 109; euro eligibility criteria, 132; nineteenth-century monetary dominance, 152, 153; poll on euro, 270; pound crisis of 1992, 16, 156

United Nations (UN), member count, 2, 106, 242; annual budget, 33; could create GCB, 251-52; creation, 53; model for GCB governing structure, 295; movie Armageddon , 189; potential creator of GCB, 251; SNA statistics, 184;

United States (US), 44, 88, 173, 189; accounting scandals in, 268; alternate currencies in, 301; assets of, 181-82; balance of payments, 10; Big Macs in, 80; central bankers in, 188; cents, coinage of, ix; currency circulating outside, 55, 175;

deficits and current account, 30, 59, 63, 85, 165, 170, 217; foreign exchange committee scope, 14; foreign exchange reserves of, 279; GDP, 108, 170, 231, 280; goal to the moon, xiii; gold reserves, 55; G-3 member, 158; G-5 member, 56; Ikea index, 81; Internet, 176;

major reserve currency, 175; monetary union, 101, 115, 152, 209, 210, 230, 246. 248, 250, 251, 253, 299, 304; mortgage availability, 34; Nintendo deposits, 25; North American foreign exchange market, 3; poverty in, 179; OCA, 128-29; regulation of currency trading, 13-14;

stakeholders in, 268; t-shirt destination, 20; trade with China, 86; Treasury securities, 30

US dollar, 30, 100, 101; floating on exchange, 55; fluctuating dollar, 177; oil priced in dollars, 63, 64; proprietary to US, 150, 239; seigniorage value, 107

US Federal Reserve. See Federal Reserve Board.

US Treasury Dept, 37; capital flow, 179; Harry Dexter White of, 153; notes of 24, 63, 66, 67; semiannual foreign exchange report, 122; stabilization fund, 167

utility of SGC, 203-09

Utopia, 311

utopian, 215, 233

Vaknin, Smule (Sam), 100

van Parijs, Philippe, 262

van Wincoop, Eric, monetary union trade benefits, 124, 129

Vienna Institute for International Economic Studies, 236

Visa card, plan to be single global currency, 7

Volcker, Paul, prediction of currency crisis, 37; support for single global currency, 254, 264

von Furstenberg, George, ization for Mexico, 116; monetary union eligibility, 133

war, 309-10

Warburton, Brian, 261

“Washington Consensus,” 154

Wells Fargo, 20-21

West African Economic and Monetary Union (WAEMU), 104, 183, 214

West African Monetary Zone, 113

White, Harry Dexter, 153

White, William, recommend fewer currencies, 135

Willett, Thomas, 89

Williams, Marion, 67, 302

Wolf, Martin, 203, 216, 220

World Bank, 22, James Tobin at conference, 155; loans in SGCs, 274; model for GCB governing structure, 295; no economists assigned to study 3-G issues, 235; origin, 54, 183, 216; stakeholder in future financial stability, 256, 266

World Economic Forum, 37, 215

World Trade Organization (WTO), stakeholder in future financial stability, 256, 266

World War I, 59, 101, 254, 303

World War II, 103, 216, 254, 303, 305

Workers Online , 262

Wyplosz, Charles, 254

yen, DEY component, 159, 245-47; effect of exchange rate change, 59; fluctuation affect corporate results, 25; frequently traded as paired with US Dollar, 10; increase after Plaza Accord, 84; GCB reserve currency, 252; international loan component, 168; Japan central bank intervention, 171;

Joseph Rusnak strategy, 15; overvalued, 81-82; potential anchor in Asian common currency, 221-22; SDR component, 154; trader nightmare, 65-66; volatility affect Japan economy, 26-27, 171

yuan, Big-Mac Index, 80-81; fixed rate to US dollar, 61; future regional currency, 222; GCB reserve, 252; represent China GDP, 248; trade with US, 8687, 170; trading of, 69; US Treasury manipulation report, 122

Yuen, Hazel, 202

zero sum game, currency competition, 133; is foreign exchange trading? 13

Zogby poll, 268