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A Common Monetary Standard or a Common Currency for Europe? Fiscal Lessons from the United States

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  • McKinnon, Ronald I
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    Abstract

    In a federal system, a common currency controlled by the central government (or some other outside agent) enhances the economic benefits from merchantile competition among lower governments because it hardens their budget constraints. Among American states, tax and regulatory competition generally improves resource allocation, i.e., it is 'market-preserving.' Because a common currency in Europe is not feasible, unrestricted horizontal mercantile competition among European nation states is less benign and may worsen resource allocation. Copyright 1994 by Scottish Economic Society.

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    Bibliographic Info

    Article provided by Scottish Economic Society in its journal Scottish Journal of Political Economy.

    Volume (Year): 41 (1994)
    Issue (Month): 4 (November)
    Pages: 337-57

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    Handle: RePEc:bla:scotjp:v:41:y:1994:i:4:p:337-57

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    Cited by:
    1. Artis, Michael J & Buti, Marco, 2000. ""Close to Balance or in Surplus": A Policy Maker's Guide to the Implementation of the Stability and Growth Pact," CEPR Discussion Papers 2515, C.E.P.R. Discussion Papers.
    2. repec:onb:oenbwp:y::i:69:b:1 is not listed on IDEAS
    3. S G Hall & B Yhap, 2003. "Measuring the Correlation of Shocks between the UK and the Core of Europe," NIESR Discussion Papers 213, National Institute of Economic and Social Research.
    4. M.J. Artis, 2002. "Reflections on the Optimal Currency Area (oca) Criteria in the Light of EMU," Working Papers Central Bank of Chile 193, Central Bank of Chile.

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